In this episode, we examine Edinburgh Worldwide Investment Trust (EWI) who is currently being contested by activist investor Saba Capital. With Saba holding over 30% of the trust, the upcoming vote on January 20th is critical as it could hinder the board's ability to pass major resolutions. We discuss performance concerns raised by Saba, including the board's strategy changes and the implications of EWI's substantial investment in SpaceX. The episode also highlights the costs associated with the conflict, which are nearing one million pounds, and EWI's objections to Saba's proposed directors. Ultimately, we explore what this conflict means for EWI's long-term growth strategy and the potential for future collaboration if the current board retains control.

In this episode we explore the evolving landscape of generative AI, focusing on the emerging platform Eudium. This platform claims to usher in the next wave of AI agents, which promise to revolutionize how work is done by acting as digital team members capable of managing tasks autonomously. We discuss the different types of agents, their functional roles, and the architecture needed for their successful implementation. Eudium aims to make AI accessible to all knowledge workers, allowing them to create specialized agents tailored to their specific workflows. As this technology develops, we consider how it will reshape the role of humans in the workforce, emphasizing judgment and creativity over routine tasks.

In this episode, we analyze the recent interim results and strategic overhaul at RedCentric PLC. The company is shifting from a data centre and managed services model to focusing solely on managed services, driven by a new leadership team. A key move is their recent sale of the data centre business for an enterprise value between £115 million and £127 million, which significantly transforms their balance sheet by reducing debt. We discuss RedCentric's competitive advantages in the crowded managed services market, including high security capabilities and customization options, as well as their strategic response to market trends like cloud repatriation. As they pivot, the focus now lies on executing their ambitious growth plans while streamlining operations and addressing internal technology challenges.

In this episode, we explore the promising oncology data from Avacta Group PLC, focusing on their specialized drug delivery system called Precision, featuring the lead drug, Foxxorubicin (AVA 6000). This approach aims to tackle the toxicity issues associated with traditional chemotherapy by keeping the drug inactive in the bloodstream until it reaches the tumor, where an enzyme activates it. Initial Phase 1A and 1B data show significant reductions in cardiac toxicity and other side effects, alongside a 90% disease control rate in patients with advanced salivary gland cancer. Notably, tumor biopsies indicated that the drug concentration at the tumor site exceeds the levels necessary to kill cancer cells. Looking ahead, the next trial will focus on survival outcomes to validate this innovative treatment's efficacy.

In this episode, we dive into Petro Matad Limited's recent operational updates. Mongolia is navigating a critical energy landscape as it strives for independence, amid heavy reliance on imports from Russia and China. Petro Matad's successful oil operations are crucial for stabilizing production, with their block XX yielding high-quality crude at impressive rates. Additionally, the country is gearing up for significant projects, including advanced drilling techniques and a hybrid renewable energy initiative set for 2026. Listeners are encouraged to monitor key indicators that will determine the success of these ambitious energy goals.

In this podcast we explore Fevara PLC, a company that specializes in livestock supplements, particularly focusing on their feed lick product. After a significant corporate restructuring, Fevara achieved a 69% increase in adjusted operating profit, showcasing a successful transformation. The discussion covers their strategic shift to prioritize high-margin products while shedding non-core operations, ultimately streamlining costs by 35%. With an aggressive plan for global growth, particularly targeting Brazil's expansive cattle market, the company aims for a £15 million EBIT goal spread across three regions.

In this episode, we discuss the half-year results from NewRiver REIT PLC, focusing on their performance in the UK retail market. Despite strong operational growth, evidenced by a 31% increase in cash profits and a fully covered dividend of 3.1 pence per share, the share price does not reflect this progress. The integration of the Capital Regional portfolio has unlocked significant cost synergies, and their retail assets are outperforming the market due to low vacancy rates and robust consumer demand. While there are short-term challenges, New River is confident in its strategy, including a successful share buyback at a substantial discount to net asset value. Looking ahead, they aim to double their market cap by leveraging capital partnerships and maintaining a focus on growth in retail property.

In this episode, we explore Finsbury Growth & Income Trust PLC, addressing a recent period defined by disappointing performance. The manager openly acknowledges the challenges faced, including a continuation vote scheduled for the January AGM, where shareholders will decide the future of the trust. He emphasizes a focused strategy on outstanding UK business franchises, citing examples like Experian and FeverTree, highlighting their potential in the evolving market landscape. Concerns about major holdings, including Diageo and the London Stock Exchange Group, are discussed, with a focus on their durable brands and proprietary data advantages in an AI-driven future. Overall, the conversation revolves around the enduring value of quality businesses and the macro trends impacting growth.

In this episode, we examine CT Private Equity Trust PLC (CTPE), a private equity trust with a nearly three-decade track record of growth and dividend reliability. CTPE has successfully increased dividends annually for over 13 years, leveraging a structure that allows them to pay dividends from realized capital profits, which helps smooth out income despite market fluctuations. We explore their portfolio strategy, risk management approach, and the implications of leadership transition as Hamish Mair retires, with Andrew Carnwath set to take over. Despite strong performance indicators, including significant exit successes and a 26% discount to NAV, there is an underlying perception versus reality gap that investors should consider. Tune in to uncover how CTPE's unique structure and strategy position it in today's market.

In this episode, we examine Theracryf PLC, an AIM-listed biotech company undergoing a significant strategic shift to expedite shareholder value. The focus is on their lead asset, OX-1, an orexin-1 blocker aimed at addressing substance use disorders through a targeted approach that minimizes side effects. The company operates as a virtual entity, concentrating on early proof of concept before licensing their technology to larger pharmaceutical firms, thereby reducing their risk and costs. Additionally, we explore their second asset, a dopamine modulator for managing chronic fatigue in multiple sclerosis patients. Join us as we unpack their execution strategy, funding status, and potential for future growth.

In this episode, we delve into Corcel PLC and its activities in the Kwanzaa Basin, Angola. The company is progressing rapidly, having secured key regulatory approvals and increased its stake in its main asset, block CO 16, to 85%. Recent funding moves, including a successful warrant exercise, are fully financing an ambitious seismic program aimed at identifying high-impact drilling locations in a region known for its oil potential. Corcel's strategy includes both organic growth in its operations and seeking near-term cash flow through smaller production deals. The company's dual focus on drilling in CO 16 and securing other reliable assets positions it for future growth and success.

This podcast is based of the recent investor presentation by Mercia Asset Management PLC, a leading UK private capital manager. Management highlighted the firm’s competitive advantage derived from its 11 nationwide offices, allowing it to access investment opportunities across the UK, not just in London. The company announced strong interim results, noting a 14% increase in EBITDA driven by operational efficiencies and maintaining a robust financial position with approximately £600 million of investment capital ready for deployment. Strategically, Mercia is focused on achieving its "Mercia 27" plan, which targets substantial growth toward £3 billion in Assets Under Management and a 26% EBITDA margin by the 2027 fiscal year.

In this episode, we explore the strategies of one of the leading actively managed natural resource funds, particularly focusing on their high conviction themes amid macroeconomic challenges. The fund is positioned against a backdrop of high government debt and potential currency debasement, leading them to advocate for increased allocations in gold, uranium, and undervalued sectors like coal. We discuss their unique approach to investing, which includes capitalizing on opportunities created by policy inefficiencies and market sentiment while highlighting the operational leverage within gold mining equities. The fund's strategy combines defensive assets with aggressive growth positioning, particularly in uranium, driven by future energy demands and nuclear power. We also examine their selective exposure to silver and shipping, underlining a comprehensive approach to navigating today's complex market environment.

In this episode, we examine Accsys Technologies PLC and their half-year results for fiscal year 26, highlighting their innovative wood treatment technology known as acetylation. The company has reported a remarkable 160% increase in adjusted EBITDA, indicating significant financial growth despite a challenging market. With over 300 patents and a strong focus on premium, high-performance products, Accsys is positioned for substantial expansion, particularly in the US market. Their strategic investments and cost management have allowed them to maintain healthy margins, leading to impressive sales growth. As the company continues to prove its capabilities, questions arise about market perception and the potential for future growth in a traditionally slow industry.

This episode we dive deep into Sequoia Economic Infrastructure Income Fund Limited (SEQI) and its performance during the first half of fiscal year 2026. The fund offers a robust dividend yield of approximately 8.6% and an annualized NAV total return of 10.1%, backed by defensive fixed income assets in utilities and transport. A strong focus on senior secured loans ensures a low-risk profile, while the fund has significantly reduced its non-performing loans. The management's selective strategy, which includes a pullback from certain sectors, positions SEQI to capitalize on the growing global demand for infrastructure credit amid a substantial financing gap. The discussion highlights the potential for investors to benefit from the fund's stability and strategic agility in a fluctuating market environment.

In this episode, we explore Cobra Resources PLC's dual strategy focusing on critical minerals in South Australia, specifically dysprosium and terbium for EV motors and wind turbines, alongside copper and gold at Manor Hill. The Bland project utilizes a low-impact in situ recovery (ISR) method, with promising economics showing potential production costs below $6 per kilo of mixed rare earth carbonate. The containment provided by a natural clay aquitard enhances environmental safety and reduces risks associated with ISR operations. Meanwhile, the Manor Hill project, recently cleared for access after 12 years, boasts historically high copper and gold grades from shallow depths, indicating a significant exploration upside. This combination of a resilient rare earth market and exceptional copper and gold potential positions Cobra Resources uniquely in the sector, suggesting a compelling risk-reward scenario for investors.

In this episode, we explore CellBxHealth PLC's strategy in the liquid biopsy market, focusing on their shift from circulating tumour DNA (ctDNA) to circulating tumour cells (CTCs) with the Parsortix platform. The company has announced a significant corporate reset, including a 60% workforce reduction, while aiming for profitability by late 2028. Their focus is on addressing the limitations of traditional tissue biopsies and ctDNA tests, enhancing patient outcomes through live cell technology. Key partnerships with firms like Myriad Genetics and Roche are central to their strategy, targeting high-volume customers and refining diagnostic processes. The success of this pivot rests on proving clinical utility and transforming diagnostic failures into actionable insights for cancer treatment.

In this episode, we explore a potential groundbreaking discovery of primordial helium-3 beneath northern Minnesota, which could revolutionize domestic resource capabilities and national security. We discuss the significance of helium-3, essential for advanced technologies like semiconductors and MRI machines, highlighting its rarity on Earth compared to helium-4. The geological context reveals that the site sits on an ancient rift, making it a promising source for this vital resource. We also examine the challenges and strategies involved in extracting and commercializing this gas, including the methods to separate helium isotopes. Understanding the implications of this discovery illustrates its potential impact on the tech industry and the U.S.'s competitive edge in global markets.

In this episode, the focus is on the Value and Indexed Property Income Trust PLC (VIP), an investment vehicle known for its institutional stability. VIP has consistently raised its dividend for 38 years, supported by a strategic focus on inflation-linked income and proactive management. The trust boasts a 100% occupancy rate, with significant cash flow visibility due to long weighted average lease terms. Their disciplined portfolio management strategy includes opportunistic buying and selling of properties, resulting in impressive performance metrics that outpace industry benchmarks. The discussion highlights the implications of VIP’s investment framework on evaluating long-term security in other asset classes.

In this episode, we explore Nativo Resources PLC's gold mining strategy in Peru, emphasizing their three-part plan aimed at achieving rapid cash flow. The company is focused on immediate cash generation through artisanal mining at their Tesoro Gold concession. Key initiatives include constructing their own processing plant to enhance margins and securing tailings deposits for long-term stability. With a target to restart mining operations and commence production in early 2024, they project becoming cash flow positive by the third quarter of next year. This approach aims to mitigate geological risk while positioning the company for sustainable growth.