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Welcome to The Two Johns, the investment trust podcast brought to you by the website www.johnbaronportfolios.co.uk. Each month, John Baron joins former Investors' Chronicle editor John Hughman to discuss the big themes dominating the investment landscape and the important issues affecting the sector, while explaining how these are influencing the way the website's ten live investment trust portfolios are being managed. In episode 23, they return to inflation following the recent rise in bond yields: why inflation remains stubborn, how central banks are now finally responding, and what a prolonged period of rising prices could mean for investors. They explorethe structural pressures shaping the outlook, from geopolitical tensions and government debt to climate change, labour shortages, and competition for capital, and discuss where opportunities might emerge, including commodities,gold, healthcare, and infrastructure.The conversation then turns to the AI boom and the extraordinary spending behind it. Could, as with earlier technology cycles, ambitious investment plans and stretched technology valuations leave markets vulnerable to shocks? And where might AI deliver lasting benefits, particularly in biotechnology and investment research? They consider how investors can gain selective exposure, why regulation matters, and why AI’s growing usefulness as a research tool still demands a final layer of human judgement.

USA aims to deliver long-term capital growth by backing some of America’s most exceptional businesses, whether listed on the stock market or privately owned. Launched in 2018, the trust takes a five-to-ten-year view, seeking companies with substantial growth opportunities, strong competitive advantages and ambitious management teams. Its ability to invest up to half of its assets in private companies gives shareholders access to businesses that would otherwise be beyond the reach of most individual investors, including innovators such as Anthropic, Stripe and Databricks. Alongside these holdings, the portfolio includes established public companies such as Nvidia and Amazon. Drawing on Baillie Gifford’s longstanding relationships with entrepreneurs, the managers seek to capture the value created as businesses develop and expand. The result is a distinctive approach to investing in the US innovation economy, combining public and private markets within a single investment trust designed for patient, growth-focused investors.In this episode, John Hughman speaks to co-manager Gary Robinson about the trust’s investment approach and the opportunities emerging across America’s growth companies. Gary explains why businesses are staying private for longer, how Baillie Gifford secures access to sought-after investments and how private holdings are valued independently of the fund managers. He discusses their contribution to performance, the challenges of beating a concentrated US stock market and the importance of backing ambitious founders. Artificial intelligence is a central theme, with Gary outlining the portfolio’s exposure, the rapid growth in paid adoption and his focus on durable competitive advantages. He also considers the risks surrounding AI safety, infrastructure and public acceptance, alongside the discipline involved in managing large holdings and reassessing valuations. Finally, Gary addresses Saba Capital’s proposed board appointments and urges shareholders to make their voices heard by voting early ahead of the trust’s AGM on 23 October this year.

BPCR is a specialist London-listed investment company that provides debt financing to emerging life sciences companies with approved or late-stage pharmaceutical products. Managed by Pharmakon Advisors, the trust seeks to deliver attractive, predictable income for investors by lending against high-value medicines rather than investing directly in biotech equities. Its highly specialised team combines extensive healthcare, banking and credit expertise to identify businesses with strong commercial prospects, focusing on capital preservation through disciplined underwriting, careful loan structuring and rigorous due diligence. In this interview, John Hughman speaks to Pedro Gonzalez de Cosio, CEO and co-founder of Pharmakon Advisors, about how the company identifies lending opportunities within the biopharmaceutical sector and why debt has become an increasingly attractive source of funding for innovative healthcare companies. Pedro explains the trust's selective investment process, its emphasis on approved therapies, patent protection and downside risk management, and discusses how higher interest rates, changing market conditions and advances such as gene therapy, cell therapy and AI are shaping future opportunities. The conversation also explores the trust's dividend record, discount to NAV, and Pedro's ambitions to broaden the shareholder base and support the trust's continued growth.

Welcome to another episode of The Two Johns, the investment trust podcast brought to you by the website www.johnbaronportfolios.co.uk. Each month, John Baron joins former Investors' Chronicle editor John Hughman to discuss the big themes dominating the investment landscape and the important issues affecting the sector, while explaining how these are influencing the way the website's ten live investment trust portfolios are being managed. In episode 22, they discuss the progress of John Baron’s “Trade of the Decade”, a decade outlook first mooted five years ago, revisiting the case for investing in the UK and its undervalued stock market. They explore why UK equities have defied pessimistic expectations, the growing appeal of value investing, and why smaller companies and investment trusts may now increasingly contribute to themarket’s continued strong performance over the next half-decade.In the second section, they also look at the recent rise in long bond yields, and the structural forces keeping inflation and interest rates higher, including geopolitical uncertainty, deglobalisation and increased expenditure on defence,the energy transition, infrastructure and AI spending – and why, in the context of mounting government debt and stretched central bank credibility, they remain cautious on equities generally while favouring the UK market and alternative investments.

UEM is aspecialist investment company focused on infrastructure, utilities and essential services across emerging markets. Managed by Charles Jillings and his team, the trust invests in the companies that help economies function and grow, including ports, railways, electricity networks, telecoms, digitalinfrastructure and transport assets. With a concentrated, bottom-up approach, UEM looks for high-quality businesses with strong management teams, resilient cash generation and the potential to deliver long-term capital growth alongside a progressive dividend. Investing across regions from Latin America to Asia, the trust aims to benefit from the structural growth trends underpinning urbanisation, industrialisation and rising middle-class demand in emerging economies.In the interview, Charles discusses how the company has navigated a volatile backdrop shaped by tariffs, geopolitical tensions, inflation and energy shocks, while continuing to uncover attractive opportunities in often-overlooked infrastructure sectors. He explains why emerging markets have become more resilient and adaptable, highlights opportunities in ports, digital infrastructure and Brazil’s waste sector, and outlines how governance and management quality drive stock selection. The conversation also explores China’s industrial evolution, India’s infrastructure ambitions, Latin America’s growing appeal, and why energy security, AI enablement and supply-chain resilience could become powerful drivers of future growth.

Welcome to another episode of The Two Johns, the investment trust podcast brought to you by the website www.johnbaronportfolios.co.uk. Each month, John Baron joins former Investors' Chronicle editor John Hughman to discuss the big themes dominating the investment landscape and the important issues affecting the sector, while explaining how these are influencing the way the website's ten live investment trust portfolios are being managed. In episode 21, they examine why infrastructure is emerging as one of the most compelling long-term investment opportunities, driven by ageing assets, surging electricity demand from AI, the energy transition and growing concerns over energy security. They discuss how governments are increasingly relying on private capital to bridge a multi-trillion-dollar global infrastructure funding gap, creating attractive opportunities in sectors such as utilities, water and transport. The episode also revisits the ongoing conflict in Iran, exploring why geopolitical uncertainty reinforces the importance of portfolio diversification, disciplined risk management and maintaining a long-term investment perspective rather than reacting to short-term market volatility.

EGL investsin a diversified portfolio of utilities, environmental services, and transportation infrastructure companies across developed markets, with the aim of delivering a combination of secure income, capital preservation, and long-term growth. Managed by Jean-Hugues de Lamaze since launch in 2016, the trust focuses on businesses with predictable cash flows, strong inflation linkage and structural growth opportunities arising from the energy transition. Recent years have seen the portfolio benefit from growing investment in power networks, electrification and energy infrastructure - themes that the manager believes are reshaping what has traditionally been viewed as a defensive, income-oriented sector.In this interview, de Lamaze explains why utilities and infrastructure are no longer simply "bond proxy" investments, arguing that electrification, grid modernisation, and rising power demand are creating compelling long-term growth opportunities. He discusses how the trust seeks to combine a c.4% yield with dividend growth, outlines the investment case for electricity networks, renewable infrastructure, and environmental services, and explains why the market continues to underestimate the sector's structural growth potential. He also reflects on the impact of AI-driven electricity demand, the energy transition, valuation opportunities created by interest-rate volatility, and how EGL is positioned to deliver attractive returns with lower volatility than broader equity markets.

Welcome to The Two Johns, the investment trust podcast brought to you by the website www.johnbaronportfolios.co.uk. Each month, John Baron joins former Investors’ Chronicle editor John Hughman to discuss the big themes dominating the investment landscape and the important issues affecting the sector, while explaining how these are influencing the way the website’s ten live investment trust portfolios are being managed.In episode 20, they first look at special situations - and why uncertainty, negative sentiment and unloved assets can create compelling opportunities for patient investors. From discounted investment trusts and out-of-favour fund managers to life sciences, data businesses, infrastructure and uranium, they consider when market pessimism signals genuine value rather than a value trap. They then turn to growth, asking where the next generation of opportunities might emerge, from AI and healthcare to infrastructure and the energy transition - and whether investors can still find high-quality growth at a reasonable price.

CGT is a long-established, defensively positioned multi-asset investment company focused on preserving and steadily growing investors’ real wealth over time. Managed byCG Asset Management, the trust aims to deliver long-term returns ahead of inflation while minimising the risk of significant capital loss, using a flexible global portfolio spanning equities, bonds and commodities without leverage or short selling. As of 31 January 2026, the portfolio was heavilyweighted towards inflation protection, with around 45% in index-linked government bonds alongside allocations to equities, credit and liquidity. Over the year to January 2026 the share price total return was 5.1%, and since inception in 1982 the trust has delivered returns of over 290x investors’ capital with only two losing years, highlighting its exceptional long-term wealth preservation record under its long-standing manager and founder Peter Spiller.In this episode, co-manager Chris Clothier explains how the trust is built to withstand uncertain markets, stressing the importance of preparing portfolios in advance rather than reacting to geopolitical shocks. He outlines the three core building blocks - risk assets, inflation-linked bonds and a strategic liquidity reserve - and how allocation decisions are driven by valuations, the business cycle and long-term macro views, particularly around inflation and global debt. Clothier also discusses concerns over elevated government debt and the potential for bond market stress, the role of investment trusts in exploiting discounts, and the trust’s focus on avoiding losses while delivering real returns. The conversation also touches on active shareholder engagement and the importance of retail investors.

Welcome to The Two Johns, the investment trust podcast brought to you by the website www.johnbaronportfolios.co.uk. Each month, John Baron joins former Investors' Chronicle editor John Hughman to discuss the big themes dominating the investment landscape and the important issues affecting the sector, while explaining how these are influencing the way the website's ten live investment trust portfolios are being managed. In episode 19, they explore whether investors are entering a fundamentally more volatile and inflationary era, shaped by geopolitical fragmentation, shifting global power dynamics and the erosion of the post-war rules-based order. Drawing onJohn Baron’s latest monthly investment commentary, they discuss why resilience through diversification is central to portfolio construction, arguing that structurally higher inflation - driven by deglobalisation, ageing populations, government spending, energy transition costs and geopolitical tensions -requires a rethink regarding traditional investing, including the classic 60/40 portfolio.