JohnBaronPortfolios.co.uk

Launched in1891, CTY is one of the UK’s oldest and best-known investment companies, with along-standing focus on delivering a rising income alongside long-term capitalgrowth. The trust invests predominantly in UK-listed equities, although many ofits holdings generate a significant proportion of revenues overseas, and it hasthe flexibility to invest up to 20% of assets in overseas stocks. CTY isparticularly renowned for its exceptional dividend record, having increased itspayout every year for close to six decades, supported by the investment truststructure and the use of revenue reserves. The portfolio is managed with aconservative, valuation-led approach, emphasising companies with strong balancesheets, resilient cash flows and sustainable dividends. Job Curtis has managedthe trust since 1991, providing continuity of philosophy through multiplemarket cycles.
In thisinterview, Job Curtis discusses how the trust is positioned in the currentmarket environment and reflects on the experience gained from managing CTYthrough periods of inflation shocks, interest rate cycles and geopoliticaluncertainty. He explains why valuation remains the starting point for allinvestment decisions and how this discipline has shaped portfolio positioning,including a sizeable overweight to UK financials and selective exposure to realestate and other out-of-favour areas. The conversation also covers the trust’spragmatic approach to ESG, its willingness to take contrarian positions wherevaluations are compelling, and the role of revenue reserves in sustainingdividend growth. Curtis concludes by outlining the key risks and opportunitiesfacing income investors and setting out why he believes pessimism around UKequities is overstated.

FGT is oneof the UK market’s largest and most established investment trusts, aiming todeliver long-term capital growth and a growing income stream from aconcentrated portfolio of predominantly UK-listed companies. Managed since 2000by Nick Train, the trust follows a distinctive conviction-ledphilosophy, investing in high-quality businesses with strong brands, durablecompetitive advantages, and the ability to generate sustainable cash flows overdecades. The closed-ended investment trust structure allows the manager to holdsuccessful investments for the long term without being forced sellers,supporting a patient approach that has underpinned the trust’s long-term trackrecord across multiple market cycles.
In thisinterview, recorded three years after we first spoke to Mr Train in December2022, he reflects on his 25 years at the helm and the trust’s 100-year history,before addressing the recent period of underperformance. He discusses why theportfolio has struggled amid sector headwinds, notably in consumer brands suchas Diageo and Burberry, and explains why he remains committed to theseholdings. The conversation also explores a growing portfolio emphasis on dataand information businesses, including London Stock Exchange Group, and MrTrain’s conviction that artificial intelligence represents a long-termopportunity for such businesses rather than an existential threat. Throughout,he reiterates the importance of patience, discipline, and belief in enduringbusiness quality.

Welcome toThe 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 todiscuss the big themes dominating the investment landscape and the importantissues affecting the sector, while explaining how these are influencing the waythe website's ten live investment trust portfolios are being managed.
In episode16, they suggest emerging markets deserve renewed attention because ofattractive valuations, stronger demographics, structural reforms, risingdomestic consumption, and improving economic credibility. They also examine theIran conflict, warning that it could go on for longer than some expect, whileadvocating the importance of staying invested even if underweight equityexposure and overweight other assets such as corporate bonds, infrastructure,precious metals, commodities and cash.

Launched in 2021, SSIT is the world’s first listed investment trust dedicated solely to SpaceTech. Managed by Seraphim Space, the specialist investor seeks to deliver long-term capital growth by backing a concentrated portfolio of later-stage space technology companies with proven products and commercial traction. With around $480m of assets under management across its platforms, Seraphim focuses on businesses typically at Series B stage and beyond that combine scalable technology with a clear path to global relevance. The trust’s strategy centres on “Space 2.0”, encompassing digital infrastructure such as satellite constellations generating real-time data for use on Earth, and “Space 3.0”, which involves building physical infrastructure in orbit. In contrast, SSIT deliberately avoids launch, space tourism and deep-space exploration.
In this interview, Mark Boggett, CEO and co-founder of Seraphim, discusses how space technology has quietly become a mainstream enabling capability. Boggett explains Seraphim’s highly selective, hands-on investment approach, its use of deep sector knowledge to identify future category leaders, and the importance of partnering with established aerospace groups. The discussion explores how falling launch costs and advances in satellite technology are transforming the economics of the sector, why defence spending is accelerating the development of commercial space infrastructure, and how AI is unlocking the value of space-derived data for industries ranging from climate and mobility to communications and smart cities.

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 15, they set out the portfolio positioning for 2026 amid stubborn inflation risks, subdued growth, and a more fragile geopolitical backdrop. They explain why they remain underweight equities (especially the US), why value-led markets such as the UK and Europe look increasingly compelling, and why the AI-fuelled ‘Magnificent Seven’ concentration raises uncomfortable echoes of past booms. The pair also highlight favoured themes including healthcare/biotech, uranium, and the role of precious metals in preserving capital.
The episode then turns to the evolution of the ‘Green’ portfolio into the new ‘Sage’ portfolio - broadening the remit beyond the environment to include a wider set of investments promoting social good, from equality and education to infrastructure and social housing.