JohnBaronPortfolios.co.uk

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.

PPET is a UK-listed investment company offering liquidaccess to European mid-market private equity. Managed by Patria Investmentssince 2024, with Alan Gauld continuing to lead the long-standing team, thetrust aims to deliver long-term total returns through a diversified mix ofprimary fund commitments, secondaries and an increasing allocation to directco-investments. Its focus is on mid-market businesses with enterprise values of€100m–€1bn - an area that has historically outperformed larger buyouts. Todaythe portfolio provides exposure to hundreds of underlying companies,predominantly in Europe, with strong weightings in technology, healthcare andindustrials. Alongside capital growth, PPET offers a progressive dividendpolicy and currently trades on a wide discount to NAV.
In the interview, Alan explains how PPET blendsprimaries, secondaries and directs - now around a quarter of the portfolio - tobalance diversification with higher-return potential. He outlines the rigorousdue diligence applied to each strand, the emphasis on sector-specialistmanagers, and why European mid-market buyouts offer fertile ground for valuecreation through operational improvement and strategic exits. Alan discussessector positioning - notably in niche B2B software and healthcare - sustainabilityas a driver of exit multiples, and the importance of conservative valuationdiscipline. Alan also addresses the recent slowdown in exits, the impact ofhigher rates and tariff uncertainty, and why improving distributions, buybacksand double-digit NAV growth could help narrow the sector’s persistentdiscounts.

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 18, they examine the evolving investment case for the technology sector as markets shift from growth-led momentum to a more value-focused environment. The discussion explores why recent valuation changes may have created new opportunities in technology, particularly among smaller specialist firms, while raising questions over the long-term strategies of some of the large-cap technology companies. They also consider the role of active portfolio management, global technology exposure, and defensive positioning through commodities and energy, alongside the broader implications of inflation, geopolitical tensions, and energy security for investors navigating an uncertain economic landscape.