Kepler Trust Intelligence offers up-to-date investment strategy research, fund analysis and useful guides for private investors, all written in-house by Kepler's experienced analysts.

Our aim is to build a library of information on investment trusts that can help you make allocation decisions.

We are focused entirely on investment trusts, however we believe that it helps to understand them better if they are placed on a level playing field with OEICs, so you will see comparisons between the two in these pages often.

Our content falls into four categories:

  • Investment strategy articles assess opportunities and developments which could impact or should be considered by investment trust investors, positive or negative
  • Fund analysis focuses on individual trusts, examining them in detail to create a snapshot picture that investors can use to aid their investment decisions
  • News and announcements articles focus on news events like annual and interim results, as well as coverage of our regular live events and trading updates about trusts where something interesting is going on
  • Sponsored content appears where an asset management group or investment trust has paid to place a piece of content into the site. This will be clearly marked with the sponsor's logo and a byline attributing the content to the sponsor.

Our focus is on quality, not quantity, so we tend to publish around four or five articles in a given week. For this reason we recommend that you join our mailing list, and we'll send you an email once a week alerting you to what’s new on the site. We won’t sell your details, and we won’t spam you with useless updates.

How we are funded

Kepler Trust Intelligence is made available freely to any person (professional or private individual) who wants to access it. We clearly disclose all of our relationships, but our research is either paid for directly by specific trusts and their boards, or more generally by the larger asset management groups who pay to have adverts and advertorial. As a result, all of our research should be considered “non-independent” and readers should consider it as marketing.

Meet the team

We provide information, not advice

While we hope that you find the research we publish useful, and we believe it will help you to make a more informed decision, but we must of course stress that none of the research published here constitutes a recommendation, or advice, and you should not think that – just because we’ve published a report on a trust – we believe that trust is a ‘buy’. Please read our terms and conditions.

If you want to manage your own investments we hope that this website is a useful source of information which helps you to do that, however if you are in any doubt, you should speak to a financial adviser.

Pascal Dowling

Kepler Partners

Our disclaimer in full

The reports on this website have been issued by Kepler Partners LLP solely for information purposes only and the views contained in it must not be construed as investment or tax advice or a recommendation to buy, sell or take any action in relation to any investment. If you are unclear about any of the information on this website or its suitability for you, please contact your financial or tax adviser, or an independent financial or tax adviser before making any investment or financial decisions.

The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Kepler Partners LLP to any registration requirement within such jurisdiction or country. Persons who access this information are required to inform themselves and to comply with any such restrictions. In particular, this website is exclusively for non-US Persons. The information in this website is not for distribution to and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America to or for the benefit of US Persons.

Our reports are marketing documents, should be considered non-independent research and are subject to the rules in COBS 12.3 relating to such research. Our research has not been prepared in accordance with legal requirements designed to promote the independence of investment research. The material is provided to professional intermediaries who advise Retail Clients – Kepler Partners LLP does not make recommendations to, or provide research directly for, Retail Clients.

No representation or warranty, express or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Any views and opinions, whilst given in good faith, are subject to change without notice.

This is not an official confirmation of terms and is not to be taken as advice to take any action in relation to any investment mentioned herein. Any prices or quotations contained herein are indicative only.

Kepler Partners LLP (including its partners, employees and representatives) or a connected person may have positions in or options on the securities detailed in this report, and may buy, sell or offer to purchase or sell such securities from time to time, but will at all times be subject to restrictions imposed by the firm’s internal rules. A copy of the firm’s conflict of interest policy is available on request.

Past performance is not necessarily a guide to the future. The value of investments can fall as well as rise and you may get back less than you invested when you decide to sell your investments. It is strongly recommended that Independent financial advice should be taken before entering into any financial transaction.


PLEASE SEE ALSO OUR TERMS AND CONDITIONS


Kepler Partners LLP is a limited liability partnership registered in England and Wales at 70 Conduit Street, London W1S 2GF with registered number OC334771.

Kepler Partners LLP is authorised and regulated by the Financial Conduct Authority.

William Heathcoat Amory
William Heathcoat Amory is a co-founding partner of Kepler Partners LLP and leads the Kepler investment trust research team. William has over 20 years of experience as an investment company analyst. Prior to co-founding Kepler Partners in 2008, he was part of the Extel number 1 rated research team at JPMorgan Cazenove.
Pascal Dowling
Pascal is a partner at Kepler Partners LLP. He runs Kepler Trust Intelligence as a product, having joined Kepler to launch it in 2015. Prior to joining the Kepler team, Pascal managed FE Trustnet, one of the UK's largest investment research websites, for ten years. Pascal started his career sixteen years ago as a financial journalist, and has written extensively about investment trusts and other investments for the trade and national press.
Thomas McMahon
Thomas is a senior investment trust analyst and joined Kepler in April 2018. Previously he was senior analyst at FE Invest, where he was responsible for fund selection for a range of model portfolios. He covered all asset classes over time, but has particular experience with emerging markets and fixed income as well as UK smaller companies funds. He has a degree in Philosophy from Warwick University and is a CFA charterholder.
Alice Rigby
Alice joined Kepler Partners in July 2018 as Marketing Manager. She was previously Head of Content at financial services communications specialist KL Communications, after working in investment communications for Hermes Investment Management. Alice began her career as an asset management correspondent at trade publication Investment Week, where she was responsible for the investment trust beat.
Henrietta Torrance
Henrietta joined Kepler Partners in July 2019 as Executive Assistant for both the Investment Trusts research and direct marketing teams. Prior to joining Kepler, she was a member of senior management at a well-established NHS primary care provider for six years in which she has gained a wealth of experience in small to medium-sized business. Henrietta read Biology at the University of Nottingham.
David Johnson
David is an investment trust analyst and joined Kepler in September 2020. Prior to this he ran multi-asset model portfolios at a discretionary fund manager, and has worked in both asset management and investment banking during his career. He holds a Masters in Finance from the University of Warwick and is a CFA charterholder.
John Dowie
John is an Investment Trust analyst and joined Kepler in September 2021. Previously he was senior analyst at AFH Wealth Management, where he conducted manager selection, fund monitoring and investment research across a broad range of asset classes. Before joining AFH he worked for Asset Risk Consultants (ARC), providing investment consulting to UHNW private clients and charities. John graduated from the University of Oxford with a BA (Hons) in Physics and the University of Sussex with an MSc in Astronomy. John is a CFA charterholder.
Ailsa Prestige
Ailsa joined Kepler Partners in September 2021 to assist both the Investment Trust sales and research teams. Before joining Kepler, she was a Senior Account Executive at Engine MHP, a multi-disciplinary communications agency, where she worked in the Capital Markets team. Ailsa read History at Newcastle University.

Welcome to Kepler Trust Intelligence

Kepler Trust Intelligence is authorised in the UK by the Financial Conduct Authority.
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The information contained herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). The investment funds referred to herein have not been registered in the United States under the Investment Company Act of 1940 and units or shares of such funds are not registered in the United States under the Securities Act of 1933.
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A free Kepler Trust Intelligence account allows you to access premium content including the ‘Kepler View’ – our verdict on the trusts we cover – and historical research so you can see how our view has changed over time. An account also unlocks useful facilities like the ‘follow’ button which lets you keep track of the trusts you’re interested in and as a logged in user you can also download PDFs of our research, and choose the layout of the page you’re reading to suit your preference. We will not share your details unless you give us permission to do so, and we won’t bombard you with emails – we only send one a week.
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How will this information be used? Your answers help us to tailor our content to relevant investment trusts, and to ensure that the asset allocation and portfolio strategy research we produce is appropriate to our userbase.
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Current Site Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.