In this episode, we explore Canadian General Investments (CGI), an investment company with a history dating back to 1930. CGI has consistently outperformed its benchmark, the Toronto Stock Exchange, for over 50 years due to its unique bottom-up stock picking approach and diversification strategies. While they use leverage to enhance returns, it introduces risks if market conditions turn unfavourable. The fund's tax status allows for a beneficial dividend structure, providing shareholders both normal and capital gains dividends. However, CGI typically trades at a significant discount to its net asset value, presenting both an opportunity and a challenge for new investors.

In this episode, we discuss Cindrigo Holdings Limited, a clean energy developer aiming for 1 gigawatt of renewable baseload capacity, addressing European energy needs. The company is focusing on a 110 megawatt waste-to-energy plant in Finland, expected to generate cash flow early next year, which will support larger geothermal projects in Germany. The German government is significantly mitigating drilling risks through insurance and subsidies, enhancing the viability of their geothermal strategy, which includes potential lithium extraction. Key developments to watch include the confirmation of the Finnish heat contract, ongoing German license negotiations, and the start of operations in Finland. Cindrigo's innovative financing model and governmental support could reshape investment strategies in the clean energy sector.

In this episode, we explore AMAZING AI PLC's unique integration of traditional finance with digital asset strategies. The company is leveraging a high-margin US lending business to bolster its credibility while pursuing a highly leveraged derivative trading model. CEO Paul Mathieson’s expertise is pivotal, as they aim to achieve 100x exposure through options rather than direct asset purchases. We'll discuss the company's approach to managing risk, including their reliance on a regulated structure in Mauritius and their strategy to navigate the competitive landscape through potential acquisitions. Join us as we dissect the interplay between their two business models and the implications for investors.

In this episode, we explore the recent performance and investment potential of the Biotech Growth Trust. The trust has seen a remarkable 37% increase in net asset value over six months, significantly outperforming the NASDAQ Biotech Index. We discuss the challenging backdrop of historic lows in biotech valuations and how rising interest rates impacted the sector. The focus on small-cap biotech stocks has been a key driver behind the trust's success, complemented by ongoing innovation in areas like lung disease and cancer treatment. Additionally, we examine the role of M&A activity in stabilizing valuations, the importance of global clinical trial activity, and the potential effects of political changes on the market.

In this episode, we explore Montanaro European Smaller Companies Trust PLC (LSE:MTE) and its focused strategy on European small caps. The discussion centres on MTE's quality growth philosophy and its recent performance amidst challenging market conditions. The podcast highlights the small cap effect, where European small caps have historically outperformed larger companies, and MTE's disciplined approach in selecting fundamentally strong businesses. Despite facing headwinds such as underperformance of small caps and a market shift towards value investing, MTE identifies a significant valuation anomaly, suggesting a potential buying opportunity. Listeners are prompted to consider whether the current crisis-level PE discount in European small caps signifies a change in trend or presents a fleeting moment for investors.

In this episode, we explore Avacta Group PLC's innovative FAP Activated Precision dual Payload Platform, a significant advancement in cancer treatment. This platform uses a peptide drug conjugate that selectively releases a potent cancer drug in tumor environments rich in fibroblast activation protein (FAP), ensuring high localized drug concentrations and potentially reducing side effects. We discuss how the dual payload mechanism effectively targets cancer resistance by delivering two drugs simultaneously to enhance treatment efficacy. The platform demonstrates a strong safety profile, with early trial data suggesting no serious side effects. As development progresses, there is potential for broader applicability across various solid tumors, with clinical trials for the single and dual payload drugs anticipated to begin in 2026.

In this episode, we explore RIT Capital Partners PLC, one of the UK's prominent investment trusts, founded by Lord Rothschild. Managing over £4 billion, RCP aims to provide equity-like returns with lower risk, achieving a net asset value compounding rate of 10.4% against a global benchmark of 7.7%. The trust employs a strategy comprising quoted equities, private investments, and uncorrelated strategies to balance growth and protection. Despite a substantial 25-27% discount on its share price compared to net asset value, RCP is addressing market scepticism through increased transparency and share buybacks. This discussion underscores RCP's positioning as a potential core holding, offering access to private market investments alongside active risk management.

In this episode, we discuss the recent investor update from Pennpetro Energy PLC, which is undergoing significant restructuring to return to the London Stock Exchange. The company is addressing legacy problems, particularly with its impaired US assets, by executing a crucial debt-for-equity swap with PetroQuest. This deal aims to clean up the balance sheet while retaining potential upside for shareholders. The podcast also covers the involvement of the RMD Group, a private Canadian family office providing new funding under specific conditions that require shareholder approval. As the company navigates these challenges and prepares for a pivotal AGM, the potential for dilution and the need for stringent governance measures are essential considerations for investors.

In this episode, we explore Gattaca PLC, a UK staffing firm specializing in engineering and tech. With a market cap around £27 million and a significant cash reserve of £15.7 million, we analyze how the company is navigating market challenges by focusing on internal growth rather than engaging in share buybacks. Gattaca's revenue predominantly comes from long-term contract placements, particularly in the infrastructure and energy sectors. The firm has undergone internal restructuring to enhance its culture and efficiency, yielding a 12% increase in profit before tax. We examine the implications of their strategy and discuss how their reliance on human expertise positions them against emerging AI recruitment tools.

In this episode, we review the impressive five-year performance of Temple Bar Investment Trust PLC, which delivered a total return of 211%, significantly outperforming the UK's FTSE All Share and the S&P 500. The discussion highlights how a value investing strategy capitalized on undervalued UK stocks, particularly in the banking sector, where firms like Barclays and NatWest saw tremendous returns from historically low valuations during the pandemic's market panic. We also explore the changing landscape of UK markets, with a notable shift towards value stocks amidst broader market dynamics and historical extremes in US stock valuations. Key drivers for potential future gains are identified, including corporate takeovers and share buybacks. Finally, the episode emphasizes that while recent returns are notable, the vast valuation disparities suggest further opportunities remain in the value space.

In this episode, we examine Strategic Minerals PLC and their latest investor presentation, focusing on the significant share price increase since new management took over. The company is employing cash flow from its existing Cobre operation to fund its promising Redmoor project in Cornwall, known for its high-grade tungsten, tin, copper, and silver. With potential to supply up to 30% of Europe’s tungsten needs, Redmoor has the backing of the local council, which has expressed support for mining in the area. We discuss the dual funding strategy of using cash flow and selling non-core assets to reduce shareholder dilution, emphasizing the geopolitical importance of securing a Western source of tungsten. The conversation highlights the potential impacts on supply chains and the strategic value of developing Redmoor.

In this episode, we explore Mobius Investment Trust PLC. We discuss how valuations have reached extreme lows, creating potential for significant rerating in EM equities. Key drivers such as advancements in AI and higher GDP growth in emerging regions are highlighted, alongside the cautious stance on direct China exposure due to geopolitical tensions. The investment strategy focuses on a select portfolio of quality midcap companies, emphasizing corporate culture and governance as critical risk factors. Ultimately, the podcast underscores the importance of disciplined investment, pointing to specific opportunities in the evolving landscape of emerging markets.

In this episode, we explore Kenmare Resources PLC, a key player in the titanium minerals industry essential for everyday products like paint and plastics. The company’s significant asset is the MoMA mine in Mozambique, which has a resource base expected to last over a century. Currently, Kenmare is investing $341 million to upgrade their processing unit to enhance efficiency and reduce costs associated with their operations. The podcast also addresses the market's cyclical nature, with current price softness potentially leading to a supply shortage by 2026, positioning Kenmare advantageously. Additionally, their strong community commitment and proactive engagement with the Mozambican government underscore their long-term operational stability and social responsibility.

In this episode, we explore the recent performance and strategic changes at Jadeestone Energy PLC, an upstream oil and gas player focused on the Asia Pacific region. The company reported significant growth in H1 2025, achieving record production levels of over 20,000 BOE per day and a post-tax profit of $32.8 million. We discuss their operational discipline, particularly their exit from Thailand and shift to focus on markets like Australia and Indonesia. Additionally, we examine the potential growth from their new gas discoveries in Vietnam, which could address the region’s increasing energy demand. Finally, we consider the valuation gap between their market price and their audited reserve value, highlighting the steps needed to bridge this discrepancy.

This episode focuses on Anglo-Asian Mining PLC (AAM) and its recent transformation in the mining industry. After over 25 years of quiet operation in Azerbaijan, AAM has rapidly expanded its operations by opening two new mines, Guilar and Demmerle, which significantly boosted their production. The company's Q3 numbers show a 50% increase in gold production and a remarkable doubling of copper output compared to the first half of the year. AAM aims to become a mid-tier copper and gold producer, with plans to reach an annual target of 36,000 tons of copper by 2030 while maintaining a policy to avoid shareholder dilution for funding new projects. The stability provided by Azerbaijan's favorable legal environment supports AAM's ambitious growth strategy.

In this episode, we examine Crystal Amber Fund Limited, an activist fund now heavily focused on a single asset: Morphic Medical, which constitutes about 70% of their net asset value after a sale of their previous stake. Morphic is developing a product called Reset, a reversible, non-surgical implant that targets obesity and type 2 diabetes by enhancing the body's natural GLP-1 hormones. The market potential for such a solution is substantial, with 272 million people affected globally, representing a $1.2 trillion opportunity. Despite strong initial results and regained regulatory approvals for sales in Europe and the UK, the U.S. launch is projected for 2029, posing significant challenges. This situation raises questions about whether Crystal Amber represents an undervalued opportunity or a high-risk bet reliant on achieving ambitious milestones.

In this episode, we explore United Oil & Gas PLC's significant offshore energy project in Jamaican waters. The company is focused on the Walton Morant license, covering 22,500 square kilometers and potentially holding over 7 billion barrels of recoverable oil. Analysts suggest that even a single major discovery could yield an NPV of around $4 billion. UOG is currently conducting a piston coring survey to gather direct evidence of oil migration, which is crucial for attracting major partners to fund drilling operations. Results are expected in early Q1 2024, potentially accelerating the company's path to unlocking significant value in this promising area.

This podcast is based off the recent investor presentation by River UK Microcap. The podcast details the fund's strong recent performance, including outperforming its benchmark, and outlines its investment strategy, which targets high-conviction, illiquid microcap stocks, increasingly leaning toward "recovery opportunities." A key focus is the fund's commitment to returning capital to shareholders by June 2028, even going so far as to include a wind-up clause if sufficient Net Asset Value (NAV) growth is not achieved.

In this episode, we focus on the Ashoka India Equity Investment Trust (AIEIT) as a unique opportunity for investing in India's growth story. Established by White Oak Capital in 2018, AIEIT features a distinctive fee structure with no fixed management fees, only charging a performance fee tied to benchmark outperformance. The trust actively seeks to control share price discounts through an annual redemption facility at net asset value. Since its inception, AIEIT has delivered impressive returns, compounding at 14.7% annually compared to 8.7% for its benchmark, highlighting effective stock selection as the source of its alpha. The podcast discusses the strategic reasons for investing in India, AIEIT's approach to portfolio management, and the importance of rigorous research in capturing growth opportunities.

In this episode, we examine Oryx International Growth Fund Ltd., focusing on their investment strategy and impressive returns in the challenging AI sector. With over 60% of their portfolio in this space, the fund has achieved a compound annual return of 10.6%, significantly outpacing the AI index's decline. Their approach is characterized by aggressive activism, taking substantial stakes in small-cap companies, often pushing for management changes to drive value. Additionally, Oryx trades at a roughly 30% discount to its net asset value, presenting a potential buying opportunity. Join us in this episode and gain insights into Oryx’s unique methodology and the broader implications for the UK small-cap market.