This report is the second in our series on decarbonising the built environment. While our first report focused on building materials, this report tackles two of the sector’s most critical and emissions-intensive inputs: cement and steel. Together, these materials account for approximately 16% of global CO2 emissions and sit at the heart of modern construction. They are also difficult to decarbonise as their respective production processes are heat intensive, assets are long lived and margins are typically thin. Regulation, customers and capital are increasingly pushing for lower-carbon materials and new technologies are emerging, including clinker substitution and carbon capture in cement, and greater scrap use, electrification and hydrogen-based routes in steel. The investment cycle will mean that the transition takes time, but materials producers will need to adapt.

In this interview with VinFast, we are joined by Anne Pham, deputy CEO of investments, and Lan Anh, CFO. VinFast is a pure-play electric vehicle manufacturer with a line-up of electric cars, e-scooters and e-buses. The company has established itself as Vietnam’s dominant automotive brand with approximately 39% domestic market share and it is continuing to expand internationally into India, Indonesia and the Philippines.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

In this interview, Richard Shepherd-Cross, fund manager of Custodian Property Income REIT (CREI), discusses the £36m corporate acquisition of a highly complementary, diversified family owned portfolio, its second such transaction in the past nine months. The acquisition provides a further demonstration of CREI’s ability to effectively marry its investment strategy and listed REIT structure to facilitate the corporate acquisition of family property companies using majority-share consideration. The transaction delivers immediate earnings enhancement, improved dividend cover and offers the potential for value creation through asset and portfolio management opportunities. It is also a further step in CREI’s strategy to increase scale through selective portfolio acquisitions.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

In this video, we speak with Alan Gauld, senior investment director in the Patria Global Private Market solutions team and lead portfolio manager of Patria Private Equity Trust (PPET). Alan discusses why PPET is a good choice for retail investors in their asset allocation and diversification. He covers the highlights of PPET’s FY25 results, including the revenue and EBITDA performance of its underlying portfolio companies. He shares his views on the outlook for 2026 in light of the improving activity level across the European private equity (PE) market and several notable exits recently agreed across PPET’s portfolio. In this context, he also elaborates on PPET’s prospective capital allocation.

PPET invests in a diversified portfolio of PE funds and direct investments in private companies (through co-investments and single-asset secondaries). It partners with around 15 leading PE managers and provides exposure to over 600 underlying portfolio companies. PPET offers a quarterly dividend, which has grown in value every year since 2010, and the manager charges a flat management fee of 95bp with no performance fee on top, which is unlike most PE investment trusts.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

In this video, we interview Kenneth MacKenzie who founded Target Healthcare REIT (THRL) in 2013 and who is CEO of THRL’s manager. THRL had another strong quarter, extending its consistent record of financial returns since it launched. Kenneth discusses how THRL’s focus on modern, purpose-built and future-proof homes, active asset management and a diversified income base all contribute to its performance, its strong sector fundamentals and THRL’s ability to profitably deploy available capital and help meet the essential need for good-quality homes over many years to come.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

In this interview, we speak with Dr Marc Gitzinger, CEO, and Hernán Levett, CFO of BioVersys, about the company’s strategy to address the growing global challenge of antimicrobial resistance through its pipeline of novel antibacterial therapies. Management outlines BioVersys’s key value drivers, led by BV100, a late-stage asset targeting carbapenem-resistant infections, one of the most critical unmet needs in hospital settings. Marc discusses the programme’s differentiated mechanism, competitive positioning and the rationale behind the upcoming Phase III trial planned for early 2026, highlighting the clinical and commercial opportunity if successful. The discussion also covers alpibectir, BioVersys’s tuberculosis programme developed in partnership with GSK. Management explains the asset’s unique mechanism, its potential role in tackling drug-resistant tuberculosis and how the 50/50 collaboration structure reduces development risk while preserving long-term value. Hernán provides insight into BioVersys’ capital strategy following its 2025 Swiss listing, including funding runway, capital allocation priorities and how the company is positioning itself to support late-stage development. The conversation concludes with management outlining key catalysts over the next 12–18 months, centred on clinical progress, partnership execution and pipeline advancement.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

In this interview, Mateusz Nowak, Noctiluca’s CCO and board member, outlines how the company has evolved from a single‑material proposition into an OLED material platform developer, synthesising and scaling families of emitter and functional materials. Noctiluca now has c 1,200 compounds, 10 patent families and strong relationships across the display industry. Mateusz discusses the industry’s ‘race for blue’ and explains how the company’s electron injection layer materials provide a new route to improving blue pixel efficiency, with internal gains up to 15x and more than twofold industry‑validated improvements, including a 100–150% uplift in partner trials. Mateusz also highlights the rapid commercial progress in Asia, driven by local presence and collaboration, with engagements now spanning more than 15 global entities across the OLED value chain. Finally, he outlines Noctiluca’s intellectual property‑led strategy, expanding its patent platform towards 12 families and entering national phases across up to 40 jurisdictions.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

In this interview, John Mills, CEO of Xaar, outlines the steps management has taken to transform the company by focusing on applications where Xaar’s ability to print high‑viscosity, high‑pigment‑load fluids provides a clear competitive advantage. He explains how the business has significantly diversified its market exposure and now operates across 21 markets, with more than 100 original equipment manufacturer (OEM) programmes at various stages of development. John highlights Xaar’s strong positioning in key growth areas, including jewellery wax printing, EV battery insulation coatings and automotive coatings. He also discusses the upcoming launch of a unique full‑colour desktop 3D printer featuring Xaar’s printheads. He notes that the decline in legacy ceramics revenue has now bottomed out, meaning growth from new applications should begin to show through more clearly in the top line. With existing factory capacity able to support more than three times current revenue, Xaar is well positioned to benefit from operating leverage and strong cash generation as volumes increase.

Xaar is a UK‑based manufacturer of industrial piezo-based drop‑on‑demand inkjet printheads and related systems, supplying OEMs globally across applications including ceramics, graphics, product decoration, packaging and advanced manufacturing.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

In this interview, one of Baillie Gifford US Growth Trust’s (USA) managers, Kirsty Gibson, introduces the trust, the portfolio of which is made up of both listed and private companies. She then explains the strategy for finding outliers, which are growth companies that can generate disproportionate outcomes over the long term. While these businesses may not look inexpensive on traditional measures, consensus expectations do not take account of their significant growth opportunities. Kirsty also outlines the enhancements and guide rails that were introduced following a period of volatile performance and she highlights how they relate to portfolio construction and the increased clarity they bring regarding the balance between ambition and risk. She discusses USA’s private company exposure and some recent transactions and their investment cases. She then talks about AI-related businesses and other areas of the portfolio where the prospects look particularly bright before summarising what the trust offers investors.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

In our interview, Phil Richards, CFO of GiG Software, gives an overview of the company, its markets and growth outlook. Phil begins by describing GiG’s products and the services it provides, as well as an overview of the industry and customers it serves. He highlights what he believes distinguishes GiG from its peers. Phil provides insight on the company’s financial characteristics including the nature of its revenue generation and investment requirements, as well as how the adoption of AI will help to make GiG more efficient and more profitable. We conclude with the company’s financial outlook and its most important key performance indicators.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

In this interview, Johannes Laumann, CIO of Mutares, discusses with Edison’s Neil Shah Mutares’ record-breaking $400m acquisition of the regional engineering thermoplastics business in the Americas and Europe of SABIC, its ambitious US expansion strategy and how Mutares is positioning itself for the next phase of global growth. From navigating carve-outs to capital allocation and future exits, Johannes shares real insights into what is driving the company’s success across sectors and continents.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

In this video, we speak with Dr Christian Koch, head of BB Biotech at Bellevue Asset Management. Dr Koch discusses the increasingly positive sentiment towards the biotech sector, following the recent JP Morgan healthcare conference. He also covers some of the transactions that have benefited BB Biotech’s portfolio in recent periods, provides a summary of how the company uses agentic AI to support its investment process and outlines what to expect for BB Biotech in the year ahead.

BB Biotech is a Swiss-listed investment company managed by Bellevue Asset Management, a specialist in biotech investments. The company provides investors with targeted access to the global biotechnology sector, focusing on innovative companies developing transformative therapies. BB Biotech aims to deliver long-term capital growth through active, fundamental stock selection.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

In this interview, Matthias Stadelmeyer, CEO of Tradedoubler, discusses industry dynamics, including how AI is bringing about a new wave of rapid transformation to the industry and how Tradedoubler is leveraging it. He discusses the relationship between affiliate networks, affiliates and advertisers, noting that affiliates often work across multiple networks, while brands prefer single-network partnerships for simplicity and scale. He emphasises AI as a transformative force for Tradedoubler, driving internal efficiencies, predictive analytics and new traffic sources. The company is launching AI-based platform features in early 2026 and sees opportunities to move higher up the customer funnel as journeys shorten. Matthias underscores Tradedoubler’s resilience to disruptions like AI, GDPR and cookie deprecation, thanks to its strong network, technology and expertise.

Tradedoubler (Nasdaq Stockholm: TRAD) is a pioneer in performance-based digital marketing, operating in more than 90 countries with over 3,000 brands.

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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

LM PAY is a Polish fintech specialising in consumer financing for beauty and healthcare services via business-to-business partnerships. In this interview, Jakub Czarzasty, CEO of LM PAY, explains how medical and beauty treatment financing works in Poland and how it supports LM PAY’s business model. He talks about the company’s competitive advantages, including its embedded finance model and well-established relationships with clinics and beauty salons. He also comments on the new financing agreement with Aion Bank and outlines new product initiatives, most notably car insurance financing and the MediPay Mobile by Visa card.

Listen on your preferred podcast player below:

• Apple Podcast
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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.