Stock picking in a broadening market – a conversation with Randy Baron of Pinnacle Associates

Immuno-oncology (IO) has transformed cancer treatment, shifting the paradigm from cytotoxic and targeted therapies to immune-driven disease control (harnessing the body’s own immune system). Immune checkpoint inhibitors (ICIs), CAR-T cell therapies and cancer vaccines have produced durable responses in defined patient populations; however, the first wave of IO is approaching clinical and commercial saturation. ICI response rates remain limited to c 20–40% in solid tumours, while CAR-T therapies, despite curative potential in haematological malignancies, are restricted by high cost, complex manufacturing, immune-related toxicities and lower efficacy in solid tumours. Earlier cancer vaccines also failed to show consistent benefit. These constraints are driving next-generation approaches, focused on platforms that actively programme immune responses, rather than simply releasing inhibitory checkpoints. This report examines key innovation vectors shaping the next phase for this sector.

In this episode, our director of content for investment companies, Milosz Papst, talks about JPMorgan European Discovery Trust (JEDT). He starts by introducing the trust before highlighting why now could be an interesting time to look at the company. Firstly, it invests in an attractively priced asset class that has been out of favour but has delivered strong returns over the long term. Secondly, JEDT’s performance has improved under a relatively new management team. Milosz highlights that the managers seek ‘hidden gems’, which are attractively valued, high-quality companies with the potential to be the large market leaders of tomorrow. Their investment process combines screening, fundamental research and risk management, which includes the use of JPMorgan’s proprietary data systems. Changes have been made to the portfolio to reduce exposure to macroeconomic risk and increase the focus on bottom-up stock selection.

Milosz also explains why JEDT’s managers have a positive outlook on European small-cap stocks and what could cause an improvement in sentiment towards this part of the global market. He then moves onto the trust’s portfolio, highlighting some of its structural growth themes and discussing some recent transactions. Milosz provides details on the performance improvement, along with some of the stock contributors. At the end of 2025, JEDT had outperformed its benchmark, the MSCI Europe ex UK Small Cap Index, over the last one and three years. Also, within the three funds in the AIC European Smaller Companies sector, the trust’s NAV total returns now rank first over the last one and three years, and second over the last five years. Milosz concludes by highlighting other features of JEDT, namely its dividend policy, narrowing discount and the use of gearing.

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About Uncovering Trusts: Uncovering Trusts is a podcast run by Edison analysts, which is released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.

Edison’s investment companies team recently published an update on JPMorgan European Discovery Trust (JEDT). Performance has improved under a new team, who took over responsibility for the trust in March 2024. The three managers seek ‘hidden gems’, among smaller European companies as they believe that attractively valued, high-quality stocks with positive momentum outperform, with a large percentage of the market’s performance coming from a few exceptional names. In recognition of an uncertain macroeconomic backdrop, the managers have increased the number of stocks in the portfolio and reduced active position sizes. It could be an opportune time to consider European small-cap stocks, which are attractively valued and have lagged the broader market despite being one of the best performing asset classes over the long term.

Unlocking investment opportunities in blockchain equities

Unlocking investment opportunities in blockchain equities

In this interview, we discuss with Scancell Holdings’ chief medical officer, Dr Nermeen Varawalla, the evolving immune oncology landscape and the increasingly important role of therapeutic vaccines, in particular as combination treatments with immune checkpoint inhibitors (ICIs). Nermeen also highlights the company’s two distinct vaccine platforms and the recently presented promising Phase II data from Scancell’s lead asset iSCIB1+ in advanced melanoma, which supports accelerated progression to Phase III trials in 2026. Nermeen ended the interview outlining the upcoming catalysts for the company in the next 12– 18 months.

Scancell Holdings (AIM: SCLP) is a UK-based clinical-stage biotech company developing off-the-shelf active immunotherapies against cancer using two proprietary platforms, ImmunoBody (DNA vaccines) and Moditope (peptide vaccines). Its lead candidate from the ImmunoBody platform, iSCIB1+, has reported promising Phase II data in advanced melanoma, with clear synergies when combined with ICIs. Its lead asset from the Moditope platform, Modi-1, is being tested in solid tumours.

Unlocking investment opportunities in blockchain equities

Unlocking investment opportunities in blockchain equities

Unlocking investment opportunities in blockchain equities

In this video, executive chairman Dr Stephen Parker and chief scientific officer Dr John Reader outline the strategic rationale for this expansion and Sareum’s new collaboration with Receptor.AI to identify novel, brain-penetrating TYK2 compounds. Management highlighted the potential of TYK2/JAK1 inhibition in neuroinflammation and the technical challenge of designing brain-penetrant kinase inhibitors that can cross the blood–brain barrier while maintaining isoform selectivity and optimal local bioavailability. They also discuss the competitive landscape and commercial potential for JAK inhibitors in central nervous system. The interview concludes with a recap of expected development milestones and catalysts over the next 12–18 months.

Sareum Holdings (AIM: SAR) is a UK-listed biopharma focused on the development of small-molecule kinase inhibitors. Best known for its next-generation TYK2/JAK1 inhibitors in autoimmune and oncology indications (with SDC-1801 and SDC-1802, respectively), the company has recently expanded its efforts into targeting the central nervous system, driven by the growing interest in TYK2 as a compelling target in neuroinflammatory conditions.