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.

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.

The rise and regulation of finfluencers

How to invest in the UK’s social impact REITs

In this episode, our director of content, investment trusts Milosz Papst provides an update on Franklin Global Trust, which was formerly the Martin Currie Global Portfolio Trust and featured in one of our October 2024 podcasts. Martin Currie’s parent Legg Mason was acquired by Franklin Templeton Investments in July 2020, but the brand was only retired earlier this year. The trust’s manager Zehrid Osmani and his team combined with the much larger US-based Franklin Equity Group and Jonathan Curtis was appointed as co-manager. Milosz then discusses Franklin Global Trust’s objective and investment process before explaining what it offers investors. He highlights that the trust is a straightforward equity portfolio with no unlisted businesses or derivatives, and is relatively concentrated, with around 30 holdings. Following on, he discusses the trust’s geographic and sector positioning and some of its larger holdings. He then focuses on performance, which has been disappointing in recent years due to the trust’s focus on growth stocks, which derated in a rising interest rate environment, and also there was insufficient exposure to the ‘Magnificent Seven’ large-cap technology stocks. However, over the longer term, the growth strategy has proved successful and during the dip in performance the managers have made improvements to the investment process. Finally, he discusses the trust’s dividend and its significant distributable reserves, and the zero-discount policy, which means that there are share buybacks on most trading days.

Listen on your preferred podcast player below:

• Apple Podcasts
• Spotify
• YouTube
• Zencastr

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.

IP Group hosted a capital markets day on 26 June 2025, which included presentations on the group’s investment strategy, pipeline, major themes and portfolio companies.