Money Makers: Recent Episodes
Jonathan Davis
Home of the free Money Makers Weekly Investment Trust Podcast with Jonathan Davis and Simon Elliott, released every Saturday and covering the latest developments in investment trusts. Subscribe now on your favourite podcast app to make sure you catch every edition! Keep up-to-date with Money Makers via Twitter - @MoneyMakersITs - and visit the website for more details, including our premium service, the Money Makers Circle: www.money-makers.co.
Two guests join host Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) in this week's edition of the Money Makers Investment Trusts Podcast. First is Roddy Snell, lead manager of the Pacific Horizon Trust (PHI), followed by Nish Patel, lead manager of the Global Smaller Companies Trust (GSCT).These discussions were recorded on Thursday 06 August 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358***Section Timestamps:0:00:37 - Introduction0:02:03 - Roddy Snell (PHI)0:02:05 - The last eighteen months at PHI0:04:35 - Comparing the open-ended fund to the investment trust0:07:26 - Growth and AI0:13:14 - The Korean market0:16:08 - Trump’s impact0:21:13 - Asia and EM susceptibility to Western crises0:22:46 - The Chinese outlook0:26:07 - The case for choosing PHI0:27:51 - PHI’s discount0:32:51 - A short break0:33:36 - Nish Patel (GSCT)0:35:25 - The pitch for GSCT0:38:21 - Interest rates and inflation0:41:04 - Tech and AI stocks0:43:04 - Portfolio changes in light of Saba0:46:53 - The performance of the trust0:49:18 - Attracting retail investors0:51:08 - Regional allocation of the trust0:53:24 - The dividend0:54:56 - Holding other funds0:58:00 - The current environment1:01:47 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content every week, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year, with a two week free trial available for new subscribers.This week, as well as the usual features, the Circle features a profile of Ashoka India Equity (AIE). Future profiles include Utilico Emerging Markets (UEM) and HarbourVest Global Private Equity (HVPE). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 340 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Emma Bird, head of investment trust research at Winterflood joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), in a discussion that includes the position of the sector in the current cycle, narrowing discounts, retail investor demand, and corporate activity. This discussion was recorded on Thursday 30 July 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:37 - Introduction0:00:56 - The state of the sector0:07:11 - Retail investor demand0:11:17 - Saba and the future of EWI and IEM0:18:31 - A short break0:19:16 - Herald Investment Trust (HRI)0:22:10 - Brown Advisory US Smaller Companies0:25:25 - Enhanced dividends0:27:40 - Commercial property0:32:52 - Top and bottom net buy-sell ratio trusts0:36:19 - Discount opportunities0:39:47 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content every week, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year, with a two week free trial available for new subscribers.This week, as well as the usual features, the Circle features a profile of TwentyFour Select Monthly Income (SMIF). Future profiles include Ashoka India Equity (AIE) and Utilico Emerging Markets (UEM). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 340 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
A activity0:26:39 - Gearing0:28:18 - The style of approach0:30:48 - Why choose the trust0:33:58 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content every week, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of TwentyFour Select Monthly Income (SMIF). Future profiles include Ashoka India Equity (AIE) and Utilico Emerging Markets (UEM). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 340 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Andrew McHattie, the editor of the Investment Trusts Newsletters, returns in this edition of the Money Makers Investment Trusts Podcast. With Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), their discussion includes the latest developments in the sector including the FCA's regulatory changes restricting activist investors; mergers, bids, and wind-downs in real estate; and valuation and discount concerns in renewable energy and battery storage.This discussion was recorded on Friday 17 July 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:37 - Introduction0:00:49 - Developments from the FCA0:08:14 - Alternative Income REIT (AIRE)0:12:02 - Schroder European Real Estate (SERE)0:14:36 - Herald Investment Trust (HRI)0:19:59 - Golden Prospect Precious Metals (GPM)0:24:02 - A short break0:24:46 - Brown Advisory US Smaller Companies (BASC)0:28:04 - Gore Street Energy Storage (GSF)0:33:55 - Next Energy Solar Fund (NESF)0:38:54 - RIT Capital Partners0:47:17 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of AVI Global Trust (AGT). Future profiles include TwentyFour Select Monthly Income (SMIF) and Ashoka India Equity (AIE). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 340 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Max King, former fund manager at Investec and writer for Money Week, joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). Their discussion includes overall market optimism despite doom-mongering predictions, the role of Saba in a revived sector, and more! This discussion was recorded on Friday 10 July 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:37 - Introduction0:00:49 - Doom-mongerers missing the mark0:04:37 - A change in Prime Minister0:05:48 - The prospect for UK stocks0:07:09 - The reducing discounts on investment trusts0:11:18 - Three notable poor performers0:14:23 - A short break0:15:08 - Favourites in the UK0:16:41 - Exposure to the US, Asia, and the influence of AI0:18:27 - Max’s use of AI0:20:33 - Pension funds and the UK stock market0:22:21 - The threat to investment trusts from alternative vehicles0:23:58 - Gold, bitcoin, and defensive trusts0:25:16 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of 3i Infrastructure (3IN). Future profiles include AVI Global (AGT) and TwentyFour Select Monthly Income (SMIF). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 340 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined by two guests. First, Mark Niznik, lead manager at Artemis UK Future Leaders (AFL), discusses the fund's performance, investment philosophy and long-term strategy. Then Alexander Fitzalan Howard, the manager of J.P. Morgan European Growth and Income (JEGI) speaks about the trust's outstanding returns, European market opportunities and quality-value-momentum investment approach.The conversation with Mark Niznik was recorded on 25 June 2026, with Alexander Fitzalan Howard recorded on 30 June 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!Section Timestamps:0:00:37 - Introduction0:01:25 - The Artemis story0:05:04 - The struggle for UK equities and small caps0:06:23 - A disappointing first 12 months0:08:54 - Next year’s continuation vote0:10:16 - The size of the trust0:10:47 - The impact of the Westminster drama0:15:34 - Making use of gearing0:16:59 - The impact and use of AI0:22:55 - Sticking to the approach0:27:50 - A short break0:28:36 - Alexander Fitzalan Howard0:29:27 - Looking back at the last 15 months0:33:49 - Looking at the AI theme0:35:24 - The influx to Europe0:39:18 - The style and approach0:41:08 - Performance and a narrowing discount0:45:32 - A transaction with European Opportunities Trust0:47:35 - The exposure to small and mid cap0:48:45 - The outlook for Europe0:52:05 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Caledonia Investments (CLDN). Future profiles include 3i Infrastructure (3IN) and AVI Global (AGT). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 340 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
A0:11:47 - The US political regime0:20:39 - A short break0:21:24 - Gearing and the appetite for risk0:22:44 - Valuations0:25:52 - The discount and share buybacks0:27:22 - AI in the biotech space0:29:38 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Aberdeen Equity Income (AEI). Future profiles include Caledonia Investments (CLDN) and 3i Infrastructure (3IN). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 340 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Andrew McHattie, editor of the Investment Trusts Newsletter, returns for his monthly roundup of developments in the sector, including a look at the SpaceX IPO, with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025).This discussion was recorded on Thursday 18 June 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:37 - Introduction0:00:51 - The SpaceX IPO0:08:36 - Edinburgh Worldwide (EWI) and Impax Environmental (IEM)0:14:41 - Seraphim Space Investment Trust (SSIT)0:17:19 - A short break0:18:04 - Pacific Assets (PAC) and Schroder Asia Total Return (ATR)0:21:13 - SDCL Efficiency Income Trust (SEIT)0:24:59 - The Renewables Infrastructure Group (TRIG)0:29:40 - Alternative Income REIT (AIRE)0:32:23 - Aquila European Renewables (AERS)0:35:52 - Looking at two trusts’ results0:40:56 - Partners Group Private Equity (PEY)0:46:37 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of 3i Group (III). Future profiles include Aberdeen Equity Income (AEI) and Caledonia Investments (CLDN). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 340 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Marcus Phayre-Mudge, manager of TR Property (TRY), discusses the commercial property sub-sector with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025).This discussion was recorded on Friday 12 June 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:37 - Introduction0:01:11 - Macro frustrations in property0:07:06 - The good returns prior to the Iran War0:12:25 - A fundamental issue with discounts0:18:05 - Further consolidation0:25:53 - A short break0:26:38 - Lessons from Life Sciences REIT0:30:40 - The future of the commercial property sector0:34:57 - The yield against the market background0:42:13 - Maintaining gearing0:44:00 - Europe vs the UK0:46:21 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of 3i Group (III) with future profiles coming soon including Aberdeen Equity Income (AEI) and Caledonia Investments (CLDN). Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 340 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, David Barron, chairman of BlackRock American Income (BRAI) and Baillie Gifford European (BGEU), discusses the strategy shift at BRAI, the change of manager at BGEU, and sector challenges, with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025).This discussion was recorded on Tuesday 09 June 2026Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:37 - Introduction0:01:17 - The change of strategy at BRAI0:07:25 - Confidence in the approach to beat the index0:10:56 - Describing the systematic approach0:15:59 - The benchmark0:18:57 - A short break0:19:41 - Baillie Gifford European (BGEU)0:20:35 - The change of manager at BGEU0:25:44 - A sustainable future?0:27:31 - Discount levels0:28:45 - The future of the sector0:31:26 - Government perception of investment trusts0:32:58 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Artemis UK Future Leaders (AFL). Future profiles include 3i Group (III) and Aberdeen Equity Income (AEI). Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 340 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), is joined once again by Ben Conway, head of fund management at Hawksmoor. Their discussion this time includes the health of the investment trusts sector, the role of activist investors and board responsibilities, and regulatory changes that might entice pension funds back to the sector.This discussion was recorded on Friday 05 June 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:37 - Introduction0:01:22 - The health of the investment trusts sector0:04:48 - Activists and boards0:15:56 - The return of pension funds?0:26:47 - A short break0:27:33 - The equity market situation0:37:00 - Quality growth investors0:41:29 - Barriers to new investment trusts0:45:02 - Reasons for optimism0:46:35 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of European Smaller Companies (ESCT). Future profiles include Artemis UK Future Leaders (AFL) and Aberdeen Equity Income (AEI). Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 330 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Laurence Hulse, manager of the Onward Opportunities Trust (ONWD) joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), for a discussion including the performance and strategy of the trust, some of the portfolio holdings, and macroeconomic and political risks. The trust is still tiny in terms of market capitalisation but has made some good progress in very challenging conditions since coming to the market three years ago with a UK small cap equities strategy, enabling it to issue some shares and move to the main market. A star of the future - who knows?Recorded on 26 May 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Timestamps:0:00:37 - Introduction0:02:07 - Reflecting on the past three years0:06:09 - Trading around par and issuing new shares0:08:27 - The ONWD difference and interpreting the mandate0:12:23 - Volatility0:15:29 - Investment themes0:17:46 - The UK government’s support for business0:22:05 - A short break0:22:50 - Springfield Properties0:28:29 - AudioBoom0:32:31 - RentGuarantor Holdings0:36:32 - The cash strategy0:43:32 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, Stuart Watson takes a look at infrastructure sector discounts, while the latest trust profile features Baker Steel Resources (BSRT). Future profiles include European Smaller Companies (ESCT) and Artemis UK Future Leaders (AFL). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 330 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Evy Hambro, manager of BlackRock World Mining (BRWM) discusses, amongst other things, the trust's exceptional performance, the impact of global factors, and the AI-driven commodity demand. With Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025).This discussion was recorded on 12 May 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:37 - Introduction0:02:35 - The strong performance of BRWM0:06:30 - Gold0:11:42 - Silver0:13:40 - The effect of the Iran War on major commodity classes0:16:25 - The impact of AI on commodities0:19:58 - Capital discipline0:22:07 - A short break0:22:52 - The dollar0:24:14 - BHP royalty transaction0:27:00 - Reducing gearing0:28:41 - Risks0:33:21 - Managing the trust today compared to the past0:37:14 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Baker Steel Resources (BSRT). Future profiles include European Smaller Companies (ESCT) and Artemis UK Future Leaders (AFL). Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 330 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
C Investment Trust (FCIT)0:44:42 - Delivering on the investment trust promise0:50:40 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Invesco Global Equity Income (IGET). Future profiles include River UK Micro Cap (RMMC) and RIT Capital Partners (RCP). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 330 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Almost exactly a year on from his last appearance, Ben Rogoff, manager of the Polar Capital Trust (PCT) joins this edition of the Money Makers Investment Trusts Podcast, with host Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025), discussing the latest developments in artificial intelligence including the transition to agentic AI, market dynamics including the potential for a natural monopoly, and trust performance.This discussion was recorded on Tuesday 28 April 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:37 - Introduction0:01:02 - Significant developments in the investment trusts sector0:04:08 - Ben Rogoff, Polar Capital Technology (PCT)0:04:48 - The emergence of agentic AI0:11:30 - User confidence in AI0:18:26 - Mythos and AI scaling0:23:19 - Potential IPOs, and a new natural monopoly?0:32:37 - A short break0:33:22 - Spotting tech losers0:39:41 - The PCT portfolio0:51:57 - Volatile technology cycles0:55:40 - Continued trading at a discount0:59:41 - Manchester United’s AI-supported plan for champions1:00:46 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Tetragon Financial (TFG). Future profiles include Invesco Asia Dragon (IAD) and Baker Steel Resources (BSRT). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 330 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Ashley Thomas, renewables infrastructure analyst at Winterflood Securities, joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025) to discuss recent developments affecting the renewables sector.This discussion was recorded on 24 April 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:37 - Introduction0:01:23 - The impact of the Iran War on the renewables sector0:06:56 - Sector performance since the start of the conflict0:08:35 - Government policy changes0:23:03 - A short break0:23:53 - Sector discounts0:28:43 - Inflow and outflow trends0:31:14 - Battery storage and specialists0:34:51 - Forecasting the size of the sector0:36:35 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Cordiant Digital Infrastructure (CORD). Future profiles include Tetragon Financial (TFG) and Invesco Asia Dragon (IAD). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 330 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this special edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), is joined on stage at the Master Investor Show by Peter Hewitt, the former manager of the CT Global Managed Portfolio Trust, to discuss the performance of the sector during turbulent times. Slides accompanying this presentation will be available to subscribers of the Money Makers Circle in the upcoming newsletter. This discussion was recorded on Saturday 25 April 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:37 - Introduction0:01:29 - The Master Investor Show0:04:20 - Managing money in turbulent times0:07:06 - Performance of the investment trusts sector0:13:05 - Saba Capital0:18:48 - A short break0:19:38 - Interesting trusts0:32:08 - Platform costs0:34:58 - A shrinking sector but good performance0:40:35 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Cordiant Digital Infrastructure (CORD). Future profiles include Tetragon Financial (TFG) and Invesco Asia Dragon (IAD). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 330 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Steven Marshall, the founder, chairman, and managing partner of Cordiant Digital joins this edition of the Money Makers Investment Trusts Podcast, to discuss Cordiant Digital Infrastructure (CORD) including its recent progress and performance, catalysts for growth, and strategies to reduce the NAV discount. With Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). Subscribers to the Circle will soon be able to read a profile of this trust, currently scheduled for publication next week.This discussion was recorded on Thursday 23 April.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!Jonathan will be appearing alongside Peter Hewitt at the Master Investor Show on 25 April, where they'll discuss and answer questions about various aspects impacting the investment trust sector. If you wish to attend and you're a subscriber to the Money Makers Circle, you can receive a free ticket! This will be recorded and released as a special edition podcast in the following week, so subscribe to the podcast to make sure you don't miss it!Section Timestamps:0:00:37 - Master Investor Show0:00:55 - This week’s guest0:02:43 - Steven Marshall0:06:00 - Reasons for moving to the main market0:09:43 - The desire to raise more money0:11:12 - Valuation of assets0:16:11 - Attracting a wider range of potential investors0:19:50 - A short break0:20:40 - Alternatives to the investment trust structure0:23:44 - Demand induced by AI0:30:55 - The bid for an EU gigafactory0:33:15 - External factors0:39:05 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month, or £120 for one year with a two week free trial for new subscribers.This week, as well as the usual features, the Circle features a profile of J.P.Morgan Claverhouse (JCH). Future profiles include Cordiant Digital Infrastructure (CORD) and Tetragon Financial (TFG). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 330 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Andrew McHattie is back for his regular monthly appearance in this edition of the Money Makers Investment Trusts Podcast, where he and host with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), discuss the ongoing impact of the Iran War, Saba Capital and developments with Edinburgh Worldwide and Impax Environmental Markets, Seraphim Space Investment Trust, and more.This discussion was recorded on Friday 17 April 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!Jonathan will be appearing alongside Peter Hewitt at the Master Investor Show on Saturday 25 April, where they’ll discuss and answer questions relevant to private investors ranging from the Iran war and Trumponomics to Saba Capital and their own preferences in the investment trust sector. This will be recorded and released as a special edition in the following week, so subscribe to the podcast to make sure you don’t miss it! If you wish to attend and you’re a subscriber to the Money Makers Circle, look for the code in the Weekly Email for a free ticket! Show information, including a full programme and registration, can be found at www.masterinvestorshow.com.Section Timestamps:0:00:37 - Introduction0:02:09 - A surprise bounce back in the US0:04:44 - Saba Capital and Edinburgh Worldwide (EWI)0:12:32 - Impax Environmental Markets (IEM)0:16:45 - Seraphim Space Investment Trust (SSIT)0:23:01 - A short break0:23:51 - Onward Opportunities Trust (ONW)0:26:56 - Digital9 Infrastructure (DGI9)0:29:27 - HarbourVest Private Equity (HPVE)0:34:47 - Pershing Square Holdings (PSH)0:37:29 - Uzbekistan, emerging markets, and Mark Mobius0:41:39 - Coming soon: a podcast from the Master Investor Show0:43:00 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features in the Circle, Stuart Watson takes a look at trusts that pay an enhanced divided. The latest profile is on Patria Private Equity (PPET), with future profiles including J.P.Morgan Claverhouse (JCH) and Cordiant Digital Infrastructure (CORD) coming soon. Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 330 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025) takes a look back over the past six years and where the investment trusts sector is now, as the podcast moves into its seventh year. Then this week's guest, Stuart Widdowson, manager of the Odyssean Investment Trust (OIT) discusses the impact of the Middle East crisis on global markets, UK equities, and interest rate expectations; the Trust's performance, strategy, and portfolio management; and potential catalysts for the Trust. This edition was recorded on Thursday 09 April (Interview) and Friday 10 April (Jonathan's comment).Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!Section Timestamps:0:00:37 - Introduction0:00:55 - Reflecting on six years0:01:50 - The health of the sector today0:04:35 - Where are we now?0:08:51 - A short break0:09:42 - Stuart Widdowson0:09:47 - Looking at recent events0:15:09 - The Trust’s track record since IPO0:19:11 - Shareholder feedback0:21:01 - Portfolio changes during the last 18 months0:23:16 - Potential catalysts0:32:30 - Ambitions for the Trust0:34:20 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year, now with a two week free trial!As well as the usual features, the Circle currently features a profile of Patria Private Equity (PPET), with future profiles including J.P.Morgan Claverhouse (JCH) and Cordiant Digital Infrastructure (CORD). Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 330 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this anniversary edition of the Money Makers Investment Trusts Podcast which has now been running for six years, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined first by Jasmine Yeo, manager of the Ruffer Investment Company (RICA), and then by Charlie Morris, founder of Bytetree Research.These discussions were recorded on Thu 02 Apr 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!Section Timestamps:0:00:37 - Introduction0:01:22 - This week’s guests0:02:08 - Performance of the markets0:02:47 - Jasmine Yeo0:03:12 - Summing up the last year0:06:40 - The shape of the portfolio0:11:42 - Higher inflation0:13:43 - The allocation to bonds0:18:38 - Monetary policy uncertainty0:20:39 - Weighting towards UK equities0:23:39 - Japan0:25:34 - China0:27:22 - The position on AI0:30:04 - Buybacks0:31:22 - Managing the trust0:34:49 - Bitcoin and gold0:39:12 - Reflecting on the first quarter this year0:41:10 - A short break0:41:55 - Charlie Morris0:44:41 - Gold0:47:08 - The relationship between oil and gold0:48:51- The role of commodities from here0:50:42 - Changes to portfolios0:53:30 - Investment trusts and the discounts0:55:58 - No second guesses1:00:55 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Patria Private Equity (PPET). Future profiles include J.P.Morgan Claverhouse (JCH) and Cordiant Digital Infrastructure (CORD). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 330 podcasts since we launched in 2020.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this extended edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award) is joined by two guests. First, Peter Hewitt, former manager at the CT Global Managed Portfolio Trust, and then Carlos Hardenberg, lead manager at the Mobius Investment Trust, to discuss - amongst other things - the ongoing impact of the Iran War on financial markets and the investment trusts sector.These discussions were recorded on Wed 25 March (Carlos Hardenberg) and Fri 27 March (Peter Hewitt).Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!Section Timestamps:0:00:24 - Introduction0:00:44 - Peter Hewitt0:00:49 - Looking at the markets0:06:42 - Waiting for the dust to settle0:12:43 - Discounts0:17:58 - Baillie Gifford European Growth (BGEU)0:22:36 - Diversified and defensive portfolios0:25:01 - Pershing Square Holdings (PSH)0:28:20 - Saba Capital0:34:43 - A short break0:35:47 - Carlos Hardenberg0:36:56 - Reflecting on the last eight years0:39:39 - The place for emerging markets in portfolios0:45:09 - The argument to shareholders given the scale of the trust0:48:12 - A shareholder opportunity presented by a wide discount0:51:58 - Responding to current geopolitical issues0:55:45 - A view on China1:00:25 - Portfolio holdings1:05:52 - The strategic impact of the new global order1:08:01 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, Stuart Watson takes a look at discounts across the renewable energy infrastructure sector. The latest trust profile features TwentyFour Income Fund (TFIF), and future profiles will include Patria Private Equity (PPET) and J.P.Morgan Claverhouse (JCH). Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 320 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
This week we have two guests from BlackRock Energy Resources Income (BERI) joining the podcast: manager Tom Holl and chairman Adrian Brown. We discuss the impact of conflict in the Middle East and the trust's three-pronged approach ahead of its continuation vote next week. Hosted by Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025).Recorded on Thursday 19 March 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - Introduction0:00:56 - The impact of the Iran War on the energy sector0:03:53 - Vulnerabilities to the global economy0:06:42 - The three investment “buckets”0:13:50 - A short break0:14:54 - The position of the trust as it approaches a continuation vote0:17:47 - Making the case for the strategy within a small trust0:19:24 - Saba Capital, activist investors, and discount control0:22:46 - The enhanced income strategy and a reduction in gearing0:30:35 - Reflecting on incorporating energy transition0:31:51 - Renewable energy trusts0:33:50 - The case made to shareholders0:36:12 - Consequences of an escalating crisis in the Middle East0:37:30 - Hedging currency0:39:17 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week the Circle features a profile of TwentyFour Income Fund (TFIF). Future profiles include Patria Private Equity (PPET) and J.P.Morgan Claverhouse (JCH). Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 320 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Regular guest Andrew McHattie, editor of the Investment Trusts Newsletter, returns to the Money Makers Investment Trusts Podcast this week, discussing, amongst other things, the impact of the Middle East crisis on the investment trusts sector, the latest Saba Capital developments, and resignations at fund management firm CQS - with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025).This discussion was recorded on Thursday 12 March 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - Introduction0:00:48 - The impact of the Iran crisis on the investment trusts sector0:07:42 - Saba Capital and Edinburgh Worldwide (EWI)0:15:57 - CQS Resignations0:19:49 - A short break0:20:53 - Pershing Square Holdings (PSH)0:24:57 - Hydrogen Capital Growth (HGEN)0:28:54 - Next Energy Solar Fund (NESF)0:32:45 - Seraphim Space Investment Trust (SSIT)0:36:21 - Cordiant Digital Infrastructure (CORD)0:38:34 - Alliance Witan (ALW)0:44:48 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.The Circle currently features a profile of BlackRock American Income (BRAI). Future profiles include TwentyFour Income Fund (TFIF) and Patria Private Equity (PPET). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 320 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Paul ffolkes Davis, chairman of Rising Sun Management - the company which manages the Nippon Active Value Fund (NAVF) - discusses the impact of Japan's political shift following the recent election, activist investing, and market consolidation, with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025).This discussion was recorded on Monday 02 March 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - Introduction0:01:09 - What Sanae Takaichi’s win means for Japan and investors0:04:53 - The no-hedging policy0:05:50 - Purchasing power parity between the US and Japan0:11:05 - Is there a need for activists?0:16:27 - A short break0:17:31 - Developing situations0:18:46 - Resistance to foreign corporate takeovers0:21:06 - Private equity0:24:03 - Gearing0:26:56 - Consolidation with the investment trusts sector0:28:56 - Potential risks0:31:54 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of BlackRock American Income (BRAI), with TwentyFour Income Fund (TFIF) coming soon. Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 320 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Battery storage's rollercoaster ride! In this edition of the Money Makers Investment Trust Podcast, Ben Guest, lead manager of Gresham House Energy Storage (GRID), discusses the challenges the trust has faced over the last couple of years and the need for a change in mindset by the UK's energy grid management, with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025).This discussion was recorded on 16 February 2026.Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. The Handbook is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - Introduction0:01:23 - A difficult couple of years0:05:45 - Balancing the grid with batteries or gas0:15:26 - Government actions and motivating change0:16:29 - Waiting for the premise of the trust0:20:09 - A short break0:21:12 - Migration in the share register0:23:37 - Is being in investment trust a benefit?0:26:21 - Activist shareholders and the NAV0:32:36 - Overcoming the block to using batteries0:35:37 - Skip rates0:37:54 - Government rejection of zonal pricing0:41:47 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of the CT Global Managed Portfolio (CMPG/CMPI). Future profiles include BlackRock American Income (BRAI) and TwentyFour Income Fund (TFIF). Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 320 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Japan's dramatic election: what it means for investors. In this edition of the Money Makers Investment Trust Podcast, Nicholas Wiendling, manager of J.P. Morgan Japanese (JFJ), discusses the landslide electoral win of Sanae Takaichi, the future of corporate governance reform and investment opportunities in the Japanese market, with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025).This discussion was recorded on Tuesday 17 February 2026.For those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! Jonathan is also now writing market and other comments on Substack (jdinvestor.substack.com). Section Timestamps:0:00:24 - Introduction0:01:06 - Reacting to the election result in Japan0:06:01 - Japan’s relationship with the US0:07:25 - The Japanese bond market0:09:05 - Corporate governance changes0:13:33 - The yen0:17:25 - A short break0:18:28 - The Japanese corporate sector0:20:47 - Performance of the Japanese investment trusts0:23:15 - Style factors0:26:37 - The sustainability of returns0:27:41 - The portfolio and gearing0:32:22 - Significant risks0:33:52 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Geiger Counter (GCL). Future profiles include CT Global Managed Portfolio (CMPI/CMPG) and BlackRock American Income (BRAI). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 320 podcasts since launch. OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award (2024 and 2025), is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on 12 February 2026. OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - Introduction0:00:42 - Japan0:08:08 - Switching away from the US0:10:03 - The new chairman of the Federal Reserve0:12:34 - Artificial intelligence and HgCapital Trust (HGT)0:22:26 - 3i Infrastructure (3IN)0:26:39 - A short break0:27:43 - Saba Capital0:34:52 - Saba’s US holdings0:36:38 - Digital 9 Infrastructure (DGI9)0:39:59 - Oryx International Growth (OIG)0:43:35 - Baker Steel Resources Trust (BSRT)0:48:07 - Investment trusts in the FTSE1000:52:03 - CloseFor those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!If you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.As well as the usual features, the Circle currently features a profile of Aberforth Geared Value and Income (AGVI). Future profiles include Geiger Counter (GCL) and CT Global Managed Portfolio (CMPG/CMPI). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 320 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Income (AGVI). Future profiles include Geiger Counter (GCL) and CT Global Managed Portfolio (CMPI). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 320 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Income (AGVI) and Geiger Counter (GCL). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 320 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Income (AGVI) and Geiger Counter (GCL). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 300 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Income (AGVI) and Geiger Counter (GCL). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 300 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Income (AGVI). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 310 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Income Trust (AGVI). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 310 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this special, end of year edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award (2024 and 2025), is joined by four guests for their comments on the year just gone and the outlook for 2026. Those guests are Ben Conway, James Carthew, Anthony Leatham, and Max King These discussions were recorded between 12-18 December 2025. OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - Looking back at 20250:04:37 - Investment Trusts Handbook 20260:05:32 - Ben Conway0:13:49 - James Carthew0:23:58 - A short break0:25:04 - Anthony Leatham0:36:31 - Max King0:47:18 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 310 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award (2024 and 2025), is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 19 December 2025.We would like to wish all of our listeners a very merry Christmas. Thank you for listening in 2025 and we hope you join us throughout 2026 as we continue to report on developments in the investment trusts sector. OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - The investment trusts sector in 20250:02:44 - The FCA announcement on cost disclosure0:07:05 - SpaceX developments0:12:45 - Saba Capital and an EWI-USA merger0:16:38 - Saba and Renewables0:25:27 - A short break0:26:33 - Chrysalis (CHRY)0:31:26 - Private equity in general0:36:25 - RTW Biotech Opportunities (RTW)0:39:18 - Japanese investment trusts0:44:04 - Three select results (PCT, FCSS, TEM)0:48:00 - Looking towards 20260:49:14 - Investment Trusts Handbook 20260:50:32 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Ashoka WhiteOak Emerging Markets (AWEM). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 310 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award (2024 and 2025), is joined by Charlotte Cuthbertson and Tom Treanor, co-managers of MIGO Opportunities Trust (MIGO).This discussion was recorded on Tuesday 09 December 2025. OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - Introduction0:00:50 - Recent changes at MIGO0:07:16 - Opportunities in smaller trusts0:09:09 - The argument for MIGO0:12:53 - Examples of successes0:19:39 - Overlap with AGT0:22:49 - A short break0:23:56 - Alternatives trusts0:27:50 - Renewables0:33:55 - Consolidation0:37:48 - Gresham House Energy Storage (GRID)0:40:18 - Operational framework changes for the renewables sector0:41:58 - MIGO Opportunities Trust itself0:44:35 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Onward Opportunities (ONWD), and next week's profile will feature Ashoka WhiteOak Emerging Markets (AWEM). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 310 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
Due to a technical issue, the audio quality in this edition is a bit lower than normal, for which we apologise.--In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award (2024 and 2025), is joined by Peter Spiller, manager of Capital Gearing Trust (CGT), for an in-depth review of investment trusts yesterday, today and tomorrow. Saba, Smithson, discount controls, private equity and the coming market crisis among the issues covered.This discussion was recorded on Thursday 04 December 2025. OUT NOW: The 2026 Investment Trusts Handbook Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - Introduction0:01:02 - The historical context for discounts0:05:41 - Consolidation and mergers0:14:49 - Discount control and the measures available to boards0:19:41 - A short break0:20:48 - The now-abandoned HICL-TRIG merger and the renewables infrastructure sector0:25:32 - Listed private equity in general0:28:46 - Future perceptions of the alternatives sector0:34:56 - The risk of a market crisis0:39:25 - The chairman of the Federal Reserve0:43:00 - CloseIf you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Onward Opportunities (ONWD), and next week's profile will feature Ashoka WhiteOak Emerging Markets (AWEM). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 310 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award for two years running (2024 and 2025), is joined by Steven Tredget, partner at Oakley Capital, the management firm of Oakley Capital Investments (OCI).This discussion was recorded on Mon 01 December 2025. COMING SOON: The 2026 Investment Trusts Handbook Available for pre-order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by more than 20 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - Introduction0:01:18 - About Oakley Capital Investments (OCI)0:06:06 - The typical holding period and target returns0:12:47 - NAV performance0:19:17 - Funding commitments0:24:39 - A short break0:25:43 - Oakley’s discount and capital allocation policy0:34:03 - The share register0:38:42 - Cost disclosure0:40:55 - Volatility in valuations0:44:35 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Aberdeen Asian Income (AAIF). Future profiles include Onward Opportunities (ONWD) and Ashoka WhiteOak Emerging Markets (AWEM). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 310 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award for two years running (2024 and 2025), is joined by Joe Bauernfreund, lead manager at the AVI Global Trust (AGT).This discussion was recorded on Thursday 27 November 2025. COMING SOON: The 2026 Investment Trusts Handbook Available for pre-order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by more than 20 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - Introduction0:01:05 - The Budget announcement0:02:54 - The global outlook and prospects for interest rates0:04:17 - The AI theme0:05:15 - Alternative assets0:21:32 - A short break0:22:38 - The achievements of Saba Capital0:24:39 - Consolidation0:28:13 - Investing in Korea and Japan0:35:18 - Holding companies0:38:35 - News Corp0:42:04 - The outlook for AVI Global0:44:18 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Allianz Technology (ATT). Future profiles include Aberdeen Asian Income (AAIF) and Onward Opportunities (ONWD). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 310 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award for two years running (2024 and 2025), is joined by Jim Strang, chairman of HgCapital Trust (HGT), advisor to private equity firms, and teacher of private equity at the London Business School.This discussion was recorded on Monday 17 November 2025. COMING SOON: The 2026 Investment Trusts Handbook Available for pre-order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by more than 20 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - Introduction0:01:00 - Private equity in general0:09:35 - Reliability of valuations0:12:21 - Listed private equity discounts0:18:55 - A short break0:20:01 - Looking at HgCapital Trust (HGT)0:22:24 - The level of concentration in the portfolio0:25:14 - Commitments vs available finance0:30:30 - Co-investments0:33:44 - AI and software businesses0:39:06 - A changing market and confidence going forward0:44:29 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Baillie Gifford China Growth (BGCG). Future profiles include Allianz Technology (ATT) and Aberdeen Asian Income (AAIF). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 300 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award for two years running (2024 and 2025), is joined by Andrew McHattie, editor of the Investment Trusts Newsletter.This discussion was recorded on Friday 14 November 2025. COMING SOON: The 2026 Investment Trusts Handbook Available for pre-order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by more than 20 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - Introduction0:01:00 - Smithson Investment Trust (SSON)0:10:35 - Franklin Global Trust (FRGT) merger with Invesco Global Equity Income (IGET)0:12:26 - Pacific Assets Trust (PAC)0:15:59 - Henderson Far East Income (HFEL)0:18:26 - A short break0:19:32 - 3i Group (III) and 3i Infrastructure (3IN)0:26:21 - Scottish Mortgage (SMT) and Fidelity Special Values (FSV)0:32:24 - Hydrogen Capital Growth (HGEN)0:35:58 - Home REIT0:37:42 - Money Makers Circle and the Investment Trusts Handbook 20260:38:21 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Impax Environmental (IEM). Future profiles include Baillie Gifford China Growth (BGCG) and Allianz Technology (ATT). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 300 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award for two years running (2024 and 2025), is joined by Peter Hewitt, former manager of the CT Global Managed Portfolio Trust (CMPI/CMPG). This discussion was recorded on Friday 07 November 2025. COMING SOON: The 2026 Investment Trusts Handbook Available for pre-order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by more than 20 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.***Section Timestamps:0:00:24 - Introduction0:01:00 - The big picture for global markets0:04:43 - The mood in small caps0:11:11 - Emerging markets0:15:44 - The shrinking universe0:18:07 - Saba Capital0:24:19 - A short break0:25:26 - The renewables sector0:32:09 - Commercial property0:34:04 - The rugby0:37:12 - The Investment Trusts Handbook 20260:38:32 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Scottish American (SAIN). Future profiles include Impax Environmental Markets (IEM) and Baillie Gifford China Growth (BGCG). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 300 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award for two years running (2024 and 2025), takes a look at the biotech sector and speaks to Woody Stileman, London officer manager at RTW Biotech, managers of RTW Biotech Opportunities (RTW); Geoffrey Hsu, manager of Biotech Growth Trust (IBT); and Ailsa Craig, co-manager of International Biotechnology Trust (BIOG).These conversations were recorded on Thursday 30 October 2025.Section Timestamps:0:00:24 - Introduction0:02:47 - Woody Stileman - RTW Biotech (RTW)0:03:13 - - Why have biotech trusts been out of favour?0:08:39 - - The involvement of AI0:10:45 - - Appointments to the US Health Department and FDA0:13:44 - - Drug pricing0:18:33 - - RTW’s private holdings and the IPO drought0:22:13 - - The trust’s discount0:29:24 - - Risks in biotech0:31:16 - A short break0:32:22 - Geoffrey Hsu - Biotech Growth Trust (BIOG)0:32:37 - - Explaining the biotech resurgence0:40:25 - - Risks from an accelerated pipeline0:41:42 - - The selling points of BIOG0:44:32 - - Investing in China0:47:18 - - UK interest in the sector0:48:34 - Ailsa Craig - International Biotechnology Trust (IBT)0:48:56 - - Looking at the changing fortunes of the biotechnology sector0:54:26 - - The IBT difference to other trusts in the sector0:57:09 - - The impact of the US drive to reduce drug prices0:59:31 - - New drugs originating from biotech1:03:26 - - Playing the China theme1:04:53 - - Best use of capital1:06:01 - - Capability of returns and position in the cycle1:07:44 - - The change of management house1:09:08 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Seraphim Space Investment Trust (SSIT). Future profiles include Scottish American (SAIN) and Impax Environmental Markets (IEM). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 300 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
We apologise for the delay in publication of this edition via podcast channels, due to a technical issue beyond our control.--In a break from the norm in this week's edition of the Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award for two years running (2024 and 2025), takes his own look at the investment trusts sector over the year to date.This edition was recorded on Thursday 23 October 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:05:05 - Saba Capital0:11:12 - The sector’s response to Saba Capital0:16:20 - A short break0:17:26 - Making the case for investment trusts0:20:30 - Money Makers’ independent trust profiles0:20:57 - The impact of global events0:24:17 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Henderson Smaller Companies (HSL). Future profiles include Seraphim Space (SSIT) and Scottish American (SAIN). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 300 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
A and the Biotech sector0:06:56 - Manchester and London (MNL)0:11:09 - Cordiant Digital Infrastructure (CORD)0:14:35 - The commodities sector0:19:09 - A short break0:20:15 - Commercial property0:24:08 - TwentyFour Income Fund (TFIF)0:26:40 - Seraphim Space Investment Trust (SSIT)0:29:46 - Saba Capital0:33:47 - Some good results0:40:09 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of the Mobius Investment Trust (MMIT). Future profiles include Henderson Smaller Companies (HSL) and Scottish American (SAIN). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 300 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In the 300th edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award for two years running (2024 and 2025), is joined by Anthony Lynch, portfolio manager at J.P.Morgan Claverhouse (JCH).This discussion was recorded on Wednesday 08 October 2025 Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Celebrating 300 episodes of the podcast!0:02:55 - Introducing Anthony Lynch0:03:21 - Modification of the trust’s strategy0:06:05 - The Claverhouse USP0:10:24 - Using the advantages of the investment trust structure0:13:37 - Dividend yield0:16:49 - The shape of the portfolio0:23:18 - A short break0:24:25 - The UK market0:27:23 - The impact of the new UK government0:31:15 - The portfolio0:32:54 - Assessing risks0:34:59 - M&A and IPOs0:39:19 - On the name ‘Claverhouse’0:40:57 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Polar Capital Global Financials (PCFT). Future profiles include Mobius Investment Trust (MMIT) and Henderson Smaller Companies (HSL). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 300 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award for two years running (2024 and 2025), is joined by Richard Staveley, lead manager at Rockwood Strategic (RKW). This discussion was recorded on Tuesday 07 October 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:01:06 - The impact of worldwide events on the RKW portfolio0:10:18 - Argentex PLC0:16:09 - RM PLC0:21:34 - A short break0:22:41 - Good news stories0:25:49 - The trust’s capacity0:30:54 - Looking ahead0:38:27 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Polar Capital Global Financials (PCFT). Future profiles include Mobius Investment Trust (MMIT) and Henderson Smaller Companies (HSL). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 300 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award for two years running (2024 and 2025), is joined by Keith Watson and Robert Crayfourd, co-portfolio managers for Golden Prospect Precious Metals. This discussion was recorded on 25 September 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.**Section Timestamps:0:00:24 - Introduction0:01:17 - A synopsis of Goldren Prospect Precious Metals (GPM)0:03:53 - Price of miners vs price of gold0:06:45 - Factors driving up the gold price0:10:43 - The rally in mining stocks0:20:09 - Managing currency exposure0:21:52 - A short break0:22:59 - The price of miners0:27:03 - Silver0:29:19 - Ambitions for the trust0:32:20 - Comparing GPM to other vehicles under management0:36:02 - The share register0:36:58 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of the Renewables Infrastructure Group (TRIG). Future profiles include Polar Capital Global Financials (PCFT) and Mobius Investment Trust (MMIT). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. * For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 300 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Bronwyn Curtis, chairperson of TwentyFour Income Fund (TFIF) and Aza Teeuwen, a fund manager from the same trust.This discussion was recorded on Tue 23 September 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:01:28 - TwentyFour Income Fund (TFIF)0:04:22 - The history behind the launch of the trust0:07:12 - Asset-backed securities0:10:19 - Underlying risk0:15:54 - The offering to private investors0:24:13 - A short break0:25:19 - Differentiation from the competition0:29:06 - Freedom from capacity restraints0:33:36 - The realisation opportunity0:36:24 - The investment trust structure0:40:23 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Montanaro UK Smaller Companies (MTU). Future profiles include the Renewables Infrastructure Group (TRIG) and Polar Capital Global Financials (PCFT). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 300 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Peter Hewitt, the former manager of the CT Global Managed Portfolio Trust (CMPI/CMPG). This discussion was recorded on Friday 19 September 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:01:33 - The investment trust sector this year0:06:37 - Tackling discounts0:12:56 - The trend of a shrinking sector0:16:44 - Reacting to underperformance0:22:02 - The income component and yield0:27:24 - A short break0:28:31 - The performance of renewables0:33:42 - Peter’s portfolio0:39:18 - Europe and Asia0:43:01 - A quick word on rugby!0:44:12 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of AEW UK REIT (AEWU). Future profiles include Montanaro UK Smaller Companies (MTU) and the Renewables Infrastructure Group (TRIG). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 290 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 12 September 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:01:00 - Chrysalis (CHRY)0:07:12 - Merger proposals in the European sector0:11:32 - Golden Prospect Precious Metals (GPM)0:15:15 - PRS Reit (PRSR)0:18:50 - Third Point Investors (TPOU)0:21:10 - A short break0:22:16 - Saba Capital0:27:11 - Baillie Gifford Shin Nippon (BGS)0:32:55 - Dunedin Income and Growth (DIG)0:37:51 - Long-term asset funds (LTAFs)0:43:10 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of the Herald Investment Trust (HRI). Future profiles include AEW UK REIT (AEWU) and Montanaro UK Smaller Companies (MTU). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 290 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Alastair Laing, CEO of CG Asset Management. This discussion was recorded on Thursday 04 September 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:45 - The government bond markets0:09:46 - Understanding duration and the effect on bond prices0:12:21 - Nominal yields and real yields0:17:06 - The equity markets0:23:27 - The outlook for the dollar0:26:11 - The price of gold0:28:55 - A short break0:30:01 - Investment trust exposure0:33:17 - The alternatives sector0:41:05 - Tackling discounts0:44:29 - Performance of the trust0:47:23 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Lindsell Train Investment Trust (LTI). Future profiles include Herald Investment Trust (HRI) and AEW UK REIT (AEWU). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 290 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Richard Pindar, co-founder and CEO of Literacy Capital (BOOK). This discussion was recorded on Wednesday 27 August 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:50 - A difficult period for private equity0:05:55 - The BOOK difference0:10:11 - The trust’s re-rating and widening discount0:14:31 - The Velociti deal0:19:20 - A short break0:20:26 - Rebalancing towards existing investments0:22:39 - Increasing the management fee0:24:59 - Return of capital0:27:58 - The portfolio0:33:01 - The UK as an economy0:37:59 - Making the case for BOOK0:42:40 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. There is no new profile this week, but subscribers can still read last week's profile of abrdn New India (AII). Future profiles include Lindsell Train Investment Trust (LTI) and Herald Investment Trust (HRI). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 290 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Charlie Morris, founder and CEO of ByteTree Asset Management. This discussion was recorded on Wednesday 20 August 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:44 - Bitcoin and gold0:08:31 - The reasons for gold’s march ahead0:10:42 - Gold alternatives0:12:45 - Moving away from US exceptionalism?0:19:25 - A short break0:20:31 - Importance of the Trump administration’s actions0:22:06 - The role of investment trusts in multi-asset global portfolios0:25:11 - Other instruments0:27:20 - Stocks of interest0:29:52 - The current UK administration0:33:25 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of abrdn New India (ANII). Future profiles include Lindsell Train Investment Trust (LTI) and Herald Investment Trust (HRI). Subscribers will also be able to see Jonathan's latest video in the Trust of the Week series, this time covering Temple Bar (TMPL). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 290 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter.This discussion was recorded on Friday 15 August 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:35 - Third Point Offshore Investors (TPOU(0:08:39 - Merger of AVI Japanese Opportunity Trust (AJOT) and Fidelity Japan Trust (FJV)0:15:23 - The Japanese sector0:18:11 - A short break0:19:17 - Bellevue Healthcare (BBH)0:23:31 - Baillie Gifford US Growth Trust (USA)0:27:03 - Smithson (SSON)0:32:00 - Renewables trusts0:38:58 - BlackRock Throgmorton Trust (THRG)0:45:05 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Gresham House Energy Storage (GRID). Future profiles include abrdn New India (ANII) and Lindsell Train Investment Trust (LTI). While there is no new video this week, subscribers can still see the latest in the Trust of the Week series, looking at Utilico Emerging Markets (UEM). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 290 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Steven Marshall, co-founder, chair, and managing partner of Cordiant Digital Infrastructure (CORD). This discussion was recorded on Monday 04 August 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:01:14 - What digital infrastructure means0:03:57 - The types of investors0:06:31 - Competitive advantages for success with big infrastructure0:09:44 - Debt and the underlying rate of return0:10:57 - Experience as an investment trust0:14:23 - Pension fund investments0:17:30 - The risk of takeover0:21:08 - A short break0:22:13 - The AI arms race0:23:42 - The drive into Europe0:28:40 - A disappointing holding0:31:57 - The dividend0:33:22 - Lessons learnt from DGI90:36:21 - Risks0:40:20 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Odyssean Investment Trust (OIT). Future profiles include Gresham House Energy Storage (GRID) and abrdn New India (ANII). Subscribers can also see Jonathan's latest video in the Trust of the Week series, this time looking at Utilico Emerging Markets (UEM). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 290 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Sandy Nairn, executive director of Global Opportunities Trust (GOT), and Alan Bartlett from Goodhart Partners, sub-investment managers of the trust.This discussion was recorded on Tuesday 29 July 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:01:11 - A quick disclaimer0:01:50 - Resetting the approach and organisation of GOT0:04:53 - The role of Goodhart Partners0:05:58 - The case for a flexible investment mandate0:10:41 - Looking outside of equities, bonds, and cash0:18:02 - Trust performance0:21:52 - A short break0:22:58 - The discount0:26:57 - Gearing0:29:26 - Opportunities for returns without excessive risk0:32:12 - The Japanese reform theme0:36:06 - US equities and AI0:44:12 - The global macro situation0:49:24 - The outlook for GOT0:50:25 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Fidelity Special Values (FSV). Future profiles include Odyssean Investment Trust (OIT) and Gresham House Energy Storage (GRID). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 290 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Matt Hose, alternative assets analyst at Jeffries.This discussion was recorded on Thursday 24 July 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:37 - General thoughts on the market0:03:00 - A wake-up call from BBGI0:03:54 - The funding of Sizewell C0:05:33 - The water industry0:07:35 - Renewables0:11:17 - Corporate activity0:15:45 - A short break0:16:51 - Solar trusts0:21:32 - Discount levels0:27:35 - Digital infrastructure0:30:16 - Overall thoughts looking ahead0:32:14 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Fidelity Special Values (FSV). Future profiles include Odyssean Investment Trust (OIT) and Gresham House Energy Storage (GRID). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 290 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, the editor of the Investment Trusts Newsletter.This discussion was recorded on Friday 18 July 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:01:18 - Market reaction to Rachel Reeves’ speech0:03:55 - Developments in the investment trusts sector0:12:04 - Commercial property - Warehouse REIT (WHR)0:17:34 - PRS REIT (PRSR)0:19:24 - Abrdn European Logistics Income (ASLI)0:22:13 - A short break0:23:20 - Tender offers - Polar Capital Global Financials (PCFT)0:25:14 - Saba Capital0:28:18 - MIGO Opportunities Trust (MIGO)0:34:25 - Trusts with holdings in large private companies0:38:51 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Baillie Gifford European Growth (BGEU). Future profiles include Fidelity Special Values (FSV) and Odyssean Investment Trust (OIT). Subscribers can also see Jonathan's latest video, this week looking at corporate activity in the investment trusts sector over the first half of 2025, courtesy of research from Deutsche Numis. Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 290 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Glen Suarez, current chairman of Impax Environmental Markets (IEM), former chairman of Edinburgh Investment Trust (EDIN), and non-executive director of Bluefield Solar Income Fund (BSIF).This discussion was recorded on Friday 04 July 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:02:42 - Reflections on changing the mandate of the Edinburgh Investment Trust (EDIN)0:10:21 - Taking on Impax Environmental Markets (IEM)0:12:13 - Cyclical performance0:15:02 - The review process0:18:46 - Evaluating the performance of the management company0:20:36 - Dialogue with Saba Capital0:22:56 - A short break0:24:02 - An uncorrelated portfolio0:32:09 - Is ESG a growth strategy in disguise?0:36:48 - Long-term mindsets0:39:51 - Responding to a weakening dollar0:43:28 - Bluefield Solar Income Fund (BSIF)0:45:32 - Making the case for Impax Environmental Markets (IEM)0:47:09 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Franklin Global Trust (FRGT). Future profiles include Baillie Gifford European Growth (BGEU) and Fidelity Special Values (FSV). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. In the first of what is hoped to become a new regular feature, subscribers to the Circle can now also see the first in a series of videos where Jonathan takes a look at a topical trust - this week featuring MIGO Opportunities Trust.For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 280 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Alex Wright, manager of the Fidelity Special Values Investment Trust, and Fidelity Special Situations, the open-ended equivalent fund.This discussion was recorded on Tuesday 01 July 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:01:03 - The UK equity market0:06:54 - Structural issues in the UK market0:10:16 - The stock selection0:11:50 - Getting the measure of Trump0:15:35 - Domestic policy impact0:17:38 - A short break0:18:45 - The portfolio0:29:38 - The small, mid, and large cap balance0:33:42 - Discount and gearing0:37:10 - Learnings from the last twelve years0:39:38 - Active and passive management0:43:01 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of HICL Infrastructure (HICL). Future profiles include Franklin Global Trust (FRGT) and Baillie Gifford European Growth (BGEU). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 280 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
The Money Makers Investment Trusts Podcast is taking a short break following this edition while Jonathan is away on holiday, but it will return in a week or two so keep those subscriptions active!====In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Marcus Phayre-Mudge, manager of TR Property (TRY). This discussion was recorded on Thursday 12 June 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:39 - Signs of green shoots0:06:21 - Economic growth, interest rates, and commercial property valuations0:12:16 - Activity and deals in the investment trusts sector0:19:06 - A place for smaller trusts0:24:34 - A short break0:25:41 - Healthcare commercial property0:28:40 - Other specialist property sectors0:32:47 - Cost disclosure and discounts0:37:57 - TR Property (TRY)0:44:26 - Why invest in TRY over other REITs0:47:00 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of VietNam Holding (VNH). Future profiles include Fidelity Emerging Markets (FEML) and HICL Infrastructure (HICL). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 280 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 13 June 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:38 - Global shocks0:03:00 - Coming to terms with the Trump regime0:05:06 - Investment trusts - commercial property0:05:31 - PRS REIT (PRSR)0:09:44 - Empiric (ESP)0:13:28 - Property in general0:15:21 - SDCL Energy Efficiency Trust (SEIT)0:18:43 - Digital 9 Infrastructure (DGI9)0:22:03 - A short break0:23:10 - J.P.Morgan Indian Investment Trust (JII)0:27:59 - Templeton Emerging Markets (TEM)0:31:25 - Fidelity China Special Situations (FCSS)0:34:39 - Worldwide Healthcare (WWH) and the healthcare and biotech sector0:38:17 - Growth capital sector0:41:59 - Schiehallion Fund (MNTN)0:44:00 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Pershing Square Holdings (PSH). Future profiles include VietNam Holdings (VNH) and Fidelity Emerging Markets (FEML). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 280 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Jim Mellon, businessman, investor, and entrepreneur. This discussion was recorded on Monday 09 June 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:49 - The Trump administration and volatility0:07:36 - Reacting to a potential crisis0:10:51 - The investment approach0:16:31 - A short break0:17:37 - Luck or skill in investment success0:20:52 - Looking at Germany0:24:46 - Reinforcing the UK stock market0:26:36 - Other activities0:31:01 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Pershing Square Holdings (PSH). Future profiles include VietNam Holdings (VNH) and Fidelity Emerging Markets (FEML). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 280 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Chris Clothier, co-chief investment officer at CG Asset Management, the management company responsible for Capital Gearing Trust (CGT). This discussion was recorded on Thursday 05 June 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:41 - The Trump 2.0 approach to policy management0:05:06 - The erosion of trust in US stability0:08:18 - The 3-3-3 Plan and inflation0:10:05 - The problem of global debt build-up0:13:56 - Reducing exposure to the US0:18:02 - Brief thoughts on gold0:19:43 - A short break0:20:49 - Investment trust performance0:23:19 - The investment trusts sector, discounts, and the reaction to threats0:25:37 - The competitive threat to investment trusts0:26:50 - Activism0:30:46 - The trust’s potential for returns0:36:35 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Schiehallion Fund (MNTN). Future profiles include Pershing Square Holdings (PSH) and VietNam Holding (VNH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 280 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Nick Brind, co-portfolio manager of Polar Capital Global Financials Trust (PCFT). This discussion was recorded on Tuesday 03 June 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:52 - Thoughts on the global financials sector0:03:02 - Interest rates0:07:37 - The weighting to banking0:09:23 - Diversified financials and fintech0:11:53 - Positives from the Trump administration and deregulation0:16:14 - A short break0:17:20 - Risks in the global financial system0:21:25 - The price of the trust’s investments0:24:33 - The proposition to shareholders0:29:43 - The investment trust structure0:31:46 - A lack of competitors0:33:22 - Gearing0:34:41 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Schiehallion Fund (MNTN). Future profiles include Pershing Square Holdings (PSH) and VietNam Holding (VNH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 280 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG).This discussion was recorded on Wednesday 28 May 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:44 - Stepping back from the trust0:01:40 - Impacts of the Trump administration0:10:20 - The performance of small cap trusts0:15:05 - The style factor0:24:15 - A short break0:25:20 - Thoughts on Saba Capital0:30:40 - Private equity0:34:53 - Finding new sources of income0:38:31 - Changes to the growth portfolio0:43:40 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.There is no new fund profile this week but last week's profile was of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 280 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Jonathan Brachle, co-portfolio manager at J.P.Morgan US Smaller Companies Trust (JUSC).This discussion was recorded on Tuesday 27 May 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:56 - The US markets and the Trump effect0:02:54 - Managing the volatile environment0:05:30 - Arguments for investing in the trust0:10:55 - Currency0:11:56 - Gearing0:13:26 - A short break0:14:32 - The continuation vote and viability of the trust0:16:08 - Exciting holdings and disappointing holdings0:20:17 - AI0:23:04 - The argument for continuation0:25:40 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.There is no new fund profile this week but last week's profile was of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 280 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Craig Baker, lead manager of Alliance Witan. This discussion was recorded on Monday 19 May 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:52 - Navigating the tricky waters of the Trump administration0:05:21 - Has the tariff threat been overstated?0:08:21 - A concentrated market and the dominance of Big Tech0:15:17 - AI in the portfolio and as an investment theme0:19:59 - A short break0:21:04 - Comparing the portfolio today versus a year ago0:26:01 - Gearing, the discount, and the dividend0:30:51 - The impact of the Alliance-Witan merger0:33:16 - The trust as a consolidator0:34:24 - Communicating with retail investors0:36:48 - The potential move away from the US0:37:59 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Monday 19 May 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:46 - Consolidation and Henderson European Trust (HET)0:05:56 - A bid for Warehouse REIT (WHR)0:08:24 - The strategic review outcome at J.P.Morgan Indian Investment Trust (JII)0:13:33 - Bellevue Healthcare Trust’s (BBH) shift to a zero discount policy0:19:12 - A short break0:20:18 - Middlefield Canadian Income’s (MCT) response to Saba Capital0:27:19 - Regional REIT (RGL)0:30:11 - HydrogenOne Capital Growth (HGEN)0:33:02 - Chelverton UK Dividend Trust (SDV)0:36:06 - Chrysalis (CHRY)0:40:31 - Harmony Energy Income Trust (HEIT) and the battery storage sector0:46:11 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Ben Rogoff of Polar Capital Technology Trust (PCT) to discuss the rapidly evolving landscape of artificial intelligence including the emergence of DeepSeek, its impact on Nvidia, and the promise of Agentic AI.This discussion was recorded on Thursday 08 May 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:40 - The reaction to DeepSeek0:10:46 - Volatility in the share price0:12:49 - Activity since January0:19:04 - The impact of the US tariff regime0:26:12 - A short break0:27:18 - Shareholder reaction to the last few months0:29:29 - Potential for growth0:34:59 - The importance of Agentic AI0:46:11 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of J.P.Morgan US Smaller Companies (JUSC). Future profiles include Tritax Big Box REIT (BBOX) and The Schiehallion Fund (MNTN). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Mark Boggett, CEO of Seraphim Space, the management firm for Seraphim Space Investment Trust (SSIT). The potential positives for this 2021 IPO trust are stacking up - not least the large projected boost to European defence spending - but the trust is caught in the sectoral trap of wide discounts. Could this nevertheless be its breakout year? Listen in for some good reasons why it mght.This discussion was recorded on Tuesday 06 May 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:44 - How Mark became involved in the space business0:03:22 - How SSIT fits into the overall scope of space venture capital activities0:08:43 - The share price experience0:17:37 - Clearing up misunderstandings on the focus of space0:27:39 - A short break0:28:45 - Risks and challenges as companies scale up0:31:41 - The current difficulties with private equity0:34:38 - Drilling down into the positions and performance of portfolio companies0:43:36 - Hoping for positive signs in the next twelve months0:44:24 - The need to sell holdings to raise funds0:48:20 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of European Opportunities (EOT). Future profiles include J.P.Morgan US Smaller Companies (JUSC) and Tritax Big Box REIT (BBOX). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Laura Elkin, lead manager of AEW UK REIT (AEWU), and Maggie Fanari, CEO of RIT Capital (RCP).These discussions were recorded on 01 May 2025 and 27 March 2025 respectively. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction - 0:00:41 - Talking to Laura Elkin, AEW UK REIT - 0:01:42 - AEWU’s Q1 2025 results - 0:02:57 - Valuations across the commercial property sector - 0:04:55 - Asset management and adding value - 0:12:32 - Raising more capital and issuing new equity - 0:13:28 - Scope for consolidation in the sector - 0:17:16 - Risks to continued strong performance - 0:20:55 - Dividend policy0:24:53 - A short break - 0:25:59 - Talking to Maggie Fanari, RIT Capital Partners - 0:26:18 - How Maggie became CEO of RCP - 0:27:49 - Characterising RCP’s performance issues - 0:29:46 - How the brand lost its luster - 0:33:23 - Reasons for the significant discount - 0:35:35 - The cost disclosure issue - 0:38:46 - The driver for reducing private investments - 0:39:30 - How the operating environment might develop - 0:42:22 - Characterising performance - 0:43:11 - The value of the dollar - 0:44:22 - Lessons from managing a Canadian pension fund - 0:47:22 - The buyback programme - 0:49:13 - The RIT Capital offer0:51:45 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Law Debenture Corporation (LWDB). Future profiles include European Opportunities (EOT) and J.P.Morgan US Smaller Companies (JUSC). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Dan Higgins, fund manager for the Majedie Investment Trust (MAJE), a multi-asset vehicle that as of two years now pursues a "liquid endowment" strategy and comes with a promise that it will never blame external events for any underperformance of its inflation plus 4% minimum annualised return target. It is fair to say that while it is still early days performance since the mandate change has comfortably exceeded that target.This discussion was recorded on 23 April 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:58 - Reaction to the Trump administration0:04:40 - The problems built up by the US in recent years0:07:16 - Reflecting on recent performance amidst the Trump turmoil0:12:08 - The role of gold in Majedie’s strategy0:19:38 - A short break0:20:45 - Allocating opportunities to different strategies0:26:58 - Analysis of correlations0:28:51 - Bringing in the discount0:34:04 - Resources to keep on top of the strategies0:41:12 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of HgCapital Trust (HGT). Future profiles include Law Debenture Corporation (LWDB) and European Opportunities (EOT). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Dale Nicholls, manager of Fidelity China Special Situations (FCSS). This discussion was recorded on Tuesday 22 April 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:53 - Reaction to the US-China trade war0:03:35 - Managing and positioning the portfolio0:06:40 - Gearing0:08:54 - The mood in China0:09:30 - Movements in the dollar0:10:36 - The price of the Chinese equity market0:12:08 - Shareholder response and behaviour0:13:49 - A short break0:14:44 - Unlisted holdings0:16:24 - AI0:19:37 - Biggest risks0:20:44 - Looking forward and making the case for China0:24:52 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of HgCapital Trust (HGT). Future profiles include Law Debenture Corporation (LWDB) and European Opportunities (EOT). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts newsletter. This discussion was recorded on 17 April 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:01:09 - Thoughts on the fallout from Trump’s tariff regime0:05:30 - The performance of battery storage and renewables trusts0:07:18 - Sector news, consolidation and Urban Logistics (SHED)0:10:07 - Life Science REIT (LABS)0:12:04 - The European Smaller Companies Trust (ESCT) deal with Saba Capital0:18:19 - Share price performance of the seven trusts targetted by Saba0:21:30 - A short break0:22:26 - Abrdn Diversified Income and Growth (ADIG)0:24:47 - Fidelity Japanese Values (FJV)0:28:38 - Polar Capital Financials (PCFT)0:31:33 - Henderson Far East Income (HFEL)0:34:49 - Third Point Offshore Investors (TPOU)0:40:29 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of RIT Capital Partners (RCP). Future profiles include HgCapital Trust (HGT) and Law Debenture (LWDB). Subscribers can also still see Jonathan's video looking at investment trust performance in the context of recent developments in the markets. Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 270 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, sums up a dramatic ten days in the financial markets and is joined by Abbas Barkhordar, co-manager of Schroder Asia Pacific (SDP). This discussion was recorded on Thursday 10 April 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - A traumatic week0:05:33 - This week’s guest0:07:20 - Talking to Abbas Barkhordar0:11:01 - Implications of the trade war on the trust0:16:23 - Reacting to the developments0:19:52 - A short break0:20:47 - Objectives of the trust0:27:19 - Portfolio valuation compared to the benchmark and peers0:32:48 - The rating compared to other Schroder Asia trusts0:34:49 - Differentiation between the different Asian return trusts0:38:42 - Pitching the trust as an opportunity0:41:41 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of River UK Micro Cap (RMMC). Future profiles include RIT Capital Partners (RCP) and HgCapital Trust (HGT). Jonathan has also released a new video looking at investment trust performance in the context of what's happened in the markets. Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 270 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
This week, the Money Makers Investment Trusts Podcast turns five years old. Started at a time of market turmoil as the then-emerging Covid pandemic resulted in lockdowns, 268 episodes later market drama is back in the headlines again as Donald Trump imposes trade tariffs that have sent worldwide indices plummeting. It has hit investment trusts hard - sign up for the weekly Money Makers email for all the details, some commentary and a comprehensive summary of all the latest trust news.In this edition of the podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Alexander Fitzalan Howard, manager of the J.P. Morgan European Growth and Income Trust (JEGI). This discussion was recorded on Tuesday 01 April 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - The anniversary edition and more market turmoil0:05:41 - This week’s guest0:06:50 - Talking to Alexander Fitzalan Howard0:07:38 - Interesting times and Trump’s tariffs0:09:29 - The significance of developments in Germany and France0:12:33 - ECB interest rate cuts0:13:28 - The strength of European stock markets since the return of Trump0:15:18 - The trust’s performance versus the peer group0:19:56 - Looking at the trust amongst sector events0:21:18 - The discount policy0:21:49 - A short break0:22:44 - The pros and cons of a closed end structure0:26:13 - Looking back at activities over the past twelve months0:28:31 - Valuation of the portfolio0:30:45 - Stand out performance in the last twenty years0:34:26 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Invesco Global Equity Income (IGET). Future profiles include River UK Micro Cap (RMMC) and RIT Capital Partners (RCP). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 270 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Richard Horlick, chairman of BH Macro. This discussion was recorded on Monday 31 March 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.***Section Timestamps:0:00:24 - Introduction0:00:59 - What is distinctive about BH Macro?0:04:07 - Managing volatility0:08:19 - The discount and buybacks0:09:50 - Understanding costs0:16:11 - A short break0:17:07 - The trust in light of world events0:29:24 - Looking to the future0:31:30 - The UK equity market and BH Macro’s listing0:34:28 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Invesco Global Equity Income (IGET). Future profiles include RIT Capital Partners (RCP) and River UK Micro Cap (RMMC). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 270 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Neil Rogan, chairman of Invesco Asia Dragon (IAD) and Baillie Gifford UK Growth (BGUK), and a non-executive director at J.P.Morgan Global Growth and Income (JGGI). This discussion was recorded on Monday 24 March 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.This weekend, on 29 March, Jonathan will be speaking and signing copies of the Handbook at the Master Investor show in London.***Section Timestamps:0:00:24 - Introduction0:02:03 - Upcoming podcast anniversary0:04:01 - Reflecting on sector consolidation over the past six years0:06:28 - Changes to the investment trusts world in the last forty years0:11:02 - Factors persuading the market to allow big discounts0:14:10 - Invesco Asia Dragon (IAD)0:21:18 - Is the IAD process a template for others to follow?0:22:33 - Performance related tenders0:24:38 - A short break0:25:34 - Activism and consolidation0:31:33 - Discount target for Invesco Asia Dragon0:33:54 - J.P.Morgan Global Growth and Income (JGGI)0:36:51 - Baillie Gifford UK Growth (BGUK)0:41:46 - Is the trust industry facing an existential crisis?0:44:50 - Interpreting the world today and the effect of the Trump administration0:48:27 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Baillie Gifford US Growth (USA). Future profiles include Invesco Global Equity Income (IGET) and RIT Capital Partners (RCP). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 260 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by two experts on financial history, Russell Napier, global market strategist and founder of the Library of Mistakes in Edinburgh, and Edward Chancellor, historian and author of The Price of Time, to put the dramas of Trump 2.0 in context.This discussion was recorded on 25 March 2025 at the Weekend of Mistakes in Hay-on-Wye. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.Next week Jonathan will be speaking and signing copies of the Handbook at the Master Investor show in London on March 29th.***Section Timestamps:0:00:24 - Introduction0:01:33 - Putting the Trump presidency into historical context0:04:36 - Market reactions0:06:50 - Trump’s motivations and agenda0:11:52 - Will Scott Bessent reign in Trump’s more extravagant proposals?0:16:00 - A short break0:16:56 - Returning to capital controls and a loss of independence in central banks?0:22:21 - Anticipating a change in market style0:25:34 - Gold0:27:58 - Putting on a hard hat0:29:50 - The Library of Mistakes, London0:30:36 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.This week, as well as the usual features, the Circle features a profile of Baillie Gifford US Growth (USA). Future profiles include Invesco Global Equity Income (IGET) and RIT Capital Partners (RCP). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 260 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Hugh Gimber, executive director and global market strategist at J.P.Morgan in London. This discussion was recorded on Monday 17 March 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. Jonathan will be signing copies of the Handbook at the Master Investor show in London on March 29th. The Handbook is now also available as an audiobook edition on YouTube - https://www.youtube.com/watch?v=CEsprtnFA9I***Section Timestamps:0:00:24 - Introduction0:00:41 - A look at the uncertainty facing investors0:06:29 - The impact of a ceasefire or peace deal in Ukraine0:08:47 - The risk of a recession in the US0:11:44 - The bond market and interest rates0:13:43 - Growth and inflation expectations for Europe and the UK0:15:54 - A short break0:16:50 - The “Trump Put”0:20:46 - The continuing US dominance of the global equity market0:24:13 - A time for a small-cap emergence?0:26:01 - The choice to hide in cash0:31:49 - Risks and uncertainties0:34:30 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Bluefield Solar Income (BSIF). Future profiles include Baillie Gifford US Growth (USA) and Invesco Global Equity Income (IGET). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. The content of that email is also available for subscribers via the website. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 260 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts NewsletterThis discussion was recorded on Friday 14 March 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. Jonathan will be signing copies of the Handbook at the Master Investor show in London on March 29th. The Handbook is now also available as an audiobook edition on YouTube - https://www.youtube.com/watch?v=CEsprtnFA9I***Section Timestamps:0:00:24 - Introduction0:00:57 - The state of play in the third month of the Trump administration0:04:23 - Trust performance over the past five days0:09:31 - The commercial property sector0:19:52 - A short break0:20:48 - The equity investment trust sector0:25:19 - Murray International (MYI)0:29:07 - Law Debenture (LWDB)0:32:13 - Battery storage - Harmoney Energy Income (HEIT)0:34:33 - Seraphim Space Investment Trust (SSIT)0:37:45 - The latest developments with Saba Capital0:40:06 - The Weekly Email and the Investment Trusts Newsletter0:41:40 - CloseJonathan also recently sat down with Peter Spiller for a conversation which is available as an edited transcript. Peter spoke about the market impact of Trump’s extraordinarily erratic policymaking and why the bond markets hate it. He also reiterates the case for owning index-linked in these market conditions and the need for investment trusts to reform or die. That transcript available at the Money Makers Website - https://money-makers.co/2025/03/15/money-makers-podcast-15-mar-2025/If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Finsbury Growth & Income (FGT). Future profiles include Bluefield Solar Income (BSIF) and Baillie Gifford US Growth (USA). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. The content of that email is also available for subscribers via the website. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 260 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Max King, the market and investment trust commentator and former Investec fund manager.This discussion was recorded on Friday 07 March 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. Jonathan will be signing copies of the Handbook at the Master Investor show in London on March 29th.***Section Timestamps:0:00:24 - Introduction0:00:41 - Reacting to the confusion coming from the US0:04:01 - The implications following a peace in Ukraine0:05:40 - Funding Europe’s and the UK’s defence0:08:11 - The persistent discounts in the investment trusts sector0:12:39 - A short break0:13:34 - Boards’ response to the arrival of Saba0:15:25 - The shrinking commercial property sector0:17:10 - The IPO of Achilles Investment Trust (AIC)0:19:39 - Private equity0:22:22 - Cost disclosure and the FCA0:23:10 - Portfolio changes0:25:35 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Augmentum Fintech (AUGM). Future profiles include Finsbury Growth & Income (FGT) and Bluefield Solar Income (BSIF). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. The content of that email is also available for subscribers via the website. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 260 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Colm Walsh, co-manager of the ICG Enterprise Trust (ICGT). This discussion was recorded on 25 February 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:00:45 - Performance of ICGT over the past 18 months0:02:33 - Addressing the discount issue0:05:55 - NAV performance0:10:54 - Cost disclosure0:16:45 - Characteristics of the mid-market and buy-out markets0:20:23 - A short break0:21:19 - Trends in revenues and earnings0:23:12 - Impact from global events0:27:10 - A view on the UK0:33:22 - A view on Europe0:34:29 - The private equity and ICGT pitch0:38:27 - The perception of private equity0:42:43 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Worldwide Healthcare (WWH). Future profiles include Augmentum Fintech (AUGM) and Finsbury Growth and Income (FGT). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 260 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Richard Staveley, lead manager at Rockwood Strategic (RKW). This discussion was recorded on 24 February 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:00:39 - Trust performance over the last twelve months0:02:59 - The impact of the 2024 budget on the small cap sector0:08:22 - Operational impacts from the budget0:13:06 - Looking at Filtronic0:21:09 - A short break0:22:04 - Looking at Funding Circle0:26:18 - Disclosure of information and the possibility of investing in an investment trust0:31:12 - Hostmore0:35:51 - The outlook from here0:40:17 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Worldwide Healthcare (WWH). Future profiles include Augmentum Fintech (AUGM) and Finsbury Growth and Income (FGT). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our 260 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 21 February 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:00:39 - A new IPO0:05:04 - What can be done to bring in alternative assets’ discounts?0:08:19 - Saba Capital’s continuing campaign0:15:04 - Herald and the upcoming continuation vote0:18:16 - Reactions from boards of alternatives trusts0:26:29 - A short break0:27:25 - Infrastructure trusts0:33:57 - Private equity0:39:12 - Consolidation in the equity sector0:44:57 - BlackRock World Mining0:47:09 - Final thoughts on Trump and interest rates0:48:17 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Custodian Property Income REIT (CREI). Future profiles include Worldwide Healthcare (WWH) and Augmentum Fintech (AUGM). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 260 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Nick Train, manager of Finsbury Growth and Income Trust (FGT).This discussion was recorded on Wednesday 19 February 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:01:22 - The underperformance of the past three to four years0:08:02 - Structural issues around the UK market0:12:36 - Valuations of companies0:20:12 - A short break0:21:07 - Reacting to disappointments0:22:41 - Thinking on Diageo and Burberry0:25:34 - Executive remuneration0:26:36 - Wide discounts, buybacks, and the impact of the current environment0:29:46 - Messages from shareholders0:32:44 - The case for investing in Finsbury Growth and Income0:35:56 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Custodian Property Income REIT (CREI). Future profiles include Worldwide Healthcare (WWH) and Augmentum Fintech (AUGM). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 260 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Alan Gauld, lead manager at Patria Private Equity Trust (PPET). This discussion was recorded on 04 February 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:00:46 - The outlook for listed private equity0:01:51 - Discounts0:07:31 - NAV performance0:13:06 - A short break0:13:58 - The impact of cost disclosure and falling interest rates on performance0:17:34 - Talking about the trust and shifting the strategy0:21:37 - Looking ahead at performance compared to the peer group0:24:23 - Greatest risks0:26:31 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Personal Assets Trust (PNL). Future profiles include Custodian Property Income REIT (CREI) and Worldwide Healthcare (WWH). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 260 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Matt Hose, alternative assets analyst at Jeffries. This discussion was recorded on 06 February 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:01:10 - The cut in interest rates0:01:53 - General outlook for the alternatives sector0:03:52 - The persistence of the current situation0:04:52 - Changes to business models0:07:42 - Driving consolidation in the sector0:08:44 - Going up the risk profile0:10:14 - Continuation votes0:13:00 - The reaction speed of boards0:13:43 - A short break0:14:38 - Private equity0:16:48 - Conversations with investors0:18:53 - Battery storage0:20:56 - Digital infrastructure0:22:38 - Growth capital sector0:25:24 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Scottish Oriental Smaller Companies (SST). Future profiles include Personal Assets (PNL) and Custodian Property Income REIT (CREI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 250 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Jonathan Simpson-Dent, chairman of Edinburgh Worldwide (EWI), one of the seven trusts targeted by Saba Capital. This discussion was recorded on 04 February 2025, edited on 05 February 2025, after all five of the seven trusts to hold meetings so far voted conclusively to reject Saba's propositions. The vote for EWI will be the last of the seven and is due to be held on 14 February. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:01:14 - Reaction to the outcome of the Saba votes0:04:03 - The two upcoming votes for EWI and their own proposition0:06:09 - The trust’s performance and how Saba built its stake0:12:29 - The trust’s manager0:14:02 - Limits to patient capital0:16:03 - A short break0:16:56 - The share capital0:18:47 - What happens if Saba is defeated?0:22:26 - Trading at a discount0:24:43 - The right personnel?0:26:12 - The global smaller companies mandate0:29:49 - The retail investor base0:34:50 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Scottish Oriental Smaller Companies (SST). Future profiles include Personal Assets (PNL) and Custodian Property Income REIT (CREI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 250 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG). This discussion was recorded on 24 January 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:00:40 - Saba Capital0:07:38 - Saba’s wake-up call0:15:18 - Are investment trusts a “chumocracy”?0:18:23 - What’s happens from here?0:24:49 - Peter’s holdings in Henderson Opportunity Trust (HOT) and Keystone Positive Change (KPC)0:28:11 - A short break0:29:03 - CT Global Managed Portfolio Trust results and changes0:40:25 - Tackling discounts and renewables0:45:49 - A normal average discount going forward0:48:24 - Scotland in the Six Nations0:50:04 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Syncona (SYNC). Future profiles include TR Property (TRY) and Scottish Oriental Smaller Companies (SST). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 250 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Boaz Weinstein, CIO and founder of Saba Capital. This discussion was recorded on 21 January 2025, the day before the first of the seven Saba-requisitioned meeting votes, the one at Herald Investment Trust (HRI), which Weinstein failed to win. There is plenty of interesting new detail on his campaign tactics and objectives in this near one hour long conversation. Subscribers to the Money Makers newsletter will see a transcript in due course. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:01:35 - Assessing the impact of Saba’s campaign since 20220:07:33 - Building stakes0:09:37 - What are the objectives?0:20:22 - Addressing vagueness0:22:07 - Buyers for unlisted instruments0:27:50 - A short break0:28:42 - Board size and corporate governance0:35:12 - Buying on the cheap0:40:13 - What happens if a vote is lost0:48:34 - Why these seven trusts?0:52:36 - Saba’s anticipated return from its campaign0:56:23 - A preference for constructive engagement?0:58:30 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Syncona (SYNC). Future profiles include TR Property (TRY) and Scottish Oriental Smaller Companies (SST). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 250 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter, and Ewan Lovett-Turner, head of investment trust research at Deutsche Numis.This discussion was recorded on 17 January 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:01:16 - Discussing the Saba Webinar and latest developments0:04:43 - Looking at some issues raised0:08:17 - Surprising tactics0:12:05 - Retail investor voting0:17:27 - A short break0:18:23 - The market for a listed discount activist fund0:21:29 - A miscalculation on Herald Investment Trust (HRI)0:26:23 - What the market says about who may win the votes0:28:31 - Looking at Baillie Gifford0:31:42 - Last edition’s interview with Sue Inglis, Baillie Gifford US Growth (USA)0:32:04 - Thoughts on the year coming up0:37:20 - Consolidation and a shrinking sector0:40:39 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Rockwood Strategic (RKW). Future profiles include Syncona (SYNC) and TR Property (TRY). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 250 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Sue Inglis, senior Independent director at Baillie Gifford US Growth (USA). This discussion was recorded on 13 January 2025, before Boaz Weinstein's Saba Capital webinar on 14 January. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:00:48 - Sue’s background0:01:37 - Awareness of and relationship with Saba Capital0:04:41 - Saba’s objectives0:05:57 - The use of swaps to gain voting power0:09:38 - A short break0:10:34 - How to succeed in the requisition vote0:12:49 - Boards’ engagement with private shareholders0:14:35 - Looking at the possible outcomes of the vote0:17:52 - Potential flaws in the proposition of investment trusts0:20:25 - Strategy changes should the vote be won0:22:32 - Final message to shareholders0:34:30 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Rockwood Strategic (RKW). Future profiles include Syncona (SYNC) and TR Property (TRY). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 250 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Richard Stone, chief executive of The Association of Investment Companies (The AIC). This discussion was recorded on 10 January 2025, before Boaz Weinstein's Saba Capital webinar on 14 January. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:00:34 - Looking back at 20240:02:52 - Consolidation0:04:12 - Looking at the average discount0:06:20 - An existential crisis in alternative assets?0:08:44 - Activist investors in general0:12:03 - Saba’s proposals and corporate governance0:16:12 - A short break0:17:07 - The retail investor situation0:21:38 - A Saba fund to target discount opportunities0:23:36 - A wake-up call for boards0:24:18 - An update on the cost disclosure issue0:34:31 - Hopes and aspirations for 20250:37:47 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Rockwood Strategic (RKW). Future profiles include Syncona (SYNC) and TR Property (TRY). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our 250 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined first by Karen Brade, chair of Keystone Positive Change, and Ben Conway, head of fund management and chief investment officer at Hawksmoor Investment Management, to discuss the recent developments with Saba Capital.These discussions were recorded on 09 January 2025. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:02:34 - Q&A with Karen Brade0:05:16 - The decision to hold a continuation vote0:15:07 - The agenda of Saba Capital0:19:30 - Are issues specific to the trust or more fundamental to the sector?0:21:33 - The role of platforms in keeping shareholders informed0:23:49 - Confidence in winning the vote0:24:43 - Options after winning the vote0:27:10 - Evaluating the performance of the trust0:30:26 - A short break0:31:21 - Q&A with Ben Conway0:31:30 - Interpreting recent developments from Saba Capital0:35:02 - A structural flaw in investment trusts?0:42:10 - Could a Saba win be a positive outcome?0:45:52 - A wake-up call for the investment trusts sector?0:47:03 - The impact on consolidation0:50:42 - Is not owning the Saba-targeted trusts an oversight?0:51:55 - Who will win the votes?0:54:27 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Schroder Oriental Income (SOI). Future profiles include Rockwood Strategic (RKW) and Syncona (SYNC). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 250 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Gavin Lumsden, reporter on investment trusts at Citywire, who recently announced his intention to take a step back.This discussion was recorded on Monday 16 December 2024. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:00:38 - Taking a step back0:01:59 - Changes to the investment trusts industry over 25 years0:04:02 - Asking questions of investment trusts0:06:18 - Highlights from the last ten years0:08:10 - Lessons from the less positive stories0:12:22 - Activism0:16:24 - A short break0:17:20 - Platforms and cost disclosure0:24:55 - Investing rules for those in the media0:26:04 - Gavin’s investments0:29:46 - The outlook for the investment trusts sector0:32:39 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Murray Income (MUT). Future profiles include Schroder Oriental Income (SOI) and Rockwood Strategic (RKW). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 250 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 13 December 2024. Out now: The 2025 Investment Trusts Handbook The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon.***Section Timestamps:0:00:24 - Introduction0:00:50 - Developments this week0:02:10 - Taylor Maritime (TMI)0:06:23 - Greencoat UK Wind (UKW) and renewables0:12:57 - Interim results0:13:02 - Polar Capital Technology (PCT)0:17:08 - MIGO Opportunities Trust (MIGO)0:19:24 - A short break0:20:19 - TwentyFour Select Monthly Income (SMIF)0:23:16 - Third Point Investors (TPOU)0:27:46 - Trust name changes0:30:29 - The return of the Baillie Gifford style of investment0:34:00 - Summarising the year0:37:10 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Baillie Gifford Shin Nippon (BGS). Future profiles include Murray Income (MUT) and Schroder Oriental Income (SOI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 240 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Marcus Phayre-Mudge, manager of TR Property (TRY).This discussion was recorded on 06 December 2024.Section Timestamps:0:00:24 - Introduction0:00:39 - Recent results for TR Property0:05:20 - Valuations0:10:21 - M&A and corporate activity0:27:40 - A short break0:28:36 - Sustainability of discounts0:33:28 - Physical exposure of TR Property0:39:42 - The trust’s dividend0:42:56 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of J.P.Morgan Global Growth and Income (JGGI). Future profiles include Baillie Gifford Shin Nippon (BGS) and Murray Income (MUT). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 240 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Ryan Lightfoot-Aminoff, investment trust research analyst at Kepler Partners. This discussion was recorded on 03 December 2024.Section Timestamps:0:00:24 - Introduction0:00:33 - Enhanced dividend policies0:07:27 - Cost disclosure0:14:59 - A short break0:15:54 - The result of the US election0:23:21 - The impact of US tariffs on Asia0:25:39 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Baillie Gifford Shin Nippin (BGS). Future profiles include Murray Income (MUT) and Schroder Oriental Income (SOI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 240 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG). This discussion was recorded on 29 November 2024.Section Timestamps:0:00:24 - Introduction0:00:40 - Looking back over the past few weeks0:10:42 - Cost disclosure reform0:13:36 - Private equity trusts0:18:14 - A short break0:19:10 - Growth capital sector0:22:32 - UK small cap0:24:10 - UK equity sector0:26:06 - Portfolio changes0:28:16 - Outlook for 20250:34:30 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of BlackRock Latin American (BRLA). Future profiles include J.P.Morgan Global Growth and Income (JGGI) and Baillie Gifford Shin Nippon (BGS). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 240 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Elisabeth Stheeman, Chair of Edinburgh Investment Trust.This discussion was recorded on 07 November 2024.Section Timestamps:0:00:24 - Introduction0:01:00 - The route to becoming an investment trust director0:02:28 - Impressions of investment trust boards0:04:59 - The change of manager at Edinburgh Investment Trust0:20:10 - A short break0:21:05 - Edinburgh Investment Trust today0:24:10 - The trust’s discount and share buy backs0:28:56 - Gearing policies0:32:09 - Feelings about the current position in the market cycle0:34:38 - The UK equity income sector, consolidation, and differentiation0:40:58 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Schroder Japan (SJG). Future profiles include BlackRock Latin American (BRLA) and JPMorgan Global Growth and Income (JGGI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 240 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Gaurav Narain, lead manager at India Capital Growth Fund (IGC). This discussion was recorded on Monday 18 November 2024.Section Timestamps:0:00:24 - Introduction0:00:44 - The Indian economy since Modi’s re-election0:03:06 - Implications from the US election result0:04:12 - The bigger picture in India0:06:12 - The interplay between the Indian and Chinese equity markets0:11:12 - A short break0:12:07 - Discussing the trust0:14:18 - Debt, the portfolio criteria, and gearing0:16:34 - A threat from passive funds?0:18:52 - Retail investor sensitivity to volatility0:20:04 - The size of the trust0:21:04 - The change of ownership0:22:45 - Why choose India Capital Growth?0:25:24 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Schroder Japan (SJG). Future profiles include BlackRock Latin American (BRLA) and JPMorgan Global Growth and Income (JGGI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 240 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter.This discussion was recorded on Friday 15 November 2024.Section Timestamps:0:00:23 - Introduction0:00:44 - Market reactions to big events of the past few weeks0:05:22 - Scottish Mortgage Trust (SMT)0:09:02 - Fidelity Special Values (FSV)0:12:43 - 3i Infrastructure (3IN)0:14:54 - Henderson Far East Income (HFEL)0:18:19 - A short break0:19:14 - Weiss Korea Opportunity Fund (WKOF)0:20:51 - The collapse of HH2E, and the renewable energy sector0:26:08 - J.P.Morgan Core Real Assets (JARA)0:29:07 - GCP Asset Backed Income (GABI) / Blackstone Loan Financing (BGLF)0:32:28 - Tritax Eurobox (EBOX) and consolidation in commercial property0:34:29 - Baillie Gifford China Growth (BGCG) and the China trusts0:39:37 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Temple Bar (TMPL). Future profiles include Schroder Japan (SJG) and BlackRock Latin American (BRLA). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 240 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Jack Caffrey, co-portfolio manager at J.P.Morgan American Investment Trust (JAM).Section Timestamps:0:00:24 - Introduction0:00:54 - Reaction to the US election result0:04:08 - The resilience of the US market0:06:53 - Value as a style0:09:03 - Tariffs0:11:47 - The strength of the dollar0:14:04 - A short break0:15:00 - Risks from a changing Fed chairperson0:16:45 - Thoughts on Tesla and Nvidia0:20:52 - Berkshire Hathaway and Buffet’s decision to sell Apple0:22:59 - The approach to portfolio management0:24:45 - Sustainability of the annualised total return0:26:30 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Temple Bar (TMPL). Future profiles include Schroder Japan (SJG) and BlackRock Latin American (BRLA). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our 240 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Martin Gilbert, original founder of Aberdeen Asset Management, and current chairman of AssetCo.Section Timestamps:0:00:24 - Introduction0:00:41 - An end in sight to the tough period of the last few years?0:02:21 - Discounts and share buy backs0:03:55 - The use of gearing0:04:53 - Will consolidation continue?0:07:18 - Being an active fund manager today0:09:30 - Does an Asian investment trust still make sense?0:12:12 - A short break0:13:07 - The experience so far with AssetCo0:14:48 - Developing AssetCo0:18:15 - Is private a better model?0:20:41 - Attracting private investors0:21:50 - A time for optimism or pessimism0:23:18 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Manchester and London (MNL). Future profiles include Temple Bar (TMPL) and Schroder Japan (SJG). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 240 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Nick Hyett, investment manager at Wealth Club, and Robert Whitby-Smith, partner in Albion Capital.Section Timestamps:0:00:24 - Introductions0:01:32 - Reaction to the budget0:04:31 - Performance of tax-efficient products so far this year0:08:23 - Looking at the VCT market overall0:11:37 - A short break0:12:32 - Interest rates and the broader market environment0:17:44 - Diversification of holdings0:20:24 - Changes in an ideal world0:22:31 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Manchester and London (MNL). Future profiles include Temple Bar (TMPL) and Schroder Japan (SJG). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 240 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Peter Spiller, manager of Capital Gearing Trust (CGT).We apologise for the poor line quality in the call for this discussion. An edited transcript is available for those who would prefer to read this interview: https://money-makers.co/2024/11/04/podcast-transcript-peter-spiller-237/Section Timestamps:0:00:24 - Introduction0:00:36 - The Budget in general0:07:10 - Inheritance tax and the non-dom status0:08:37 - Farming0:11:32 - Tax changes for savings and investments0:12:48 - A short break0:13:44 - Overall picture for the UK market0:17:17 - Gilts0:19:30 - US Presidential election0:22:19 - Context on what is seen around the world0:24:36 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of CQS New City High Yield (NCYF). Future profiles include Manchester and London (MNL) and Temple Bar (TMPL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 230 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Prashant Khemka, manager of Ashoka WhiteOak Emerging Markets Trust (AWEM) and the Ashoka India Equity Trust (AIE).Section Timestamps:0:00:24 - Introduction0:01:13 - Thoughts on the Asia Dragon merger with Invesco Asia0:04:28 - Emerging markets in general0:11:37 - The significance of China in emerging markets0:15:30 - Thc characterisation of value in India and China0:19:33 - A short break0:20:28 - Why own a global emerging markets trust over just an Indian trust?0:22:00 - Volatility of the Indian and Chinese markets0:27:12 - The US election0:29:21 - How geopolitics might impact on India0:31:18 - The impact of cost disclosure0:32:58 - The case for investing in this trust over others in emerging markets0:34:48 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of CQS New City High Yield (NCYF). Future profiles include Manchester and London (MNL) and Temple Bar (TMPL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 230 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Richard Shepherd-Cross, manager of the Custodian Property Income REIT (CREI) to discuss the trust.Section Timestamps:0:00:23 - Introduction0:00:51 - Looking back over ten years of CREI0:03:14 - Pros and cons of managing a commercial property trust0:08:12 - Capital growth0:13:08 - Cost of ownership and cost disclosure0:16:37 - Gearing0:21:04 - A short break0:21:59 - The discount0:31:00 - The merger proposal with Abrdn Property Income (API)0:34:35 - Are investment trusts really the best structure for commercial property?0:39:03 - Risk of an undervalued takeover0:42:59 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Mid Wynd International (MWY). Future profiles include CQS New City High Yield (NCYF) and Manchester and London (MNL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 230 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie to discuss the markets.Section Timestamps:0:00:24 - Introduction0:00:37 - An overview of the markets around the world0:03:08 - Alliance Witan (ALW)0:09:08 - Tetragon Financial (TFG)0:13:28 - Digital 9 Infrastructure (DGI9)0:17:22 - Crystal Amber Fund (CRS)0:20:21 - A short break0:21:16 - Redemption opportunities0:22:00 - AVI Japan Opportunity Trust (AJOT)0:24:56 - Bellevue Healthcare (BBH)0:29:43 - Mercantile Investment Trust (MRC)0:31:38 - Gearing0:33:08 - Literacy Capital (BOOK)0:37:18 - Battery storage trusts (GSF, HEIT)0:42:38 - Thoughts on performance this year0:44:02 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle will feature a profile of Mid Wynd International (MWY), due to publication on 23 October. Future profiles include CQS New City High Yield (NCYF) and Manchester and London (MNL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 230 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by George Ensor, manager of the River UK Micro Cap Investment Trust (RMMC).Section Timestamps:0:00:23 - Introducing this week’s guest0:01:06 - The basic proposition0:07:19 - Potential actions from the new government affecting the AIM IHT issue0:09:30 - Exposure to trusts affected by potential budget changes0:11:17 - The redemption facility0:16:12 - Stockpicking philosophy0:31:13 - A short break0:32:08 - Selling stocks that are no longer defined as micro-cap0:34:44 - Activism0:36:09 - Reforming the UK equity market0:40:28 - Why invest in the micro-cap trust0:43:04 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Henderson Opportunities (HOT). Future profiles include Mid Wynd International (MWY) and CQS New City High Yield (NCYF). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 230 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Evy Hambro, manager of the BlackRock World Mining Trust (BRWM).Section Timestamps:0:00:23 - The overall macro position0:06:12 - AI and commodities0:10:04 - The impact of the dollar0:11:38 - A short break0:12:33 - M&A activity0:17:51 - Talking about the Trust (BRWM)0:19:19 - Assumptions over the past two years that didn’t work out0:22:48 - The dividend0:24:47 - The share price and the discount0:25:37 - Valuations0:27:44 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Edinburgh Worldwide (EWI). Future profiles include Henderson Opportunities (HOT) and Mid Wynd International (MWY). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 230 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Ben Conway, head of fund management at Hawksmoor Investment Management, and Nick Greenwood, manager of the MIGO Opportunities Trust (MIGO).Section Timestamps:0:01:14 - Introducing this edition’s guests0:01:47 - A note on jargon0:02:54 - Context of this week’s treasury announcement0:11:29 - Good news for the investment trusts sector0:14:20 - An unexpected announcement0:18:34 - Correlation between interest rates and changing discounts0:21:12 - A short break0:22:08 - Assessing fees on market cap0:26:51 - Looking for opportunities in discounts0:27:38 - Consolidation, supply, and trust sizes0:37:14 - The wider world0:39:51 - Recent changes to the MIGO portfolio0:41:35 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Edinburgh Worldwide (EWI). Future profiles include Henderson Opportunities (HOT) and Mid Wynd International (MWY). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 230 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, reviews the week in the markets and speaks to Simon Edelsten, former fund manager at Mid Wynd International, and Anthony Leatham, head of investment trust research at Peel Hunt.Section Timestamps:0:00:25 - A discussion with Simon Edelsten and Anthony Leatham0:00:51 - An overview of the global equities sector0:01:46 - What is a global equity trust seeking to achieve?0:06:17 - The proportion to invest in global equity trusts and the benchmark to use0:14:14 - Passive funds as an alternative0:22:31 - A short break0:23:27 - Discount anomalies and buybacks0:26:06 - Trusts investing in private assets0:34:26 - Measures of risk0:40:35 - Where we are in the market cycle0:47:46 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Bellevue Healthcare (BBH). Future profiles include Edinburgh Worldwide (EWI) and Henderson Opportunities (HOT). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our 230 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, reviews the week in the markets and speaks to Sachin Saggar, alternatives investment trusts analyst at Stifel.Section Timestamps:0:00:39- This week’s guest0:01:13 - Review of the week0:03:08 - Results and the Money Makers Circle0:04:58 - Changes to the podcast0:06:17 - Q&A with Sachin Saggar 0:07:17 - Will the sector trade at a premium to NAV in the future? 0:09:02 - Reliability of NAVs 0:14:50 - The case for standardised disclosures 0:16:29 - Limited opportunity to raise new equity 0:20:57 - Reactions to proposals to buy into the alternative assets sector 0:24:15 - Evaluating the performance of alternative assets trusts 0:27:47 - Is there still value to be found across the sector? 0:28:21 - Looking at earnings multiples 0:29:44 - Cost disclosure0:30:44 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Global Opportunities Trust (GOT). Future profiles include Bellevue Healthcare (BBH) and Edinburgh Worldwide (EWI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 230 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, reviews the week in the markets and speaks to Craig Baker, chair of the investment committee at the Alliance Trust (ATST), and Duncan MacInnes, manager of the Ruffer Investment Company (RICA).Section Timestamps:0:00:36 - AIC Best Broadcast Journalist Award0:01:18 - Money Makers Circle0:03:02 - This week’s guests0:03:48 - Review of the week0:05:28 - Podcast format changes0:05:44 - Q&A with Craig Baker and Duncan MacInnes 0:05:44 - The Federal Reserve's decision to cut interest rates 0:08:14 - A return to a Goldilocks environment? 0:10:00 - Confidence in the returns from the equity market 0:12:02 - Summarising Ruffer's latest results 0:14:45 - AI and the Magnificent Seven 0:23:26 - The US election 0:29:19 - The US vs the rest of the world 0:32:30 - The UK equity market 0:35:50 - Impressions of the new government 0:38:18 - Cost disclosure reporting 0:40:04 - The Alliance Trust and Witan merger 0:43:08 - The discount on the trusts. 0:45:57 - Final comments0:48:02 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of abrdn UK Smaller Companies Growth (AUSC). Future profiles include Global Opportunities Trust (GOT) and Bellevue Healthcare (BBH). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 230 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Andrew McHattie, editor of the Investment Trust Newsletter, and Chris Clothier, co-CIO at CG Asset Management, the manager of Capital Gearing Trust (CGT).Section Timestamps:0:00:39 - This week's guests0:01:46 - Review of the week0:03:24 - Money Makers Circle0:04:13 - Q&A with Andrew McHattie 0:04:13 - Summer performance 0:05:18 - Consolidation in the renewables sector 0:12:06 - Battery storage trusts 0:19:59 - Commercial property 0:26:26 - Other trusts at risk 0:33:38 - A more positive message0:35:49 - Q&A with Chris Clothier 0:35:58 - The year so far and a period of heightened volatility 0:36:55 - Any meaning within the August spike 0:39:45 - Conquering inflation 0:44:54 - The position of Capital Gearing Trust 0:53:19 - Commercial property and discounts to NAV 0:56:54 - Private equity 0:59:10 - Reflecting on last year's legal issue 1:00:40 - Trust performance figures1:03:14 - CloseTrusts mentioned (with tickers) include: Ecofin US Renewables (RNEW), Aquila European Renewables (AERS), Triple Point Energy Transition (TENT), Gore Street Energy Storage (GSF), Greham House Energy Storage (GRID), Harmony Energy Income Trust (HEIT), Dunedin Enterprise Investment Trust (DNE), Balanced Commercial Property Trust (BCPT), Tritax Eurobox (EBOX), LondonMetric Property (LMP), Keystone Positive Change (KPC), J.P.Morgan Global Core Real Assets (JARA), Digital 9 Infrastructure (DGI9), PRS REIT (PRSR), BH Macro (BHMG), Aquila European Renewables (AERS), Smithson (SSON), RIT Capital Partners (RCP), Calendonia Investments (CLDN).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Smithson Investment Trust (SSON). Future profiles include abrdn UK Smaller Companies Growth (AUSC) and Global Opportunities Trust (GOT). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 220 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Kenneth MacKenzie, founder and manager of Target Healthcare REIT (THRL), and John Singer, chairman of Pantheon International (PIN).Section Timestamps:0:00:39 - This week's guests0:01:17 - Review of the week0:03:53 - Corporate news and announcements0:08:42 - Money Makers Circle0:09:23 - Q&A with Kenneth MacKenzie 0:09:35 - Why start the investment trust 0:13:10 - The business model 0:15:31 - The supply of purpose-built real estate 0:17:43 - Income generation and quality control 0:20:42 - Assessing investment trust performance 0:22:02 - Inflation linkage 0:23:53 - Potential for government changes to social care 0:26:55 - The discount 0:31:35 - Gearing 0:32:29 - Restrictions on issuing shares at a discount to NAV 0:34:18 - Income and dividend paying capacity0:35:56 - Q&A with John Singer 0:37:20 - Developing trust in private equity 0:58:10 - The cost disclosure issue 1:02:56 - The impact of potential changes from the new government1:04:34 - CloseTrusts mentioned (with tickers) include: J.P.Morgan European Discovery Trust (JEDT), Allianz Technology (ATT), HgCapital Trust (HGT), Schroder Capital Global Innovation Trust (INOV), Literacy Capital (BOOK), CT Private Equity (CTPE), BlackRock World Mining (BRWM), BBGI Global Infrastructure (BBGI), Chelverton UK Dividend Trust (SDV), Third Point Investors (TPOU), PRS REIT (PRSR).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of abrdn Asia Focus (AAS). Future profiles include Smithson Investment Trust (SSON) and abrdn UK Smaller Companies Growth (AUSC). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 220 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Jon Ingram, co-manager of the J.P.Morgan European Discovery Trust (JEDT).Section Timestamps:0:00:53 - This week's guests0:01:58 - Review of the week0:06:51 - Summary of results, corporate news and announcements0:10:40 - Money Makers Circle0:12:18 - A question to ChatGPT0:12:48 - Coming up in future weeks and next week's interview0:13:50 - Q&A with Jon Ingram 0:14:31 - Changes in how the trust will be run 0:17:40 - Distinctiveness of the trust 0:21:12 - Gearing 0:26:21 - The driver for extreme valuations 0:32:04 - The trust's universe 0:34:38 - The outlook for Europe 0:38:00 - Current weightings 0:40:43 - Technology in Europe vs the US 0:44:17 - AI in the research process 0:48:13 - Why now is a good time to look at the trust0:49:33 - CloseTrusts mentioned (with tickers) include: J.P.Morgan European Discovery Trust (JEDT), Allianz Technology (ATT), HgCapital Trust (HGT), Schroder Capital Global Innovation Trust (INOV), Literacy Capital (BOOK), CT Private Equity (CTPE), BlackRock World Mining (BRWM), BBGI Global Infrastructure (BBGI), Chelverton UK Dividend Trust (SDV), Third Point Investors (TPOU), PRS REIT (PRSR).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.There is no new fund profile this week while profile author Stuart Watson is away, but last week the Circle featured Ecofin Global Utilities and Infrastructure (EGL). Future profiles will include abrdn Asia Focus (AAS) and Smithson Investment Trust (SSON). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 220 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Elliott Hardy, private equity research analyst at Winterflood Securities, and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL).Due to technical issues, the audio quality for the discussion with Ian Lance is particularly poor for which we apologise. As a result, we have a transcript of this interview available for download from the website - money-makers.co/podcastsSection Timestamps:0:00:39 - Review of the week0:01:42 - This week's guests0:02:29 - Money Makers Circle0:03:16 - Summary of results0:04:40 - Subscribe on YouTube, Spotify, Soundcloud and others0:05:05 - Q&A with Elliott Hardy 0:05:18 - Development of the listed private equity market this year 0:07:16 - The global state of private equity 0:10:44 - Scepticism about reported NAVs 0:12:24 - The early August sharp market sell-off 0:13:30 - The underlying performance of portfolio companies 0:15:30 - The growth capital sector 0:16:43 - The outlook for fund of funds trusts 0:18:09 - Boards' responses to wide discounts0:20:54 - Q&A with Ian Lance (transcript available at the website) 0:21:03 - Positives and negatives in the reporting period 0:24:54 - Reform in the UK stock market 0:25:59 - Outlook for the dividend 0:28:24 - A lower interest rate environment 0:29:35 - Investing outside of the UK market 0:31:16 - Gearing0:32:31 - CloseTrusts mentioned (with tickers) include: Temple Bar Investment Trust (TMPL), Baillie Gifford US Growth (USA), Partners Group Private Equity (PEY), Riverstone Energy (REL), Diverse Income Trust (DIVI), RM Infrastructure Income Trust (RMII), Regional RIET (RGL), Baillie Gifford Japan (BGFD), Gieger Counter (GCL), HgCapital Trust (HGT), 3i Group (III), ICG Enterprise Trust (ICGT), Seraphim Space Investment Trust (SSIT), Schiehallion Fund (MNTN), Chrysalis (CHRY), Pantheon International (PIN).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Ecofin Global Utilities and Infrastructure (EGL). Future profiles include abrdn Asia Focus (AAS) and Smithson Investment Trust (SSON). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 220 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, has returned from holiday and is joined by Andrew McHattie, editor of the Investment Trust Newsletter, to review the week in the markets.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:01:17 - Money Makers Circle0:01:54 - Q&A with Andrew McHattie 0:01:45 - The early August market meltdown 0:05:39 - Results from the investment trusts sector 0:05:52 - J.P.Morgan American (JAM) 0:09:54 - J.P.Morgan Claverhouse (JCH) 0:13:23 - Murray International (MYI) 0:18:38 - JLEN Environmental Assets (JLEN) 0:22:40 - Biopharma Credit (BPCR) 0:25:27 - Bellevue Healthcare (BBH) 0:29:45 - Syncona (SYNC) 0:35:26 - Riverstone Credit Opportunities (RCOI)0:39:38 - CloseTrusts mentioned (with tickers) include: J.P.Morgan American (JAM), J.P.Morgan Claverhouse (JCH), 3i Group (III), Murray International (MYI), J.P.Morgan Global Growth and Income (JGGI), Scottish American (SAIN), JLEN Environmental Assets (JLEN), 3i Infrastructure (3IN), Biopharma Credit (BPCR), Bellevue Healthcare (BBH), Syncona (SYNC), International Biotechnology Trust (IBT), Biotech Growth Trust (BIOG), RTW Biotech Opportunities (RTW), Worldwide Healthcare Trust (WWH), Riverstone Credit Opportunities (RCOI), GCP Asset Backed Income (GABI), Riverstone Energy (RSE), Blackstone Global Loan Financing (BGLF).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Edinburgh Investment Trust (EDIN). Future profiles include Ecofin Global Utilities and Infrastructure (EGL) and abrdn Asia Focus (AAS). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 220 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis remains on holiday, so Stuart Watson fills in once again, providing the latest news and events from the past week. Despite the break, Jonathan still had the opportunity to speak with Denis Jackson and Laura Foll from Law Debenture (LWDB), the UK equity income trust.The podcast itself will take a short break next week, but is scheduled to return with the next edition on Saturday 17 August 2024.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - This week's guests0:00:56 - Review of the week0:02:24 - Summary of results0:04:23 - Corporate news and announcements0:06:25 - Money Makers Circle and a short break for the podcast0:06:51 - Q&A with Denis Jackson and Laura Foll 0:07:09 - The unique structure of Law Debenture 0:14:19 - Procyclicality of the business 0:17:31 - Sustainability of performance 0:20:57 - The result of the election 0:26:41 - Taking advantage of trading at par 0:27:36 - Share register trends 0:29:23 - Law Debenture's part in consolidation 0:30:05 - The main risks 0:34:07 - Comparing LWDB, LWI, and HOT 0:37:06 - Missing out on being an AIC Dividend Hero0:38:03 - CloseTrusts mentioned (with tickers) include: CT Managed Portfolio (CMPI/CMPG), Pantheon International (PIN), Henderson Smaller Companies (HSL), Smithson (SSON), RIT Capital Partners (RCP), Scottish American (SAIN), F&C Investment Trust (FCIT), J.P. Morgan Japanese (JFJ), J.P. Morgan Japan Small Cap Growth & Income (JSGI), Chrysalis (CHRY), BioPharma Credit (BPCR), Pershing Square Holdings (PSH), Hipgnosis Songs (SONG), Law Debenture (LWDB), Lowland Investment Company (LWI), Henderson Opportunities Trust (HOT).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.Due to the August break there is no new fund profile available this week, but you can look forward to future profiles including Oryx International Growth (OIG) and the Edinburgh Investment Trust (EDIN). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 220 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Stuart Watson fills in for Jonathan Davis who is away on holiday, to provide the latest news and events from the past week. Before going away however, Jonathan did get the opportunity to speak with Dean Buckley and Andrew Ross, chairmen of the Alliance Trust (ATST) and Witan Investment Trust (WTN) respectively - two trusts which are in the process of a merger.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - This week's guests0:01:00 - Review of the week0:01:49 - Summary of results0:03:40 - Corporate news and announcements0:05:09 - Money Makers Circle0:05:38 - Q&A with Dean Buckley and Andrew Ross 0:06:30 - Witan's path to the strategic review and the deal with Alliance 0:09:55 - Alliance's motivation for the deal 0:12:16 - Bringing in the discount 0:14:01 - Difficulties in delivering a distinctive approach in a volatile world 0:16:41 - Risks of losing money from the merger? 0:19:00 - Discount control and gearing 0:21:30 - Pressures faced by the investment trusts sector 0:27:07 - The UK market 0:32:45 - Dividends 0:35:44 - The cash offer 0:38:56 - General state of affairs0:40:45 - CloseTrusts mentioned (with tickers) include: Taylor Maritime (TMI), MIGO Opportunities (MIGO), Invesco Asia (IAT), BlackRock Throgmorton (THRG), Herald (HRI), Law Debenture (LWDB), Alliance Trust (ATST), Finsbury Growth & Income (FGT), JPMorgan European Discovery (JEDT), Bluefield Solar Income (BSIF), Baillie Gifford Japan (BGFD), AVI Global (AGT), Pershing Square Holdings (PSH).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Henderson European Trust (HET). Future profiles include Oryx International Growth (OIG) and Edinburgh Investment Trust (EDIN). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 220 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Andrew McHattie, editor of the Investment Trust Newsletter.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:04:46 - Corporate news, announcements, and results0:06:46 - This week's guest0:06:55 - Money Makers Circle0:07:44 - An upcoming break0:08:18 - Q&A with Andrew McHattie 0:08:53 - Polar Capital Technology (PCT) 0:17:28 - 3i Group (III) 0:21:48 - Odyssean Investment Trust (OIT) and UK small caps 0:25:57 - Regional REIT (RGL) 0:29:21 - Home REIT (HOME) 0:33:13 - Shipping 0:36:41 - Battery storage 0:42:45 - Chrysalis (CHRY) 0:45:46 - Hopes for the autumn0:49:33 - CloseTrusts mentioned (with tickers) include: Tufton Oceanic (SHIP), BioPharma Credit (BPCR), New Star Investment Trust (NSI), Manchester and London (MNL), Polar Capital Technology (PCT), Scottish Mortgage Trust (SMT), BlackRock World Mining (BRWM), Brunner Investment Trust (BUT), 3i Group (III), PRS REIT (PRSR), Ruffer Investment Company (RICA), Odyssean Investment Trust (OIT), Regional REIT (RGL), Home REIT (HOME), Allianz Technology Trust (ATT), Rockwood Strategic (RKW), Oryx International Growth (OIG), Taylor Maritime Investments (TMI), Gore Street Energy Storage (GSF), Gresham House Energy Storage (GRID), Harmony Energy Income Trust (HEIT), Chrysalis (CHRY), Schroder British Opportunities Trust (SBO).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Fidelity China Special Situations (FCSS). Future profiles include Henderson European Focus Trust (HEFT) and Oryx International Growth (OIG). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our 220 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Andrew Jones, CEO of LondonMetric Property which recently acquired two listed UK commercial property investment trusts - CT Property (CTPT) and LXi REIT (LXI).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:01:37 - This week's guest0:02:22 - Corporate news and announcements0:04:00 - Summary of results0:05:14 - Money Makers Circle0:05:42 - AIC Annual Investment Trust Media Awards0:06:29 - Q&A with Andrew Jones 0:07:06 - Origin of the CTPT and LXI deals 0:12:14 - Self-managed vs externally managed 0:13:44 - Justifying the deals 0:14:51 - Objectives of the company 0:16:31 - The property cycle 0:19:32 - Exposure to retail 0:21:46 - Interest in specific sectors 0:22:40 - Macro concerns 0:25:35 - Responding to the difficulties in the sector 0:27:34 - Limits on the size of the company 0:28:17 - The role of government 0:29:30 - Consideration of expansion outside of the UK 0:29:45 - The changing environment0:35:02 - CloseTrusts mentioned (with tickers) include: International Biotechnology Trust (IBT), Biotech Growth Trust (BIOG), Aberforth Smaller Companies (ASL), Abrdn UK Smaller Companies (AUSC), BlackRock Throgmorton (THRG), International Public Partnerships (INPP), BBGI Global Infrastructure (BBGI), TwentyFour Income Fund (TFIF), Miton UK Microcap (MINI), Chrysalis (CHRY), Schiehallion (MNTN), Edinburgh Worldwide (EWI), Schroder British Opportunities (SBO), Odyssean Investment Trust (OIT), CT Property Trust (CTPT), LXi REIT (LXI), Regional REIT (RGL).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Target Healthcare REIT (THRL). Future profiles include Fidelity China Special Situations (FCSS) and Henderson European Focus Trust (HEFT). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. The Circle also features portfolio performance reports from two regular contributors, and a column about stock market bubbles by financial historian, Edward Chancellor.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 220 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to John Newlands, the investment trust historian, and Ewan Lovett-Turner, head of investment trust research at Deutsche Numis.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:03:12 - This week's guests0:05:34 - Corporate news and announcements0:06:58 - Money Makers Circle0:07:44 - Q&A with John Newlands and Ewan Lovett-Turner 0:08:15 - Reaction to the general election result 0:13:17 - Private equity sector and discounts 0:24:24 - Changing interest rate expectations 0:27:00 - Sector consolidation 0:30:49 - Trusts at risk 0:33:54 - Renewables and infrastructure 0:36:36 - Commercial property 0:37:48 - Scandals and governance 0:42:51 - Opportunities and headwinds0:45:45 - CloseCastelnau Group (CGL), Seraphim Space Investment Trust (SSIT), Syncona (SYNC), Greencoat UK Wind (UKW), Bluefield Solar Income Fund (BSIF), Regional REIT (RGL), Aurora Investment Trust (ARR), Artemis Alpha Trust (ATS), Monks Investment Trust (MNKS), Oryx International Growth (OIG), AEW UK REIT (AEWU), HgCapital Trust (HGT), HarbourVest Global Private Equity (HVPE), Pantheon International (PIN), Oakley Capital Investments (OCI), Literacy Capital (BOOK), Witan Trust (WTAN), Alliance Trust (ATST).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Schroder AsiaPacific (SDP). Future profiles include Target Healthcare REIT (THRL) and Fidelity China Special Situations (FCSS). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comprehensive summary of all the latest news. Jonathan has also recorded a video review looking back at the markets over the first half of the year. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 220 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's special edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and looks at the possible impact of a likely incoming Labour government in Thursday's coming election. Joining him to discuss this are three distinguished guests - Ed Balls, journalist and broadcaster, and former MP and minister; Nick Macpherson, Lord Macpherson of Earl's Court and former permanent secretary to the Treasury; and Sandy Nairn, executive director of Global Opportunities Trust (GOT).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 – This week’s guests0:01:43 – Review of the week0:02:54 – Corporate news and announcements0:04:53 – Summary of results0:06:14 – Money Makers Circle0:06:53 – Q&A with Ed Balls, Nick Macpherson, and Sandy Nairn0:07:28 – Recalling 19970:19:18 – The role of the civil service0:22:16 – Reform of the Treasury0:27:55 – Market reaction to a falling dept to GDP ratio0:30:40 – Devolution and planning0:38:50 – Ruling out tax rises0:45:47 – Immigration0:50:36 – Post-election hopes and worries0:57:00 – CloseTrusts mentioned this week (with tickers): Witan Investment Trust (WTAN), Alliance Trust (ATST), SDCL Energy Efficiency Income Trust (SEIT), Triple Point Energy Transition (TENT), Harmony Energy Income Trust (HEIT), Augmentum Fintech (AUGM), Regional REIT (RGL), Rockwood Strategic (RKW).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Premier Miton Global Renewables (PMGR). Future profiles include Schroder AsiaPacific (SDP) and Target Healthcare REIT (THRL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comrehensive summary of all the latest news. The content of that email is also available for subscribers via the website. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 220 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG), and Andrew McHattie, editor of the Investment Trust Newsletter.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:01:33 - Corporate news and announcements0:03:18 - This week's guests0:03:47 - Money Makers Circle0:04:53 - Q&A with Peter Hewitt and Andrew McHattie 0:05:17 - Winterflood Investment Trust Conference 0:07:52 - The general mood 0:12:25 - The behaviour of discounts 0:18:02 - The accuracy of NAVs 0:23:34 - New issues 0:33:10 - Improving the attractiveness of the UK 0:37:54 - Latest activities0:43:07 - CloseTrusts mentioned this week (with tickers): Hansa (HAN), Ashoka WhiteOak Emerging Markets (AWEM), Cordiant Digital Infrastructure (CORD), Montenaro UK Smaller Companies (MTU), J.P.Morgan European Discovery (JEDT), J.P.Morgan Japan Small Cap Growth and Income (JSGI), JLEN Environmental Assets (JLEN), NextEnergy Solar Fund (NESF), Henderson Opportunities Trust (HOT), BlackRock Income and Growth (BRIG), BlackRock World Mining (BRWM), BH Macro (BHMG), Mercantile Investment Trust (MRC), Temple Bar (TMPL), 3i Infrastructure (3IN), BlackRock Frontiers (BRFI), Pershing Square Holdings (PSH), The Renewables Infrastructure Group (TRIG), Impact Healthcare (IHR), Aquila European Renewables (AERS), Digital 9 Infrastructure (DGI9), Special Opportunities REIT (SOR), CT Global Managed Portfolio Trust (CMPG/CMPI), Manchester and London (MNL), Allianz Technology (ATT), Polar Capital Technology (PCT), 3i Group (III), Scottish Mortgage (SMT), J.P.Morgan UK Small Cap Growth and Income (JUGI), Hipgnosis Songs Fund (SONG), HarbourVest Global Private Equity (HVPE).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Aurora Investment Trust (ARR). Future profiles include Premier Miton Global Renewables (PMGR) and Schroder AsiaPacific (SDP). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comrehensive summary of all the latest news. The content of that email is also available for subscribers via the website. Finally, an Election Special is planned for release later this month, looking at the likely outcome of the vote and the impact for investors. More details will be announced in due course. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 210 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Marcus Phayre-Mudge, manager of TR Property (TRY), and James Dawes, finance director at 3i Infrastructure (3IN).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:02:08 - This week's guests0:02:39 - Summary of results0:04:09 - Money Makers Circle0:04:59 - Q&A with Marcus Phayre-Mudge 0:05:59 - Early comments on Special Opportunities REIT (SOR) 0:11:39 - TR Property, the trust 0:18:16 - Opportunities in the sector 0:24:40 - Consolidation 0:31:48 - Discounts 0:37:15 - Potential impacts from the upcoming UK election0:40:19 - Q&A with James Dawes 0:40:44 - Why 3i Infrastructure? 0:42:22 - A change in strategy 0:46:49 - The market for infrastructure 0:49:03 - Trends in the portfolio 0:50:33 - The discount 0:54:10 - Incentives in the structure 0:55:49 - Looking to the future0:58:11 - CloseTrusts mentioned this week (with tickers): TR Property (TRY), Abrdn New India (ANII), Lindell Train Investments (LTI), Baillie Gifford UK Growth Trust (BGUK), Odyssean Investment Trust (OIT), Fidelity China Special Situations (FCSS), Custodian REIT (CREI), Value and Indexed Property Income (VIP), Tritax Eurobox (EBOX), UK Commercial Property (UKCM), Tritax Big Box (BBOX), LondonMetric Property (LMP), Custodian RIET (CREI), Abrdn Property Income (API), Balanced Commercial Property Trust (BCPT), Picton Property Income (PCTN), Phoenix Spree Deutschland (PSDL).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of BlackRock Smaller Companies (BRSC). Future profiles include Aurora Investment Trust (ARR) and Premier Miton Global Renewables (PMGR). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comrehensive summary of all the latest news. The content of that email is also available for subscribers via the website. Finally, an Election Special is planned for release later this month, looking at the likely outcome of the vote and the impact for investors. More details will be announced in due course.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 210 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Ben Conway, head of fund management at Hawksmoor Investment Management, and Nick Greenwood, manager of the MIGO Opportunities Trust (MIGO).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:03:18 - Summary of results0:03:55 - Money Makers Circle0:04:26 - Upcoming election special0:05:12 - Q&A with Nick Greenwood and Ben Conway 0:05:33 - Reaction to the election 0:07:35 - Interest rate cuts 0:08:26 - Cost disclosure 0:12:04 - Fair value requirements 0:18:59 - Progress of the investment trusts sector 0:23:34 - A potential IPO 0:27:25 - Asia Dragon (DGN) developments 0:28:38 - The Indian market post-election 0:29:57 - Emerging markets in general 0:32:07 - Looking at Georgia 0:34:27 - Private equity and growth capital 0:39:34 - Biotech 0:42:50 - Future pension fund interest in the sector0:47:32 - CloseTrusts mentioned this week (with tickers): Gresham House Energy Storage (GRID), Polar Capital Technology (PCT), Manchester and London (MNL), Pershing Square Holdings (PSH), Biotech Growth Trust (BIOG), Worldwide Healthcare (WWH), Templeton Emerging Markets (TEM), HICL Infrastructure Trust (HICL), Aquila European Renewables (AERS), Atrato Onsite Energy (ROOF), Cordiant Digital (CORD), Asia Dragon Trust (DGN), Oakley Capital Investments (OCI), NB Private Equity (NBPE), Literacy Capital (BOOK), HgCapital Trust (HGT), 3i Group (III), International Biotech Trust (IBT), RTW Biotech (RTW), HarbourVest Global Private Equity (HVPE), Odyssean Investment Trust (OIT), River & Mercantile UK Micro Cap (RMMC).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Scottish Mortgage (SMT). Future profiles include BlackRock Smaller Companies (BRSC) and Aurora Investment Trust (ARR). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts including some of his most recent trust purchases, and includes a comrehensive summary of all the latest news. Jonathan has also recorded a video looking at the gilts market for any signs of imminent interest rate cuts. The content of that email is also available for subscribers via the website. Finally, an Election Special is planned for release later this month, looking at the likely outcome of the vote and the impact for investors. More details will be announced in due course.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 210 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
This week, Jonathan Davis, editor of the Investment Trusts Handbook, is away and cannot bring the usual summary of news and results. However, he was able to speak with Jim Strang, chairman of HgCapital. The normal format will return next Saturday, 08 June 2024.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - A shorter podcast than normal0:01:02 - Money Makers Circle0:01:23 - This week's guest0:01:56 - Q&A with Jim Strang 0:02:20 - The private equity sector over the past couple of years 0:05:00 - Performance of private equity vs listed markets 0:08:25 - The shift from public to private markets 0:11:13 - Supply and demand 0:13:28 - M&A activity 0:16:06 - HgCapital and the structural advantages of listed private equity trusts 0:19:03 - The last few years for HgCapital and its discount 0:28:43 - The ongoing strategy of the business 0:32:00 - Significant risks0:33:32 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of CT Private Equity (CTPE). Future profiles include Scottish Mortgage (SMT) and BlackRock Smaller Companies (BRSC). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 210 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trust Handbook, reviews the week in the markets and speaks to Andrew McHattie, editor of the Investment Trusts Newsletter and Charlie Morris, CEO of ByteTree Research.Next week’s podcast is likely to be shorter than normal while Jonathan is away, but you can still look forward to a discussion with HgCapital Trust (HGT) and the normal format will return on the following Saturday.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:01:04 - This week's guests0:03:21 - Summary of results0:03:39 - Money Makers Circle0:04:06 - Corporate news and announcements0:06:47 - Q&A with Andrew McHattie 0:06:59 - Election announcement 0:09:50 - Performance of investment trusts this year 0:13:08 - Scottish Mortgage Trust (SMT) 0:17:49 - Asia Dragon 0:23:13 - HICL Infrastructure (HICL) 0:26:04 - Battery storage trusts 0:30:04 - Chrysalis (CHRY) 0:32:52 - Capital Gearing Trust (CGT) 0:35:57 - Looking ahead0:38:05 - Q&A with Charlie Morris 0:38:22 - Fears and hopes for the election 0:41:15 - Thoughts on the investment trusts sector 0:43:16 - Commodities 0:47:02 - Outcomes from the year of elections0:51:58 - CloseTrusts mentioned this week (with tickers): Rockwood Strategic (RKW), Odyssean Investment Trust (OIT), Montenaro UK Smaller Companies (MTU), Scottish Mortgage Trust (SMT), Capital Gearing Trust (CGT), STS Global Income and Growth (STS), HICL Infrastructure (HICL), Caledonia Investments (CLDN), Shires Income (SHRS), Abrdn European Logistics Income (ASLI), GCP Asset Backed Income (GABI), US Solar Fund (USF), Asia Dragon (DGN), Ashoka WhiteOak Emerging Markets (AWEM), Seraphim Space (SSIT), Baker Steel Resources Trust (BSRT), Gore Street Energy Storage (GSF), Gresham House Energy Storage (GRID), Chrysalis (CHRY), RIT Capital Partners (RCP), Pantheon International (PIN), BlackRock World Mining (BRWM).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of RTW Biotech Opportunities (RTW). Future profiles include CT Private Equity (CTPE) and Scottish Mortgage (SMT). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts including some of his most recent trust purchases, and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 210 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Sandy Nairn, chief investment officer and at Global Opportunities Trust (GOT), alongside Alan Bartlett from specialist advisory firm Goodhart Partners; and Richard Watts, a co-manager of Chrysalis Investments Ltd (CHRY).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:02:46 - Summary of results0:03:52 - Corporate news and announcements0:06:04 - This week's guests0:07:55 - Money Makers Circle0:08:37 - Q&A with Sandy Nairn and Alan Bartlett 0:09:09 - The situation with the market sell-off 0:12:15 - The shape of the portfolio 0:14:54 - The type of investor interested in the Trust 0:20:37 - Portfolio differences to other trusts 0:24:27 - Volunteer Park Capital Fund 0:28:40 - Portfolio performance 0:37:51 - Mispriced volatility 0:39:52 - Communication 0:43:04 - Potential for yield, and the use of gearing0:44:57 - Q&A with Richard Watts 0:45:48 - The current position for Chrysalis 0:52:09 - Realising value 0:57:13 - Plans for the holdings 1:02:10 - The cash position 1:04:53 - The enhanced risk process 1:07:30 - Is Chrysalis a 'complex investment'? 1:09:08 - Ambitions for the next five years1:12:14 - CloseTrusts mentioned this week (with tickers): BlackRock Smaller Companies Trust (BRSC), Asian Energy Impact Trust (AEIT), Abrdn Equity Income (AEI), Polar Capital Global Healthcare (PCGH), Baillie Gifford European Growth (BGEU), Tritax Eurobox (EBOX), Henderson Euro Trust (HNE), Henderson European Focus (HEFT), UK Commercial Property (UKCM), Tritax Big Box (BBOX), Pantheon International (PIN), Chrysalis (CHRY).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of CQS Natural Resources Growth and Income (CYN). Future profiles include RTW Biotech Opportunities (RTW) and CT Private Equity (CTPE). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comrehensive summary of all the latest news. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 210 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Richard Hulf, co-founder and managing partner of HydrogenOne Capital, and Joseph Rowland, fund analyst at Investec Rathbones.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:02:58 - This week's guests0:03:51 - Summary of results0:04:46 - Money Makers Circle0:05:07 - Corporate news and announcements0:09:08 - Q&A with Richard Hulf 0:09:30 - What is HydrogenOne 0:14:48 - Why hydrogen? 0:19:44 - Availability of funds 0:22:34 - ESG 0:24:17 - Share price volatility 0:26:23 - Choosing to list in the UK0:29:28 - Q&A with Joseph Rowland 0:30:27 - The role of investment trusts for Investec Rathbones 0:33:04 - The impact of cost disclosure 0:35:42 - The size of the universe 0:39:34 - Factoring in discounts 0:42:41 - Sectors of interest 0:47:34 - Scottish Mortgage Trust (SMT) 0:49:23 - BH Macro (BHMG)0:51:19 - CloseTrusts mentioned this week (with tickers): HydrogenOne Capital Growth (HGEN), 3i Infrastructure (3IN), ICG Enterprise (ICGT), 3i Group (III), North Atlantic Smaller Companies (NAS), ICG Longbow Senior Secured UK Property Debt (LBOW), Ashoka WhiteOak Emerging Markets (AWEM), Asia Dragon Trust (DGN), Hipgnosis Songs Fund (SONG), Aquila European Renewables (AERI), North American Income (NAIT), Rights and Issues Trust (RIII), Triple Point Social Housing (SOHO), Scottish Mortgage Trust (SMT), HgCapital Trust (HGT), Pantheon International (PIN), HarbourVest Global Private Equity (HVPE), Nippon Active Value Fund (NAVF), Baillie Gifford Shin Nippon (BGS), BH Macro (BHMG).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Henderson High Income (HHI). Future profiles include CQS Natural Resources Growth and Income (NCIM) and RTW Biotech Opportunities (RTW). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes all the regular features available in the Circle. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our 210 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Tim Levene, CEO of Augmentum Fintech (AUGM), and Thomas McMahon, head of investment trust research at Kepler Partners.Jonathan's conversation with Tim Levene was conducted from a cafe and is therefore noisier than normal.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - This week's guests0:02:03 - Review of the week0:05:38 - Summary of results0:07:08 - Money Makers Circle0:07:40 - Corporate news and announcements0:09:01 - Q&A with Tim Levene 0:09:11 - Progress over the past twelve months 0:12:45 - The impact of continuing wide discounts 0:16:41 - Share buybacks and cash reserves 0:19:43 - Suffering from the UK equity market 'disease' 0:26:15 - Exposure to AI 0:37:47 - Looking at the portfolio0:41:20 - Q&A with Thomas McMahon 0:41:38 - BCPT and commercial property 0:50:14 - ASIT and split level trusts 0:58:50 - The UK micro cap sector1:03:51 - CloseTrusts mentioned this week (with tickers): India Capital Growth Fund (ICG), J.P.Morgan China Growth and Income (JCGI), Hipgnosis Songs Fund (SONG), Phoenix Spree Deutschland (PSDL), Digital 9 Infrastructure (DGI9), Gresham House Energy Storage Fund (GRID), Black Rock Greater Europe (BRGE), Keystone Positive Change (KPC), Abrdn Private Equity Opportunities (APEO) / Patria Private Equity (PPET), Tritax Big Box (BBOX), UK Commercial Property (UKCM), European Assets Trust (EAT), Global Smaller Companies Trust (GSCT), Balanced Commercial Property Trust (BCPT), Custodian REIT (CREI), Picton Property Income (PCTN), Aberforth Split Level Income Trust (ASIT), Ashoka India Equity (AIE), Rockwood Strategic (RKW), J.P.Morgan Global Growth and Income (JGGI), Miton UK MicroCap Trust (MINI), River and Mercantile UK Micro Cap (RMMC).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of VH Global Sustainable Energy Opportunities (GSEO). Future profiles include Henderson High Income (HHI) and CQS Natural Resources Growth and Income (NCIM). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes all the regular features available in the Circle. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 210 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Andrew McHattie, editor of theInvestment Trust Newsletter.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:03:38 - This week's guests0:03:53 - Money Makers Circle0:04:24 - Summary of results0:05:46 - Corporate news and announcements0:07:38 - Q&A with Andrew McHattie 0:07:49 - Looking at the bigger picture 0:10:55 - Hipgnosis Songs Fund (SONG) 0:19:32 - Consolidation 0:21:31 - Battery storage trusts 0:28:04 - The renewable energy sector 0:36:53 - Private equity 0:40:38 - Alliance Trust (ATST) manager change0:45:16 - CloseTrusts mentioned this week (with tickers): Gresham House Energy Storage (GRID), Hipgnosis Songs Fund (SONG), Menhaden Resource Efficiency (MHN), Martin Currie Global Portfolio (MNP), Henderson Far East Income (HFEL), Abrdn European Logistics Income (ASLI), VPC Specialty Lending (VSL), Riverstone Credit Opportunities (RCOI), Abrdn New India (ANII), Smithson (SSON), Greencoat UK Wind (UKW), US Solar Fund (USF), Hipgnosis Songs Fund (SONG), Digital 9 Infrastructure (DGI9), Regional REIT (RGL), Phoenix Spree Deutschland (PSDL), Triple Point Social Housing (SOHO), Gresham House Energy Storage (GRID), Harmony Energy Income Trust (HEIT), Gore Street Energy Storage (GSF), Greencoat UK Wind (UKW), US Solar Fund (USF), Riverstone Credit Opportunities (RCOI), Pantheon Internation (PIN), Oakley Capital Investments (OCI), HarbourVest Global Private Equity (HVPE), Abrdn Private Equity Opportunities (APEO), Alliance Trust (ATST).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Artemis Alpha (ATS). Future profiles include VH Global Sustainable Energy Opportunities (GSEO) and Henderson High Income (HHI). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes all the regular features available in the Circle. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 210 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Dominic Scriven, founder and chairman of Dragon Capital, the investment advisor to Vietnam Enterprise Investments (VEIL), and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - This week's guests0:01:48 - Review of the week0:04:17 - Corporate news and summary of results0:07:50 - Money Makers Circle0:09:04 - Q&A with Dominic Scriven 0:09:32 - A history of VEIL 0:13:27 - Restrictions on foreign investment 0:16:30 - Transitioning to emerging market status 0:18:36 - Reasons to invest in Vietnam as a country 0:27:21 - Geopolitical risks 0:37:12 - Addressing VEIL's discount0:43:25 - Q&A with Ian Lance 0:43:47 - UK equity market 0:48:43 - The trust's discount policy 0:49:20 - Mergers and acquisitions 0:54:26 - Share buybacks 0:59:49 - Sectoral headwinds 1:01:23 - The case for TMPL shares1:03:39 - CloseTrusts mentioned this week (with tickers): Hipgnosis Songs Fund (SONG), Fair Oaks Income (FAIR), Schroder Japan (SJG), UK Commercial Property (UKCM), Hydrogenone (HGEN), Middlefield Canadian Income (MCT), Castelnau Group (CGL), Balanced Commercial Property Trust (BCPT), Alliance Trust (ATST), Home REIT (HOME), Harmony Energy Income (HEIT), Gresham House Energy Storage (GRID), Ashoka India Equity (AIE), Invesco Select (IVPU), Aquila Energy Efficiency (AEET), NextEnergy Solar (NESF), Vietnam Enterprise Investments (VEIL), Vietnam Holdings (VNH), VinaCapital Vietnam Opportunity Fund (VOF).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of STS Global Income & Growth (STS). Future profiles include Artemis Alpha (ATS) and VH Global Sustainable Energy Opportunities (GSEO). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes all the regular features available in the Circle. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 210 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Paul ffolkes Davis, chairman of Rising Sun Management, the investment advisor to the Nippon Active Value Fund (NAVF), and Max King, the market and investment trust commentator and former Investec fund manager.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - This week's guests0:01:31 - Review of the week0:04:38 - Summary of results0:05:39 - Corporate news and announcements0:06:08 - Money Makers Circle0:06:48 - Q&A with Paul ffolkes Davis 0:06:59 - Looking back at the last year 0:08:43 - Rolling over of AJGF and AJIT 0:14:11 - Reflecting on the IPO 0:17:26 - Availability of potential partners 0:18:33 - The strategy 0:25:41 - The value of the yen 0:27:58 - Gearing 0:29:13 - Prospects for the year ahead0:33:18 - Q&A with Max King 0:33:22 - Feel good versus feel bad 0:36:18 - The performance of gold 0:37:31 - The investment trust sector 0:38:35 - Cost disclosure, constraints, and the regulator 0:42:30 - Good investments 0:47:05 - Private equity 0:48:32 - Spotting the next target for consolidation 0:54:49 - Solving the housing market problem0:57:58 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Chrysalis Investments (CHRY). Future profiles include STS Global Income & Growth (STS), and Artemis Alpha (ATS). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes all the regular features available in the Circle. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 200 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Richard Pindar, CEO of Book Asset Management, and Ewan Lovett-Turner, head of investment trust research at Deutsche Numis.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - This week's guests0:01:15 - Review of the week0:02:59 - Corporate news and announcements0:04:09 - Summary of results0:05:35 - Money Makers Circle0:07:12 - J.P.Morgan Global Growth and Income (JGGI)0:07:49 - Q&A with Richard Pindar 0:08:11 - Reviewing the annual results 0:09:59 - Reducing the discount 0:12:40 - B share scheme 0:18:06 - Liquidity 0:19:37 - The private equity market in general 0:23:37 - Realising investments in the portfolio 0:27:36 - Portfolio concentration 0:30:53 - UK economy impacts on investments0:37:16 - Q&E with Ewan Lovett-Turner 0:37:49 - Reviewing the annual results 0:39:37 - Reducing the discount 0:42:18 - B share scheme 0:47:44 - Liquidity 0:49:15 - The private equity market in general 0:53:15 - Realising investments in the portfolio 0:57:14 - Portfolio concentration1:00:31 - UK economy impacts on investments1:03:07 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, there is no profile due to the Easter break, but future profiles to look out for include Chrysalis Investments (CHRY),STS Global Income & Growth (STS), and Artemis Alpha (ATS). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 200 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Austin Forey, manager at J.P.Morgan Emerging Markets (JMG), and Lucy Walker, chair of the Aurora Investment Trust (ARR) and non-executive director at Henderson International Income (HINT).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:02:02 - This week's guests0:03:19 - Money Makers Circle0:04:54 - Summary of results0:06:22 - Corporate news and announcements0:09:29 - Q&A with Austin Forey 0:10:24 - Changes in emerging markets 0:14:36 - The choice of index 0:15:52 - The case for a general emerging markets investment trust 0:17:06 - China and India 0:20:05 - Performance cycle in emerging markets 0:24:52 - The impact of currency 0:28:57 - Argentina 0:30:06 - Risk factors and ESG 0:34:23 - Portfolio examples 0:37:47 - Gearing 0:39:46 - The outlook for emerging markets0:40:48 - Q&A with Lucy Walker 0:41:30 - Lucy's route to investment trusts 0:43:07 - AM Insights 0:48:00 - Marketing of investment trusts 0:50:03 - The challenge of explaining investment trusts 0:53:59 - Keeping marketing high on the agenda 0:56:33 - Monetary and time costs of marketing 01:00:18 - The role of sponsored research 01:01:40 - Visibility on investment platforms 01:02:38 - The discount dilemma 1:09:24 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Rights and Issues (RIII). Future profiles include Chrysalis Investments (CHRY) and STS Global Income and Growth (STS). Jonathan has also added to his list of favourite funds. Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 200 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Andrew McHattie, editor of the Investment Trust Newsletter.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:39 - Review of the week02:13 - This week's guest02:26 - Summary of news and results07:50 - Money Makers Circle09:01 - Q&A with Andrew McHattie 09:20 - Making sense of recent developments 13:05 - Scottish Mortgage Trust (SMT) 18:45 - Witan Investment Trust (WTAN) 23:15 - J.P.Morgan American (JAM) 27:09 - Proposed Henderson merger 28:45 - Digital 9 Infrastructure (DGI9) 32:55 - Chrysalis (CHRY) 35:58 - SDCL Energy Efficiency Income Trust (SEIT) 38:45 - Literacy Capital (BOOK) 40:15 - End of the ISA season47:38 - CloseTrusts mentioned this week (with tickers): 3i Group (III), Scottish Mortgage Trust (SMT), Hipgnosis Songs Fund (SONG), Tritax Big Box (BBOX), UK Commercial Property (UKCM), Urban Logistics (SHED), Abrdn Property Income (API), Custodian Property Income REIT (CREI), Home REIT (HOME), Fidelity European (FEV), Witan Investment Trust (WTAN), Literacy Capital (BOOK), J.P.Morgan Claverhouse (JCH), European Assets Trust (EAT), J.P.Morgan US Smaller Companies (JUSC), LMS Capital (LMS), Symphony International Holdings (SIHL), Tufton Oceanic Assets (SHIP), Baillie Gifford Japan (BGFD), Vietnam Holdings (VNH), PRS REIT (PRSR), Alliance Trust (ATST), J.P.Morgan Global Growth and Income (JGGI), J.P.Morgan American (JAM), Henderson Eurotrust (HNE), Henderson European Focus (HEFT), Digital 9 Infrastructure (DGI9), Hipgnosis Songs Fund (SONG), Chrysalis (CHRY), Schiehallion Fund (MNTN), Seraphim Space Investment Trust (SSIT), SDCL Energy Efficiency Income Trust (SEIT), Aberforth Smaller Companies Trust (ASL), BBGI Global Infrastructure (BBGI).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Brown Advisory US Smaller Companies (BASC). Future profiles include Rights and Issues (RIII) and Chrysalis Investments (CHRY). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 200 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Peter Spiller, manager of Capital Gearing Trust (CGT).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:39 - This week's guest01:41 - Review of the week03:04 - Money Makers Circle03:29 - Summary of results04:37 - Corporate news and announcements06:32 - Q&A with Peter Spiller 06:53 - Challenges in the investment trust sector 11:52 - The importance of boards 21:00 - The continuation vote mechanism 25:46 - The IPO process, board composition, and board governance 27:31 - Liquidity in alternative assets 34:08 - An opportunity for investors 36:38 - The UK market in general 37:53 - Grounds for optimism38:43 - CloseTrusts mentioned this week (with tickers): Allianz Technology (ATT), Manchester and London (MNL), AVI Japan Opportunity (AJOT), Canadian General Investments (CGI), HgCapital (HGT), Schroder Asian Total Return (ATR), Henderson European Focus (HEFT), Henderson Eurotrust (HNE), Custodian Property Income REIT (CREI), Troy Income and Growth (TIGT), STS Global Income and Growth (STS), GCP Asset Backed Income (GABI), Scottish Mortgage (SMT), Capital Gearing Trust (CGT), Smithson (SSON), BH Macro (BHMG), NextEnergy Solar (NESF).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Majedie Investments (MAJE). Future profiles include Brown Advisory US Smaller Companies (BASC) and Rights and Issues (RIII). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 200 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Craig Baker, chair of the investment committee at the Alliance Trust, and James Carthew, director of QuotedData.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:01:49 - Corporate news, announcements, and results0:02:42 - This week's guests0:06:49 - Money Makers Circle0:07:29 - Q&A with Craig Baker 0:07:57 - Craig's management approach 0:10:10 - The annual results 0:14:25 - Exposure to the Magnificent Seven and contributors to outperformance 0:18:24 - Style bias in the portfolio 0:21:08 - Departure of Ben Whitmore 0:23:22 - The UK equity market 0:25:06 - Concentration in global equity markets 0:28:29 - The importance of private investors 0:29:41 - Gearing 0:32:06 - Cost disclosure 0:33:46 - The outlook for global equities0:35:06 - Q&A with James Carthew 0:35:24 - The markets so far this year 0:36:23 - The Budget 0:38:10 - Alliance Trust (ATST) and F&C Investment Trust (FCIT) 0:40:58 - RIT Capital (RCP) 0:44:13 - The renewables sector 0:50:42 - Digital 9 Infrastructure (DGI9) 0:52:52 - Hipgnosis Songs Fund (SONG) 0:56:42 - Bids for Abrdn Property Income (API) 0:59:45 - The Master Investor Show1:00:59 - CloseTrusts mentioned this week (with tickers): BlackRock World Mining (BRWM), Premier Miton Global Renewables (PMGR), Bellevue Healthcare (BBH), Alliance Trust (ATST), F&C Investment Trust (FCIT), Mobius Investment Trust (MMIT), Tetragon Financial (TFG), APAX Global Alpha (APAX), Greencoat Renewables (GRP), RIT Capital (RCP), Asian Energy Impact Trust (AEIT), Hipgnosis Songs Fund (SONG), Digital 9 Infrastructure (DGI9), GCP Asset Backed Income (GABI), Triple Point Energy Transition (TENT), Smithson (SSON), Custodian Property Income REIT (CREI), Abrdn Property Income (API), Urban Logistics (SHED), UK Commercial Property (UKCM), Tritax Big Box (BBOX), Abrdn China (ACIC), Fidelity China Special Situations (FCSS), SDCL Energy Efficiency Income Trust (SDCL), NextEnergy Solar (NESF), Bluefield Solar Income Fund (BSIF).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of CC Japan Income & Growth (CCJI). Future profiles include Majedie Investments (MAJE) and Brown Advisory US Smaller Companies (BASC) Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our more than 200 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's two-hundredth edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Simon Elliott, client director at J.P.Morgan Asset Management and former podcast co-host, and Mark Dampier, former head of research at Hargreaves Lansdown and non-executive director at Invesco Select (IVPU).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:39 - This week's guests01:38 - Review of the week03:23 - Corporate news, announcements, and results05:49 - Money Makers Circle06:36 - Q&A with Simon Elliott and Mark Dampier 07:12 - Recalling the start of the podcast 10:22 - Fighting fires 14:01 - Cyclicality and the target market for investment trusts 16:41 - Investment trust advantages 21:39 - Issued raised by the performance of investment trusts 29:13 - Parallels between 2000 and today 34:26 - Alternatives 37:57 - Presentation of investment trusts in the media 43:03 - Solving the IPO problem 45:36 - The number of trusts 48:49 - Mark's investment trust holdings 49:54 - Master Investor Show50:11 - CloseTrusts mentioned this week (with tickers): Cordiant Digital (CORD), Regional REIT (RGL), J.P.Morgan Global Growth and Income (JGGI), Murray International (MYI), Midwynd (MWY), Smithson (SSON), European Opportunities (EOT), Law Debenture (LWDB), Abrdn UK Smaller Companies (AUSC), Tritax Big Box (BBOX), Greencoat UK WInd (UKW), The Renewables Infrastructure Group (TRIG), Bluefield Solar (BSIF), Aquila European Renewables (AERI), Digital 9 Infrastructure (DGI9), Abrdn Diversified Income and Growth (ADIG), Downing Strategic Micro-Cap (DSM), J.P.Morgan European Discovery (JEDT), Hipgnosis Songs Fund (SONG), Home REIT (HOME), CC Japan (CCJI), Greencoat UK Wind (UKW), Capital Gearing Trust (CGT), Personal Assets Trust (PNL), Ashoka India (AIE), City of London (CTY), Temple Bar (TMPL), Edinburgh Investment Trust (EDIN).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Bankers Investment Trust (BNKR). Future profiles include CC Japan Income & Growth (CCJI) and Majedie Investments (MAJE). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our 200 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Ben Conway, head of fund management at Hawksmoor Investment Management, and Sachin Saggar, analyst at the broking firm, Stifel.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:04:01 - Trust news and summary of results0:05:55 - Money Makers Circle0:06:10 - This week's guests0:06:45 - Next week's podcast and the Annual Master Investor Show0:07:29 - Q&A with Ben Conway 0:07:59 - Acronym alert! 0:08:49 - The situation with the cost disclosure issue 0:18:00 - A concession from the FCA 0:19:35 - Understanding what is going on 0:22:36 - Is the potential cost diclosure resolution factored into prices? 0:24:30 - Time needed for discounts to come in 0:26:20 - Corporate activity and supply and demand 0:31:18 - This year's approach 0:38:19 - Feedback from clients0:40:29 - Q&A with Sachin Saggar 0:40:43 - An overview of alternatives 0:43:17 - Rationalisation 0:44:40 - Calculating value in struggling trusts 0:50:58 - The shipping sector 0:54:03 - Hipgnosis Songs Fund (SONG) 0:56:43 - The renewables and battery storage sectors 1:04:16 - Looking back at the alternative assets "revolution"1:06:49 - CloseTrusts mentioned this week (with tickers): Seraphim Space (SSIT), Abrdn Property Income (API), Urban Logistics (SHED), Custodian Property Income (CREI), Abrdn China (ACIC), Fidelity China Special Situations (FCSS), Gulf Investment Fund (GIF), Herald Investment Trust (HRI), J.P.Morgan Global Growth and Income (JGGI), Capital Gearing Trust (CGT), VH Global Sustainable Energy Opportunities (GSEO), Fidelity Emerging Markets (FEML), Riverstone Energy (RSE), Digital 9 Infrastructure (DGI9), Cordiant Digital Infrastructure (CORD), Tufton Oceanic Assets (SHIP), Taylor Maritime (TMI), Hipgnosis Songs Fund (SONG), Octopus Renewables Infrastructure (ORIT), Aquila European Renewables (AERI).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of MIGO Opportunities (MIGO). Future profiles include the Bankers Investment Trust (BNKR) and CC Japan Income & Growth (CCJI). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 200 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In the second part of the latest edition of the Weekly Investment Trust Podcast (released on Saturday 17 February), Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Laura Foll, co-manager to a number of Henderson trusts.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:29 - Q&A with Laura Foll00:57 - Mergers and acquisitions and the state of the UK equity market04:18 - The need for fundamental reform11:17 - The AIM market14:14 - The IPO drought15:52 - Looking at the portfolios20:11 - Companies to be cheerful about23:52 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of J.P.Morgan Indian (JII). Future profiles include MIGO Opportunities (MIGO) and the Bankers Investment Trust (BNKR). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 200 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Andrew McHattie, editor of the Investment Trust Newsletter. Look out for a bonus podcast early next week where our second guest, Laura Foll, co-manager to a number of Henderson trusts, will appear. Make sure you are subscribed to catch that episode on release.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:39 - Review of the week02:57 - Summary of results04:08 - Corporate news and announcements05:31 - Money Makers Circle05:53 - A bonus podcast next week06:12 - Q&A with Andrew McHattie 06:12 - Characterising the year so far 08:31 - Proposed merger of UKCM and BBOX 13:47 - Fundraising 16:28 - Battery storage trusts 23:40 - Troubled trusts 32:26 - Pershing Square Holdings (PSH) 37:26 - Brunner Investment Trust (BUT)41:54 - CloseTrusts mentioned this week (with tickers): Brunner Investment Trust (BUT), City of London Investment Trust (CTY), Scottish American (SAIN), Polar Capital Global Financials (PCFT), Diverse Income Trust (DIVI), Brown Advisory US Smaller Companies (BASC), Tritax Big Box (BBOX), UK Commercial Property REIT (UKCM), J.P.Morgan Global Growth and Income (JGGI), Bluefield Solar Income Fund (BSIF), Custodian REIT (CREI), Invesco Bond Income Plus (BIPS), Henderson Diversified Income (HDIV), Gresham House Energy Storage (GRID), Harmony Energy Income Trust (HEIT), Gore Street Energy Storage (GSF), Home REIT (HOME), Digital 9 Infrastructure (DGI9), Hipgnosis Songs Fund (SONG), Pershing Square Holdings (PSH), AVI Global (AGT).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of J.P.Morgan Indian (JII). Future profiles include MIGO Opportunities (MIGO) and the Bankers Investment Trust (BNKR). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 200 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Prashant Khemka, advisor to the Ashoka India Equity Investment Trust (AIE), and Dan Higgins, lead manager of Majadie Investments (MAJE).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - This week's guests0:01:10 - Looking ahead to Episode 2000:01:38 - Review of the week0:02:46 - Corporate news and announcements0:04:17 - Money Makers Circle0:04:55 - Q&A with Prashant Khemka 0:05:13 - Background leading up to the launch of the trust 0:06:02 - The investment style 0:09:53 - Reasons to invest in India 0:20:53 - Value in the Indian stock market 0:25:38 - Macro level risks 0:30:53 - The performance of the trust 0:33:17 - Looking ahead 0:35:24 - The launch of the second WhiteOak trust0:37:47 - Q&A with Dan Higgins 0:38:22 - The change of management 0:40:58 - The approach 0:48:27 - The dividend policy 0:49:42 - Fees 0:54:57 - Objectives 0:59:54 - Outside shareholder perceptions 1:04:21 - Volatility 1:06:31 - The position in corporate credit 1:10:15 - The driver of excess returns1:12:50 - CloseTrusts mentioned this week (with tickers): Invesco Select Trust (IVPU), Invesco Bond Income Plus (BIPS), Hipgnosis Songs Fund (SONG), Digital 9 Infrastructure (DGI9), Riverstone Energy (RSE).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Schroder UK Mid Cap (SCP). Future profiles include J.P.Morgan Indian (JII) and MIGO Opportunities (MIGO). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 200 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Matt Hose, alternative assets analyst at Jeffries, and Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:39 - Review of the week04:02 - This week's guests04:47 - Money Makers Circle06:21 - Corporate news and announcements08:05 - Q&A with Matt Hose 08:40 - The current direction and outlook 10:57 - Cost disclosure 11:46 - General infrastructure sector 18:28 - Renewable infrastructure sector 24:04 - Battery storage 26:32 - Listed private equity 30:46 - Growth capital 32:09 - Shipping 33:18 - Hipgnosis Songs Fund (SONG) 35:42 - Summing up36:16 - Q&A with Peter Hewitt 36:32 - The current situation 40:38 - Ratings difference between equities and alternatives 42:13 - Commercial property vs infrastructure and renewables 43:46 - Concerns about dividend cuts 49:29 - Income portfolio yield 52:35 - Hipgnosis Songs Fund (SONG) 55:35 - Scotland in the Rugby57:50 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of Gore Street Energy Storage (GSF). Future profiles include Schroder UK Mid Cap (SCP) and J.P.Morgan Indian (JII). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and all the regular features available in the Circle. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 190 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Duncan MacInnes, manager of the Ruffer Investment Company (RICA), and Richard Staveley, lead manager at Rockwood Strategic (RKW).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:03:08 - This week's guests0:04:07 - Corporate news and announcements0:06:20 - Money Makers Circle0:07:10 - Q&A with Duncan MacInnes 0:07:32 - Evaluating 2023 0:20:00 - The RICA portfolio 0:23:10 - Gold and bitcoin 0:26:58 - Japan and the yen 0:31:21 - China 0:33:22 - Weigting in US equities 0:37:34 - Looking to 20240:38:53 - Q&A with Richard Staveley 0:42:44 - Specific stock risk 0:46:39 - The issue of a lack of liquidity 0:50:50 - Reform of the UK equity market 0:58:03 - Biggest contributors 1:00:44 - Trust growth ambitions 1:05:18 - Risks in a concentrated portfolio1:10:52 - CloseTrusts mentioned this week (with tickers): CC Japan Income and Growth (CCJI), Troy Income and Growth (TIGT), Asian Energy Impact (AEIT), Oakley Capital Investments (OCI), ICG Enterprise Trust (ICGT), 3i Infrastructure (3IN), Taylor Maritime (TMI), J.P.Morgan Multi Asset Growth and Income (MATE), J.P.Morgan Global Growth and Income (JGGI), Hipgnosis Songs Fund (SONG).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of J.P.Morgan Japanese (JFJ). Future profiles include Gore Street Energy Storage (GSF) and Schroder UK Mid Cap (SCP). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and all the regular features available in the Circle. The content of that email is also available for subscribers via the website.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 190 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Marcus Phayre-Mudge, manager of TR Property, and John Singer, chairman of Pantheon International (PIN), in the first part of a longer conversation looking at the issues facing listed private equity trusts.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:02:53 - Summary of results0:04:25 - Money Makers Circle0:05:11 - This week's guests0:06:09 - Q&A with Marcus Phayre-Mudge 0:06:24 - Proposed merger between CREI and API 0:15:51 - The proposed LXi and LondonMetric deal 0:18:38 - Thoughts on the property sector 0:23:31 - TR Property 0:27:22 - Cost disclosure 0:29:27 - Close0:29:44 - Q&A with John Singer (Part 1) 0:29:59 - Private equity experience 0:32:48 - Investment trusts and history 0:37:44 - The issue of discounts 0:43:39 - Perceptions of private equity 0:47:08 - Accuracy of net asset values 0:58:26 - Variations in different listed private equity vehicles1:03:38 - CloseTrusts mentioned this week (with tickers): Tufton Oceanic Assets (SHIP), Custodian Property Income REIT (CREI), Abrdn Property Income (API), Bankers Trust (BNKR), Edinburgh Worldwide (EWI), Home REIT (HOME), TR Property (TRY), LondonMetric (LMP), LXi REIT (LXI), UK Commercial Property (UKCM), Literacy Capital (BOOK), HgCapital (HGT).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of the Sequoia Economic Infrastructure Income (SEQI). Future profiles include J.P.Morgan Japanese (JFJ) and Gore Street Energy Storage (GSF). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and all the regular features available in the Circle. Please note that the content of the email is also available if you are a subscriber and log in to the website. Some subscribers are temporarily not receiving the email, but this should be fixed shortly.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 190 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Alastair Laing, CEO of CG Asset Management, and Ken Wotton, manager of Strategic Equity Capital (SEC).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:02:48 - Cost disclosure rules0:04:00 - This week's guest0:04:40 - Summary of results0:05:49 - Money Makers Circle0:06:28 - Q&A with Alastair Laing 0:06:37 - Characterising 2023 0:15:21 - Looking ahead and the impact of elections 0:19:46 - Portfolio changes 0:30:11 - General infrastructure sector 0:33:52 - Property sector 0:37:21 - Private equity sector 0:39:59 - Opportunities in 20240:41:46 - Q&A with Ken Wotton 0:42:11 - An overview of the strategy 0:50:45 - Differences to other similar trusts 0:55:26 - Ambitions for the trust 1:04:05 - Looking forward1:05:55 - CloseTrusts mentioned this week (with tickers): Seraphim Space Investment Trust (SSIT), Hydrogenone (HGEN), Biopharma Credit (BPCR), Geiger Counter (GCL), Digital 9 Infrastructure (DGI9), Henderson Diversified Income (HDIV), Pershing Square Holdings (PSH), Rockwood Strategic (RKW), Ashoka India Equity Investments (AIE), Abrdn New India (ANII), Invesco Select (IVPU), Abrdn Diversified Income and Growth (ADIG), Atrato Onsite Energy (ROOF), LXi REIT (LXI), LondonMetric (LMP), Gore Street Energy Storage (GSF), HOME REIT (HOME), Caledonia Investments (CLDN), Alliance Trust (ATST), Hipgnosis Songs Fund (SONG), BBGI Global Infrastructure (BBGI), 3i Infrastructure (3IN), International Public Partnerships (INPP), HICL Infrastructure (HICL), Greencoat UK Wind (UKW), Tritax Big Box (BBOX), PRS REIT (PRSR), Literacy Capital (BOOK), Oakley Capital (OCI), HgCapital Trust (HGT), Odyssean Investment Trust (OIT).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle features a profile of the Witan Investment Trust (WTAN). Future profiles include Sequoia Economic Infrastructure Income (SEQI) and J.P.Morgan Japanese (JFJ). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and all the regular features available in the Circle.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 190 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's shorter than normal edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Tom Stevenson, investment director at Fidelity International, and looks ahead to some key events in 2024.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:55 - This week's guest01:15 - Looking ahead to 202403:47 - Review of the week05:24 - Corporate news and announcements05:37 - Money Makers Circle06:25 - Q&A with Tom Stevenson 07:01 - Looking back at 2023 08:46 - Expectations for 2024 14:49 - The best way to manage money 18:11 - Opportunities to add value 21:40 - Investment trusts in general 23:44 - Cost disclosure and consumer duty 25:59 - The investment trust rally 29:35 - Personal highlights in writing about investment trusts33:23 - CloseTrusts mentioned this week (with tickers): Biopharma Credit (BPCR), Hipgnosis Songs Fund (SONG), Seraphim Space Investment Trust (SSIT), Digital 9 Infrastructure (DGI9), Chrysalis (CHRY), Scottish Mortgage (SMT), Polar Capital Technology Trust (PCT), Allianz Technology Trust (ATT), Smithson (SSON), Edinburgh Worldwide (EWI), RIT Capital Partners (RCP), RTW Biotech Opportunities (RTW), Schroder Oriental Income Fund (SOI), Balanced Commercial Property Trust (BCPT), International Public Partnerships (INPP), Schroder Japan (SJG).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the usual features, the Circle will feature Schroder Asian Total Return (ATR). Future profiles include the Witan Investment Trust (WTAN) and Sequoia Economic Infrastructure Income (SEQI). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and the regular features available in the Circle.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 190 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Richard Stone, chief executive of The Association of Investment Companies (The AIC).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:49 - Looking back at 202306:22 - This week's guest08:03 - Corporate news, announcements, and results08:49 - Money Makers Circle09:14 - Q&A with Richard Stone 09:55 - The experience of heading the AIC in recent years 11:05 - Key member concerns 14:11 - Cost disclosure 25:47 - Consumer duty 31:59 - Quilter Cheviot shareholder engagement report 34:17 - Corporate governance 39:41 - Liquidity in investment trust shares 41:15 - ESG factors and disclosures 43:27 - Challenges and risks looking ahead46:54 - Looking ahead and a Happy New Year47:49 - CloseTrusts mentioned this week (with tickers): ThomasLloyd Energy Impact (TLEI), Home REIT (HOME), Digital 9 Infrastructure (DGI9), Chenavari Toro Income Fund (TORO), Geiger Counter (GCL), Biopharma Credit (BPCR), Downing Strategic Micro-Cap (DSM), HgCapital (HGT), Scottish Mortgage (SMT).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.There is no profile this week, but next week the Circle will feature Schroder Asian Total Return (ATR). Future profiles include the Witan Investment Trust (WTAN). Remember to look out for the latest edition of our new weekly email which summarises Jonathan's latest thoughts and the regular features available in the Circle.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 190 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Andrew McHattie, editor of the Investment Trust Newsletter, and Tom Poynton, a director at Baron & Grant.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:39 - Review of the week01:38 - This week's guest01:51 - Next week's podcast03:26 - Money Makers Circle04:10 - Q&A with Andrew McHattie and Tom Poynton 04:53 - The markets overall 08:55 - Positioning for lower interest rates in 2024 13:43 - Activist investors 16:36 - Renewable infrastructure trusts 26:28 - Hipgnosis Songs Fund 33:18 - Home REIT (HOME) 38:24 - Commercial property 44:17 - Looking back at the year53:35 - Thank you and Merry Christmas54:02 - CloseTrusts mentioned this week (with tickers): Pershing Square Holdings (PSH), Brunner Investment Trust (BUT), Tritax Big Box (BBOX), Bluefield Solar Income (BSIF), Octopus Renewables Infrastructure (ORIT), Hipgnosis Songs Fund (SONG), Home REIT (HOME), Digital 9 Infrastructure (DGI9), European Opportunities Trust (EOT), Aquila European Renewables (AERS), Greencoat UK Wind (UKW), Foresight Solar Fund (FSFL), LXi REIT (LXI), LondonMetric (LMP), TR Property (TRY), MIGO Opportunities Trust (MIGO), Majedie Investments (MAJE), Polar Capital Global Healthcare (PCGH), 3i Group (III), Pantheon International (PIN), Allianz Technology (ATT), Polar Capital Technology (PCT), Manchester and London (MNL), HgCapital Trust (HGT), Oakley Capital (OCI), Ashoka India Equity Investment Trust (AIE).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of J.P.Morgan UK Smaller Companies (JMI). Future profiles coming soon include Schroder Asian Total Return (ATR) and the Witan Investment Trust (WTAN). Remember to look out for the latest edition of our new weekly email which summarises Jonathan's latest thoughts and the regular features available in the Circle.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our 190 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Anthony Leatham, head of investment trust research at Peel Hunt, and Will Fraser-Allen, managing partner of Albion Capital and chairman of the Venture Capital Association.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:03:00 - This week's guests0:03:40 - Money Makers Circle0:04:11 - Corporate news and announcements0:06:47 - Summary of results0:09:13 - The Investment Trusts Handbook 20240:11:10 - Q&A with Anthony Leatham 0:11:44 - Looking at the week 0:16:41 - The cost disclosure issue 0:22:58 - Share buy backs 0:29:14 - Battery storage trusts 0:32:14 - Digital infrastructure 0:35:49 - Consolidation0:39:23 - Q&A with Will Fraser-Allen 0:40:05 - A look at what VCTs do 0:43:36 - Regulations around VCTs 0:46:30 - The outlook for VCT fundraising 0:48:33 - Characterising performance 0:54:06 - How to approach VCT investments 0:57:03 - Distinguishing between trusts 0:59:30 - The impact of the consumer duty and fees 1:03:56 - Current worries 1:04:58 - Best case outcomes1:08:55 - CloseTrusts mentioned this week (with tickers): Abrdn Diversified Income and Growth (ADIG), Triple Point Energy Transition (TENT), GCP Asset Backed Income (GABI), Invesco Select (IVPU), J.P.Morgan China Growth and Income (JCGI), Henderson European Focus (HEFT), J.P.Morgan Indian (JII), Schroder UK Mid Cap (SCP), Polar Capital Global Healthcare (PCGH), J.P.Morgan Asian Growth and Income (JAGI), GCP Infrastructure (GCP), Polar Capital Technology (PCT), Montanaro European Smaller Companies (MTE), Taylor Maritime (TMI), J.P.Morgan European Discovery (JEDT), STS Global Income and Growth (STS), Miton UK Micro Cap (MINI), Ashoka WhiteOak Emerging Markets (AWEM), Gore Street Energy Storage (GSF), Global Smaller Companies Trust (GSCT), Worldwide Healthcare (WWH), Schiehallion (MNTN), Chrysalis (CHRY), Gresham House Energy Storage (GRID), Digital 9 Infrastructure (DGI9), European Opportunities Trust (EOT), Albion VCT (AAVC), Albion Development VCT (AADV), Albion Enterprise VCT (AAEV), Albion Technology and General VCT (AATG).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of VinaCapital Vietnam Opportunity (VOF). Future profiles coming soon include J.P.Morgan UK Smaller Companies (JMI) and Schroder Asian Total Return (ATR). Also, remember to look out for the second of our new weekly emails summarising Jonathan's latest thoughts alongside all of the regular features available in the Circle.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 190 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to James Carthew, director of QuotedData, and Baroness Ros Altmann CBE about her recent Private Members Bill to address the cost disclosure issue in investment trusts.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:39 - This week's guests01:21 - Money Makers Circle02:10 - Review of the week04:56 - Summary of results06:08 - The Investment Trusts Handbook 202407:30 - Q&A with James Carthew 07:39 - Market developments 10:36 - Discussing individual trusts 27:40 - Selected results this week 32:49 - Prospects for a continuing Santa Rally35:08 - Q&A with Baroness Altmann CBE 35:27 - The Private Members' Bill 39:32 - What happens next? 45:27 - Timescale for a resolution 47:53 - Views of the AIC 50:23 - Transparency and accuracy in disclosure 57:40 - Impact of cost disclosure on derating59:45 - CloseTrusts mentioned this week (with tickers): J.P.Morgan Japanese (JFJ), Personal Assets Trust (PNL), Monks Investment Trust (MNKS), Templeton Emerging Markets (TEM), Biopharma Credit (BPCR), VinaCapital Vietnam Opportunity Fund (VOF), Picton Property Income (PCTN), European Opportunities Trust (EOT), Residential Secure Income (RESI), Ecofin US Renewables (RNEW), Barings Emerging EMEA Opportunities (BEMO), Finsbury Growth and Income (FGT), Lindsell Train Investment Trust (LTI), BlackRock Frontiers Investment Trust (BRFI), Tritax Eurobox (EBOX), Lowland (LWI), Chrysalis (CHRY).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of BlackRock Greater Europe (BRGE). Future profiles coming soon include VinaCapital Vietnam Opportunity (VOF) and J.P.Morgan UK Smaller Companies (JMI).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 190 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Andrew McHattie, editor of the Investment Trusts Newsletter and Charles Luke, manager of the Murray Income Trust (MUT).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:01:02 - Money Makers Circle0:01:35 - Investment Trusts Handbook 20240:02:41 - This week's guests0:03:50 - Review of the week0:06:03 - Q&A with Andrew McHattie 0:06:27 - The sector and the markets overall 0:12:12 - Proposed mergers 0:19:27 - Other trusts in the news 0:35:38 - Continuation votes 0:44:43 - The continuing theme of continuation votes, mergers, etc.0:47:15 - Q&A with Charles Luke 0:47:56 - The UK equity market 0:50:01 - The catalyst for change in the UK market 0:51:51 - How Murray Income differs from others in the sector 0:54:50 - The impact of ESG on performance 0:57:42 - The portfolio 1:01:12 - Dividends and income 1:05:18 - The discount and gearing 1:07:33 - Consolidation opportunities 1:08:43 - Why invest in Murray Income?1:10:59 - CloseTrusts mentioned this week (with tickers): Worldwide Healthcare (WWH), TR Property (TRY), Abrdn New India (ANII), HICL Infrastructure (HICL), STS Global Income and Growth (STS), Troy Income and Growth (TIGT), Fidelity China Special Situations (FCSS), Abrdn China Investment Company (ACIC), Asian Energy Impact (AEIT), Home REIT (HOME), Digital 9 Infrastructure (DGI9), Chrysalis (CHRY), Schiehallion Fund (MNTN), Augmentum Fintech (AUGM), Manchester and London (MNL), Keystone Positive Change (KPC), Abrdn European Logistics Income (ASLI), Tritax EuroBox (EBOX), Vietnam Holding (VNH), JLEN Environmental Assets (JLEN), Oakley Capital (OCI), Bluefield Solar Income Fund (BSIF).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of International Biotechnology Trust (IBT). Future profiles coming soon include BlackRock Greater Europe (BRGE) and VinaCapital Vietnam Opportunity (VOF).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 190 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Emma Bird, head of research at Winterflood Securities, John Evans, chairman at J.P.Morgan Mid-Cap (JMF), and Andrew Impey, chairman at J.P.Morgan UK Smaller Companies (JMI).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - Review of the week0:03:36 - This week's guests0:04:26 - Money Makers Circle0:05:13 - Corporate news and announcements0:11:35 - Summary of results0:16:14 - Q&A with Emma Bird 0:16:32 - A turning point in the investment trust cycle? 0:22:01 - The Autumn Statement 0:23:02 - Interesting trusts 0:26:51 - The property sector 0:32:43 - Trusts' performance 0:38:26 - The sector as a whole and yields0:40:53 - Q&A with John Evans and Andrew Impey. 0:41:54 - Origins of the merger proposal 0:46:28 - Why have the small cap trust as the continuing vehicle 0:49:56 - The look of the combined trust 0:52:51 - Differentiation 0:53:51 - Cash exit offer 0:57:51 - Enhanced income approach 1:03:13 - Managerial decisions 1:05:13 - The health of the sector1:11:18 - CloseTrusts mentioned this week (with tickers): Seraphim Space Investment Trust (SSIT), Literacy Capital (BOOK), JPMorgan UK Smaller Companies (JMI), JPMorgan Mid-Cap (JMF), BBGI Global Infrastructure (BBGI), Picton Property Income (PCTN), UK Commercial Property (UKCM), Hipgnosis Songs Fund (SONG), Gresham House Energy Storage (GRID), Biopharma Credit (BPCR), Caledonian (CLDN), Edinburgh Investment Trust (EDIN), HICL Infrastructure (HICL), Next Energy Solar Fund (NESF), Pantheon International (PIN), TwentyFour Select Monthly Income (SMIF), Sequoia Economic Infrastructure (SEQI), CT Private Equity (CTPE), TR Property (TRY), Tritax Big Box (BBOX), LXi REIT (LXI), Supermarket Income REIT (SUPR), Regional REIT (RGL), Value and Indexed Property Income (VIP), Triple Point Social Housing (SOHO), Home REIT (HOME).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of Fidelity Asian Values (FAS). Future profiles coming soon include International Biotechnology Trust (IBT) and BlackRock Greater Europe (BRGE).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 180 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Ewan Lovett-Turner, head of research at Deutsche Numis (formerly Numis Securities).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:39 - This week's guest01:38 - Money Makers Circle03:13 - Review of the week04:56 - Corporate news and announcements10:18 - Summary of results12:26 - Q&A with Ewan Lovett-Turner 14:16 - Are buyers returning to the market? 15:44 - The economic and sector outlook 17:18 - Cost disclosure 23:43 - The alternatives sector 29:01 - Consolidation 33:13 - Continuation votes 35:51 - Capital Gearing Trust (CGT) 38:25 - Hedge Funds40:50 - CloseTrusts mentioned this week (with tickers): Baillie Gifford Japan (BGFD), BH Macro (BHMG), JPMorgan UK Smaller Companies (JMI), JPMorgan Mid Cap (JMF), European Opportunities Trust (EOT), BlackRock Smaller Companies (BRSC), Henderson Opportunities Trust (HOT), JPMorgan European Discovery (JEDT), Picton Property Income (PCTN), UK Commercial Property (UKCM), Baillie Gifford European Growth (BGEU), Syncona (SYNC), Hansa Trust (HAN), Value and Indexed Property Income (VIP), Warehouse REIT (WHR), Capital Gearing Trust (CGT), Bluefield Solar Income (BSIF), Foresight Solar Fund (FSFL), Henderson Smaller Companies (HSL), Scottish Mortgage (SMT), Edinburgh Worldwide (EWI), Baillie Gifford US Growth (USA), Greencoat UK Wind (UKW), Pershing Square Holdings (PSH), Third Point Investors (TPOU).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of the Nippon Active Value Fund (NAVF) . Future profiles coming soon include Fidelity Asian Values (FAS) and International Biotechnology Trust (IBT).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 180 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Ben Guest, manager of Gresham House Energy Storage (GRID), and Guy Anderson, manager of the Mercantile Investment Trust (MRC).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - This week's guests0:02:11 - Review of the week0:04:53 - Corporate news and announcements0:12:03 - Summary of results0:17:23 - Money Makers Circle0:17:50 - Q&A with Ben Guest 0:18:00 - Reasons behind share price declines 0:19:23 - Battery energy storage 0:23:18 - Setting prices 0:28:09 - The outlook for power prices and volatility 0:30:05 - The dividend 0:35:09 - The discount rate 0:36:50 - International diversification 0:43:32 - Changes from the original prospectus0:45:17 - Q&A with Guy Anderson 0:45:29 - Improvements in the UK market 0:48:56 - Political risk 0:54:22 - How the trust fits into the wider landscape 0:58:42 - The investment style 1:02:52 - Changes to the portfolio 1:10:30 - Gearing 1:12:08 - The dividend 1:13:36 - The discount1:14:49 - CloseTrusts mentioned this week (with tickers): Gresham House Energy Storage Trust (GRID), Gore Street Energy Storage (GSF), Harmony Energy Impact Trust (HEIT), Mercantile Investment Trust (MRC), Digital 9 Infrastructure (DGI9), Chrysalis (CHRY), Schiehallion (MNTN), UK Commercial Property Trust (UKCM), Picton Property Income (PCTN), Home REIT (HOME), Hipgnosis Songs Fund (SONG), Round Hill Music Royalty (RHM), European Opportunities Trust (EOT), Downing Strategic Micro-Cap (DSM), Abrdn New Dawn (ABD), Asia Dragon Trust (DGN), RIT Capital Partners (RCP), Abrdn Equity Income (AEI), Henderson Opportunities Trust (HOT), Fidelity Special Values (FSV), AVI Global (AGT), Schroder Oriental Income (SOI), Scottish Oriental Smaller Companies (SST), BlackRock Greater Europe (BRGE), International Biotechnology Trust (IBT), Scottish Mortgage (SMT), 3i Group (III), 3i Infrastructure (3IN), Biotech Growth Trust (BIOG), HgCapital Trust (HGT), Regional REIT (RGL), HICL Infrastructure Trust (HICL), Octopus Renewables Infrastructure (ORIT), Riverstone Energy (RSE), Schroders Capital Global Innovation (INOV), Foresight Sustainable Forestry (FSF).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of the Balanced Commercial Property Trust (BCPT). Future profiles coming soon include Nippon Active Value Fund (NAVF) and Fidelity Asian Values (FAS).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 180 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Nick Greenwood, manager of the MIGO Opportunities Trust (MIGO).We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:39 - Review of the week04:53 - This week's guest05:44 - Corporate news and announcements16:51 - Summary of results19:44 - Money Makers Circle21:02 - Q&A with Nick Greenwood 21:09 - The most recent developments in the markets 22:25 - The alternatives sector 29:13 - The property sector 30:34 - Private equity 34:31 - Early stage high risk investment trusts 38:18 - Looking at successes 44:23 - Future direction of MIGO47:17 - CloseTrusts mentioned this week (with tickers): Urban Logistics REIT (SHED), Chrysalis (CHRY), Target Healthcare REIT (THRL), Digital 9 Infrastructure (DGI9), Tritax Big Box (BBOX), TR Property (TRY), Seraphim Space Investment Trust (SSIT), RTW Biotech Opportunities (RTW), Rockwood Strategic (RKW), Taylor Maritime (TMIP), Hydrogenone (HGEN), Hipgnosis Songs Fund (SONG), MIGO Opportunities Trust (MIGO), ThomasLloyd Energy Impact (TLEI) / Asian Energy Impact Trust (AEIP/AEIT), Troy Income and Growth (TIGT), Biopharma Credit (BPCR/BPCP), US Solar Fund (USF), Round Hill Music Royalty Fund (RHM), RM Infrastructure Income (RMII), Capital Gearing Trust (CGT), Baillie Gifford Japan (BGFD), Asia Dragon (ADN), Henderson International Income (HINT), Schroder BSC British Opportunities Trust (SBSI), Aquila European Renewables (AERS), Ecofin US Renewables Infrastructure (RNEW), Home REIT (HOME), Phoenix Spree Deutschland (PSDL), Pantheon International (PIN), NB Private Equity (NBPE), Oakley Capital Investments (OCI), Biotech Growth Trust (BIOG), International Biotechnology Trust (IBT), Geiger Counter (GCL), Yellow Cake (YCA), VinaCapital Vietnam Opportunity Fund (VOF), Vietnam Enterprise Investments (VEIL), Ashoka India Equity (AIE), India Capital Growth (IGC).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of Brunner Investment Trust (BUT). Future profiles coming soon include Balanced Commercial Property Trust (BCPT) and Nippon Active Value Fund (NAVF).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 180 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's extended edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Andrew McHattie, editor of the Investment Trusts Newsletter. You can also hear the final five short interviews from this year's AIC Investment Trust Showcase event. The first four of this series of nine interviews were featured in last week's podcast and the bonus edition released last Tuesday.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:39 - This week's guests0:01:53 - Review of the week0:04:18 - Summary of results0:06:56 - Money Makers Circle0:07:26 - Q&A with Andrew McHattie 0:07:31 - Looking at the markets 0:12:13 - Hipgnosis Songs Fund (SONG) 0:19:09 - European Opportunities Trust (EOT) 0:25:50 - Digital 9 Infrastructure (DGI9) 0:31:28 - Greencoat UK Wind (UKW) 0:37:31 - Abrdn Diversified Income and Growth (ADIG) 0:41:57 - Pershing Square Holdings (PSH) 0:45:00 - Private equity 0:49:17 - Upcoming continuation votes and redemption offers0:53:38 - AIC Investment Trust Showcase Interviews 0:53:55 - Nicholas Weindling (JP Morgan Japanese; JFJ) 0:58:05 - James de Uphaugh (Edinburgh Investment Trust; EDIN) 1:04:55 - Carlos Hardenberg (Mobius Investment Trust; MMIT) 1:13:53 - Gervais Williams (Diversified Income Trust; DIVI) 1:20:18 - Laura Elkin (AEW UK REIT; AEWU)1:26:30 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of Pacific Assets Trust (PAC). Future profiles coming soon includeBrunner Investment Trust (BUT) and Balanced Commercial Property Trust (BCPT).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 180 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this bonus edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Rhys Davis (Invesco Bond Income Plus; BIPS), Phil Kent (GCP Infrastructure; GCP), and Simon Gergel (Merchants Trust; MRCH), all of who were at the recent AIC Investment Trusts Showcase event in London. A further series of conversations will feature as part of the next regular edition of the podcast, due for release on Saturday 28 October.We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:39 - Introducing three guests02:07 - Rhys Davies (Invesco Bond Income Plus Trust; BIPS)07:49 - Phil Kent (GCP Infrastructure; GCP)14:16 - Simon Gergel (Merchants Trust; MRCH)20:04 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of City of London (CTY). Future profiles coming soon include Pacific Assets Trust (PAC) and Brunner Investment Trust (BUT).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 180 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Gaurav Narain, investment advisor at India Capital Growth Trust (IGC) and John Baron, columnist for the Investors' Chronicle.Jonathan attended this year's AIC Investment Trust Showcase and had the opportunity to speak to a number of fund managers. A bonus podcast will be released next week featuring a number of these short chats. Make sure you're subscribed to be alerted when that is released!We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:44 - Review of the week02:41 - This week's guest03:51 - News and announcements17:45 - Summary of results18:52 - Money Makers Circle19:36 - A nice story20:48 - Q&A with Gaurav Narain 21:28 - The macro picture for India 28:46 - The trust's strategy and portfolio 34:58 - The outlook for the trust40:12 - Q&A with John Baron 41:02 - Advice to private investors in down cycles 43:53 - Will the alternative assets sector shrink? 48:04 - The basis for trust fees 49:26 - The experience of directors49:55 - CloseTrusts mentioned this week (with tickers): India Capital Growth (IGC), Hipgnosis Songs Fund (SONG), Round Hill Music Royalty Fund (RHM), Abrdn Asia Focus (AAS), MIGO Opportunities (MIGO), Pantheon International (PIN), Digital 9 Infrastructure (DGI9), RM Infrastructure Income (RMII), Harmony Energy Income (HEIT), Gore Street Energy Storage (GSF), Gresham House Energy Storage (GRID), Abrdn Private Equity Opportunities Trust (APEO), Phoenix Spree Deutschland (PSDL), Vietnam Holdings (VNH), Mercantile (MERC), AEW UK REIT (AEWU), Seraphim Space (SSIT), Tufton Oceanic Assets (SHIP), HICL Infrastructure (HICL), JLEN Environmental Assets Group (JLEN), Triple Point Energy Transition (TENT), GCP Asset Backed Income (GABI), Abrdn Diversified Income and Growth (ADIG).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of City of London (CTY). Future profiles coming soon include Pacific Assets Trust (PAC) and Brunner Investment Trust (BUT).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 180 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to James Cook, fund manager at J.P. Morgan Global Growth and Income (JGGI) and Chris Clothier, co-CIO at CG Asset Management and a manager at Capital Gearing Trust (CGT). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:44 - Review of the week0:03:57 - Money Makers Circle0:04:29 - This week's guests0:04:57 - Corporate news and announcements0:10:17 - Summary of results0:16:01 - Q&A with James Cook 0:17:38 - Sustaining outperformance 0:20:55 - Enhanced income approach 0:22:29 - The outlook for the global economy 0:27:22 - The valuation spread 0:29:29 - The US 'Super Seven' 0:33:01 - The UK market 0:35:39 - The outlook from here0:37:41 - Q&A with Chris Clothier 0:37:50 - The bond market 0:40:44 - Holding US and UK index linked bonds 0:43:21 - Risk assets 0:44:34 - The impact of elections 0:45:46 - Opportunities in the alternatives sector 0:47:25 - Has derating run its course? 0:52:51 - Commercial property sector 0:54:06 - Cost disclosure 0:57:32 - What happens from here1:01:06 - CloseTrusts mentioned this week (with tickers): 3i Group (III), International Public Partnerships (INPP), HICL Infrastructure (HICL), PRS REIT (PRSR), Odyssean Investment Trust (OIT), Triple Point Social Housing (SOHO), Syncona (SYNC), RTW Venture Fund (RTW), Digital 9 Infrastructure (DGI9), Gresham House Energy Storage (GRID), Nippon Active Value Fund (NAVF), Abrdn Japan (AJIT), Atlantis Japan Growth (AJG), European Opportunities Trust (EOT), Chrysalis (CHRY), ThomasLloyd Energy Impact (TLEI), European Smaller Companies (ESCT), Fidelity Emerging Markets (FEML), Target Healthcare REIT (THRL), Ashoka India Equity (AIE), JPMorgan Smaller Companies Trust (JMI), Pacific Assets Trust (PAC), Invesco Perpetual UK Smaller Companies (IPU), JPMorgan Multi-Asset Growth and Income (MATE), Fidelity Asian Values (FAS), Gore Street Energy Storage (GSF), LXi REIT (LXI), Greencoat UK Wind (UKW), The Renewables Infrastructure Group (TRIG), Warehouse REIT (WHR), Pantheon International (PIN), Worldwide Healthcare (WWH), Pershing Square Holdings (PSH), Smithson Investment Trust (SSON), Personal Assets Trust (PNL), Capital Gearing Trust (CGT), RIT Capital Partners (RCP), Grainger REIT (GRI), Empiric Student Property (ESP), Unite Group (UTG).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of International Public Partnerships (INPP). Future profiles coming soon include City of London (CTY) and Pacific Assets Trust (PAC).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our 180 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG), and Matt Hose, alternative assets analyst at Jeffries. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:44 - Review of the week0:04:39 - This week's guest0:05:09 - Money Makers Circle0:05:43 - Corporate news and announcements0:10:13 - Summary of results0:16:23 - Q&A with Peter Hewitt 0:16:50 - General developments in the markets 0:20:07 - Is the bond market normally right? 0:23:25 - The portfolio and its themes 0:39:49 - The income class 0:40:37 - Consolidation 0:41:49 - Scotland in the Rugby World Cup0:39:01 - Q&A with Matt Hose 0:39:09 - Bond market fallout 0:43:52 - Private equity sector 0:48:03 - Infrastructure trusts 0:50:09 - Renewables trusts 0:53:16 - Hipgnosis Songs Fund (SONG) 0:57:33 - Looking ahead1:00:20 - CloseTrusts mentioned this week (with tickers): Henderson High Income (HHI), Henderson Diversified Income (HDIV), Pershing Square Holdings (PSH), Rockwood Strategic (RKW), Miton UK MicroCap (MINI), ICG Longbow (LBOW), Edinburgh Investment Trust (EDIN), Octopus Renewables Infrastructure Trust (ORIT), Aquila European Renewables (AERS), Foresight Solar Fund (FSFL), Downing Renewables and Infrastructure (DORE), Ruffer Investment Company (RICA), Pacific Horizon (PHI), Caledonian (CLDN), ICG Enterprise (ICGT), North American Income Trust (NAIT), Baillie Gifford China Growth (BGCG), Pantheon International (PIN), Oakley Capital Investments (OCI), HgCapital Trust (HGT), NB Private Equity (NBPE), Apax Global Alpha (APAX), Polar Capital Technology (PCT), Allianz Technology Trust (ATT), Supermarket Income REIT (SUPR), Assura (AGR), Civitas Social Housing (CSH), Urban Logistics REIT (SHED), Mid Wynd International (MWY), Greencoat UK Wind (UKW), 3i Group (III), Literacy Capital (BOOK), BBGI Global Infrastructure (BBGI), International Public Partnerships (INPP), HICL Infrastructure (HICL), The Renewables Infrastructure Group (TRIG), Hipgnosis Songs Fund (SONG).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of Templeton Emerging Markets (TEM). Future profiles coming soon include International Public Partnerships (INPP) and City of London (CTY).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 180 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Joe Bauernfreund, manager of the AVI Global Trust (AGT), and Evy Hambro, manager of the BlackRock World Mining Trust (BRWM). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:44 - This week's guests01:34 - Review of the week03:27 - Money Makers Circle04:03 - Corporate news and announcements12:28 - Summary of results21:20 - Q&A with Joe Bauernfreund 21:20 - Adding to holdings in the UK investment trust sector 26:03 - Enforced cost disclosures 26:47 - Reducing holdings in PSH and TPOU 30:17 - Increasing exposure to the investment trust universe 31:38 - AVI Global Trust (AGT) and discounts34:54 - Q&A with Evy Hambro 34:54 - The commodities sector this year 38:42 - Industry changes over thirty years 40:45 - Valuations over the last year 44:02 - Incentives on commodity producers for good ESG 46:53 - Portfolio changes 49:47 - The dividend policy 51:18 - Gearing 52:52 - Looking forward54:43 - CloseTrusts mentioned this week (with tickers): Digital 9 Infrastructure (DGI9), Downing Renewables and Infrastructure (DORE), Home REIT (HOME), ThomasLloyd Energy Impact (TLEI), Hipgnosis Songs Fund (SONG), HgCapital Trust (HGT), HICL Infrastructure Trust (HICL), Pantheon International (PIN), Gulf Investment Fund (GIF), JPMorgan Global Growth and Income (JGGI), Strategic Equity Capital (SEC), Schroder Japan Trust (SJG), Manchester and London (MNL), JPMorgan Emerging Markets (JMG), European Opportunities Trust (EOT), Tufton Oceanic Assets (SHIP), Henderson EuroTrust (HNE), Fair Oaks Income (FAIR), Martin Currie Global Portfolio (MNP), Blackstone Loan Financing (BGLF), Biopharma Credit (BPCR), Third Point Investors (TPOU), Merchants Trust (MRCH), Phoenix Spree Deutschland (PSDL), Baillie Gifford Shin Nippon (BGS), Schroders Capital Growth Innovation Trust (INOV), Bluefield Solar Income Fund (BSIF), US Solar Fund (USF), Gresham House Energy Storage (GRID), Aquila Energy Efficiency Trust (AEET), NB Private Equity (NBPE), Pantheon Infrastructure (PINT), GCP Asset Backed Income (GABI), UK Commercial Property Trust (UKCM), Abrdn Property Income (API), Princess Private Equity (PEY), Oakley Capital Investments (OCI), Pershing Square Holdings (PSH), AVI Global Trust (AGT).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of BlackRock World Mining Trust (BRWM). Next week's profile will feature Templeton Emerging Markets (TEM).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 180 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, is away in Europe. So, Stuart Watson is stepping in to provide a summary of the week's news and results. Jonathan did get a chance over the last week however, to speak to Colette Ord, infrastructure analysis at Numis Securities, and to conclude his conversation with Ben Conway, head of fund management at Hawksmoor Investment Management. That conversation follows on from their discussion a couple of weeks ago. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:0:00:44 - This week's guests0:01:39 - Review of the week0:02:38 - Corporate news and announcements0:04:35 - Summary of results0:13:04 - Money Makers Circle0:13:25 - Q&A with Colette Ord 0:13:32 - Stabilisation of interest rates and the effect on derating 0:17:53 - Will a revival reward some trusts more than others? 0:21:54 - The lack of new competition 0:23:41 - Differences in discounts 0:25:55 - The renewables sector 0:28:50 - Energy storage trusts 0:31:24 - Digital infrastructure 0:33:19 - Diversified portfolios 0:34:26 - Sector rationalisation0:35:46 - Q&A with Ben Conway 0:35:51 - Issues with investment trusts 0:39:01 - Are discounts a cyclical phenomenon? 0:41:58 - Alignment of incentives 0:44:50 - Manager disclosures of investments 0:46:59 - Share buybacks and other options 0:55:30 - Should investment trusts use gearing? 0:59:55 - The supply of investment trusts 1:08:42 - Competition to the investment trusts sector1:11:19 - CloseIf you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of the Global Smaller Companies Trust (GSCT), and the latest Editor's Notebook looking at discount opportunities.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 180 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Tom Poynton, executive director at Baron & Grant, and Dale Nicholls, manager at Fidelity China Special Situations (FCSS). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:00:44 - Review of the week02:45 - This week's guests03:25 - Corporate news and announcements07:57 - Money Makers Circle08:31 - Summary of results13:28 - Q&A with Tom Poynton 13:38 - Hipgnosis Songs Fund (SONG) 19:46 - Private equity announcements 25:15 - Early stage venture capital trusts 30:00 - The renewables sector 33:39 - Outlook for discounts 36:04 - Cricket!40:35 - Q&A with Dale Nicholls 40:50 - Disappointment for Chinese investment returns 42:03 - The property crisis 43:59 - Lessons from regulatory interventions 45:12 - The impact of geopolitical tensions on investment flows 46:47 - The attractiveness of valuations 49:36 - AI and the portfolio direction 51:20 - China's position within a portfolio 52:37 - Gearing level and policy 53:56 - Highlights and disappointments as trust manager 54:58 - The Long-term China story56:13 - CloseTrusts mentioned this week (with tickers): Hipgnosis Songs Fund (SONG), Round Hill Music Royalty Fund (RHM), Ediston Property Investment Company (EPIC), TR Property Investment Trust (TRY), ThomasLloyd Energy Impact (TLEI), CQS New City High Yield (NCYF), BH Macro (BHMG), Vietnam Enterprise Investments (VEIL), North Atlantic Smaller Companies (NAS), Balanced Commercial Property Trust (BCPT), Schroder Asian Total Return (ATR), Foresight Solar Fund (FSFL), Oakley Capital Investments (OCI), Literacy Capital (BOOK), Seraphim Space Investment Trust (SSIT), RTW Biotech Opportunities (RTW), Henderson High Income (HHI), AVI Japan Opportunity Trust (AJOT), Menhaden Resource Efficiency (MHN), Castelnau Group (CGL), Golden Prospect Precious Metals (GPM), Middlefield Canadian Income (MCT), VH Global Sustainable Energy Opportunities (GSEO), Ecofin US Renewables (RNEW), Dunedin Enterprise (DNE), Pantheon International (PIN), Bluefield Solar Income Fund (BSIF), NextEnergy Solar Fund (NESF).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features an in-depth profile of the Alliance Trust (ATST), as well as a list of fifteen large and liquid investment trusts which Jonathan believes look attractive on discount grounds if we are nearing the end of the interest rate cycle.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to more than 170 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Ben Rogoff, manager of the Polar Capital Technology Trust (PCT). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.Section Timestamps:01:00 - This week's guest01:41 - Money Makers Circle02:08 - Review of the week06:16 - Corporate news and announcements14:30 - Summary of results16:21 - Q&A with Ben Rogoff 19:05 - What is generative AI? 23:49 - The expansion and use of AI capabilities 33:28 - Comparing to previous tech innovations 38:27 - What could derail AI? 41:28 - Fields that could be transformed 44:11 - A new lens by which to judge investments47:27 - CloseTrusts mentioned this week (with tickers): Round Hill Music Royalty Fund (RHM), Hipgnosis Songs Fund (SONG), Ecofin US Renewables (RNEW), US Solar Fund (USF), International Public Partnerships (INPP), GCP Infrastructure (GCP), RM Infrastructure Income (RMII), Caledonia Investments (CLDN), HG Capital (HGT), LXi REIT (LXI), Home REIT (HOME), Schiehallion Fund (MNTN), Schroder Capital Global Innovation (INOV), AEW UK REIT (AEWU), RTW Biotech Opportunities (RTW), Gresham House Energy Storage (GRID), Gore Street Energy Storage (GSF), Pantheon Infrastructure (PINT), Mid Wynd International (MWY), Triple Point Social Housing (SOHO), Apax Globle Alpha (APAX).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of JPMorgan European Discovery (JEDT). Jonathan has also listed ten investment trusts that he believes may offer an upside if there is a reversal in the derating driven by falling interest rates.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to more than 170 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Andrew McHattie, editor of the Investment Trusts Newsletter, and Ben Conway, Head of Fund Management at Hawksmoor Investment Management. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.
Section Timestamps: 0:00:44 - This week's guests 0:01:21 - Review of the week 0:03:19 - Corporate news 0:04:53 - Summary of results 0:07:10 - Summary of announcements 0:07:28 - Money Makers Circle 0:12:35 - Q&A with Andrew McHattie 0:12:44 - Happenings in the sector over the last couple of months 0:14:17 - Coping with the derating period 0:16:21 - Infrastructure and private equity rerating 0:18:40 - The danger of missing out in a derating cycle 0:20:33 - Potential direction of travel 0:22:45 - Literacy Capital (BOOK) and HG Capital (HGT) 0:27:04 - Biopharma Credit (BPCR) 0:29:17 - Other names of interest 0:32:13 - The return of arbitrage/activist trusts 0:35:06 - Q&A with Ben Conway 0:35:33 - Regulatory changes and cost disclosures 0:42:43 - The impact of regulatory change on investment companies 0:44:16 - What should happen now? 0:48:30 - Why does this matter? 0:54:27 - Are costs a downward pressure on share prices relative to NAVs? 1:01:44 - Close
Trusts mentioned this week (with tickers): Geiger Counter (GCL), Digital 9 Infrastructure (DGI9), Seraphim Space (SSIT), BBGI Global Infrastructure (BBGI), Edinburgh Worldwide (EWI), Baillie Gifford Shin Nippon (BGS), Schroder European Real Estate (SERE), Literacy Capital (BOOK), Schiehallion (MNTN), Nippon Active Value Fund (NAVF), Henderson European Focus Trust (HEFT), Real Estate Credit Investments (RECI), Axiom European Debt Trust (AXI), Biopharma Credit (BPCR), Princess Private Equity Trust (PEY), Round Hill Music Royalty Fund (RHM), Triple Point Housing (SOHO), Harmony Energy Income Trust (HEIT), Pantheon International (PIN), Life Science REIT (LABS), HydrogenOne Capital Growth (HGEN), HG Capital Trust (HGT), Biopharma Credit (BPCR), Triple Point Energy Transition (TENT), SDCL Energy Efficiency (SEIT), US Solar Fund (USF), Gore Street Energy Storage (GSF), Greencoat UK Wind (UKW), Henderson Opportunities Trust (HOT), Herald Investment Trust (HRI), Pershing Square Holdings (PSH), Schroder Mid-Cap (SCP), European Opportunities Trust (EOT), Tritax Big Box (BBOX).
If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.
his week, as well as the regular features, the Circle features a profile of JPMorgan European Discovery (JEDT).
For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to more than 170 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin.
In this bonus edition of the Weekly Investment Trust Podcast, Jonathan Davis, talks to Rhys Davies, manager of the Invesco Bond Income Plus Investment Trust (BIPS). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.
Section Timestamps: 00:45 - The last eighteen months in the bond markets 02:45 - Has the interest rate and bond yield cycle peaked? 04:57 - Explaining a soft landing 07:05 - Portfolio yield and potential total return 09:38 - Assessing high yield bonds 14:07 - Managing a bond portfolio 19:24 - The regional split between the UK and Europe 22:48 - Investing in high yield through an investment trust 25:48 - Discount control policy 27:37 - The investment trust sector as a whole 30:43 - Biggest risks we face 32:42 - Close
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Max King, the market and investment trust commentator and former Investec fund manager. Jonathan also talks to Rhys Davies, manager of the Invesco Bond Income Plus Investment Trust (BIPS); the first half of that discussion can be heard in the podcast, with the full interview available on the website or via podcast channels. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.
Section Timestamps: 00:44 - Review of the week 04:58 - This week's guest 05:38 - Money Makers Circle 06:24 - Corporate announcements and results 16:34 - Q&A with Max King 17:09 - The markets at the moment 19:01 - Abrdn mergers 20:29 - Global Absolute Return Strategies Fund (GARS) 21:20 - Regulation and trust reports 23:01 - Private equity sector 27:14 - Commercial property sector 30:19 - Alternatives sector 32:02 - Equity sector 34:20 - Defensive funds 37:28 - Looking forward 40:32 - Q&A with Rhys Davies (Part 1) 41:11 - The last eighteen months in the bond markets 43:11 - Has the interest rate and bond yield cycle peaked? 45:24 - Explaining a soft landing 47:31 - Portfolio yield and potential total return 50:04 - Assessing high yield bonds 54:34 - Managing a bond portfolio 59:50 - Close
Trusts mentioned this week (with tickers): Abrdn UK Smaller Companies Growth Trust (AUSC), Atlantis Japan Growth (AJG), Nippon Active Value Fund (NAVF), Pershing Square Holdings (PSH), BlackRock World Mining (BRWM), Princess Private Equity (PEY), CT Private Equity Trust (CTPT), JPMorgan US Smaller Companies (JUSC), Cordiant Digital Infrastructure (CORD), NB Private Equity (NBPE), GCP Infrastructure (GCP), Home REIT (HOME), ThomasLloyd Energy Impact (TLEI), The Renewables Infrastructure Group (TRIG), 3i Infrastructure (3IN), HICL Infrastructure (HICL), International Public Partnerships (INPP), Blackstone Loan Financing (BGLF), NB Global Monthly Income (NBMI), Pantheon International (PIN), 3i Group (III), HarbourVest Global Private Equity (HVPE), Literacy Capital (BOOK), Oakley Capital Investments (OCI), HG Capital Trust (HGT), TR Property Investment Trust (TRY), Ediston Property Investment Company (EPIC), BBGI Global Infrastructure (BBGI), Capital Gearing Trust (CGT), Ruffer Investment Company (RICA), Personal Assets Trust (PNL).
If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.
This week, as well as the regular features, the Circle features a profile of the Invesco Perpetual UK Smaller Companies Trust (IPU), and a conversation with Graham Harrison, executive chairman of Asset Risk Consultants.
For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to more than 170 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin.
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to James Carthew, director of QuotedData. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.
This edition of the podcast was recorded during the week ending Friday 18 August 2023, prior to the latest update from the Board of Ediston Property Investment Company (EPIC) following recent press speculation. It has confirmed it is in advanced discussions with RI UK 1 Limited, a wholly owned indirect subsidiary of Realty Income Corporation, regarding a possible sale of the fund’s property portfolio. There is currently no certainty that a sale of the portfolio will take place, nor as to the final terms on which any such sale might be undertaken. At this time the Board is continuing to conduct its previously announced strategic review and will do so until further notice.
Section Timestamps: 00:44 - Review of the week 05:14 - Money Makers Circle 05:30 - This week's guest 05:42 - Corporate news and announcements 11:43 - Summary of results 16:52 - Q&A with James Carthew 17:04 - The current state of affairs 20:10 - Riverstone Energy (RSE) 23:47 - Abrdn Asian trusts merger 26:50 - Long-term viability of Asian trusts 28:21 - ThomasLloyd Energy Impact (TLEI) 34:07 - Ediston Property Investment Company (EPIC) 35:47 - Commercial property sector 38:37 - Renewable energy sector 42:37 - RIT Capital Partners (RCP) 44:06 - HG Capital Trust (HGT) 45:28 - The persistence of discounts 48:29 - Close
Trusts mentioned this week (with tickers): Ediston Property Investment Company (EPIC), BH Macro (BHMG), Baillie Gifford UK Growth (BHUK), Baillie Gifford European Growth (BGEU), Baillie Gifford Japan Trust (BGFD), Riverstone Energy (RSE), Aquila Energy Efficiency Trust (AEET), ThomasLloyd Energy Impact (TLEI), Abrdn New Dawn (ABD), Asia Dragon Trust (DGN), Witan Investment Trust (WTAN), Georgia Capital (GCAP), Temple Bar Investment Trust (TMPL), Abrdn Asian Income Fund (AAIF), Bluefield Solar Income Fund (BSIF), Next Energy Solar Fund (NESF), RIT Capital Partners (RCP), HG Capital Trust (HGT).
If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.
This week, as well as the regular features, the Circle will feature a profile of Invesco Perpetual UK Smaller Companies (IPU). Jonathan has also released his video review of the bond market.
For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to more than 170 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Colm Walsh, co-manager of the ICG Enterprise Trust (ICGT), and Emma Bird, head of investment trust research and specialist property analyst at Winterflood Securities.
Please note that due to holidays, the next podcast will be released later than normal, but it can be expected by Monday 21 August 2023.
We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.
Section Timestamps: 0:01:26 - This week's guests 0:02:06 - Review of the week 0:04:53 - Corporate news and announcements 0:12:33 - Summary of results 0:15:51 - Money Makers Circle 0:16:48 - Q&A with Colm Walsh 0:16:56 - Are wide discounts about to turn? 0:18:28 - Putting shareholder interests first 0:19:19 - Mid-market private equity 0:21:27 - Why large discounts exist 0:24:02 - Fees in private equity 0:25:51 - Consequences of sharp interest rate rises 0:30:41 - The risk of recession 0:36:08 - The trust's dividend 0:41:36 - Q&A with Emma Bird 0:41:54 - The general picture in commercial property 0:44:24 - Relative dividend yields compared to gilts 0:45:45 - Likelihood of a recession 0:46:34 - Mergers and acquisitions 0:49:41 - Poor performers 0:51:03 - Dividend sustainability 0:53:31 - Five-year performance 0:55:12 - Warehouse REITs 0:57:11 - The role of asset management 0:58:58 - Share buybacks 01:00:24 - The potential for a recovery in share prices 01:01:24 - Healthcare REITs 01:03:55 - Long-lease REITs 01:05:16 - Commercial property sector discounts overall 1:06:08 - Close
If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.
This week, as well as the regular features, the Circle features a profile of BlackRock Frontiers Trust (BRFI), and Jonathan has released his video review of the infrastructure sector.
For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to more than 170 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Simon Barnard, manager of the Smithson Investment Trust (SSON), and Ewan Lovett-Turner, head of investment trust research at Numis Securities. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.
Section Timestamps: 0:00:44 - This week's guest 0:01:25 - Review of the week 0:04:20 - Corporate news and announcements 0:09:06 - Money Makers Circle 0:10:02 - Summary of results 0:16:10 - Q&A with Simon Barnard 0:16:24 - The last seven months and where we are today 0:18:24 - The changing outlook for a recession 0:22:46 - The behaviour of the currencies and the impact on results 0:23:31 - Portfolio turnover 0:25:52 - Interest in AI 0:30:45 - Rightmove and the UK housing market 0:32:55 - Attractiveness of the UK market 0:34:05 - General message to shareholders 0:35:23 - Q&A with Ewan Lovett-Turner 0:35:34 - Discounts 0:37:25 - The outlook for interest rates and reratings 0:39:55 - Issues for boards to address 0:48:12 - Management changes 0:50:04 - Board decisions on capital allocation 0:57:16 - Value in alternative assets 0:59:09 - Equity trusts 1:00:04 - Close
If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.
As well as the regular features, this week sees the introduction of a new Readers' Questions feature. There is no fund profile this week, but next week's profile will be of BlackRock Frontiers Investment Trust (BRFI). Jonathan has also published the first of his video reviews looking at sector performance, with a second video due soon.
For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our 170 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. This podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Andrew McHattie, editor of the Investment Trusts Newsletter. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.
Section Timestamps: 00:44 - This week's guest 00:57 - Review of the week 04:42 - Corporate news and announcements 09:51 - Summary of results 14:25 - Money Makers Circle 15:04 - Q&A with Andrew McHattie 15:15 - The current state of affairs 18:33 - Commercial property 25:17 - Consolidation and mergers 32:03 - Private equity 38:07 - UK smaller companies 43:49 - Close
Trusts mentioned this week (with tickers): Abrdn Smaller Companies Income (ASCI), Boussard & Gavaudan (BGHL), HydrogenOne (HGEN), Digital 9 Infrastructure (DGI9), Abrdn New Dawn (ABD) / Abdrn Asia Dragon (DGN), Abrdn Smaller Companies Income (ASCI) / Shires Income (SHRS), Abrdn Diversified Income and Growth (ADIG), MIGO Opportunities Trust (MIGO), Home REIT (HOME), Taylor Maritime Investments (TMI), Invesco Asia (IAT), Henderson Diversified Income (HDIV), International Public Partnerships (INPP), Law Debenture (LWDB), BlackRock Throgmorton Trust (THRG), Target Healthcare REIT (THRL), AEW UK REIT (AEWU), Dunedin Income Growth (DIG), Murray Income (MUT), Abrdn Private Equity Oportunities (APEO), HG Capital Trust (HGCT), HarbourVest Global Private Equity (HVPE), ICG Enterprise (ICGT), Pantheon International (PIN), Odyssean Investment Trust (OIT), Rockwood Strategic (RKW), Triple Point Energy Transition (TENT), Seraphim Space Investment Trust (SSIT), Chrysalis Investment Trust (CHRY).
If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.
This week, as well as the regular features, the Circle features a profile of ICG Enterprise Trust (ICGT), followed next week by a profile of BlackRock Frontiers Investment Trust (BRFI). Jonathan will also be completing his reviews of various investment trust sectors over the coming days.
For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 170 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Duncan MacInnes, manager of the Ruffer Investment Company (RICA). Simon Elliott, client director at JPMorgan Asset Management and former co-host and co-founder of the podcast also returns after about a year off the show.
Section Timestamps: 0:00:29 - This week's guests 0:01:39 - Sponsorship of the podcast 0:03:53 - The markets this week 0:07:20 - Announcements and results 0:13:58 - Corporate news 0:16:36 - Money Makers Circle 0:16:54 - Q&A with Duncan MacInnes 0:17:05 - Latest trust results 0:22:49 - Are markets losing touch with reality? 0:26:58 - Portfolio changes 0:29:33 - Thinking on commodities 0:32:13 - The demand for bonds 0:36:35 - Reaction to the derating of investment trusts 0:39:22 - Trust performance before and after crises 0:41:23 - The impact of politics 0:43:24 - Q&A with Simon Elliott 0:43:59 - About the sponsorship of the podcast 0:45:31 - Cause for the week's investment trusts sector bounce 0:47:34 - How bad is a fifteen percent discount historically? 0:49:23 - Selecting funds which may bounce back the fastest 0:52:26 - Consolidation 0:55:01 - The UK and sterling 0:56:28 - Share buybacks 0:59:19 - Upcoming trust losses in the sector 1:00:44 - Diverting to the cricket... and Barry Manilow 1:03:39 - Close
Trusts mentioned this week (with tickers): TR Property (TRY), Tritax Big Box (BBOX), Warehouse REIT (WHR), Polar Capital Technology (PCT), TwentyFour Income Fund (TFIF), Gore Street Energy Storage (GSF), 3i Group (III), Brunner Investment Trust (BUT), Herald Investment Trust (HRI), Asia Dragon Trust (DGN), Abrdn New Dawn (ABD), Scottish Mortgage (SMT), LXi REIT (LXI), VH Global Sustainable Energy Opportunities Trust (GSEO), CT Property Trust (CTPT) / London Metric Property (LMP), JPMorgan Global Growth and Income (JGGI), JPMorgan American (JAM).
If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.
This week, as well as the regular features, the Circle features a profile of India Capital Growth (IGC).
For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 170 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Alastair Laing, CEO of CG Asset Management.
Section Timestamps: 00:29 - Review of the week 03:38 - This week's guest 05:57 - Money Makers Circle 06:33 - Coming next week 07:02 - News and announcements 11:18 - Summary of results 14:40 - Q&A with Alastair Laing 15:07 - Reasons for poor performance 17:50 - Index linked performance 23:39 - The equity market 30:52 - Rising bond yields and the extent of derating 38:04 - Commercial property 41:05 - Consolidation in the alternatives sector 42:49 - Opportunities to bring in a discount 52:02 - Summarising CGT's position 54:14 - Close
Trusts mentioned this week (with tickers): Scottish Mortgage (SMT), Seraphim Space (SSIT), LXi REIT (LXI), Supermarket Income REIT (SUPR), Capital Gearing Trust (CGT), ThomasLloyd Energy Impact (TLEI), US Solar Fund (USF), RM Infrastructure Income (RMII), Hipgnosis Songs Fund (SONG), Artemis Alpha (ATS), Miton UK Microcap (MINI), Jupiter Green (JGC), Polar Capital Global Financials (PCFT), Digital 9 Infrastructure (DGI9), CT Property Trust (CTPT), Ediston Property Investment Company (EPIC), Civitas Social Housing (CSH).
If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.
This week, as well as the regular features, the Circle features a profile of Riverstone Energy (RSE). Jonathan has also posted a series of charts that summarise the performance of markets and investment trusts so far this year, and his quarterly video review of some individual trust performance will be coming soon.
For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 170 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Anthony Leatham, head of investment trust research at Peel Hunt, and Tim Levene, CEO of Augmentum Fintech (AUGM).
Section Timestamps: 00:29 - Review of the week 01:42 - This week's guests 03:13 - The week's performance 04:12 - Money Makers Circle 04:47 - News, announcements, and results 07:46 - Q&A with Anthony Leatham 07:53 - Reaction to the market 11:56 - The broking business 14:06 - Factors involved in derating investment trusts 15:49 - Infrastructure and renewables 19:28 - Trusts sensitive to bond yield changes 22:47 - Battery storage sector 25:52 - Trusts sending distress signals 27:51 - M&A possibilities 32:04 - Q&A with Tim Levene 32:38 - The definition of fintech 34:30 - Performance over five years 41:16 - Investor scepticism about private equity 45:04 - Views on the current environment 47:37 - Artificial Intelligence 50:14 - The portfolio 52:23 - Investment structure 53:40 - Close
Trusts mentioned this week (with tickers): Augmentum Fintech (AUGM), Oryx International (OIG), Schroder British Opportunities (SBO), Abrdn Private Equity Opportunities (APEO), Geiger Counter (GCL), 3i Infrastructure (3IN), Gore Street Energy Storage (GSF), Civitas Social Housing (CSH), RTW Biotech Opportunities (RTW), Edinburgh Worldwide (EWI), Greencoat UK Wind (UKW), Triple Point Energy Transition (TENT), Atrato Onsite Energy (ROOF), Digital 9 Infrastructure (DGI9), Pantheon Infrastructure (PINT), Sequoia Economic Infrastructure (SEQI), Bluefield Solar (BSIF), Gresham House Energy Storage (GRID), HICL Infrastructure (HICL), NextEnergy Solar Fund (NESF), Octopus Renewables Infrastructure (ORIT).
If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.
This week, as well as the regular features, the Circle features a profile of Invesco Bond Income Plus (BIPS), and charts will be provided that summarise the year's developments in the markets and investment trust sector.
For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 160 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Peter Hewitt, manager of the CT Global Managed Portfolio, and James Henderson, manager of the Lowland Investment Trust (LWI).
Section Timestamps: 0:00:29 - Review of the week 0:00:53 - This week's guests 0:05:35 - Company news 0:15:42 - Summary of results 0:21:14 - Money Makers Circle 0:22:06 - Q&A with Peter Hewitt 0:22:51 - The last six months 0:29:58 - Discounts in the alternative assets sector 0:33:06 - Commercial property 0:35:53 - Portfolio changes 0:42:28 - Expectations for the next six months 0:45:47 - Q&A with James Henderson 0:46:09 - Looking at the UK market 0:48:12 - Factors behind the unloved nature of the UK market 0:52:26 - Where will interest rates peak? 0:55:19 - Performance impact of a small and mid cap bias 0:56:47 - What happens when the UK equity market turns around 0:59:01 - Fund manager style and philosophy 0:59:49 - Lowland's dividend 1:01:26 - The AIM market 1:04:19 - Lowland's discount 1:06:41 - Close
Trusts mentioned this week (with tickers): 3i Infrastructure (3IN), BBGI Global Infrastructure (BBGI), HICL Infrastructure (HICL), Regional REIT (RGL), Abrdn Property Income (API), PRS REIT (PRSR), Cordiant Digital (CORD), Digital 9 Infrastructure (DGI9), Mid Wynd International (MWY), International Public Partnerships (INPP), Blackstone Loan Financing (BGLF), Ecofin US Renewables Infrastructure (RNEW), Chrysalis (CHRY), Schroder European Real Estate Investment Trust (SERE), RTW Venture Fund / RTW Biotech Opportunities (RTW), Life Science REIT (LABS), Warehouse REIT (WHR), Supermarket Income REIT (SUPR), LXi REIT (LXI), SDCL Energy Efficiency Income Trust (SEIT), Abdrn New India (ANII), Hansa Investment Company (HAN/HANA), JPMorgan Global Core Real Assets (JARA), JPMorgan Japan Small Cap Growth and Income (JSGI), Value and Indexed Property (VIP), Chelverton UK Dividend Trust (SDV), Abrdn China (ACIC), BlackRock Sustainable American Income (BRSA), Harmony Energy Income Trust (HEIT), Schroder UK Mid Cap (SCP), Abrdn Private Equity Opportunities (APEO), Sequoia Economic Infrastructure (SEQI), Ruffer Investment Trust (RICA), Capital Gearing Trust (CGT), BH Macro (BHMG), Greencoat UK Wind (UKW), Civitas Social Housing (CSH), Home REIT (HOME), Aberforth Smaller Companies Trust (ASL), Lowland Investment Company (LWI), Merchants Trust (MRCH), Invesco Perpetual UK Smaller Companies (IPU), Mercantile Investment Trust (MRC), Fidelity Special Values (FSV), Allianz Technology Trust (ATT), Polar Capital Technology Trust (PCT), Finsbury Growth and Income (FGT).
If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.
This week, as well as the regular features, the Circle features a profile of AVI Japan Opportunity Trust (AJOT), and coming soon is Jonathan's look back at the year-to-date.
For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 160 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to James Carthew, former fund manager and current director of QuotedData, and Colette Ord, infrastructure and renewables analyst at Numis Securities.
Section Timestamps: 00:29 - Review of the week 04:12 - This week's guests 04:32 - Money Makers Circle 04:59 - Corporate news 07:10 - Selected results 13:05 - Q&A with James Carthew 13:30 - Impact of the base rate change on investment trusts 18:13 - Monks Investment Trust (MNKS) 21:03 - Abrdn Diversified Income and Growth (ADIG) 26:18 - Rockwood Strategic (RKW) 28:58 - Civitas Social Housing (CSH) 31:49 - Cordiant Digital Infrastructure (CORD) 35:05 - Investing in AI through investment trusts 37:54 - Q&A with Colette Ord 38:04 - Market reaction to the base rate rise 41:05 - Trust in the NAVs 43:27 - Using the wrong comparisons 46:05 - Trusts with minimal leverage while trading at significant discounts 48:31 - The impact of asset location 49:42 - Predatorial behaviours 52:59 - Lingering impacts of the windfall tax 55:33 - Liquidity issues and smaller trusts 59:24 - Close
Trusts mentioned this week (with tickers): Abrdn Diversified Income and Growth (ADIG), Civitas Social Housing (CSH), Princess Private Equity (PEY), Global Smaller Companies Trust (GSCT), Montanaro UK Smaller Companies (MTU), Montanaro European Smaller Companies (MTE), AEW UK REIT (AEWU), Urban Logistics (SHED), Triple Point Energy Transition (TENT), JPMorgan Emerging Europe Middle East and Africa (JEMA), Bankers Trust (BNKR), Henderson Opportunities (HOT), BlackRock Income and Growth (BRIG), River and Mercantile UK Micro Cap (RMMC), CC Japan Income and Growth (CCJI), HICL Infrastructure (HICL), Greencoat UK Wind (UKW), International Public Partnerships (INPP), Monks Investment Trust (MNKS), Scottish Mortgage Trust (SMT), SAINTS (SAIN), Abrdn Diversified Income and Growth (ADIG), Ediston Property (EPIC), JPMorgan Multi-Asset Growth and Income (MATE) , Rockwood Strategic (RKW), Civitas Social Housing (CSH), Cordiant Digital Infrastructure (CORD), Digital 9 Infrastructure (DGI9), Manchester and London (MNL), Polar Capital Technology Trust (PCT), Allianz Technology Trust (ATT), Chrysalis (CHRY), Schroder Capital Global Innovation (INOV), VH Global Sustainable Energy Opportunities (GSEO), NextEnergy Solar Fund (NESF), 3i Infrastructure (3IN), HICL Infrastructure (HICL), Aquila European Renewables (AERS).
If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.
This week, as well as the regular features, the Circle features a profile of Polar Capital Global Healthcare (PCGH), and Jonathan has also provided his thoughts on recent market developments. Subscribers can also look forward to a review of market and investment trusts performance in the first half of the year, coming in the next few weeks.
For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 160 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Nick Greenwood, manager of the MIGO Opportunities Trust (MIGO) and Merryn Somerset Webb, columnist and podcaster at Bloomberg and former editor of MoneyWeek.
Section Timestamps: 0:00:29 - Review of the week 0:03:47 - This week's guests 0:04:20 - Summary of results 0:11:17 - Money Makers Circle 0:12:03 - Q&A with Nick Greenwood 0:12:21 - Investment trusts sector continues to languish 0:15:01 - Retail investor perceptions 0:16:47 - Effect of bond yields on demand 0:17:37 - Consolidation 0:18:43 - Alternative assets 0:19:32 - Renewable energy 0:24:41 - Private equity 0:26:30 - Equity markets 0:28:51 - Portfolio activities 0:32:28 - UK equity market 0:35:11 - Q&A with Merryn Somerset Webb 0:35:35 - Working for Bloomberg 0:36:40 - Thoughts on the investment trust sector 0:38:29 - Accuracy of price signals 0:43:29 - Baillie Gifford 0:46:42 - The role of the board in corporate governance 0:49:12 - Women on investment trust boards 0:51:27 - Challenges to investment trusts 0:53:10 - UK equities 0:57:41 - Advice for private investors 1:02:17 - Close
Trusts mentioned this week (with tickers): Personal Assets Trust (PNL), Lindsell Train Investments (LTI), Templeton Emerging Markets (TEM), Baillie Gifford UK Growth (BGUK), Syncona (SYNC), Biotech Growth Trust (BIOG), JLEN Environmental (JLEN), Custodian Property Income Trust (CREI), Atrato Onsite Energy (ROOF), Foresight Sustainable Forestry (FSF), Industrials REIT (MLI), Aquila European Renewables (AERS), Oakley Capital Investments (OCI), NB Private Equity (NBPE), Nippon Active Value Fund (NAVF), Abrdn Japan Investment Trust (AJIT), AVI Japan Opportunity Trust (AJOT), Life Settlement Assets (LSAA), Geiger Counter (GCL), Yellow Cake (YCA), JPMorgan Indian (JII), Rockwood Strategic (RKW), Odyssean Investment Trust (OIT), Scottish Mortgage Trust (SMT).
If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.
Last week, as well as the regular features, the Circle featured a profile of Pacific Horizon Investment Trust (PHI). This week's fund profile will be of Polar Capital Global Healthcare Trust (PCGH).
For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 160 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, continues his conversation with Russell Napier, chairman of Mid Wynd International Investment Trust (MWY). Listeners can find the first half of this discussion in the podcast released on 27 May 2023. Jonathan then talks to Janette Rutherford, emeritus professor of finance at the Open University, to talk about lessons that can be learnt from the history of investment trusts.
Jonathan remains on holiday this week, but Stuart Watson returns to provide the summary of the week's announcements and results. Next week's podcast will be released later than usual, on Tuesday 20 June 2023, after which the normal Saturday schedule will return.
Section Timestamps: 00:29 - Coming up this week 01:44 - News and announcements with Stuart Watson 02:45 - Summary of the week's results 10:42 - Money Makers Circle 11:14 - Q&A with Russell Napier (Part 2) 15:16 - Commercial and residential property 17:52 - Thoughts on the investment trusts sector 24:50 - Recommended literature 27:52 - The Library of Mistakes 29:10 - Q&A with Janette Rutterford 29:41 - The Baring Crisis of 1890 35:36 - The 1920s 41:17 - The 1990s and the Split Capital Crisis 46:23 - Split capital trusts 47:29 - Lessons for investors 49:33 - Knowledgeable investing 52:54 - Close
Trusts mentioned this week (with tickers): Worldwide Healthcare Trust (WWH), Fidelity China Special Situations (FCSS), STS Global Income and Growth (STS), LXi REIT (LXI), Warehouse REIT (WHR), JZ Capital Partners (JZCP), JPMorgan European Growth and Income (JEGI), Abrdn Japan (AJIT), Schroder Real Estate (SREI), BlackRock Frontiers (BRFI), Edinburgh Worldwide (EWI), JPMorgan Indian (JII), Barings Emerging EMEA Opportunities (BEMO), Abrdn Diversified Income and Growth (ADIG), Residential Secure Income (RESI).
If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.
This week, as well as the regular features, features a profile of HydrogenOne Capital Growth (HGEN). Next week's profile will be of Pacific Horizon (PHI).
For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 160 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, is joined by Simon Edelsten, manager of the Mid Wynd International Investment Trust (MWY). Jonathan also spoke to Paul and Richard Pindar, respectively the chairman and CEO of Literacy Capital (BOOK).Jonathan is on holiday over the coming couple of weeks, but the podcast continues with pre-recorded interviews this week and next, with Stuart Watson providing the summary of the week's announcements and results. Section Timestamps:0:00:29 - This week's guests0:02:07 - Money Makers Circle0:02:39 - Next week0:03:26 - Summary of announcements and results with Stuart Watson0:11:47 - Q&A with Simon Edelsten 0:12:31 - Artificial intelligence and big tech 0:17:56 - The situation with respect to interest rates 0:26:22 - Fear of missing out 0:29:37 - Japan 0:36:06 - Europe 0:38:45 - The UK 0:39:43 - Looking ahead 0:41:45 - Simon's plans0:43:26 - Q&A with Paul and Richard Pindar 0:45:35 - How Literacy Capital is distinct compared to its peers 0:49:33 - The first quarter of 2023 0:54:47 - Reducing exposure to growth capital 0:58:35 - Reduction in gearing 1:01:06 - The UK1:03:05 - CloseTrusts mentioned this week (with tickers): Mid Wynd International (MWY), Literacy Capital (BOOK), Edinburgh Investment Trust (EDIN), CT UK High Income (CHI), Odyssean (OIT), TR Property (TRY), AVI Global (AGT), JPMorgan Japanese (JFJ), Home REIT (HOME), Aquila European Renewables (AERI).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of the Mercantile Trust (MRC). This will be followed by a profile of HydrogenOne Capital Growth (HGEN).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 160 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, is joined by financial historian and market strategist Russell Napier, chairman of Mid Wynd International Investment Trust (MWY), in part one of their recent conversation (part two follows next week). Jonathan also speaks to Max King, former investment trust fund manager at Investec.Section Timestamps:01:05 - The markets this week03:46 - Investment trusts news11:21 - This week's results15:15 - Money Makers Circle15:42 - Noteable interim results17:14 - Q&A with Russell Napier (Part 1) 17:43 - The Federal debt ceiling 27:15 - The debt burden 29:40 - The 2% inflation target 36:37 - The attractiveness of bonds going forward37:31 - Q&A with Max King 37:40 - How the year is panning out 40:46 - The Bank of England's response to inflation 42:22 - The UK market 44:52 - The investment trusts sector 45:31 - Infrastructure and renewables 49:05 - Commercial property 50:59 - Social housing 53:02 - Caledonia Investments (CLDN) and private equity 55:52 - Japanese trusts merger 57:24 - Twitter under Elon Musk58:22 - CloseGresham House Energy Storage (GRID), CT Property Trust (CTPT) / LondonMetric (LMP), Momentum Multi-Asset Value Trust (MAVT), RM Infrastructure Income (RMII), M&G Credit Income (MGCI), Round Hill Music Royalty Fund (RHM), Capital Gearing Trust (CGT), HICL Infrastructure (HICL), JPMorgan Asia Growth and Income (JAGI), Schroder AsiaPacific (SDP), Henderson European Focus Trust (HEFT), Ediston Property Investment Company (EPIC), Shires Income (SHRS), Rockwood Strategic (RKW), Odyssean (OIT), 3i Infrastructure (3IN), BBGI Global Infrastructure (BBGI), Ashoka WhiteOak Emerging Markets Trust (AWEM), CT Property Trust (CTPT), Primary Health Properties (PHP), Assura (AGR), Derwent London (DLN), Great Portland Estates (GPOR), Shaftesbury Capital (SHC), Land Securities (LAND), TR Property (TRY), Home REIT (HOME), AEW UK REIT (AEWU), Civitas Social Housing (CSH), Caledonia Investments (CLDN), RIT Capital Partners (RCP), Scottish Mortgage (SMT), HG Capital Trust (HGT), 3i Group (III), Literacy Capital (BOOK), Nippon Active Value (NAVF) / Abrdn Japan (AJIT).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of Abrdn Property Income Trust (API).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our 160 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Matt Hose, alternatives analyst at Jefferies.Section Timestamps:00:29 - Coming up02:11 - The markets this week09:45 - Money Makers Circle10:28 - Annual results11:59 - Interim results15:46 - Q&A with Matt Hose 15:54 - Scottish Mortgage Trust (SMT) 23:36 - Private equity 24:32 - HG Capital Trust (HGCT) 26:29 - Growth capital sector 27:34 - Renewable energy sector 33:22 - Debt sector 35:12 - Looking ahead36:41 - CloseTrusts mentioned (with tickers): Abrdn European Logistics Income (ASLI), Abrdn Japan (AJIT), Nippon Active Value Fund (NAVF), International Biotechnology Trust (IBT), North American Smaller Companies (NAS), JPMorgan Multi-Asset Growth & Income (MATE), Finsbury Growth and Income (FGT), Lowland Investment Company (LWI), Abrdn Equity Income (AEI), Scottish Oriental Smaller Companies (SST), Tritax EuroBox (EBOX), Scottish Mortgage Trust (SMT), HG Capital Trust (HGCT), Abrdn Private Equity Opportunities (APEO), HarbourVest Global Private Equity (HVPE), Pantheon International (PIN), 3i Group (III), Oakley Capital Investments (OCI), Schiehallion (MNTN), Chrysalis (CHRY), Gresham House Energy Storage (GRID), NextEnergy Solar Fund (NESF), Foresight Solar Fund (FSFL), Starwood European (SWEF), NB Monthly Income Fund (NBMI), VPC Specialty Lending (VSL).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of JPMorgan American (JAM). Next week, the Circle will feature a profile of Abrdn Property Income (API), as well as a guest column from financial historian Edward Chancellor about private equity.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 160 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Andrew McHattie, editor of the Investment Trusts Newsletter, and Ailsa Craig and Marek Poszepczynski, co-managers of the International Biotechnology Trust (IBT).Section Timestamps:0:00:29 - This week's guests0:01:57 - The markets this week0:04:05 - This week's news0:04:29 - Money Makers Circle0:05:20 - Noteable results and announcements0:08:12 - Q&A with Andrew McHattie 0:08:24 - Bank of England base rate change 0:11:23 - Investment trust sector pe rformance 0:12:36 - Civitas Social Housing (CSH) 0:17:39 - Home REIT (HOME) 0:21:25 - US Solar Fund (USF) 0:23:23 - The renewables sector 0:25:31 - Private equity 0:29:13 - 3i Group (III) 0:31:20 - ICG Enterprise (ICGT)0:35:00 - Q&A with Ailsa Craig and Marek Poszepczynski 0:35:14 - What IBT does and how it differs 0:36:09 - Why choose to invest in IBT 0:37:34 - The factors involved in declining returns for the sector 0:41:01 - The impact of a recession and high interest rates on the sector 0:42:26 - M&A activity 0:45:44 - The US Presidential election cycle 0:48:34 - The IBT portfolio 0:52:19 - Gearing on the trust 0:53:34 - The trust's dividend 0:55:39 - Investments in unlisted private companies 0:59:03 - Sectors or companies with prospects for the next 'big bang' 1:01:56 - Future fund manager arrangements1:02:50 - CloseTrusts mentioned (with tickers): Schiehallion Fund (MNTN), 3i Group (III), 3i Infrastructure Trust (3IN), Pacific Assets (PAC), Baillie Gifford European Growth (BGEU), BlackRock Greater Europe (BRGE), Polar Capital Global Healthcare (PCGH), Seraphim Space (SSIT), Chrysalis Investments (CHRY), Civitas Social Housing (CSH), Triple Point Social Housing (SOHO), Home REIT (HOME), US Solar Fund (USF), Next Energy Solar Fund (NESF), Bluefield Solar Fund (BSIF), Oakley Capital Investments (OCI), RTW Venture Fund (RTW), ICG Enterprise (ICGT).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of Octopus Renewables Infrastructure Trust (ORIT). Jonathan also provides commentary on the market outlook and the social housing sector, and looks at what Stanley Druckenmiller thinks about the outlook for the US economy.For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 160 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Ewan Lovett-Turner, head of investment trust research at Numis Securities, and Laura Elkin, portfolio manager of AEW UK REIT (AEWU).Section Timestamps:00:29 - This week's guests02:59 - Money Makers Circle03:32 - The markets this week05:26 - Highlights from the week's results08:05 - Q&A with Ewan Lovett-Turner 08:53 - Looking back over 2023 so far 12:41 - Perceptions of the current market outlook 14:47 - Key news items this week 14:51 - IPOs and Fundraising 20:17 - Private equity 25:23 - Boards and buy backs 27:35 - The alternatives sector 29:55 - International Biotechnology Trust (IBT)32:07 - Q&A with Laura Elkin 32:36 - The strategy of AEWU, and its portfolio weightings 35:59 - Target return as a value investor 38:31 - The gearing policy 40:39 - The re-rating of commercial property 44:35 - Investing in retail 48:09 - Alternative use 50:55 - Valuation and the dividend 54:40 - Where the market is going56:08 - CloseTrusts mentioned (with tickers): Keystone Positive Change Trust (KPC), Scottish Mortgage Trust (SMT), International Biotechnology Trust (IBT), Aquila Energy Efficiency Trust (AEET), Bluefield Solar Income Fund (BSIF), Foresight Solar Fund (FSFL), Chrysalis (CHRY), Ediston Property Income Trust (EPIC), Apax Global Alpha (APAX), Manchester and London (MNL), Martin Currie Global (MNP), Polar Capital Technology Trust (PCT), Smithson Investment Trust (SSON), Finsbury Growth and Income (FGT), Edinburgh Worldwide Investment Trust (EWI), Biotech Growth Trust (BIOG), CT Private Equity (CTPE), Princess Private Equity Holdings (PEY), Oakley Capital Investments (OCI), HarbourVest Global Private Equity (HVPE), ICG Enterprise Trust (ICGT), Schiehallion Fund (MNTN), Molten Ventures (GROW), Ashoka White Oak Emerging Markets Trust (AWEM), TwentyFour Income Fund (TFIF), BH Macro (BHMG), 3i Infrastructure (3IN), US Solar Fund (USF), ThomasLloyd Energy Impact (TLEI), HG Capital Trust (HGT), RIT Capital Partners (RCP), NextEnergy Solar Fund (NESF).If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.This week, as well as the regular features, the Circle features a profile of BlackRock Energy and Resources (BERI). Coming up, the Circle will feature profiles of Octopus Renewables Infrastructure Trust (ORIT) and JPMorgan American (JAM).For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our nearly 160 podcasts since launch.You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.Produced by Ben Gamblin.
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to James de Uphaugh, lead manager of the Edinburgh Investment Trust (EDIN), and Stuart Widdowson, manager of the Odyssean Investment Trust (OIT).Section Timestamps:0:00:29 - This week's guests0:01:35 - The markets this week0:03:03 - Money Makers Circle0:03:47 - News and announcements0:08:03 - Annual results0:16:46 - Interim results0:20:21 - Q&A with James de Uphaugh 0:20:56 - Taking on the Edinburgh Investment Trust 0:22:47 - Immediate reactions and changes due to the then-developing pandemic 0:25:24 - Factors influencing good performance to date 0:27:34 - The gearing strategy 0:30:16 - Advantages of managing an investment trust 0:32:15 - The UK market performance 0:34:38 - Investment style 0:37:36 - What is the trust's "special sauce"? 0:39:46 - Portfolio weightings and changes 0:45:11 - The discount and ambitions for the trust 0:46:56 - The UK as a place to invest and the impact of the pound 0:49:41 - Close