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 week
0:03:18 - Summary of results
0:03:55 - Money Makers Circle
0:04:26 - Upcoming election special
0:05:12 - 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 sector
0:47:32 - Close


Trusts 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.

Money Makers: Talking Trusts

214: Weekly Investment Trusts Podcast - with Nick Greenwood and Ben Conway (08 Jun 2024)

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 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 - Introduction
0:00:57 - The state of play in the third month of the Trump administration
0:04:23 - Trust performance over the past five days
0:09:31 - The commercial property sector
0:19:52 - A short break
0:20:48 - The equity investment trust sector
0:25:19 - 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 Capital
0:40:06 - The Weekly Email and the Investment Trusts Newsletter
0:41:40 - Close


Jonathan 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.

263: Money Makers Investment Trusts Podcast - with Andrew McHattie (15 Mar 2025)

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 - Introduction
0:00:41 - A look at the uncertainty facing investors
0:06:29 - The impact of a ceasefire or peace deal in Ukraine
0:08:47 - The risk of a recession in the US
0:11:44 - The bond market and interest rates
0:13:43 - Growth and inflation expectations for Europe and the UK
0:15:54 - A short break
0:16:50 - The “Trump Put”
0:20:46 - The continuing US dominance of the global equity market
0:24:13 - A time for a small-cap emergence?
0:26:01 - The choice to hide in cash
0:31:49 - Risks and uncertainties
0:34:30 - 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, 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.

264: Money Makers Investment Trusts Podcast - with Hugh Gimber (19 Mar 2025)

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 - Introduction
0:01:33 - Putting the Trump presidency into historical context
0:04:36 - Market reactions
0:06:50 - Trump’s motivations and agenda
0:11:52 - Will Scott Bessent reign in Trump’s more extravagant proposals?
0:16:00 - A short break
0:16:56 - Returning to capital controls and a loss of independence in central banks?
0:22:21 - Anticipating a change in market style
0:25:34 - Gold
0:27:58 - Putting on a hard hat
0:29:50 - The Library of Mistakes, London
0:30:36 - 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, 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.

265: Money Makers Investment Trusts Podcast - Russell Napier, Edward Chancellor (26 Mar 2025)

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 - Introduction
0:02:03 - Upcoming podcast anniversary
0:04:01 - Reflecting on sector consolidation over the past six years
0:06:28 - Changes to the investment trusts world in the last forty years
0:11:02 - Factors persuading the market to allow big discounts
0:14:10 - Invesco Asia Dragon (IAD)
0:21:18 - Is the IAD process a template for others to follow?
0:22:33 - Performance related tenders
0:24:38 - A short break
0:25:34 - Activism and consolidation
0:31:33 - Discount target for Invesco Asia Dragon
0:33:54 - 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 administration
0:48:27 - 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, 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.

266: Money Makers Investment Trusts Podcast - with Neil Rogan (29 Mar 2025)

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 - Introduction
0:00:59 - What is distinctive about BH Macro?
0:04:07 - Managing volatility
0:08:19 - The discount and buybacks
0:09:50 - Understanding costs
0:16:11 - A short break
0:17:07 - The trust in light of world events
0:29:24 - Looking to the future
0:31:30 - The UK equity market and BH Macro’s listing
0:34:28 - 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, 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.

267: Money Makers Investment Trusts Podcast - with Richard Horlick (03 Apr 2025)

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 turmoil
0:05:41 - This week’s guest
0:06:50 - Talking to Alexander Fitzalan Howard
0:07:38 - Interesting times and Trump’s tariffs
0:09:29 - The significance of developments in Germany and France
0:12:33 - ECB interest rate cuts
0:13:28 - The strength of European stock markets since the return of Trump
0:15:18 - The trust’s performance versus the peer group
0:19:56 - Looking at the trust amongst sector events
0:21:18 - The discount policy
0:21:49 - A short break
0:22:44 - The pros and cons of a closed end structure
0:26:13 - Looking back at activities over the past twelve months
0:28:31 - Valuation of the portfolio
0:30:45 - Stand out performance in the last twenty years
0:34:26 - 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, 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

268: Money Makers Investment Trusts Podcast - with Alexander Fitzalan Howard (05 Apr 2025)

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 week
0:05:33 - This week’s guest
0:07:20 - Talking to Abbas Barkhordar
0:11:01 - Implications of the trade war on the trust
0:16:23 - Reacting to the developments
0:19:52 - A short break
0:20:47 - Objectives of the trust
0:27:19 - Portfolio valuation compared to the benchmark and peers
0:32:48 - The rating compared to other Schroder Asia trusts
0:34:49 - Differentiation between the different Asian return trusts
0:38:42 - Pitching the trust as an opportunity
0:41:41 - 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, 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

269: Money Makers Investment Trusts Podcast - with Abbas Barkhordar (12 Apr 2025)

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 - Introduction
0:01:09 - Thoughts on the fallout from Trump’s tariff regime
0:05:30 - The performance of battery storage and renewables trusts
0:07:18 - 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 Capital
0:18:19 - Share price performance of the seven trusts targetted by Saba
0:21:30 - A short break
0:22:26 - 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 - 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, 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

270: Money Makers Investment Trusts Podcast - with Andrew McHattie (19 Apr 2025)

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 - Introduction
0:00:53 - Reaction to the US-China trade war
0:03:35 - Managing and positioning the portfolio
0:06:40 - Gearing
0:08:54 - The mood in China
0:09:30 - Movements in the dollar
0:10:36 - The price of the Chinese equity market
0:12:08 - Shareholder response and behaviour
0:13:49 - A short break
0:14:44 - Unlisted holdings
0:16:24 - AI
0:19:37 - Biggest risks
0:20:44 - Looking forward and making the case for China
0:24:52 - 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, 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

271: Money Makers Investment Trusts Podcast - with Dale Nicholls (23 Apr 2025)

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 - Introduction
0:00:58 - Reaction to the Trump administration
0:04:40 - The problems built up by the US in recent years
0:07:16 - Reflecting on recent performance amidst the Trump turmoil
0:12:08 - The role of gold in Majedie’s strategy
0:19:38 - A short break
0:20:45 - Allocating opportunities to different strategies
0:26:58 - Analysis of correlations
0:28:51 - Bringing in the discount
0:34:04 - Resources to keep on top of the strategies
0:41:12 - 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, 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

272: Money Makers Investment Trusts Podcast - with Dan Higgins (26 Apr 2025)

Home of the free Money Makers Weekly Investment Trust Podcast with Jonathan Davis, 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.

214: Weekly Investment Trusts Podcast - with Nick Greenwood and Ben Conway (08 Jun 2024)

Money Makers Investment Trusts

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