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-2026/9781804094358

The 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 - Introduction
0:01:18 - About Oakley Capital Investments (OCI)
0:06:06 - The typical holding period and target returns
0:12:47 - NAV performance
0:19:17 - Funding commitments
0:24:39 - A short break
0:25:43 - Oakley’s discount and capital allocation policy
0:34:03 - The share register
0:38:42 - Cost disclosure
0:40:55 - Volatility in valuations
0:44:35 - Close


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Produced by Ben Gamblin - www.bgprofessional.co.uk

308: Money Makers Investment Trusts Podcast - with Steven Tredget (06 Dec 2025)

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Making Money Minute with Ron Hiebert - Concentration & Returns

Diversification in a portfolio is important because it spreads your risk across many assets and lowers exposure to any one of them. The problem, is you seldom get market beating returns owning dozens or even hundreds of securities. Oversized gains require concentrated portfolios. For example, Bill Gates has a 50 billion dollar investment portfolio. 79% of it is in only 4 stocks - Microsoft, Waste Management, Berkshire Hathaway and Canadian National Railway. The stocks high quality lessens the risk, but the concentration danger that goes hand in hand with oversized returns is still there.

Making Money Minute - December 1, 2025

Making Money Minute with Ron Hiebert - Playing With Fire

History shows that in times of conflict, countries often withhold interest payments on domestic bonds held by their enemies. United States, froze payments on dollar-denominated debt to the Japanese before World War II, and did the same to Russia after the Ukraine war began. The downside in doing this, is fewer people wanting to own your debt or currency. When you are a massive borrower like the US, fear of retaliation and confiscation aren’t big selling features. America is playing with fire, biting the hand of people who support them

Making Money Minute - December 2, 2025

Making Money Minute with Ron Hiebert - Market Cycles

I have never seen anyone believe that tides levels will keep going in one direction forever because it is different this time. People have watched tides, cycle in and out twice a day for generations. That is what tides do. Markets do the same thing, just not with as much regularity. In spite of this frequency, investors are always shocked when overpriced markets go down and undervalued ones go up. The biggest mistake investors make is thinking in one direction. Markets are cyclical and move in waves - not straight lines. 

Making Money Minute - December 3, 2025

Making Money Minute with Ron Hiebert - Uranium

The uranium sector looks like it is finally waking up from decades of slumber. The world has come to grips with the fact that nuclear is the only untapped technology capable of generating abundant energy 24/7, without producing Co2. The streamlining of the nuclear approval process, the development of small modular reactors and an increase in electricity demand point to a uranium supply deficit. We need to produce about 20% more to meet demand. It will take at least a decade to bring on enough mine capacity to satisfy the deficit. How far prices can rise in the meantime - is anyone’s guess. 

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Making Money Minute with Ron Hiebert -  America’s Fix Won’t Be Easy

America has been in a stupor the last twenty years. They have allowed themselves to get to a point strategically, where they have to import 90% of their uranium and almost the same percentage of rare earth minerals. They run massive trade and budget deficits which require foreigners to use their surplus dollars to buy huge amounts of government debt to make it work. Their pension system will run out of funds in less than seven years. To fix this mess will take time and require pain and financial sacrifice from everyone. A reality, that the American voter, is in complete denial.

Making Money Minute - December 5, 2025

Dan shares his thoughts on GOOGL, Mark Zuckerberg, the supposed AI bubble, the 2008 housing market collapse, and then, for some reason, agriculture. Come for the Um's, but stay for the Uh's!

080 GOOGL & AI Bubble Fears

This is the latest in my series of podcasts explaining how economics works in the credit crunch and now virus pandemic era. This week I give my thoughts on the implications for GDP,debt costs and the national debt of the rise in Japanese bond yields. I number-crunch the BBC analysis of higher UK Gird charges for electricity. Also the EU plans to loan Russian money to Ukraine.

Notayesmanspodcast357

In this video I’ll tell you what I’d do if I was broke, and how dividends would help save me.

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Episode 177 - Broke? Dividends Can Save You

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This is my series of podcasts explaining how economics works in the credit crunch era.

Welcome to my podcast where I talk about dividends, my dividend portfolio, passive income, investing, news, and creating wealth! I retired in my 40s due to dividends and now I share my 30+ yr investing insights on YouTube (84k subs, https://www.youtube.com/channel/UCuOS-UH_s4KGhArN6HdRB0Q?sub_confirmation=1) & on the world's largest Dividend Discord (11k subs, http://discord.gg/kkSr5FY).
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