Money Makers

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 week 0:01:33 - Corporate news and announcements 0:03:18 - This week's guests 0:03:47 - Money Makers Circle 0:04:53 - 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 activities 0:43:07 - Close Trusts mentioned this week (with tickers): Hansa (HAN), Ashoka WhiteOak Emerging Markets (AWEM), Cordiant Digital Infrastructure

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 week 0:02:08 - This week's guests 0:02:39 - Summary of results 0:04:09 - Money Makers Circle 0:04:59 - 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 election 0:40:19 - 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

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 capi

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 normal 0:01:02 - Money Makers Circle 0:01:23 - This week's guest 0:01:56 - 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 risks 0:33:32 - Close If you enjoy the weekly

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 week 0:01:04 - This week's guests 0:03:21 - Summary of results 0:03:39 - Money Makers Circle 0:04:06 - Corporate news and announcements 0:06:47 - 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 - Batt

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 week 0:02:46 - Summary of results 0:03:52 - Corporate news and announcements 0:06:04 - This week's guests 0:07:55 - Money Makers Circle 0:08:37 - 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 vol

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 week 0:02:58 - This week's guests 0:03:51 - Summary of results 0:04:46 - Money Makers Circle 0:05:07 - Corporate news and announcements 0:09:08 - 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 UK 0:29:28 - 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 - S

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 guests 0:02:03 - Review of the week 0:05:38 - Summary of results 0:07:08 - Money Makers Circle 0:07:40 - Corporate news and announcements 0:09:01 - 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 portfolio 0:41:20 - Q&A with Thomas McMahon 0:41:38

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 week 0:03:38 - This week's guests 0:03:53 - Money Makers Circle 0:04:24 - Summary of results 0:05:46 - Corporate news and announcements 0:07:38 - 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 change 0:45:16 - Close Trusts mentioned this week (with tickers): Gresham House Energy Storage (GRID), Hipgnosis Songs Fund (SONG), Menhaden Resource Efficiency (MHN), Martin Currie Global Portfolio (MNP), Henderson F

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 guests 0:01:48 - Review of the week 0:04:17 - Corporate news and summary of results 0:07:50 - Money Makers Circle 0:09:04 - 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 discount 0:43:25 - Q&A with Ian Lance 0:43:47 - UK equity market 0:48:43 - The trust's discount policy 0:49:20 - M

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 guests 0:01:31 - Review of the week 0:04:38 - Summary of results 0:05:39 - Corporate news and announcements 0:06:08 - Money Makers Circle 0:06:48 - 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 ahead 0:33:18 - Q&A with Max King 0:33

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 guests 0:01:15 - Review of the week 0:02:59 - Corporate news and announcements 0:04:09 - Summary of results 0:05:35 - Money Makers Circle 0:07:12 - 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 investments 0:37:16 - Q&E with Ewan Lovett-Turner 0:37:49 -

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 week 0:02:02 - This week's guests 0:03:19 - Money Makers Circle 0:04:54 - Summary of results 0:06:22 - Corporate news and announcements 0:09:29 - 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 0:3

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 week 02:13 - This week's guest 02:26 - Summary of news and results 07:50 - Money Makers Circle 09:01 - 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 season 47:38 - Close Trusts mentioned this week (with tickers): 3i Group (III), Scottish Mortgage Trust (SMT), Hipgnosis Songs Fund (SON

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 guest 01:41 - Review of the week 03:04 - Money Makers Circle 03:29 - Summary of results 04:37 - Corporate news and announcements 06:32 - 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 optimism 38:43 - Close Trusts mentioned this week (with tickers): Allianz Technology (ATT), Manchester and London (MNL), AVI Japan Opportunity (AJOT), Canad

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 week 0:01:49 - Corporate news, announcements, and results 0:02:42 - This week's guests 0:06:49 - Money Makers Circle 0:07:29 - 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 glo

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 guests 01:38 - Review of the week 03:23 - Corporate news, announcements, and results 05:49 - Money Makers Circle 06:36 - 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 - Presentat

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 week 0:04:01 - Trust news and summary of results 0:05:55 - Money Makers Circle 0:06:10 - This week's guests 0:06:45 - Next week's podcast and the Annual Master Investor Show 0:07:29 - 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 ap

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 Foll 00:57 - Mergers and acquisitions and the state of the UK equity market 04:18 - The need for fundamental reform 11:17 - The AIM market 14:14 - The IPO drought 15:52 - Looking at the portfolios 20:11 - Companies to be cheerful about 23:52 - 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, market/portfolio reviews and regular extracts from the editor's notebo

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 week 02:57 - Summary of results 04:08 - Corporate news and announcements 05:31 - Money Makers Circle 05:53 - A bonus podcast next week 06:12 - 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 - Close Trusts mentio