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 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 guests 0:01:10 - Looking ahead to Episode 200 0:01:38 - Review of the week 0:02:46 - Corporate news and announcements 0:04:17 - Money Makers Circle 0:04:55 - 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 trust 0:37:47 - Q&A with Dan Higgins 0:38:22 - The change of

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 week 04:02 - This week's guests 04:47 - Money Makers Circle 06:21 - Corporate news and announcements 08:05 - 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 up 36:16 - Q&A with Peter Hewitt 36:32 - The current situation 40:38 - Ratings difference between equities and alternatives 42:13

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 week 0:03:08 - This week's guests 0:04:07 - Corporate news and announcements 0:06:20 - Money Makers Circle 0:07:10 - 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 2024 0:38:53 - 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

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 week 0:02:53 - Summary of results 0:04:25 - Money Makers Circle 0:05:11 - This week's guests 0:06:09 - 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 - Close 0:29:44 - 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 disco

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 week 0:02:48 - Cost disclosure rules 0:04:00 - This week's guest 0:04:40 - Summary of results 0:05:49 - Money Makers Circle 0:06:28 - 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 2024 0:41:46 - 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 forward 1:05:

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 guest 01:15 - Looking ahead to 2024 03:47 - Review of the week 05:24 - Corporate news and announcements 05:37 - Money Makers Circle 06:25 - 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 trusts 33:23 - Close Trusts mentioned this week (with tickers): Biopharma Credit (BPCR), Hipgnosis Songs Fund (SONG), Seraphim Space I

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 2023 06:22 - This week's guest 08:03 - Corporate news, announcements, and results 08:49 - Money Makers Circle 09:14 - 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 ahead 46:54 - Looking ahead and a Happy New Year 47:49 - Close Trusts mentioned this week (with tickers): ThomasLloyd Energy Impact (TLEI), Home REIT (HOME), D

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 week 01:38 - This week's guest 01:51 - Next week's podcast 03:26 - Money Makers Circle 04:10 - 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 year 53:35 - Thank you and Merry Christmas 54:02 - Close Trusts mentioned this week (with tickers): Pershing Square Holdings (PSH), Brunner Investment Trust (BUT), Tritax Big Box (BBOX), Bluefield Solar Income (BSIF), Octo

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 week 0:03:00 - This week's guests 0:03:40 - Money Makers Circle 0:04:11 - Corporate news and announcements 0:06:47 - Summary of results 0:09:13 - The Investment Trusts Handbook 2024 0:11:10 - 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 - Consolidation 0:39:23 - 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

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 guests 01:21 - Money Makers Circle 02:10 - Review of the week 04:56 - Summary of results 06:08 - The Investment Trusts Handbook 2024 07:30 - 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 Rally 35:08 - 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 de

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 Circle 0:01:35 - Investment Trusts Handbook 2024 0:02:41 - This week's guests 0:03:50 - Review of the week 0:06:03 - 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

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 week 0:03:36 - This week's guests 0:04:26 - Money Makers Circle 0:05:13 - Corporate news and announcements 0:11:35 - Summary of results 0:16:14 - 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 yields 0:40:53 - 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 0:49:5

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 guest 01:38 - Money Makers Circle 03:13 - Review of the week 04:56 - Corporate news and announcements 10:18 - Summary of results 12:26 - 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 Funds 40:50 - Close Trusts 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 (

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 guests 0:02:11 - Review of the week 0:04:53 - Corporate news and announcements 0:12:03 - Summary of results 0:17:23 - Money Makers Circle 0:17:50 - 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 prospectus 0:45:17 - 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 i

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 week 04:53 - This week's guest 05:44 - Corporate news and announcements 16:51 - Summary of results 19:44 - Money Makers Circle 21:02 - 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 MIGO 47:17 - Close Trusts 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 Bio

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 guests 0:01:53 - Review of the week 0:04:18 - Summary of results 0:06:56 - Money Makers Circle 0:07:26 - 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) 0:4

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 guests 02:07 - Rhys Davies (Invesco Bond Income Plus Trust; BIPS) 07:49 - Phil Kent (GCP Infrastructure; GCP) 14:16 - Simon Gergel (Merchants Trust; MRCH) 20:04 - 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 subscripti

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 week 02:41 - This week's guest 03:51 - News and announcements 17:45 - Summary of results 18:52 - Money Makers Circle 19:36 - A nice story 20:48 - 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 trust 40:12 - Q&A with John Baron 41:02 - Advice to priva

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 week 0:03:57 - Money Makers Circle 0:04:29 - This week's guests 0:04:57 - Corporate news and announcements 0:10:17 - Summary of results 0:16:01 - 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 here 0:37:41 - 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

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 week 0:04:39 - This week's guest 0:05:09 - Money Makers Circle 0:05:43 - Corporate news and announcements 0:10:13 - Summary of results 0:16:23 - 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 Cup 0:39:01 - 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: