Money Makers

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 guests 01:34 - Review of the week 03:27 - Money Makers Circle 04:03 - Corporate news and announcements 12:28 - Summary of results 21:20 - 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 discounts 34:54 - 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 f

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 guests 0:01:39 - Review of the week 0:02:38 - Corporate news and announcements 0:04:35 - Summary of results 0:13:04 - Money Makers Circle 0:13:25 - 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 compet

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 week 02:45 - This week's guests 03:25 - Corporate news and announcements 07:57 - Money Makers Circle 08:31 - Summary of results 13:28 - 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 attractivenes

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 guest 01:41 - Money Makers Circle 02:08 - Review of the week 06:16 - Corporate news and announcements 14:30 - Summary of results 16:21 - 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 investments 47:27 - Close Trusts 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 In

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 ret

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. O

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 -

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 Mak

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

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

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 (

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 - Cau

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

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

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 divide

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

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 th

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

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 guests 0:02:07 - Money Makers Circle 0:02:39 - Next week 0:03:26 - Summary of announcements and results with Stuart Watson 0:11:47 - 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 plans 0:43:26 - Q&A with Paul and Richard Pind

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 week 03:46 - Investment trusts news 11:21 - This week's results 15:15 - Money Makers Circle 15:42 - Noteable interim results 17:14 - 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 forward 37:31 - 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