Money Makers

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Matt Hose, alternatives analyst at Jefferies. Section Timestamps: 00:29 - Coming up 02:11 - The markets this week 09:45 - Money Makers Circle 10:28 - Annual results 11:59 - Interim results 15:46 - Q&A with Matt Hose 15:54 - Scottish Mortgage Trust (SMT) 23:36 - Private equity 24:32 - HG Capital Trust (HGCT) 26:29 - Growth capital sector 27:34 - Renewable energy sector 33:22 - Debt sector 35:12 - Looking ahead 36:41 - Close Trusts mentioned (with tickers): Abrdn European Logistics Income (ASLI), Abrdn Japan (AJIT), Nippon Active Value Fund (NAVF), International Biotechnology Trust (IBT), North American Smaller Companies (NAS), JPMorgan Multi-Asset Growth & Income (MATE), Finsbury Growth and Income (FGT), Lowland Investment Company (LWI), Abrdn Equity Income (AEI), Scottish Oriental Smaller Companies (SST), Tritax EuroBox (EBOX), Scottish Mortgage Trust (SMT), HG Cap

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 Ailsa Craig and Marek Poszepczynski, co-managers of the International Biotechnology Trust (IBT). Section Timestamps: 0:00:29 - This week's guests 0:01:57 - The markets this week 0:04:05 - This week's news 0:04:29 - Money Makers Circle 0:05:20 - Noteable results and announcements 0:08:12 - Q&A with Andrew McHattie 0:08:24 - Bank of England base rate change 0:11:23 - Investment trust sector pe rformance 0:12:36 - Civitas Social Housing (CSH) 0:17:39 - Home REIT (HOME) 0:21:25 - US Solar Fund (USF) 0:23:23 - The renewables sector 0:25:31 - Private equity 0:29:13 - 3i Group (III) 0:31:20 - ICG Enterprise (ICGT) 0:35:00 - Q&A with Ailsa Craig and Marek Poszepczynski 0:35:14 - What IBT does and how it differs 0:36:09 - Why choose to invest in IBT 0:37:34 - The factors involved in declining returns

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 investment trust research at Numis Securities, and Laura Elkin, portfolio manager of AEW UK REIT (AEWU). Section Timestamps: 00:29 - This week's guests 02:59 - Money Makers Circle 03:32 - The markets this week 05:26 - Highlights from the week's results 08:05 - Q&A with Ewan Lovett-Turner 08:53 - Looking back over 2023 so far 12:41 - Perceptions of the current market outlook 14:47 - Key news items this week 14:51 - IPOs and Fundraising 20:17 - Private equity 25:23 - Boards and buy backs 27:35 - The alternatives sector 29:55 - International Biotechnology Trust (IBT) 32:07 - Q&A with Laura Elkin 32:36 - The strategy of AEWU, and its portfolio weightings 35:59 - Target return as a value investor 38:31 - The gearing policy 40:39 - The re-rating of commercial property 44:35 - Investing in retail 48:09 - Alternative use 50:55 - V

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to James de Uphaugh, lead manager of the Edinburgh Investment Trust (EDIN), and Stuart Widdowson, manager of the Odyssean Investment Trust (OIT). Section Timestamps: 0:00:29 - This week's guests 0:01:35 - The markets this week 0:03:03 - Money Makers Circle 0:03:47 - News and announcements 0:08:03 - Annual results 0:16:46 - Interim results 0:20:21 - Q&A with James de Uphaugh 0:20:56 - Taking on the Edinburgh Investment Trust 0:22:47 - Immediate reactions and changes due to the then-developing pandemic 0:25:24 - Factors influencing good performance to date 0:27:34 - The gearing strategy 0:30:16 - Advantages of managing an investment trust 0:32:15 - The UK market performance 0:34:38 - Investment style 0:37:36 - What is the trust's "special sauce"? 0:39:46 - Portfolio weightings and changes 0:45:11 - The discount and ambitions for the trust 0:46:56 - The UK as a pl

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Paul ffolkes Davis, chairman of Rising Sun Management, investment advisor to Nippon Active Value Fund (NAVF), and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL). Section Timestamps: 0:00:57 - This week's guests 0:01:45 - The markets this week 0:03:30 - Results and announcements with Stuart Watson 0:10:16 - Q&A with Paul ffolkes Davis 0:11:18 - The investment approach 0:14:24 - Company reactions 0:17:06 - Japanese MBOs 0:18:40 - Benefits to the trust 0:21:36 - The impact of a newspaper article 0:26:44 - Corporate governance and the pace of change 0:28:07 - Risks 0:30:58 - Returning shares to a premium 0:33:24 - The Japanese market 0:36:47 - Q&A with Ian Lance 0:37:15 - Management style and performance so far 0:38:20 - Experience in 2022 0:40:22 - Performance so far in 2023 0:41:22 - What it means to be a value investor 0:44:11 - Oil, mi

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Marcus Phayre-Mudge, manager of TR Property Investment Trust (TRY), and Jon Forster, co-portfolio manager at Impax Environmental Markets (IEM) - a discussion available in full to subscribers to the Money Makers Circle. Section Timestamps: 0:00:29 - Review of the week 0:01:54 - This week's guests 0:02:55 - Summary of the week's results 0:05:39 - News and announcements 0:07:56 - Money Makers Circle 0:08:33 - Q&A with Marcus Phayre-Mudge 0:09:02 - Looking back at the 2022 sell-off 0:11:07 - Short-term worries 0:13:08 - The cost of money 0:15:38 - Has the market priced in all the bad things that might happen? 0:19:21 - Changes to the portfolio 0:25:25 - Ediston Property and consolidation 0:28:06 - Merger of LXi REIT (LXI) and Secure Income REIT (SIR), and smaller commercial property trusts 0:34:16 - Dividend cuts 0:41:23 - TR Property Trust and its dividend 0:45:3

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Peter Spiller, manager of Capital Gearing Trust (CGT), and Andrew McHattie, founder and editor of The Investment Trust Newsletter. Section Timestamps: 0:00:28 - Review of the week 0:03:11 - This week's guests 0:04:16 - Summary of results 0:10:05 - Corporate news 0:12:21 - Money Makers Circle 0:13:09 - Q&A with Peter Spiller 0:18:10 - Are investors bound to lose money in the coming period? 0:24:59 - Private equity 0:28:12 - Governance of investment trusts and impact on the sector 0:31:52 - Reasons for wide discounts 0:33:34 - Mergers and consolidation 0:35:20 - Opportunities afforded by wide discounts 0:38:26 - The case for Japanese stocks 0:41:36 - Q&A with Andrew McHattie 0:41:53 - Performance in the first quarter of 2023 0:45:48 - Commercial property sector 0:50:46 - Renewable energy and infrastructure 0:54:34 - Equity trusts 0:58:41 - A potential IPO

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 Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPG/CMPI). Section Timestamps: 0:00:29 - Review of the week 0:03:14 - This week's guests 0:04:10 - Money Makers Circle 0:05:00 - Summary of results and announcements 0:12:06 - Q&A with Anthony Leatham 0:12:33 - Analysing discounts and buybacks 0:17:07 - Private equity discounts and buybacks 0:20:05 - Most active buyback trusts 0:22:03 - Outlook for discount controls 0:26:04 - Baillie Gifford/Scottish Mortgage Trust (SMT) 0:34:26 - What drives discounts/outlook 0:37:07 - Q&A with Peter Hewitt 0:37:24 - Current market behaviour 0:41:39 - Alternative asset trusts 0:43:27 - Commercial property 0:47:16 - The growth portfolion and Scottish Mortgage Trust (SMT) 0:53:29 - Other Baillie Gifford trusts 0:55:55 - Style shift 0:59:18

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), and Emma Bird, head of research at Winterflood Securities. Listeners can also hear an extract of Jonathan's conversation with Sandy Nairn of the Global Opportunities Trust (GOT), a discussion available in full next week for subscribers to the Money Makers Circle. Section Timestamps: 00:28 - Review of the week 01:23 - This week's guests 02:38 - News and performance 06:32 - Money Makers Circle 07:06 - Summary of results 12:36 - Q&A with Nick Greenwood 12:57 - Comments on the volatile global situation 14:31 - Reasons for widening discounts 19:00 - The developments at Scottish Mortgage 22:47 - The portfolio 24:32 - China 25:57 - Commodities 28:00 - Japanese positions 29:48 - Q&A with Emma Bird 29:56 - The markets this week 30:54 - Scottish Mortgage Trust (SMT) 37:03 - The property sector 37:29 - CT

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Nicholas Weindling, manager of the JPMorgan Japanese Investment Trust (JFJ), and Ross Driver, co-manager of the Foresight Solar Fund (FSFL). Section Timestamps: 0:00:29 - A podcast milestone 0:00:57 - This week's guests 0:01:50 - Money Makers Circle 0:02:44 - Review of the week 0:06:16 - Summary of the week's results and announcements 0:13:55 - Q&A with Nicholas Weindling 0:14:36 - Investment style 0:16:56 - The impact of currency on performance 0:18:37 - When does the trust do well, and when does it lag the market 0:19:50 - Attractiveness of company valuations 0:22:16 - Optimism about Japan 0:25:18 - Attracting overseas investors 0:27:03 - A new central bank governor and monetary policy implications 0:29:45 - Differences with this trust versus others 0:33:14 - Q&A with Ross Driver 0:34:06 - General fund performance 0:36:29 - Last year's results 0:39:03 - P

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 Steven Tredget, partner at Oakley Capital, the managers of the Oakley Capital Investments trust (OCI). Section Timestamps: 0:00:29 - The week's news 0:04:36 - Introducing this week's guests 0:05:57 - Money Makers Circle 0:06:24 - Coming up next week 0:06:34 - Q&A with James Carthew 0:08:30 - Market sentiment 0:10:27 - Where will money be going? 0:12:32 - Results announcements 0:32:19 - Nick Greenwood's departure from Premier Miton 0:35:05 - Henderson Opportunities Trust (HOT) 0:38:47 - AIC Conference 0:43:30 - Close 0:43:44 - Q&A with Steven Tredget 0:45:08 - Valuation doubts 0:53:26 - Effectiveness of share buy backs 0:55:47 - Constraints around the availability of cash 0:58:12 - Direct holdings 1:00:41 - Close Trusts mentioned (with tickers): Oakley Capital Investments (OCI), MIGO Opportunities Trust (MIGO), F&C

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Bruce Stout, manager of the Murray International Investment Trust (MYI). Also, while Jonathan is away in the Netherlands, Stuart Watson, author of the Money Makers Circle trust profiles, joins the podcast to bring a summary of the week's news and market movements. Section Timestamps: 00:29 - Introduction, this week's guest, and the Money Makers Circle 02:15 - This week's news and market movements with Stuart Watson 10:59 - Q&A with Bruce Stout 11:41 - Was 2022 a reckoning some time in the making? 17:06 - Are government bonds a dangerous alternative? 19:19 - Portfolio split between the US and the rest of the world 23:19 - Yield on the Trust and dividends 26:20 - The trust's portfolio 28:51 - Impact of the dollar 32:37 - China 35:38 - Sustainability of results over the coming few years 38:21 - The use of gearing 40:16 - Portfolio holdings 45:18 - No

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Simon Edelsten, manager at Mid Wynd International (MWY). Jonathan also spoke this week to Richard Staveley, lead manager at Rockwood Strategic (RKW), and the podcast features an extract of their conversation, available in full for subscribers to the Money Makers Circle. Section Timestamps: 0:00:29 - Introducing this week's guests 0:01:47 - Money Makers Circle 0:02:27 - Next week's guest 0:02:54 - The markets this week 0:04:12 - Corporate news and announcements 0:21:53 - Q&A with Simon Edelsten 0:09:26 - Reflections on the year just gone 0:13:41 - A new investment world and central bankers' views 0:17:02 - Japan, US and Europe currency rates, and currency movements 0:22:26 - Big technology stocks and valuations 0:32:49 - Looking at different regions 0:39:24 - The portfolio today compared to eighteen months ago 0:41:56 - Investment themes 0:45:04 - Th

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Simon Barnard, manager of the Smithson Investment Trust (SSON). Section Timestamps: 00:28 - This week's guest 01:06 - Who’s coming on in future weeks 01:23 - Money Makers Circle 02:03 - Review of the week 02:45 - Corporate news 07:57 - Results summary 10:24 - Q&A with Simon Barnard 11:19 - The impact of 2022 on the Smithson Investment Trust 14:08 - Core metrics at the end of 2022 17:12 - Have investors got it wrong? 19:14 - The current environment for growth investing 22:06 - Resilience of companies to recession or entrenched inflation 23:49 - Portfolio changes 28:20 - New acquisitions 31:51 - The impact of the dollar 33:13 - The investment trust and share buy backs 35:45 - The fee structure 36:14 - Plans for 2023 37:13 - Understanding the company 39:36 - The core message to shareholders in the trust 41:21 - Close Trusts mentioned (with t

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Colette Ord, head of real asset research, and Andrew Rees, property director, both at Numis Securities. Section Timestamps: 0:00:28 - This week's guests 0:00:55 - Who's coming on in future weeks 0:01:29 - Review of the week 0:03:45 - Results summary 0:06:07 - Money Makers Circle 0:07:25 - Q&A with Colette Ord 0:08:06 - The year so far in infrastructure and renewable energy 0:09:35 - Gilt yields and spreads 0:14:42 - 3i Infrastructure (3IN) 0:20:54 - AT85 IPO 0:30:15 - Share buy-backs and Cordiant Digital Infrastructure (CORD) 0:35:58 - Divergence between sectors 0:40:29 - Octopus Renewables (ORIT) 0:43:09 - Q&A with Andrew Rees 0:43:28 - Overview of commercial property trusts 0:45:11 - This week's commercial property announcements 0:59:15 - Discounts across the commercial property sector 1:02:55 - The gap between gilts and dividends 1:04:38

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Chris Clothier, fund manager at Capital Gearing Trust (CGT). Section Timestamps: 00:29 - Introducing Chris Clothier and upcoming guests 01:31 - Central banks rate changes 03:01 - Investment trust sector performance 03:52 - This week's news and results 04:34 - Money Makers Circle 09:56 - Q&A with Chris Clothier 10:17 - Central banks and rate rises 13:33 - Avoiding a bad recession 16:19 - Will this rally shortly run out of steam? 19:14 - Japanese bonds and equities 24:14 - Investing in China 25:18 - CGT asset allocation and positioning 27:38 - Limits to movements in the current trend 31:36 - Discount movements in investment trusts 34:20 - Commercial property sector 38:31 - Social housing sector 41:07 - Opportunities arising from funds winding down 47:17 - Renewables sector 48:58 - What could prompt a move back to risk assets etc.? 50:07 - Cl

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Duncan MacInnes, manager of the Ruffer Investment Company (RICA). Section Timestamps: 00:59 - Highlights of the week 02:31 - Money Makers Circle this week 03:25 - Investment trust news highlights 06:09 - Q&A with Duncan MacInnes 07:00 - Why 2022 was a good year for Ruffer 12:25 - Trading around the impact of UK index-linked gilts during the Truss administration 13:47 - Exposure to energy 18:28 - Ruffer's selling point 24:18 - Lagging indicators and company earnings 28:07 - Navigating choppy waters 31:57 - The dollar and the US 36:40 - Capacity constraints on the investment trust? 41:25 - Difficulties in achieving numbers that beat inflation 42:32 - A strategy to deal with volatility 45:18 - Close Trusts mentioned (with tickers): 3i Group (III), Literacy Capital (BOOK), Oakley Capital Investments (OCI), Tritax Big Box (BBOX), Invesco Asia Trust

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Matt Hose, alternative assets analyst at the investment bank Jefferies, and Stuart Widdowson, manager of the Odyssean Investment Trust (OIT). Section Timestamps: 00:13 - Introducing this week's guests 00:51 - Review of the week 02:53 - Money Makers Circle highlights 03:43 - Q&A with Matt Hose 33:53 - Q&A with Stuart Widdowson 54:30 - Close Trusts mentioned (with tickers): BH Macro (BHMG), Smithson Investment Trust (SSON), Civitas Social Housing (CSH), Triple Point Social House (SOHO), Home REIT (HOME), Baker Steel Resources Trust (BSRT), HarbourVest Global Private Equity (HVPE), Pantheon International (PIN), Abrdn Private Equity Opportunities (APEO), NB Private Equity Partners (NBPE), Oakley Capital Investments (OCI), Octopus Renewables Infrastructure Trust (ORIT), Hipgnosis Songs Fund (SONG), Starwood European Real Estate Finance (SWEF), NB Global Monthly Income

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Max King, former fund manager at Investec and columnist in MoneyWeek,  and Andrew Rees, property investment trust analyst at Numis Securities. Section Timestamps: 00:13 - Review of the week 02:28 - Money Makers Circle 02:58 - Q&A with Max King 03:11 - Max's comments on the latest developments 05:57 - Will world markets do better than US markets? 07:31 - Chinese investment trusts 10:42 - Home REIT (HOME) and RIT Capital Partners (RIT) 17:49 - IPO announcement: AT85 Global Mid-market Infrastructure 18:33 - Aurora Investment Trust (ARR) 19:59 - Risks for the year 20:54 - Changes with Max's investments? 22:17 - Commercial property Q&A with Andrew Rees 22:58 - Summarising what happened to the shares of commercial property trusts in 2022 24:00 - What sectors were worst affected by the change in environment and why 24:57 - The scale of the change in

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Ewan Lovett-Turner, head of investment trust research at Numis Securities. Section Timestamps: 00:37 - The markets this week 04:22 - Introducing Ewan Lovett-Turner 04:46 - Looking back at 2022 09:41 - Anything distinctive about last year's winners and losers over previous years? 10:53 - Post-pandemic anomaly 12:55 - The impact of bond yields on alternative assets 16:29 - The alternatives sector moving to a discount 19:04 - Issuance figures 23:05 - Will there be trusts that are now unable to raise expected money? 26:27 - Consolidation in the equity investment trust sector 29:44 - The latest from Home REIT (HOME) 32:48 - Sell-off in RIT Capital Partners (RCP) 37:18 - Discount opportunities 47:01 - Opportunities in alternatives 55:22 - Money Makers Circle 55:50 - Close Trusts mentioned (with tickers) include: Riverstone Energy (REL), Artemis Alpha (AT