Money Makers

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Nick Hyett, investment manager at Wealth Club, and Robert Whitby-Smith, partner in Albion Capital. Section Timestamps: 0:00:24 - Introductions 0:01:32 - Reaction to the budget 0:04:31 - Performance of tax-efficient products so far this year 0:08:23 - Looking at the VCT market overall 0:11:37 - A short break 0:12:32 - Interest rates and the broader market environment 0:17:44 - Diversification of holdings 0:20:24 - Changes in an ideal world 0:22:31 - 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 edito

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Peter Spiller, manager of Capital Gearing Trust (CGT). We apologise for the poor line quality in the call for this discussion. Section Timestamps: 0:00:24 - Introduction 0:00:36 - The Budget in general 0:07:10 - Inheritance tax and the non-dom status 0:08:37 - Farming 0:11:32 - Tax changes for savings and investments 0:12:48 - A short break 0:13:44 - Overall picture for the UK market 0:17:17 - Gilts 0:19:30 - US Presidential election 0:22:19 - Context on what is seen around the world 0:24:36 - 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/portfo

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Prashant Khemka, manager of Ashoka WhiteOak Emerging Markets Trust (AWEM) and the Ashoka India Equity Trust (AIE). Section Timestamps: 0:00:24 - Introduction 0:01:13 - Thoughts on the Asia Dragon merger with Invesco Asia 0:04:28 - Emerging markets in general 0:11:37 - The significance of China in emerging markets 0:15:30 - Thc characterisation of value in India and China 0:19:33 - A short break 0:20:28 - Why own a global emerging markets trust over just an Indian trust? 0:22:00 - Volatility of the Indian and Chinese markets 0:27:12 - The US election 0:29:21 - How geopolitics might impact on India 0:31:18 - The impact of cost disclosure 0:32:58 - The case for investing in this trust over others in emerging markets 0:34:48 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers circ

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Richard Shepherd-Cross, manager of the Custodian Property Income REIT (CREI) to discuss the trust. Section Timestamps: 0:00:23 - Introduction 0:00:51 - Looking back over ten years of CREI 0:03:14 - Pros and cons of managing a commercial property trust 0:08:12 - Capital growth 0:13:08 - Cost of ownership and cost disclosure 0:16:37 - Gearing 0:21:04 - A short break 0:21:59 - The discount 0:31:00 - The merger proposal with Abrdn Property Income (API) 0:34:35 - Are investment trusts really the best structure for commercial property? 0:39:03 - Risk of an undervalued takeover 0:42:59 - 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 re

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie to discuss the markets. Section Timestamps: 0:00:24 - Introduction 0:00:37 - An overview of the markets around the world 0:03:08 - Alliance Witan (ALW) 0:09:08 - Tetragon Financial (TFG) 0:13:28 - Digital 9 Infrastructure (DGI9) 0:17:22 - Crystal Amber Fund (CRS) 0:20:21 - A short break 0:21:16 - Redemption opportunities 0:22:00 - AVI Japan Opportunity Trust (AJOT) 0:24:56 - Bellevue Healthcare (BBH) 0:29:43 - Mercantile Investment Trust (MRC) 0:31:38 - Gearing 0:33:08 - Literacy Capital (BOOK) 0:37:18 - Battery storage trusts (GSF, HEIT) 0:42:38 - Thoughts on performance this year 0:44:02 - 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 o

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by George Ensor, manager of the River UK Micro Cap Investment Trust (RMMC). Section Timestamps: 0:00:23 - Introducing this week’s guest 0:01:06 - The basic proposition 0:07:19 - Potential actions from the new government affecting the AIM IHT issue 0:09:30 - Exposure to trusts affected by potential budget changes 0:11:17 - The redemption facility 0:16:12 - Stockpicking philosophy 0:31:13 - A short break 0:32:08 - Selling stocks that are no longer defined as micro-cap 0:34:44 - Activism 0:36:09 - Reforming the UK equity market 0:40:28 - Why invest in the micro-cap trust 0:43:04 - 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 subscription, to receiv

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Evy Hambro, manager of the BlackRock World Mining Trust (BRWM). Section Timestamps: 0:00:23 - The overall macro position 0:06:12 - AI and commodities 0:10:04 - The impact of the dollar 0:11:38 - A short break 0:12:33 - M&A activity 0:17:51 - Talking about the Trust (BRWM) 0:19:19 - Assumptions over the past two years that didn’t work out 0:22:48 - The dividend 0:24:47 - The share price and the discount 0:25:37 - Valuations 0:27:44 - 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 notebook. T

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Ben Conway, head of fund management at Hawksmoor Investment Management, and Nick Greenwood, manager of the MIGO Opportunities Trust (MIGO). Section Timestamps: 0:01:14 - Introducing this edition’s guests 0:01:47 - A note on jargon 0:02:54 - Context of this week’s treasury announcement 0:11:29 - Good news for the investment trusts sector 0:14:20 - An unexpected announcement 0:18:34 - Correlation between interest rates and changing discounts 0:21:12 - A short break 0:22:08 - Assessing fees on market cap 0:26:51 - Looking for opportunities in discounts 0:27:38 - Consolidation, supply, and trust sizes 0:37:14 - The wider world 0:39:51 - Recent changes to the MIGO portfolio 0:41:35 - 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 l

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, reviews the week in the markets and speaks to Simon Edelsten, former fund manager at Mid Wynd International, and Anthony Leatham, head of investment trust research at Peel Hunt. Section Timestamps: 0:00:25 - A discussion with Simon Edelsten and Anthony Leatham 0:00:51 - An overview of the global equities sector 0:01:46 - What is a global equity trust seeking to achieve? 0:06:17 - The proportion to invest in global equity trusts and the benchmark to use 0:14:14 - Passive funds as an alternative 0:22:31 - A short break 0:23:27 - Discount anomalies and buybacks 0:26:06 - Trusts investing in private assets 0:34:26 - Measures of risk 0:40:35 - Where we are in the market cycle 0:47:46 - 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

In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, reviews the week in the markets and speaks to Sachin Saggar, alternatives investment trusts analyst at Stifel. Section Timestamps: 0:00:39 - This week’s guest 0:01:13 - Review of the week 0:03:08 - Results and the Money Makers Circle 0:04:58 - Changes to the podcast 0:06:17 - Q&A with Sachin Saggar 0:07:17 - Will the sector trade at a premium to NAV in the future? 0:09:02 - Reliability of NAVs 0:14:50 - The case for standardised disclosures 0:16:29 - Limited opportunity to raise new equity 0:20:57 - Reactions to proposals to buy into the alternative assets sector 0:24:15 - Evaluating the performance of alternative assets trusts 0:27:47 - Is there still value to be found across the sector? 0:28:21 - Looking at earnings multiples 0:29:44 - Cost disclosure 0:30:44 - Close If you enjoy the weekly podcast, you may a

In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, reviews the week in the markets and speaks to Craig Baker, chair of the investment committee at the Alliance Trust (ATST), and Duncan MacInnes, manager of the Ruffer Investment Company (RICA). Section Timestamps: 0:00:36 - AIC Best Broadcast Journalist Award 0:01:18 - Money Makers Circle 0:03:02 - This week’s guests 0:03:48 - Review of the week 0:05:28 - Podcast format changes 0:05:44 - Q&A with Craig Baker and Duncan MacInnes 0:05:44 - The Federal Reserve's decision to cut interest rates 0:08:14 - A return to a Goldilocks environment? 0:10:00 - Confidence in the returns from the equity market 0:12:02 - Summarising Ruffer's latest results 0:14:45 - AI and the Magnificent Seven 0:23:26 - The US election 0:29:19 - The US vs the rest of the world 0:32:30 - The UK equity market 0:35:50 - Impressions of the new g

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, and Chris Clothier, co-CIO at CG Asset Management, the manager of Capital Gearing Trust (CGT). Section Timestamps: 0:00:39 - This week's guests 0:01:46 - Review of the week 0:03:24 - Money Makers Circle 0:04:13 - Q&A with Andrew McHattie 0:04:13 - Summer performance 0:05:18 - Consolidation in the renewables sector 0:12:06 - Battery storage trusts 0:19:59 - Commercial property 0:26:26 - Other trusts at risk 0:33:38 - A more positive message 0:35:49 - Q&A with Chris Clothier 0:35:58 - The year so far and a period of heightened volatility 0:36:55 - Any meaning within the August spike 0:39:45 - Conquering inflation 0:44:54 - The position of Capital Gearing Trust 0:53:19 - Commercial property and discounts to NAV 0:56:54 - Private equity 0:59:10 - Reflecting on las

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 Kenneth MacKenzie, founder and manager of Target Healthcare REIT (THRL), and John Singer, chairman of Pantheon International (PIN). Section Timestamps: 0:00:39 - This week's guests 0:01:17 - Review of the week 0:03:53 - Corporate news and announcements 0:08:42 - Money Makers Circle 0:09:23 - Q&A with Kenneth MacKenzie 0:09:35 - Why start the investment trust 0:13:10 - The business model 0:15:31 - The supply of purpose-built real estate 0:17:43 - Income generation and quality control 0:20:42 - Assessing investment trust performance 0:22:02 - Inflation linkage 0:23:53 - Potential for government changes to social care 0:26:55 - The discount 0:31:35 - Gearing 0:32:29 - Restrictions on issuing shares at a discount to NAV 0:34:18 - Income and dividend paying capacity 0:35:56 - Q&A with John Singer 0:37:20 - Developing trust i

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 Jon Ingram, co-manager of the J.P.Morgan European Discovery Trust (JEDT). Section Timestamps: 0:00:53 - This week's guests 0:01:58 - Review of the week 0:06:51 - Summary of results, corporate news and announcements 0:10:40 - Money Makers Circle 0:12:18 - A question to ChatGPT 0:12:48 - Coming up in future weeks and next week's interview 0:13:50 - Q&A with Jon Ingram 0:14:31 - Changes in how the trust will be run 0:17:40 - Distinctiveness of the trust 0:21:12 - Gearing 0:26:21 - The driver for extreme valuations 0:32:04 - The trust's universe 0:34:38 - The outlook for Europe 0:38:00 - Current weightings 0:40:43 - Technology in Europe vs the US 0:44:17 - AI in the research process 0:48:13 - Why now is a good time to look at the trust 0:49:33 - Close Trusts mentioned (with tickers) include: J.P.Morgan European Discovery Trus

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 Elliott Hardy, private equity research analyst at Winterflood Securities, and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL). Due to technical issues, the audio quality for the discussion with Ian Lance is particularly poor for which we apologise. As a result, we have a transcript of this interview available for download from the website - money-makers.co/podcasts Section Timestamps: 0:00:39 - Review of the week 0:01:42 - This week's guests 0:02:29 - Money Makers Circle 0:03:16 - Summary of results 0:04:40 - Subscribe on YouTube, Spotify, Soundcloud and others 0:05:05 - Q&A with Elliott Hardy 0:05:18 - Development of the listed private equity market this year 0:07:16 - The global state of private equity 0:10:44 - Scepticism about reported NAVs 0:12:24 - The early August sharp market sell-off 0:13:30 - The underlying

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, has returned from holiday and is joined by Andrew McHattie, editor of the Investment Trust Newsletter, to review the week in the markets. 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 0:01:17 - Money Makers Circle 0:01:54 - Q&A with Andrew McHattie 0:01:45 - The early August market meltdown 0:05:39 - Results from the investment trusts sector 0:05:52 - J.P.Morgan American (JAM) 0:09:54 - J.P.Morgan Claverhouse (JCH) 0:13:23 - Murray International (MYI) 0:18:38 - JLEN Environmental Assets (JLEN) 0:22:40 - Biopharma Credit (BPCR) 0:25:27 - Bellevue Healthcare (BBH) 0:29:45 - Syncona (SYNC) 0:35:26 - Riverstone Credit Opportunities (RCOI) 0:39:38 - Close Trusts mentioned (with tickers) include: J.P.Morgan American (JAM), J.P.Morgan Claverhouse (JCH), 3i Group (

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis remains on holiday, so Stuart Watson fills in once again, providing the latest news and events from the past week. Despite the break, Jonathan still had the opportunity to speak with Denis Jackson and Laura Foll from Law Debenture (LWDB), the UK equity income trust. The podcast itself will take a short break next week, but is scheduled to return with the next edition on Saturday 17 August 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 - This week's guests 0:00:56 - Review of the week 0:02:24 - Summary of results 0:04:23 - Corporate news and announcements 0:06:25 - Money Makers Circle and a short break for the podcast 0:06:51 - Q&A with Denis Jackson and Laura Foll 0:07:09 - The unique structure of Law Debenture 0:14:19 - Procyclicality of the business 0:17:31 - Sustainability of performance 0:20:57 - The result of the election

In this week's edition of the Weekly Investment Trust Podcast, Stuart Watson fills in for Jonathan Davis who is away on holiday, to provide the latest news and events from the past week. Before going away however, Jonathan did get the opportunity to speak with Dean Buckley and Andrew Ross, chairmen of the Alliance Trust (ATST) and Witan Investment Trust (WTN) respectively - two trusts which are in the process of a merger. 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 0:01:00 - Review of the week 0:01:49 - Summary of results 0:03:40 - Corporate news and announcements 0:05:09 - Money Makers Circle 0:05:38 - Q&A with Dean Buckley and Andrew Ross 0:06:30 - Witan's path to the strategic review and the deal with Alliance 0:09:55 - Alliance's motivation for the deal 0:12:16 - Bringing in the discount 0:14:01 - Difficulties in delivering a distinctive approach in a volatile world 0:16:41 - Risks

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: 0:00:39 - Review of the week 0:04:46 - Corporate news, announcements, and results 0:06:46 - This week's guest 0:06:55 - Money Makers Circle 0:07:44 - An upcoming break 0:08:18 - Q&A with Andrew McHattie 0:08:53 - Polar Capital Technology (PCT) 0:17:28 - 3i Group (III) 0:21:48 - Odyssean Investment Trust (OIT) and UK small caps 0:25:57 - Regional REIT (RGL) 0:29:21 - Home REIT (HOME) 0:33:13 - Shipping 0:36:41 - Battery storage 0:42:45 - Chrysalis (CHRY) 0:45:46 - Hopes for the autumn 0:49:33 - Close Trusts mentioned (with tickers) include: Tufton Oceanic (SHIP), BioPharma Credit (BPCR), New Star Investment Trust (NSI), Manchester and Lond

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 Jones, CEO of LondonMetric Property which recently acquired two listed UK commercial property investment trusts - CT Property (CTPT) and LXi REIT (LXI). 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 0:01:37 - This week's guest 0:02:22 - Corporate news and announcements 0:04:00 - Summary of results 0:05:14 - Money Makers Circle 0:05:42 - AIC Annual Investment Trust Media Awards 0:06:29 - Q&A with Andrew Jones 0:07:06 - Origin of the CTPT and LXI deals 0:12:14 - Self-managed vs externally managed 0:13:44 - Justifying the deals 0:14:51 - Objectives of the company 0:16:31 - The property cycle 0:19:32 - Exposure to retail 0:21:46 - Interest in specific sectors 0:22:40 - Macro concerns 0:25:35 - Responding to the