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.
You can listen to this week’s podcast in full on the audio players below. Alternatively, you can subscribe and download it on most podcast channels including Soundcloud, Apple, Spotify, Stitcher and others.
If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers subscribers an opportunity to receive additional premium content, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. This week, as well as the regular features, the Circle features a profile of Fidelity European Trust (FEV), with next week’s profile being of Greencoat UK Wind (UKW). Jonathan is speaking at the Master Investor Show today (15 April), and will also be making available the slides of his presentation. Subscribers can also hear the full conversation with Jon Forster of Impax Environmental Markets. Also still to come is Jonathan’s end of quarter review, looking back over the first quarter of 2023. A subscription costs £8 a month, or a modest £2 a week.
Equity markets continue to rally
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
0:11:07 – 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
0:45:30 – Gearing
0:47:21 – Why is TR Property unique?
0:49:12 – Q&A with Jon Forster (extract)
0:53:42 – A lack of similar trusts
0:55:12 – The trust today
0:58:18 – The investment environment
1:02:12 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Martin Currie Global Portfolio (MNP)
- Ecofin US Renewables Infrastructure (RNEW)
- GCP Asset Backed Income (GABI)
- Marple Point Loan Financing (MPLF)
- Schroder Japan Growth (SJG)
- Literacy Capital (BOOK)
- Caledonia Investments (CLDN)
- Rockwood Strategic (RKW)
- Gulf Investment Fund (GIF)
- LXi REIT (LXI)
- Value and Indexed Property Income (VIP)
- Schroder European Real Estate (SERE)
- PRS REIT (PRSR)
- Ashoka WhiteOak Emerging Markets
- Industrials REIT (MLI)
- Round Hill Music Royalty Fund (RHM)
- Ediston Property Investment Company (EPIC)
- Secure Income REIT (SIR)
- AEW UK REIT (AEWU)
- Regional REIT (RGL)
- Phoenix Spree Deutschland (PSDL)
- Target Healthcare REIT (THRL)
- LondonMetric Property (LMP)
- Tritax Big Box (BBOX)
- Supermarket Income REIT (SUPR)
About Money Makers
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Disclosures about the editor’s personal holdings of investment trusts can be found here. Our podcasts are also available on the Association of Investment Companies website (www.theaic.co.uk) and Doceo (doceo.tv). The producer of the podcasts is the brilliant Ben Gamblin – more details on him here.