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).
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 BioPharma Credit (BPCR), as well as taking a look at the thirty year performance of thirty-six surviving trusts that pre-date the birth of King Charles III. A subscription costs £8 a month, or a modest £2 a week.
A week of two halves
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
0:22:47 – 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 place to invest and the impact of the pound
0:49:41 – Close
0:51:10 – Q&A with Stuart Widdowson
0:52:33 – Sentiment to the UK market
0:55:34 – Specific issues with the UK equity market
0:59:07 – Company valuations
1:02:03 – Odyssean’s rating and share buy backs
1:02:46 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Thomas Lloyd Energy Impact (TLEI)
- Urban Logistics REIT (SHED)
- Next Energy Solar (NESF)
- Ashoka White Oak Emerging Markets (AWEM)
- Global Smaller Companies Trust (GSCT)
- Ceiba Investments (CBA)
- Third Point Investors (TPOU)
- Round Hill Music Royalty (RHM)
- Baker Steel Resources (BSRT)
- Aquila European Renewables (AERS)
- NB Private Equity (NBPE)
- Dunedin Enterprise (DNE)
- RM Infrastructure Income (RMII)
- Abrdn Property Income (API)
- Vietnam Enterprise Investments (VEIL)
- M&G Credit Income (MGCI)
- Fidelity special values (FSV)
- Henderson Far East Income (HFEL)
- Asia Dragon Trust (DGN)
- Literacy Capital (BOOK)
- Pantheon (PIN)
- AEW UK REIT (AEWU)
- CT Property Trust (CTPT)
- Impact Healthcare REIT (IHR)
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.