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.
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, Google, and others, including now the Money Makers YouTube channel. For any listeners who have subscribed via Stitcher, please note that service is now discontinued. Please resubscribe through one of the other channels.
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 the Global Smaller Companies Trust (GSCT), and the latest Editor’s Notebook looking at discount opportunities. A subscription costs £8 a month, or a modest £2 a week.
Rate rise pause from the Bank of England
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
0:17:53 – Will a revival reward some trusts more than others?
0:21:54 – The lack of new competition
0:23:41 – Differences in discounts
0:25:55 – The renewables sector
0:28:50 – Energy storage trusts
0:31:24 – Digital infrastructure
0:33:19 – Diversified portfolios
0:34:26 – Sector rationalisation
0:35:46 – Q&A with Ben Conway
0:39:01 – Are discounts a cyclical phenomenon?
0:41:58 – Alignment of incentives
0:44:50 – Manager disclosures of investments
0:46:59 – Share buybacks and other options
0:55:30 – Should investment trusts use gearing?
0:59:55 – The supply of investment trusts
1:08:42 – Competition to the investment trusts sector
1:11:19 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- GCP Infrastructure (GCP)
- GCP Asset Backed Income (GABI)
- Gore Street Energy Storage (GSF)
- Nippon Active Value (NAVF)
- HICL Infrastructure (HICL)
- Murray Income (MUT)
- City of London (CTY)
- European Opportunities (EOT)
- Brown Advisory US Smaller Companies (BASC)
- JPMorgan MidCap (JPF)
- Supermarket Income REIT (SUPR)
- HgCapital (HGT)
- Dunedin Income Growth (DIG)
- Aurora (ARR)
- Weiss Korea Opportunity (WKOF)
- Baillie Gifford Shin Nippon (BGS)
- Third Point Investors (TPOU)
- India Capital Growth (IGC)
- HydrogenOne Capital Growth (HGEN)
- Downing Renewables & Infrastructure (DORE)
- Greencoat Renewables (GRP)
- Octopus Renewables (ORIT)
- NB Global Monthly Income (NBMI)
- M&G Credit Income (MGCI)
- Pollen Street (POLN)
- Life Science REIT (LABS)
- International Public Partnerships (INPP)
- BBGI Global Infrastructure (BBGI)
- Bluefield Solar Income Fund (BSIF)
- Foresight Solar Fund (FSFL)
- Greencoat UK Wind (UKW)
- 3i Infrastructure (3IN)
- Digital 9 Infrastructure (DGI9)
- Cordiant Digital Infrastructure (CORD)
- Round Hill Music Royalty Fund (RHM)
- Pantheon International (PIN)
- Personal Assets Trust (PAT)
- Capital Gearing Trust (CGT)
About Money Makers
We are an independent research and publishing venture committed to providing high-quality investment information and resources. You can sign up below to be notified about the latest podcasts by email as soon as they become available. Please note that the podcasts should not be regarded as personal financial advice, but are provided for information and background only. We are very grateful for your continued support and the enthusiastic response to our nearly 180 podcasts in the more than three years since launch.
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.