In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Joe Bauernfreund, manager of the AVI Global Trust (AGT), and Evy Hambro, manager of the BlackRock World Mining Trust (BRWM). 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 BlackRock World Mining Trust (BRWM). Next week’s profile will feature Templeton Emerging Markets (TEM). A subscription costs £8 a month, or a modest £2 a week.
Inflation and interest rate fixation continues
00:44 – This week’s guests
01:34 – Review of the week
03:27 – Money Makers Circle
04:03 – Corporate news and announcements
12:28 – Summary of results
21:20 – Q&A with Joe Bauernfreund
26:03 – Enforced cost disclosures
26:47 – Reducing holdings in PSH and TPOU
30:17 – Increasing exposure to the investment trust universe
31:38 – AVI Global Trust (AGT) and discounts
34:54 – Q&A with Evy Hambro
38:42 – Industry changes over thirty years
40:45 – Valuations over the last year
44:02 – Incentives on commodity producers for good ESG
46:53 – Portfolio changes
49:47 – The dividend policy
51:18 – Gearing
52:52 – Looking forward
54:43 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Digital 9 Infrastructure (DGI9)
- Downing Renewables and Infrastructure (DORE)
- Home REIT (HOME)
- ThomasLloyd Energy Impact (TLEI)
- Hipgnosis Songs Fund (SONG)
- HgCapital Trust (HGT)
- HICL Infrastructure Trust (HICL)
- Pantheon International (PIN)
- Gulf Investment Fund (GIF)
- JPMorgan Global Growth and Income (JGGI)
- Strategic Equity Capital (SEC)
- Schroder Japan Trust (SJG)
- Manchester and London (MNL)
- JPMorgan Emerging Markets (JMG)
- European Opportunities Trust (EOT)
- Tufton Oceanic Assets (SHIP)
- Henderson EuroTrust (HNE)
- Fair Oaks Income (FAIR)
- Martin Currie Global Portfolio (MNP)
- Blackstone Loan Financing (BGLF)
- Biopharma Credit (BPCR)
- Third Point Investors (TPOU)
- Merchants Trust (MRCH)
- Phoenix Spree Deutschland (PSDL)
- Baillie Gifford Shin Nippon (BGS)
- Schroders Capital Growth Innovation Trust (INOV)
- Bluefield Solar Income Fund (BSIF)
- US Solar Fund (USF)
- Gresham House Energy Storage (GRID)
- Aquila Energy Efficiency Trust (AEET)
- NB Private Equity (NBPE)
- Pantheon Infrastructure (PINT)
- GCP Asset Backed Income (GABI)
- UK Commercial Property Trust (UKCM)
- Abrdn Property Income (API)
- Princess Private Equity (PEY)
- Oakley Capital Investments (OCI)
- Pershing Square Holdings (PSH)
- AVI Global Trust (AGT)
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.