Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Matt Hose, alternative assets analyst at the investment bank Jefferies, 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 Oakley Capital Investments (OCI), and Jonathan summarises his notes from the Winterflood Annual Investment Trusts Conference. A subscription costs £8 a month, or a modest £2 a week.
An up and down week
00:13 – Introducing this week’s guests
00:51 – Review of the week
02:53 – Money Makers Circle highlights
03:43 – Q&A with Matt Hose
05:05 – Impact of rising bond yields
10:59 – Private equity valuations
13:18 – Comparing lags in reporting for renewables and infrastructure
14:12 – Recent alternatives performance
15:52 – Which sector has been worst affected for derating?
17:03 – Windfall tax on UK renewable energy trusts
18:12 – Comparing yields across the three major alternative sectors
19:22 – Funding and secondary issuance
22:03 – Octopus Renewables Infrastructure Trust (ORIT)
24:14 – Conflicts of interest in renewable energy trusts?
25:18 – Sector sensitivities to bond yields or gilts
27:53 – The latest IPO
28:41 – Overview of the debt sector
30:56 – The growth equity sector
32:04 – Client views and outlook for the upcoming year
33:53 – Q&A with Stuart Widdowson
37:53 – Funding and share issuance
38:31 – Will a larger size change what Odyssean does?
39:57 – The UK equity market today
44:29 – Impact of the dollar and international exchange rates
45:57 – Risks – including a ‘Dash for Trash’
47:14 – Why not use more gearing?
48:01 – Changes to the portfolio
52:17 – Prognosis for the year
54:30 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- BH Macro (BHMG)
- Smithson Investment Trust (SSON)
- Civitas Social Housing (CSH)
- Triple Point Social House (SOHO)
- Home REIT (HOME)
- Baker Steel Resources Trust (BSRT)
- HarbourVest Global Private Equity (HVPE)
- Pantheon International (PIN)
- Abrdn Private Equity Opportunities (APEO)
- NB Private Equity Partners (NBPE)
- Oakley Capital Investments (OCI)
- Octopus Renewables Infrastructure Trust (ORIT)
- Hipgnosis Songs Fund (SONG)
- Starwood European Real Estate Finance (SWEF)
- NB Global Monthly Income (NBMI)
- VPC Speciality Lending (VSL)
- Chrysalis Investments (CHRY)
- Schiehallion Fund (MNTN)
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