In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Paul ffolkes Davis, chairman of Rising Sun Management, investment advisor to the Nippon Active Value Fund (NAVF), and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL).
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 will feature a profile of BioPharma Credit (BPCR). Jonathan’s end of quarter review, looking back over the first quarter of 2023, is also available. A subscription costs £8 a month, or a modest £2 a week.
A quiet week
0:00:57 – This week’s guests
0:01:45 – The markets this week
0:03:30 – Results and announcements with Stuart Watson
0:10:16 – Q&A with Paul ffolkes Davis
0:14:24 – Company reactions
0:17:06 – Japanese MBOs
0:18:40 – Benefits to the trust
0:21:36 – The impact of a newspaper article
0:26:44 – Corporate governance and the pace of change
0:28:07 – Risks
0:30:58 – Returning shares to a premium
0:33:24 – The Japanese market
0:36:47 – Q&A with Ian Lance
0:38:20 – Experience in 2022
0:40:22 – Performance so far in 2023
0:41:22 – What it means to be a value investor
0:44:11 – Oil, mining, and ESG
0:47:47 – Impact of the recent banking tremors
0:51:04 – The trust’s dividend
0:53:05 – The discount
0:53:48 – The attractions of equity income
0:57:43 – Gearing employed by the trust
0:58:40 – UK economic and political risks
1:01:48 – What could change the UK being a cheap market?
1:03:48 – FTSE all time high
1:04:27 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Schroder Capital Global Innovation Trust (INOV)
- Invesco Perpetual UK Smaller Companies (IPU)
- Aurora Investment Trust (ARR)
- Balanced Commercial Property Trust (BPCT)
- Abrdn European Logistics Income (ASLI)
- Fidelity Asian Values (FAS)
- Fair Oaks Income (FAIR)
- Middlefield Canadian Income (MCT)
- RTW Venture Fund (RTW)
- Triple Point Social Housing (SOHO)
- BioPharma Credit (BPCR)
- Caledonia Investments (CLDN)
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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.