In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Colm Walsh, co-manager of the ICG Enterprise Trust (ICGT), and Emma Bird, head of investment trust research and specialist property analyst at Winterflood Securities. 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. For any listeners who have subscribed via Stitcher, please note that service has announced it will be 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 Frontiers Trust (BRFI), and Jonathan has released his video review of the infrastructure sector. A subscription costs £8 a month, or a modest £2 a week.
Next week’s Trust News and Data post (and this podcast) are scheduled for a later release than normal due to holidays, but these can be expected by Monday 21 August after which the normal schedule resumes.
Continuing consolidation
0:01:26 – This week’s guests
0:02:06 – Review of the week
0:04:53 – Corporate news and announcements
0:12:33 – Summary of results
0:15:51 – Money Makers Circle
0:16:48 – Q&A with Colm Walsh
0:18:28 – Putting shareholder interests first
0:19:19 – Mid-market private equity
0:21:27 – Why large discounts exist
0:24:02 – Fees in private equity
0:25:51 – Consequences of sharp interest rate rises
0:30:41 – The risk of recession
0:36:08 – The trust’s dividend
0:41:36 – Q&A with Emma Bird
0:44:24 – Relative dividend yields compared to gilts
0:45:45 – Likelihood of a recession
0:46:34 – Mergers and acquisitions
0:49:41 – Poor performers
0:51:03 – Dividend sustainability
0:53:31 – Five-year performance
0:55:12 – Warehouse REITs
0:57:11 – The role of asset management
0:58:58 – Share buybacks
01:00:24 – The potential for a recovery in share prices
01:01:24 – Healthcare REITs
01:03:55 – Long-lease REITs
01:05:16 – Commercial property sector discounts overall
1:06:08 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- GCP Infrastructure (GCP)
- GCP Asset Backed Income Fund (GABI)
- RM Infrastructure Income (RMII)
- Nippon Active Value (NAVF)
- Atlantis Japan Growth (AJG)
- Abrdn Japan (AJIT)
- Murray International (MYI)
- US Solar Fund (USF)
- Round Hill Music Royalty Fund (RHM)
- Baillie Gifford US Growth (USA)
- Diverse Income Trust (DIVI)
- JPMorgan American (JAM)
- JPMorgan Claverhouse (JCH)
- Impact Healthcare REIT (IHR)
- Syncona (SYNC)
- Foresight Solar Fund (FSFL)
- Octopus Renewables Infrastructure Trust (ORIT)
- Aquila European Renewables Income Trust (AERS)
- Ecofin US Renewables Infrastructure (RNEW)
- Pantheon International (PIN)
- AEW UK REIT (AEWU)
- Abrdn Property Income (API)
- Balanced Commercial Property Trust (BCPT)
- CT Property Trust (CTPT)
- Ediston Property Investment Company (EPIC)
- Civitas Social Housing (CSH)
- Triple Point Social Housing (SOHO)
- Regional REIT (RGL)
- Supermarket Income REIT (SUPR)
- Residential Secure Income (RESI)
- Impact Healthcare REIT (IHR)
- Warehouse REIT (WHR)
- LXi REIT (LXI)
- Tritax Big Box (BBOX)
- Tritax EuroBox (EBOX)
- TR Property Trust (TRY)
- Target Healthcare REIT (THRL)
- Value and Indexed Property Income (VIP)
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 over 170 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.