In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Max King, the market and investment trust commentator and former Investec fund manager. Jonathan also talks to Rhys Davies, manager of the Invesco Bond Income Plus Investment Trust (BIPS); the first half of that discussion can be heard in the podcast, with the full interview available below. 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 the Invesco Perpetual UK Smaller Companies Trust (IPU), and a conversation with Graham Harrison, executive chairman of Asset Risk Consultants. A subscription costs £8 a month, or a modest £2 a week.
Nvidia lights up the equity market
00:44 – Review of the week
04:58 – This week’s guest
05:38 – Money Makers Circle
06:24 – Corporate announcements and results
16:34 – Q&A with Max King
19:01 – Abrdn mergers
20:29 – Global Absolute Return Strategies Fund (GARS)
21:20 – Regulation and trust reports
23:01 – Private equity sector
27:14 – Commercial property sector
30:19 – Alternatives sector
32:02 – Equity sector
34:20 – Defensive funds
37:28 – Looking forward
40:32 – Q&A with Rhys Davies (Part 1)
43:11 – Has the interest rate and bond yield cycle peaked?
45:24 – Explaining a soft landing
47:31 – Portfolio yield and potential total return
50:04 – Assessing high yield bonds
54:34 – Managing a bond portfolio
59:50 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Abrdn UK Smaller Companies Growth Trust (AUSC)
- Atlantis Japan Growth (AJG)
- Nippon Active Value Fund (NAVF)
- Pershing Square Holdings (PSH)
- BlackRock World Mining (BRWM)
- Princess Private Equity (PEY)
- CT Private Equity Trust (CTPT)
- JPMorgan US Smaller Companies (JUSC)
- Cordiant Digital Infrastructure (CORD)
- NB Private Equity (NBPE)
- GCP Infrastructure (GCP)
- Home REIT (HOME)
- ThomasLloyd Energy Impact (TLEI)
- The Renewables Infrastructure Group (TRIG)
- 3i Infrastructure (3IN)
- HICL Infrastructure (HICL)
- International Public Partnerships (INPP)
- Blackstone Loan Financing (BGLF)
- NB Global Monthly Income (NBMI)
- Pantheon International (PIN)
- 3i Group (III)
- HarbourVest Global Private Equity (HVPE)
- Literacy Capital (BOOK)
- Oakley Capital Investments (OCI)
- HG Capital Trust (HGT)
- TR Property Investment Trust (TRY)
- Ediston Property Investment Company (EPIC)
- BBGI Global Infrastructure (BBGI)
- Capital Gearing Trust (CGT)
- Ruffer Investment Company (RICA)
- Personal Assets Trust (PNL)
Q&A with Rhys Davies
You can hear Jonathan’s full discussion with Rhys Davies in this bonus podcast. To continue from where the interview left off in the regular podcast edition, skip to 19:24.
00:45 – The last eighteen months in the bond markets
02:45 – Has the interest rate and bond yield cycle peaked?
04:57 – Explaining a soft landing
07:05 – Portfolio yield and potential total return
09:38 – Assessing high yield bonds
14:07 – Managing a bond portfolio
19:24 – The regional split between the UK and Europe
22:48 – Investing in high yield through an investment trust
25:48 – Discount control policy
27:37 – The investment trust sector as a whole
30:43 – Biggest risks we face
32:42 – Close
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.