This week, the Money Makers Investment Trusts Podcast turns five years old. Started at a time of market turmoil as the then-emerging Covid pandemic resulted in lockdowns, 268 episodes later market drama is back in the headlines again as Donald Trump imposes trade tariffs that have sent worldwide indices plummeting. It has hit investment trusts hard – sign up for the weekly Money Makers email for all the details, some commentary and a comprehensive summary of all the latest trust news.
In the latest editions of the podcast released this week, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Richard Horlick, CEO of BH Macro (BHMG), and Alexander Fitzalan Howard, manager of the J.P. Morgan European Growth and Income Trust (JEGI).
You can listen to these podcasts in full on the audio players below. Alternatively, you can subscribe via our YouTube channel, and at most podcast platforms including Apple Podcasts, Spotify, and Soundcloud; and you can find us listed on The AIC’s Podcast Directory. We are grateful to J.P. Morgan Asset Management, whose no-strings support enables us to keep the podcast free and our editorial integrity intact.
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267: Richard Horlick
0:00:59 – What is distinctive about BH Macro?
0:04:07 – Managing volatility
0:08:19 – The discount and buybacks
0:09:50 – Understanding costs
0:16:11 – A short break
0:17:07 – The trust in light of world events
0:29:24 – Looking to the future
0:31:30 – The UK equity market and BH Macro’s listing
0:34:28 – Close
268: Alexander Fitzalan Howard
0:05:41 – This week’s guest
0:06:50 – Talking to Alexander Fitzalan Howard
0:07:38 – Interesting times and Trump’s tariffs
0:09:29 – The significance of developments in Germany and France
0:12:33 – ECB interest rate cuts
0:13:28 – The strength of European stock markets since the return of Trump
0:15:18 – The trust’s performance versus the peer group
0:19:56 – Looking at the trust amongst sector events
0:21:18 – The discount policy
0:21:49 – A short break
0:22:44 – The pros and cons of a closed end structure
0:26:13 – Looking back at activities over the past twelve months
0:28:31 – Valuation of the portfolio
0:30:45 – Stand out performance in the last twenty years
0:34:26 – Close
We are an editorially 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 nearly 270 podcasts in the five 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). The producer of the podcasts is the brilliant Ben Gamblin – more details on him here.