On the podcast this week On this week's podcast, the 200th edition, I enjoy a three-way conversation with my original co-host Simon Elliott and Mark Dampier, the onetime head of research at Hargreaves Lansdown, the UK's largest private investor platform. He has retired from HL, but has plenty of experience as a non-executive director of three investment trusts, including currently Invesco Select. We discuss the rollercoaster ride that investment trusts have experienced since our first edition on in April 2020 and look ahead to the challenges that the sector faces today. (That first podcast inc...
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This is our weekly roundup of investment trust announcements, movers, and forthcoming dividend and ex-dividend dates. The tables with the week's biggest gainers, losers and discount changes, courtesy of Numis Securities follow along with a table from Winterflood showing recent aggregate sector movements. If there are trusts you are interested in, the links in the list of news each day will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the trust's discount/premium to NAV on the day of the announcement. The final table at the bottom of the...
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Bankers Investment Trust (ticker: BNKR) was launched in 1888 and has been managed by Janus Henderson, under various guises, since 1970. Alex Crooke has been the trust's lead manager since 2003. Bankers has long had a large, diversified global equity portfolio but has historically been overweight the UK market and underweight the US. While this tilt has been significantly reduced in recent years, it has hampered recent performance relative to both world markets and other global trusts. Over the last twenty years under Crooke, Bankers boasts a small lead over global markets with an annualised NA...
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On the podcast this week On this week's podcast, I talk to a first time guest, Sachin Saggar, one of the investment trust analysts at Stifel, about the specialist areas he covers, which include renewables, infrastructure and shipping. Following that I make a return call to Ben Conway, the head of fund management at Hawksmoor Investment Management, about the state of play on cost disclosure following the industry campaign in which he has played a prominent part. We discuss two other issues - liquidity and industry consolidation, where he argues that all-share mergers will do little to tackle p...
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This is our weekly roundup of investment trust announcements, movers, and forthcoming dividend and ex-dividend dates. The tables with the week's biggest gainers, losers and discount changes, courtesy of Numis Securities follow along with a table from Winterflood showing recent aggregate sector movements. If there are trusts you are interested in, the links in the list of news each day will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the trust's discount/premium to NAV on the day of the announcement. The final table at the bottom of the...
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MIGO Opportunities (ticker: MIGO) was launched in 2004 and it invests in other closed-ended UK companies with a particular emphasis on those with wide discounts that have a catalyst to help them rerate. Nick Greenwood, a regular guest on the Money Makers podcast, has managed the trust since its IPO and Charlotte Cuthbertson has worked alongside him in recent years. In 2023, the investment management agreement was switched from Premier Miton to Asset Value Investors with Greenwood moving over and Cuthbertson rejoining after a brief hiatus. MIGO benchmarks itself against SONIA+2% (i.e. the UK ba...
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On the podcast this week On this week's podcast, I have one of my regular catch-ups on all the latest news in the investment trust sector with Andrew McHattie, the editor of the Investment Trusts newsletter. Because of a late scheduling change the final part of the podcast, a conversation with Laura Foll, co-manager with James Henderson of three UK investment trusts, will only now happen on Monday, and we will publish that the following day. A reminder that Simon Elliott, my original podcast co-host, will be making a second comeback appearance in two weeks time to mark our 200th episode and to...
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This is our weekly roundup of investment trust announcements, movers, and forthcoming dividend and ex-dividend dates. The tables with the week's biggest gainers, losers and discount changes, courtesy of Numis Securities follow along with a table from Winterflood showing recent aggregate sector movements. If there are trusts you are interested in, the links in the list of news each day will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the trust's discount/premium to NAV on the day of the announcement. The final table at the bottom of the...
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JPMorgan Indian (ticker: JII) was the first Indian trust to be launched in 1994. After a slow start and multiple manager changes, it produced a very strong period of relative returns from 1997 to 2016, comfortably outperforming the Indian market during this period. Its performance has been weaker on a relative basis since and the discount to NAV has widened from around 10% to 20%. The management team has been refreshed in the last few years with a new line-up that has shifted the focus of the portfolio more towards higher-quality companies. JII has just passed its latest five-year continuation...
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On the podcast this week On this week's podcast, I talk to Dan Higgins, recently appointed as the lead manager of Majedie Investments (MAJE), the family-backed global trust, which is seeking to attract new shareholders for the differentiated "liquid endowment" strategy which it adopted a year ago, and Prashant Khemka, manager of Ashoka India (AIE), the runaway best performer of the trusts which are capitalising on the strong recent performance of the Indian stock market. Looking ahead, I have tempted Simon Elliott, my original podcast co-host, to come back in a couple of weeks on the occasion ...
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