Momentum is a powerful force in driving investment performance, but carries significant dangers too, says financial historian Edward Chancellor, author of The Price of Time, a brilliant book about the folly of sustained low interest rates. Reproduced here with the author's permission.
Human nature at work - beware! In the investment world, the practice of blindly following market trends is known as momentum. When it takes off, investors who select stocks based on fundamental criteria start to trail their benchmarks. Disappointed clients take their money elsewhere. The temptation for the va...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
TwentyFour Select Monthly Income (SMIF) is the smaller of two debt trusts run by TwentyFour Asset Management and is unique in the sector in paying monthly dividends. It was launched in March 2014, raising just over £100m and setting an annualised total return target of between 8 and 10%. It usually sets a 6.0p annual dividend target, paying out 0.5p per month throughout the year, with a larger twelfth payment to reflect any additional net income it has received. The trust holds quarterly tender offers at a 2% discount, but it has nearly always traded at a premium, so it has been a regular issu...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust and market news - Recent issuance and buybacks - Good reads - Videos and slides - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week This week on the podcast, I talk to Andrew McHattie, editor of the Investment Trusts newsletter, about recent developments in the investment trust sector. Trusts we discuss include RIT Capital Partners (RCP), Herald (HRI), Schroder European Real Estate (SERE), Alternative Income REIT (AIRE), Gol...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
This is our weekly roundup of investment trust announcements and movers. Tables courtesy of Winterflood Securities follow with the trust price and NAV performance, along with a table 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 stock exchange announcement. The percentage figures in this list show the trust's discount/premium on the day of the announcement. Please note that the charts and weekly and year-to-date performance data are correct as of Friday mornings.
Winterflood Average Di...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
AVI Global Trust (ticker: AGT) was founded in 1889 and has been managed by Asset Value Investors (AVI) for the last four decades, over which time it has returned 11.3% per year. Joe Bauernfreund has acted as its lead manager since 2015. AGT seeks to buy quality companies trading at a discount to their net assets, and it holds a concentrated portfolio of closed-ended funds and European/Asian family-run holding companies, recently increasing its exposure towards Korea. Its portfolio looks very different from most other global trusts, tilted away from the US and with a much smaller average market...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
This is the latest article from our contributor Reg Hoare, who has worked for 40 years in the City, initially in investment banking and the securities business, latterly as managing director of MHP Communications. He has been investing in investment trusts as a private investor for more than three decades. Here, he reviews the performance of his holdings as we move into the second half of 2026.
Reg Hoare H1 performance and attribution It has been notable in recent weeks that investment companies reporting results for the period ended 31 March 2026 have been ruing the unfortunate timing of ha...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust and market news - Recent issuance and buybacks - Good reads - Videos and other recordings - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week This week on the podcast, I talk to Max King, the writer and former fund manager, about the latest developments in the markets - the Iran war fallout, AI exceptionalism and the latest news from the investment trust sector.
Latest trust analysis My colleague Stuart Watson's most recent...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
This is our weekly roundup of investment trust announcements and movers. Tables courtesy of Winterflood Securities follow with the trust price and NAV performance, along with a table 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 stock exchange announcement. The percentage figures in this list show the trust's discount/premium on the day of the announcement. Please note that the charts and weekly and year-to-date performance data are correct as of Friday mornings.
Winterflood Average Di...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
3i Infrastructure (3IN) is the best-performing of the veteran infrastructure trusts, having returned 11% a year on a share price total return basis since its 2007 IPO, and just over 12% on an NAV basis, both well ahead of its 8-10% annual return target. Initially, 3IN focused on lower-risk core infrastructure assets, but around a decade ago, it began to shift towards higher-risk/higher-return core plus infrastructure. It has a very concentrated portfolio, typically around 10-12 holdings, spanning a range of infrastructure businesses, including data centres, subsea cables, cold storage and ster...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
The rivalry between Silicon Valley's leading lights over AI is symptomatic of a fundamental human flaw, says financial historian Edward Chancellor, author of a definitive history of past speculative excesses, from the South Sea Bubble onwards, and The Price of Time, a brilliant book about the folly of sustained low interest rates. Reproduced with the author's permission.
Human nature at work - beware! Economic theory posits that utility arises from within the individual; corporations aim to maximise profits; and investors seek the greatest returns for a given level of risk. But none of thes...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
© 2026 Money Makers