Money Makers podcast: 04 Jul 2026
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined by two guests. First, Mark Niznik, lead manager at Artemis UK Future Leaders (AFL), discusses the fund’s performance, investment philosophy and long-term strategy. Then Alexander Fitzalan Howard, the manager of J.P. Morgan European Growth and Income (JEGI) speaks about the trust’s outstanding returns, European market opportunities and quality-value-momentum investment approach.
You can listen to this podcast in full on the audio players below. Alternatively, you can subscribe via our YouTube channel and most podcast platforms, including Apple Podcasts, Spotify, Amazon Music and Soundcloud. You can also 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.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available – TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
If you enjoy the Investment Trusts Podcast, you may also find value in joining The Money Makers Circle. This membership scheme 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 usual features, the Circle features a profile of Caledonia Investments (CLDN). Future profiles include 3i Infrastructure (3IN) and AVI Global (AGT). Our weekly subscriber email includes a comprehensive summary of all the latest news, plus the week’s biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. A subscription costs £12 a month, or £120 for one year with a two week free trial.
341: Mark Niznik and Alexander Fitzalan Howard
0:01:25 – The Artemis story
0:05:04 – The struggle for UK equities and small caps
0:06:23 – A disappointing first 12 months
0:08:54 – Next year’s continuation vote
0:10:16 – The size of the trust
0:10:47 – The impact of the Westminster drama
0:15:34 – Making use of gearing
0:16:59 – The impact and use of AI
0:22:55 – Sticking to the approach
0:27:50 – A short break
0:28:36 – Alexander Fitzalan Howard
0:29:27 – Looking back at the last 15 months
0:33:49 – Looking at the AI theme
0:35:24 – The influx to Europe
0:39:18 – The style and approach
0:41:08 – Performance and a narrowing discount
0:45:32 – A transaction with European Opportunities Trust
0:47:35 – The exposure to small and mid cap
0:48:45 – The outlook for Europe
0:52:05 – Close
OUT NOW: The Investment Trusts Handbook 2026
The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.
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 more than 340 podcasts in the six years since launch!
Disclosures about the editor’s 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.
Latest Money Makers podcasts
Money Makers podcast: 05 Apr 2025
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.
If you enjoy the Investment Trusts 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 usual features, the Circle features a profile of Invesco Global Equity Income (IGET). Future profiles include River UK Micro Cap (RMMC) and RIT Capital Partners (RCP). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week’s biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. A subscription costs £12 a month, or £120 for one year with a two week free trial.
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.