Exclusive to subscribers to the Money Makers Circle Contents - On the podcast this week - Latest trust profile - Trust news over the past week - Recent issuance and buybacks - Thoughts on the news - Good reads - This week's biggest movers - Video reviews - Appendices
On the podcast this week In the latest editions of the Money Makers podcast, I am joined first by Ben Conway, head of fund management at Hawksmoor Investment Management, and Nick Greenwood, co-manager of MIGO Opportunities (MIGO), to talk mostly about the Treasury's decision to drop the cost disclosure rules that have so pre-occu...
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Exclusive to subscribers to the Money Makers Circle Contents - On the podcast this week - Latest trust profile - Trust news over the past week - Recent issuance and buybacks - Thoughts on the news - Good reads - This week's biggest movers - Video reviews - Appendices
On the podcast this week On the podcast this week I have a detailed discussion about the global equity sector with two experienced investors, Simon Edelsten, the recently retired manager of MidWynd International (MWY), and Anthony Leatham, head of investment trust research at the brokers Peel Hunt. What kind of investors should b...
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Exclusive to subscribers to the Money Makers Circle Contents - On the podcast this week - Latest trust profile - Trust news over the past week - Recent issuance and buybacks - Thoughts on the news - Good reads - This week's biggest movers - Video reviews - Appendices
On the podcast this week On the podcast this week I discuss the disappointing performance of the alternatives asset sector with Sachin Saggar, an analyst at the broker Stifel, which recently completed a survey of more than 100 of its clients about their attitudes to alternatives. With interest rates set to come down, why have so ...
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The analysts at broker Stifel made a good point this week about the differential in discount rates that's opened up between alternative assets trusts and plain vanilla equity ones. Whereas until two years ago the ratings on alternatives were generally superior, and often traded at premiums, while equity trusts were less handsomely rated, the reverse is now the case. Has this switchback gone too far?
Discount opportunities continued The story of the past 18 months is neatly captured in the chart that Stifel uses and which I could have readily replicated from other sources. You can see that di...
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As promised I have posted here a topdown pictorial summary of market and investment trust performance in the first half of 2023, drawing on slides from a range of different sources. In due course I will record a video looking at trends and individual security performance in more granular detail.
To access the slides click on the link (not on the image) and use the password H12023. I am grateful to all the brokers and research houses which provide me with this raw material.
Q2 2023 market review as pdf
A reminder that without knowledge of your individual circumstances and t...
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I have added some further comments to some of the news that I summarised in the weekly podcast. Look out for my review of the year to date. It will be appearing shortly, for subscribers only.
MidWynd International The board of MidWynd International (MWY) surprised some market participants by announcing that, following the impending retirement of managers Simon Edelsten and Alex Illingworth later this year, they are taking the management contract away from Artemis and awarding it instead to Lazard Asset Management’s global quality growth team - this despite Artemis having earlier said that...
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The oldest story in the business
The oldest story in the investment business is that it is unhelpful to be sharing a consensus opinion. The behaviour of markets since the autumn last year has been a classic case in point. Those who were gloomy about equity markets and expected the declines of the first nine months to continue after the first leg of the rally from October onwards have been proved wrong as the equity markets have powered ahead, admittedly on narrow leadership, while all the predictions that bond yields would have to fall soon have also been confounded. Here we are - nine months...
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Jonathan Davis A reminder that our content is now being published as it is produced, with a single summary email, barring technical glitches, on Saturday afternoons. This week's profile features Aberforth Smaller Companies trust. My Q and A is with the investment trust specialist Peter Hewitt, a firm favourite of Money Makers subscribers. He has been the manager of the BMO Managed Portfolio trust since 2008.
Markets and trust performance The weekly data tables make interesting reading. Style rotation has been vicious, with some of the biggest winners of the last couple of years (Baillie Giffo...
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