Money Makers podcast: 24 Oct 2026

Regular contributor Andrew McHattie, the editor of the Investment Trusts Newsletter, returns this week to the Money Makers Investment Trusts Podcast, with award-winning host Jonathan Davis, editor of the Investment Trusts Handbook and AIC Best Broadcast Journalist for three years running. Their discussion this time includes AIC research comparing investment trusts performance with their open-ended rivals, Seraphim Space’s spectacular full-year results, and corporate activity in the private equity sector.

This episode was recorded on the morning of Friday 23 October 2026, before the outcome of the vote at Baillie Gifford US Growth was known. In the event, Saba Capital’s attempt to oust the board was defeated by 52% to 48%.

You can listen to this podcast in full on the audio player 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 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!

Jonathan Davis (right) being awarded Best Broadcast Journalist at The AIC Media Awards 2026.

Jonathan Davis being awarded Best Broadcast Journalist at The AIC Media Awards 2026.

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 every week, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. As well as the usual features, the Circle currently features a profile of Murray Income (MUT), with Oakley Capital Investments (OCI) coming soon. 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 via the link below, 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.

359: Andrew McHattie

0:00:37 – Introduction
0:01:16 – Looking back over 30 years
0:02:12 – Follow a trust or a manager?
0:03:39 – Investment trusts vs open-ended equivalents
0:09:18 – Seraphim Space’s (SSIT) spectacular performance
0:15:09 – Listed private equity
0:24:31 – A short break
0:25:16 – International Biotechnology Trust (IBT)
0:28:02 – AVI Japan Opportunities Trust (AJOT)
0:31:33 – US Solar Fund (USF)
0:34:54 – Brown Advisory US Smaller Companies (BASC)
0:37:04 – Scottish Oriental Smaller Companies (SST)
0:41:20 – Close
Recorded on Friday 23 October 2026.

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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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.

Available to order now!

Coming soon: Look out for the 2027 edition of the Handbook, the tenth in the series, which is due to be released this December.

About Money Makers

We are an editorially independent research and publishing venture committed to providing high-quality investment information and resources. Sign up below to receive email notifications about the latest podcasts 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 350 podcasts in the over 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 podcasts are produced by the brilliant Ben Gamblin; more details on him here.

Latest Money Makers podcasts

 

Money Makers podcast: 12 Sep 2026

Two episodes are available this week from the Money Makers Podcast. First, in a discussion released on Tuesday 08 September, Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined by Angus Gordon Lennox, the chairman of Gore Street Energy Fund (GSF) who makes the case for voting down resolutions proposed by Saba Capital at the trust’s upcoming AGM. Then on Saturday 12 September, Andrew McHattie, the editor of the Investment Trusts Newsletter, returns to the podcast with his comments on the latest developments in the sector.

You can listen to these 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 every week, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. As well as the usual features, the Circle currently features a profile of Ruffer Investment Company (RICA). Future profiles include Baillie Gifford UK Growth (BGUK) and Murray International (MYI). 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.

351: Angus Gordon Lennox

0:00:37 – Introduction
0:01:57 – Angus’s credentials
0:04:09 – Paying a dividend
0:08:26 – Shrink to grow
0:12:10 – Transaction transparency
0:15:40 – A short break
0:16:25 – The NAV
0:18:24 – Management fees
0:22:56 – The upcoming AGM
0:26:35 – Close
Recorded on Friday 04 September 2026

352: Andrew McHattie

0:00:37 – Introduction
0:01:01 – Alternative Income REIT (AIRE)
0:08:39 – Aquila European Renewables (AERS)
0:11:51 – Achilles Investment Trust (AIC)
0:14:23 – Saba Capital and Gore Street Energy Storage (GSF)
0:23:04 – A short break
0:23:48 – BlackRock World Mining (BRWM)
0:30:49 – Murray Income Trust (MUT)
0:35:27 – VH Global Infrastructure (ENRG)
0:38:18 – Rights and Issues Investment Trust (RIII)
0:42:01 – Looking forward
0:43:57 – Close
Recorded on Friday 11 September 2026

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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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.

ITHB 2026 Handbook

Available to order now!

About Money Makers

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 350 podcasts in the over 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: 18 Jul 2026

Andrew McHattie, the editor of the Investment Trusts Newsletters, returns in this edition of the Money Makers Investment Trusts Podcast. With Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), their discussion includes the latest developments in the sector including the FCA’s regulatory changes restricting activist investors; mergers, bids, and wind-downs in real estate; and valuation and discount concerns in renewable energy and battery storage.

You can listen to this podcast in full on the audio player 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 AVI Global Trust (AGT). Future profiles include TwentyFour Select Monthly Income (SMIF) and Ashoka India Equity (AIE). 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.

343: Andrew McHattie

0:00:37 – Introduction
0:00:49 – Developments from the FCA
0:08:14 – Alternative Income REIT (AIRE)
0:12:02 – Schroder European Real Estate (SERE)
0:14:36 – Herald Investment Trust (HRI)
0:19:59 – Golden Prospect Precious Metals (GPM)
0:24:02 – A short break
0:24:46 – Brown Advisory US Smaller Companies (BASC)
0:28:04 – Gore Street Energy Storage (GSF)
0:33:55 – Next Energy Solar Fund (NESF)
0:38:54 – RIT Capital Partners
0:47:17 – Close
Recorded on Friday 17 July 2026

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.

ITHB 2026 Handbook

Available to order now!

About Money Makers

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: 27 Jun 2026

In this edition of the Money Makers Investment Trusts Podcast, Ailsa Craig, co-manager of International Biotechnology Trust (IBT) discusses the biotech sector including its recovering, M&A activity, and US regulatory stability, with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025).

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 Aberdeen Equity Income (AEI). Future profiles include Caledonia Investments (CLDN) and 3i Infrastructure (3IN). 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.

340: Ailsa Craig

0:00:37 – Introduction
0:01:03 – Has strong performance peaked?
0:05:02 – The interest rate environment
0:06:52 – M&A
0:11:47 – The US political regime
0:20:39 – A short break
0:21:24 – Gearing and the appetite for risk
0:22:44 – Valuations
0:25:52 – The discount and share buybacks
0:27:22 – AI in the biotech space
0:29:38 – Close
Recorded on Tuesday 16 June 2026.

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.

ITHB 2026 Handbook

Available to order now!

About Money Makers

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 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

Weekly Update: 20th June 2026

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 On the podcast this week, there are two episodes. In the first, I talk about commercial property in depth with Marcus Phayre-Mudge, the long-serving manager of TR Property (TRY), a trust that invests in the shares of other property funds. In the second, I discuss recent news from the s...

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.

Money Makers podcast: 20 Jun 2026

In this week’s two editions 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 first by Marcus Phayre-Mudge, manager of TR Property (TRY), and then Andrew McHattie, editor of the Investment Trusts Newsletter.

You can listen to these podcasts 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 3i Group (III). Future profiles include Aberdeen Equity Income (AEI) and Caledonia Investments (CLDN). 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.

338: Marcus Phayre-Mudge

0:00:37 – Introduction
0:01:11 – Macro frustrations in property
0:07:06 – The good returns prior to the Iran War
0:12:25 – A fundamental issue with discounts
0:18:05 – Further consolidation
0:25:53 – A short break
0:26:38 – Lessons from Life Sciences REIT
0:30:40 – The future of the commercial property sector
0:34:57 – The yield against the market background
0:42:13 – Maintaining gearing
0:44:00 – Europe vs the UK
0:46:21 – Close
Recorded on Tuesday 12 June 2026.

339: Andrew McHattie

0:00:37 – Introduction
0:00:51 – The SpaceX IPO
0:08:36 – Edinburgh Worldwide (EWI) and Impax Environmental (IEM)
0:14:41 – Seraphim Space Investment Trust (SSIT)
0:17:19 – A short break
0:18:04 – Pacific Assets (PAC) and Schroder Asia Total Return (ATR)
0:21:13 – SDCL Efficiency Income Trust (SEIT)
0:24:59 – The Renewables Infrastructure Group (TRIG)
0:29:40 – Alternative Income REIT (AIRE)
0:32:23 – Aquila European Renewables (AERS)
0:35:52 – Looking at two trusts’ results
0:40:56 – Partners Group Private Equity (PEY)
0:46:37 – Close
Recorded on Thursday 18 June 2026.

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.

ITHB 2026 Handbook

Available to order now!

About Money Makers

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 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: 16 May 2026

Andrew McHattie editor of the Investment Trusts Newsletter, returns to the Money Makers Investment Trusts Podcast this week, discussing developments with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). This time, the focus includes commercial property sector consolidation, SpaceX and Saba Capital, and discounts in the private equity space.

You can listen to this podcast in full on the audio player 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 Invesco Asia Dragon (IAD), with future profiles including Baker Steel Resources (BSRT) and European Smaller Companies (ESCT). 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.

333: Andrew McHattie

0:00:37 – Introduction
0:01:54 – Commercial property and a new proposed deal
0:07:27 – SpaceX
0:11:34 – Herald (HRI) and Saba
0:15:36 – The discounts in other Saba targets
0:17:52 – Pantheon International (PIN)
0:22:14 – HgCapital (HGT)
0:28:56 – A short break
0:29:41 – Chrysalis (CHRY)
0:35:45 – Aquila European Renewables (AERI) and Achilles Investment Company (AIC)
0:40:35 – Bluefield Solar Income Fund (BSIF)
0:42:58 – F&C Investment Trust (FCIT)
0:44:42 – Delivering on the investment trust promise
0:50:40 – Close
Recorded on Thursday 14 May.

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.

ITHB 2026 Handbook

Available to order now!

About Money Makers

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 330 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

Weekly Update: 18th April 2026

Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust news over the past week - 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 On the podcast this week, I discuss with regular guest Andrew McHattie, editor of the Investment Trust newsletter, the latest news from the investment trust sector, with some passing comments on the performance of global financial markets in the light of the Iranian crisis. Tru...

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.

Money Makers podcast: 18 Apr 2026

Andrew McHattie is back for his regular monthly appearance in this edition of the Money Makers Investment Trusts Podcast, where he and host with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), discuss the ongoing impact of the Iran War, Saba Capital and developments with Edinburgh Worldwide and Impax Environmental Markets, Seraphim Space Investment Trust, and more.

You can listen to this podcast in full on the audio player 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 will be appearing alongside Peter Hewitt at the Master Investor Show on Saturday 25 April, where they’ll discuss and answer questions relevant to private investors ranging from the Iran war and Trumponomics to Saba Capital and their own preferences in the investment trust sector. This will be recorded and released as a special edition in the following week, so subscribe to the podcast to make sure you don’t miss it!  If you wish to attend and you’re a subscriber to the Money Makers Circle, look for the code in the Weekly Email for a free ticket! Show information, including a full programme and registration, can be found at www.masterinvestorshow.com.

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 in the Circle, Stuart Watson takes a look at trusts that pay an enhanced divided. The latest profile is on Patria Private Equity (PPET), with future profiles including J.P.Morgan Claverhouse (JCH) and Cordiant Digital Infrastructure (CORD) coming soon. 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.

328: Andrew McHattie

0:00:37 – Introduction
0:02:09 – A surprise bounce back in the US
0:04:44 – Saba Capital and Edinburgh Worldwide (EWI)
0:12:32 – Impax Environmental Markets (IEM)
0:16:45 – Seraphim Space Investment Trust (SSIT)
0:23:01 – A short break
0:23:51 – Onward Opportunities Trust (ONW)
0:26:56 – Digital9 Infrastructure (DGI9)
0:29:27 – HarbourVest Private Equity (HPVE)
0:34:47 – Pershing Square Holdings (PSH)
0:37:29 – Uzbekistan, emerging markets, and Mark Mobius
0:41:39 – Coming soon: a podcast from the Master Investor Show
0:43:00 – Close
Recorded on Friday 17 April.

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.

ITHB 2026 Handbook

Available to order now!

About Money Makers

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 330 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: 21 Mar 2026

This week, we have two guests from BlackRock Energy and Resources Income (BERI) joining the podcast: manager Tom Holl, and chairman Adrian Brown. We discuss the impact of conflict in the Middle East and the trust’s three-pronged approach ahead of its continuation vote next week. Hosted by Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025).

You can listen to this podcast in full on the audio player 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!

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324: Tom Holl and Adrian Brown

0:00:24 – Introduction
0:00:56 – The impact of the Iran War on the energy sector
0:03:53 – Vulnerabilities to the global economy
0:06:42 – The three investment “buckets”
0:13:50 – A short break
0:14:54 – The position of the trust as it approaches a continuation vote
0:17:47 – Making the case for the strategy within a small trust
0:19:24 – Saba Capital, activist investors, and discount control
0:22:46 – The enhanced income strategy and a reduction in gearing
0:30:35 – Reflecting on incorporating energy transition
0:31:51 – Renewable energy trusts
0:33:50 – The case made to shareholders
0:36:12 – Consequences of an escalating crisis in the Middle East
0:37:30 – Hedging currency
0:39:17 – Close
Recorded on 19 March 2026.

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