Money Makers podcast: w/e 09 May 2026
Almost exactly a year on from his last appearance, Ben Rogoff, manager of the Polar Capital Trust (PCT), joins this week’s edition of the Money Makers Investment Trusts Podcast, with host Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025), discussing the latest developments in artificial intelligence including the transition to agentic AI, market dynamics including the potential for a natural monopoly, and trust performance.
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 Tetragon Financial (TFG). Future profiles include Invesco Asia Dragon (IAD) and Baker Steel Resources (BSRT). 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.
332: Ben Rogoff
0:01:02 – Significant developments in the investment trusts sector
0:04:08 – Ben Rogoff, Polar Capital Technology (PCT)
0:04:48 – The emergence of agentic AI
0:11:30 – User confidence in AI
0:18:26 – Mythos and AI scaling
0:23:19 – Potential IPOs, and a new natural monopoly?
0:32:37 – A short break
0:33:22 – Spotting tech losers
0:39:41 – The PCT portfolio
0:51:57 – Volatile technology cycles
0:55:40 – Continued trading at a discount
0:59:41 – Manchester United’s AI-supported plan for champions
1:00:46 – 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 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: 17 May 2025
In the latest edition 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 Ben Rogoff of Polar Capital Technology Trust (PCT) to discuss the rapidly evolving landscape of artificial intelligence including the emergence of DeepSeek, its impact on Nvidia, and the promise of Agentic AI.
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, 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.
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 J.P.Morgan US Smaller Companies (JUSC). Future profiles include Tritax Big Box REIT (BBOX) and The Schiehallion Fund (MNTN). 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.
275: Ben Rogoff
0:00:40 – The reaction to DeepSeek
0:10:46 – Volatility in the share price
0:12:49 – Activity since January
0:19:04 – The impact of the US tariff regime
0:26:12 – A short break
0:27:18 – Shareholder reaction to the last few months
0:29:29 – Potential for growth
0:34:59 – The importance of Agentic AI
0:46:11 – 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 more than 270 podcasts in the five 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: 09 Sep 2023
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Ben Rogoff, manager of the Polar Capital Technology Trust (PCT). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.
You can listen to this week’s podcast in full on the audio players below. Alternatively, you can subscribe and download it on most podcast channels including Soundcloud, Apple, Spotify, Google, and others. For any listeners who have subscribed via Stitcher, please note that service is now discontinued. Please resubscribe through one of the other channels.
If you enjoy the weekly 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 regular features, the Circle features a profile of JPMorgan European Discovery (JEDT). Jonathan has also listed fifteen investment trusts that he believes may offer an upside if there is a reversal in the derating driven by falling interest rates. A subscription costs £8 a month, or a modest £2 a week.
Discussing AI
01:00 – This week’s guest
01:41 – Money Makers Circle
02:08 – Review of the week
06:16 – Corporate news and announcements
14:30 – Summary of results
16:21 – Q&A with Ben Rogoff
23:49 – The expansion and use of AI capabilities
33:28 – Comparing to previous tech innovations
38:27 – What could derail AI?
41:28 – Fields that could be transformed
44:11 – A new lens by which to judge investments
47:27 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Round Hill Music Royalty Fund (RHM)
- Hipgnosis Songs Fund (SONG)
- Ecofin US Renewables (RNEW)
- US Solar Fund (USF)
- International Public Partnerships (INPP)
- GCP Infrastructure (GCP)
- RM Infrastructure Income (RMII)
- Caledonia Investments (CLDN)
- HG Capital (HGT)
- LXi REIT (LXI)
- Home REIT (HOME)
- Schiehallion Fund (MNTN)
- Schroder Capital Global Innovation (INOV)
- AEW UK REIT (AEWU)
- RTW Biotech Opportunities (RTW)
- Gresham House Energy Storage (GRID)
- Gore Street Energy Storage (GSF)
- Pantheon Infrastructure (PINT)
- Mid Wynd International (MWY)
- Triple Point Social Housing (SOHO)
- Apax Globle Alpha (APAX)
About Money Makers
We are an 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 over 170 podcasts in the more than three 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) and Doceo (doceo.tv). The producer of the podcasts is the brilliant Ben Gamblin – more details on him here.
Latest Money Makers podcasts
Money Makers podcast: 03 Dec 2022
Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Max King, columnist for MoneyWeek, and former fund manager at Investec Asset Management; and also previews a discussion with Ben Rogoff, manager of Polar Capital Technology (PCT) – available in full for subscribers to the Money Makers Circle.
You can listen to this week’s podcast in full on the audio players below. Alternatively, you can subscribe and download it on most podcast channels including Soundcloud, Apple, Spotify, Stitcher and others.
If you enjoy the weekly 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. In addition to the regular features, this week the Circle features a piece by Edward Chancellor about the cryptocurrency market, and a profile of Pantheon International (PIN). Subscribers can also listen to the full conversation with Ben Rogoff, manager of Polar Capital Technology. Ben spoke about many issues including whether the market environment remains favourable to technology stocks, and some of the larger stocks in the sector.
A fizzling bull market?
00:32 – The Investment Trusts Handbook 2023
01:16 – Q&A with Max King
04:39 – Thoughts on investment trusts in general
06:27 – Discounts and alternative assets
09:05 – Markets and politics
09:53 – Looking at specific trusts
17:15 – Equity investment trusts sector
20:09 – Vietnam, China, and emerging markets
23:12 – Private equity
25:08 – Commercial property
28:43 – What has Max been doing?
31:17 – A summary of the week’s results
34:15 – Money Makers Circle
34:44 – Q&A with Ben Rogoff (extract)
43:52 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Digital 9 Infrastructure Trust (DGI9)
- US Solar Fund (USF)
- Home REIT (HOME)
- Keystone Positive Change (KPC)
- Baillie Gifford UK Growth (BGUK)
- Baillie Gifford European (BGEU)
- JPMorgan Emerging Markets (JMG)
- Mobius Investment Trust (MMIT)
- Fidelity Emerging Markets (FEML)
- Chrysalis (CHRY)
- Schiehallion (MNTN)
- Literacy Capital (BOOK)
- Tritax Big Box (BBOX)
- TR Property (TRY)
- Odyssean Investment Trust (OIT)
- JPMorgan Global Core Real Assets (JARA)
- Life Science REIT (LABS)
About Money Makers
We are an 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 over 130 podcasts in the more than two 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) and Doceo (doceo.tv). The producer of the podcasts is the brilliant Ben Gamblin – more details on him here.