Money Makers podcast: 28 Mar 2026
In this extended 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. Firstly, Peter Hewitt, former manager at the CT Global Managed Portfolio Trust, and then Carlos Hardenberg, lead manager at the Mobius Investment Trust (MMIT), to discuss – amongst other things – the ongoing impact of the Iran War on financial markets and the investment trusts sector
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, Stuart Watson takes a look at discounts across the renewable energy infrastructure sector. The latest trust profile features TwentyFour Income Fund (TFIF), and future profiles will include Patria Private Equity (PPET) and J.P.Morgan Claverhouse (JCH). 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.
325: Peter Hewitt and Carlos Hardenberg
0:00:44 – Peter Hewitt
0:00:49 – Looking at the markets
0:06:42 – Waiting for the dust to settle
0:12:43 – Discounts
0:17:58 – Baillie Gifford European Growth (BGEU)
0:22:36 – Diversified and defensive portfolios
0:25:01 – Pershing Square Holdings (PSH)
0:28:20 – Saba Capital
0:34:43 – A short break
0:35:47 – Carlos Hardenberg
0:36:56 – Reflecting on the last eight years
0:39:39 – The place for emerging markets in portfolios
0:45:09 – The argument to shareholders given the scale of the trust
0:48:12 – A shareholder opportunity presented by a wide discount
0:51:58 – Responding to current geopolitical issues
0:55:45 – A view on China
1:00:25 – Portfolio holdings
1:05:52 – The strategic impact of the new global order
1:08:01 – 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 320 podcasts in the over 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: 28 Oct 2023
In this week’s extended edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Andrew McHattie, editor of the Investment Trusts Newsletter. You can also hear the final five short interviews from this year’s AIC Investment Trust Showcase event. The first four of this series of nine interviews were featured in last week’s podcast and the bonus edition released last Tuesday.
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, including now the Money Makers YouTube channel. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.
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 Pacific Assets Trust (PAC). Future profiles coming soon include Brunner Investment Trust (BUT) and Balanced Commercial Property Trust (BCPT). A subscription costs £8 a month, or a modest £2 a week.
A new high for average discounts
0:01:53 – The news this week
0:04:18 – Summary of results
0:06:56 – Money Makers Circle
0:07:26 – Q&A with Andrew McHattie
0:12:13 – Hipgnosis Songs Fund (SONG)
0:19:09 – European Opportunities Trust (EOT)
0:25:50 – Digital 9 Infrastructure (DGI9)
0:31:28 – Greencoat UK Wind (UKW)
0:37:31 – Abrdn Diversified Income and Growth (ADIG)
0:41:57 – Pershing Square Holdings (PSH)
0:45:00 – Private equity
0:49:17 – Upcoming continuation votes and redemption offers
0:53:38 – AIC Investment Trust Showcase Interviews
0:58:05 – James de Uphaugh (Edinburgh Investment Trust; EDIN)
1:04:55 – Carlos Hardenberg (Mobius Investment Trust; MMIT)
1:13:53 – Gervais Williams (Diversified Income Trust; DIVI)
1:20:18 – Laura Elkin (AEW UK REIT; AEWU)
1:26:30 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Hipgnosis Songs Fund (SONG)
- European Opportunities Trust (EOT)
- Greencoat UK Wind (UKW)
- HarbourVest Global Private Equity (HVPE)
- Abrdn Diversified Income and Growth (ADIG)
- Digital 9 Infrastructure (DGI9)
- Pershing Square Holdings (PSH)
- Triple Point Social Housing (SOHO)
- NextEnergy Solar Fund (NESF)
- The Renewables Infrastructure Group (TRIG)
- Supermarket Income REIT (SUPR)
- HydrogenOne Capital Growth (HGEN)
- Augmentum Fintech (AUGM)
- Gore Street Energy Storage (GSF)
- International Biotechnology Trust (IBT)
- JP Morgan Emerging Markets Income (JEMI)
- Schroder Income Growth (SCF)
- VinaCapital Vietnam Opportunity Trust (VOF)
- CQS Natural Resources Growth and Income (CYN)
- Crystal Amber Fund (CRS)
- BlackRock Smaller Companies (BRSC)
- Oakley Capital Investments (OCI)
- Literacy Capital (BOOK)
- GCP Infrastructure (GCP)
- Value and Indexed Property Income (VIP)
- NB Global Monthly Income (NBMI)
- Abrdn New Dawn (ABD)
- Asia Dragon Trust (DGN)
- Round Hill Music Royalties (RHM)
- Edinburgh Worldwide (EWI)
- JPMorgan European Discovery (JEDT)
- Herald Investment Trust (HRI)
- Cordiant Digital Infrastructure (CORD)
- 3i Group (III)
- Pantheon International (PIN)
- HG Capital Trust (HGCT)
- ICG Enterprise (ICGT)
- Bellvue Healthcare Trust (BBH)
- JP Morgan Japanese (JFJ)
- Edinburgh Investment Trust (EDIN)
- Mobius Investment Trust (MMIT)
- Diversified Income Trust (DIVI)
- AEW UK REIT (AEWU)
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 over 180 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: 26 Nov 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 James Carthew of QuotedData; and also previews a discussion with Carlos Hardenberg, the lead manager of the Mobius Investment Trust (MMIT) – 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 the full Q&A discussion with Carlos Hardenberg of the Mobius Investment Trust (MMIT), and a profile of the F&C Investment Trust (FCIT). A subscription costs £8 a month, or a modest £2 a week.
A quiet week for the markets
00:45 – Review of the week
02:42 – Money Makers Circle
04:15 – James Carthew
12:29 – Corporate news
31:35 – Windfall Profits Tax on renewable energy
39:19 – Q&A with Carlos Hardenberg (extract)
41:53 – Money Makers Circle
51:37 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Home REIT (HOME)
- Digital 9 Infrastructure (DGI9)
- AT85 Global Mid-Market Infrastructure Income
- JPMorgan Russian Securities (JRS/JEMA)
- Chrysalis Investments (CHRY)
- The Renewables Infrastructure Trust (TRIG)
- Long Term Assets
- Convicton Life Sciences
- NB Monthly Income (NBMI)
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.