Money Makers podcast: 13 Dec 2025
In the latest editions of the Money Makers Investment Trusts Podcast released this week, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award (2024 and 2025) is joined by Peter Spiller, manager of Capital Gearing Trust (CGT), and Charlotte Cuthbertson and Tom Treanor, co-managers of MIGO Opportunities Trust (MIGO).
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.
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 Onward Opportunities (ONWD), and next week’s profile will feature Ashoka WhiteOak Emerging Markets (AWEM). 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.
309: Peter Spiller
0:01:02 – The historical context for discounts
0:05:41 – Consolidation and mergers
0:14:49 – Discount control and the measures available to boards
0:19:41 – A short break
0:20:48 – The now-abandoned HICL-TRIG merger and the renewables infrastructure sector
0:25:32 – Listed private equity in general
0:28:46 – Future perceptions of the alternatives sector
0:34:56 – The risk of a market crisis
0:39:25 – The chairman of the Federal Reserve
0:43:00 – Close
310: Charlotte Cuthbertson and Tom Treanor
0:00:50 – Recent changes at MIGO
0:07:16 – Opportunities in smaller trusts
0:09:09 – The argument for MIGO
0:12:53 – Examples of successes
0:19:39 – Overlap with AGT
0:22:49 – A short break
0:23:56 – Alternatives trusts
0:27:50 – Renewables
0:33:55 – Consolidation
0:37:48 – Gresham House Energy Storage (GRID)
0:40:18 – Operational framework changes for the renewables sector
0:41:58 – MIGO Opportunities Trust itself
0:44:35 – 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 310 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.