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 - Market watch - 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, while we wait to see the consequences of the ceasefire in the Middle East, I take the opportunity to make a few comments on the current status of the investment trust sector, after what's been a very torrid six years since we produced the first episo...
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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 - Market watch - Videos and other recordings - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week With the Iran war now five weeks old and no sign of a conclusion, I discuss some of the broader investment implications with two guests this week on the podcast, as well as how they are reacting to the ongoing events in the Gulf. The first is Jasmine Yeo, the manager of the R...
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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 - Market watch - Videos and other recordings - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week There are two guests on the podcast this week. First, Peter Hewitt, the former manager of CT Global Managed Portfolio, and now a regular contributor to the podcast, gives his take on the stormy month we have all just lived through in the markets. He is followed by Carlos Har...
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Renewable energy infrastructure trusts have seen their discounts widen in each of the past four years, with the average discount now over 30%. A few trusts have wound down or been taken over, while a couple of proposed mergers did not find favour with shareholders. The surviving trusts have responded by initiating buybacks, selling assets to reduce gearing, and cutting their management fees, while a few have decided or been forced to reduce their dividend. Most renewable trusts have survived at least one continuation vote, but with discounts persisting, the sector looks set to shrink further o...
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After spending much of the 2010s trading at somewhat narrower discounts, private equity trusts saw their ratings deteriorate sharply in 2022 to their widest level since the financial crisis. While discounts across the sector have narrowed a little since, most still trade at wider than 20% despite their fairly impressive long-term performance records. In this article, we look at the history of private equity discounts, how they have varied by trust, and what steps each is taking to improve its rating. In short, while much progress has been made over the last couple of years, some trusts have ma...
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MIGO Opportunities (ticker: MIGO) was launched in 2004 and it invests in other closed-ended UK companies with a particular emphasis on those with wide discounts that have a catalyst to help them rerate. Nick Greenwood, a regular guest on the Money Makers podcast, has managed the trust since its IPO and Charlotte Cuthbertson has worked alongside him in recent years. In 2023, the investment management agreement was switched from Premier Miton to Asset Value Investors with Greenwood moving over and Cuthbertson rejoining after a brief hiatus. MIGO benchmarks itself against SONIA+2% (i.e. the UK ba...
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The price gains we have seen on many investment trusts in the past few weeks suggests that it was reasonable to highlight the potential for discount narrowing couple of months ago, even if I was a week or two premature in doing so. Falling bond yields and narrowing discounts is a potent backcloth for investment trust investors, and an encouraging one for the equity markets too. With inflation figures falling, it seems likely that we will have another end of year equity market rally, absent further bad news on the geopolitical front. Although some of the movements have been striking, there rem...
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The Federal Reserve, the Bank England and the European Central Bank have all held their interest rates this week and given out the same message that it is too early to be thinking about interest rate reductions. The equity and bond markets have decided that it is not, responding positively to a growing belief that the current rate-hiking cycle has peaked. Investment trusts are in demand again on this change in sentiment.
Relief rallies all round Having highlighted a potential turning point in my last set of comments, it seems that, having crawled over the wording of the latest central bank an...
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Some quick thoughts on developments last week. The US equity market is going into third quarter results season and the S&P 500 index has reached a critical point from a technical perspective.
Big picture macro It has been another tough week in the financial markets. The rise in the yield on the US 30-year bond to above 5%, its highest level since the summer of 2007, is an ominous development. While the yields on short-dated Treasuries are largely determined by the Federal Reserve's policy actions, the price of the so-called long bond is influenced more by the views of international marke...
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My latest markets review comes in two parts. Part 1 (a 30 minutes video) runs through a number of market charts to show the latest big picture developments in graphical form. Part 2 summarises other interesting features of the third quarter in pdf format, with some comments from me.
How to see the review material Here is a link to the first video. Please let me know if you have problems accessing the video. Also attached, in pdf format, is a set of slides that look in more detail at movements in bond markets and the investment trust sector. Q3 2023 market review If there is one chart that su...
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