In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Elliott Hardy, private equity research analyst at Winterflood Securities, and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL).
Due to technical issues, the audio quality for the discussion with Ian Lance is particularly poor for which we apologise. As a result, we have a transcript of this interview available for download.
You can listen to this week’s podcast in full on the audio player below. Alternatively, you can subscribe via our YouTube channel, and at most podcast platforms including Apple Podcasts, Spotify, and Soundcloud. 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 usual features, the Circle features a profile of Ecofin Global Utilities and Infrastructure (EGL). Future profiles include abrdn Asia Focus (AAS) and Smithson Investment Trust (SSON). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month, or £120 for one year with a two week free trial.
Clear signal of imminent US rate cuts
0:01:42 – This week’s guests
0:02:29 – Money Makers Circle
0:03:16 – Summary of results
0:04:40 – Subscribe on YouTube, Spotify, Soundcloud and others
0:05:05 – Q&A with Elliott Hardy
0:07:16 – The global state of private equity
0:10:44 – Scepticism about reported NAVs
0:12:24 – The early August sharp market sell-off
0:13:30 – The underlying performance of portfolio companies
0:15:30 – The growth capital sector
0:16:43 – The outlook for fund of funds trusts
0:18:09 – Boards’ responses to wide discounts
0:20:54 – Q&A with Ian Lance (transcript PDF)
0:24:54 – Reform in the UK stock market
0:25:59 – Outlook for the dividend
0:28:24 – A lower interest rate environment
0:29:35 – Investing outside of the UK market
0:31:16 – Gearing
0:32:31 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Temple Bar Investment Trust (TMPL)
- Baillie Gifford US Growth (USA)
- Partners Group Private Equity (PEY)
- Riverstone Energy (REL)
- Diverse Income Trust (DIVI)
- RM Infrastructure Income Trust (RMII)
- Regional RIET (RGL)
- Baillie Gifford Japan (BGFD)
- Gieger Counter (GCL)
- HgCapital Trust (HGT)
- 3i Group (III)
- ICG Enterprise Trust (ICGT)
- Seraphim Space Investment Trust (SSIT)
- Schiehallion Fund (MNTN)
- Chrysalis (CHRY)
- Pantheon International (PIN)
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 220 podcasts in the over four 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.