Money Makers podcast: 18 Jan 2025
In the latest editions of the Money Makers investment trust 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 Richard Stone, chief executive of The Association of Investment Companies (The AIC); Sue Inglis, senior Independent director at Baillie Gifford US Growth (USA); Andrew McHattie, editor of the Investment Trusts Newsletter; and Ewan Lovett-Turner, head of investment trust research at Deutsche Numis.
You can listen to these podcasts in full on the audio players below. Alternatively, you can subscribe via our YouTube channel, and at most podcast platforms including Apple Podcasts, Spotify, and Soundcloud; and you can 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 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 Rockwood Strategic (RKW). Future profiles include Syncona (SYNC) and TR Property (TRY). 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.
250: Richard Stone
0:00:34 – Looking back at 2024
0:02:52 – Consolidation
0:04:12 – Looking at the average discount
0:06:20 – An existential crisis in alternative assets?
0:08:44 – Activist investors in general
0:12:03 – Saba’s proposals and corporate governance
0:16:12 – A short break
0:17:07 – The retail investor situation
0:21:38 – A Saba fund to target discount opportunities
0:23:36 – A wake-up call for boards
0:24:18 – An update on the cost disclosure issue
0:34:31 – Hopes and aspirations for 2025
0:37:47 – Close
251: Sue Inglis
0:00:48 – Sue’s background
0:01:37 – Awareness of and relationship with Saba Capital
0:04:41 – Saba’s objectives
0:05:57 – The use of swaps to gain voting power
0:09:38 – A short break
0:10:34 – How to succeed in the requisition vote
0:12:49 – Boards’ engagement with private shareholders
0:14:35 – Looking at the possible outcomes of the vote
0:17:52 – Potential flaws in the proposition of investment trusts
0:20:25 – Strategy changes should the vote be won
0:22:32 – Final message to shareholders
0:34:30 – Close
The trust profile of Baillie Gifford US Growth (USA) from 2021 is available to subscribers of the Money Makers Circle.
252: Andrew McHattie and Ewan Lovett-Turner
0:01:16 – Discussing the Saba Webinar and latest developments
0:04:43 – Looking at some issues raised
0:08:17 – Surprising tactics
0:12:05 – Retail investor voting
0:17:27 – A short break
0:18:23 – The market for a listed discount activist fund
0:21:29 – A miscalculation on Herald Investment Trust (HRI)
0:26:23 – What the market says about who may win the votes
0:28:31 – Looking at Baillie Gifford
0:31:42 – Last edition’s interview with Sue Inglis, Baillie Gifford US Growth (USA)
0:32:04 – Thoughts on the year coming up
0:37:20 – Consolidation and a shrinking sector
0:40:39 – 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 250 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.
Latest Money Makers podcasts
Money Makers podcast: 06 Jul 2024
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 John Newlands, the investment trust historian, and Ewan Lovett-Turner, head of investment trust research at Deutsche Numis.
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 usual features, the Circle features a profile of Schroder AsiaPacific (SDP). Future profiles include Target Healthcare REIT (THRL) and Fidelity China Special Situations (FCSS). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts including some of his most recent trust purchases, and includes a comprehensive summary of all the latest news. Jonathan has also recorded a video review looking back at the markets over the first half of the year. 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.
A muted reaction to an as expected election result
0:03:12 – This week’s guests
0:05:34 – Corporate news and announcements
0:06:58 – Money Makers Circle
0:07:44 – Q&A with John Newlands and Ewan Lovett-Turner
0:13:17 – Private equity sector and discounts
0:24:24 – Changing interest rate expectations
0:27:00 – Sector consolidation
0:30:49 – Trusts at risk
0:33:54 – Renewables and infrastructure
0:36:36 – Commercial property
0:37:48 – Scandals and governance
0:42:51 – Opportunities and headwinds
0:45:45 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Castelnau Group (CGL)
- Seraphim Space Investment Trust (SSIT)
- Syncona (SYNC)
- Greencoat UK Wind (UKW)
- Bluefield Solar Income Fund (BSIF)
- Regional REIT (RGL)
- Aurora Investment Trust (ARR)
- Artemis Alpha Trust (ATS)
- Monks Investment Trust (MNKS)
- Oryx International Growth (OIG)
- AEW UK REIT (AEWU)
- HgCapital Trust (HGT)
- HarbourVest Global Private Equity (HVPE)
- Pantheon International (PIN)
- Oakley Capital Investments (OCI)
- Literacy Capital (BOOK)
- Witan Trust (WTAN)
- Alliance Trust (ATST)
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 almost 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.
Latest Money Makers podcasts
Money Makers podcast: 06 Apr 2024
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 Richard Pindar, CEO of Book Asset Management which is the manager of Literacy Capital (BOOK), and Ewan Lovett-Turner, head of investment trust research at Deutsche Numis.
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, there is no profile due to the Easter break, but future profiles to look out for include Chrysalis Investments (CHRY), STS Global Income & Growth (STS), and Artemis Alpha (ATS). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle. The content of that email is also available for subscribers via the website.
Mixed performance between the indices
0:01:15 – Review of the week
0:02:59 – Corporate news and announcements
0:04:09 – Summary of results
0:05:35 – Money Makers Circle
0:07:12 – J.P.Morgan Global Growth and Income (JGGI)
0:07:49 – Q&A with Richard Pindar
0:09:59 – Reducing the discount
0:12:40 – B share scheme
0:18:06 – Liquidity
0:19:37 – The private equity market in general
0:23:37 – Realising investments in the portfolio
0:27:36 – Portfolio concentration
0:30:53 – UK economy impacts on investments
0:37:08 – Q&A with Ewan Lovett-Turner
0:40:03 – An end to the buyers’ strike?
0:41:17 – Disappointment for alternatives and renewables
0:47:01 – Private equity
0:53:29 – Scottish Mortgage Trust (SMT)
0:55:50 – Consolidation
1:00:22 – Looking ahead
1:03:07 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Hipgnosis Songs Fund (SONG)
- BlackRock World Mining (BRWM)
- Abrdn Property Income (API)
- Custodian Property Income (CREI)
- TR Property (TRY)
- Manchester and London (MNL)
- Scottish Mortgage Trust (SMT)
- Nippon Active Value Fund (NAVF)
- VH Global Sustainable Energy Opportunities (GSEO)
- Temple Bar (TMPL)
- Invesco Bond Income Plus (BIPS)
- Pantheon Infrastructure (PINT)
- Dunedin Income and Growth (DIG)
- CT Private Equity (CTPE)
- Baillie Gifford China Growth (BGCG)
- Merchants Trust (MRCH)
- North American Income Trust (NAIT)
- Schiehallion (MNTN)
- Downing Strategic Micro-Cap (DSM)
- Third Point Investors (TPOU)
- Princess Private Equity (PEY)
- Literacy Capital (BOOK)
- RTW Biotech Opportunities (RTW)
- Hydrogenone Capital Growth (HGEN)
- European Opportunities Trust (EOT)
- Polar Capital Technology (PCT)
- Allianz Technology Trust (ATT)
- J.P.Morgan American (JAM)
- J.P.Morgan Global Growth and Income (JGGI)
- Martin Currie Global Portfolio (MNP)
- Alliance Trust (ATST)
- Abrdn Diversified Income and Growth (ADIG)
- RIT Capital Partners (RCP)
- Caledonia Investments (CLDN)
- Gresham House Energy Storage (GRID)
- Harmony Energy Income Trust (HEIT)
- Digital 9 Infrastructure (DGI9)
- Life Science REIT (LABS)
- Regional REIT (RGL)
- Seraphim Space (SSIT)
- Chrysalis (CHRY)
- Abrdn Private Equity Opportunities (APEO)
- 3i Group (III)
- HgCapital (HGT)
- Georgia Capital (CGEO)
- TwentyFour Select Monthly Income (SMIF)
- Pantheon International (PIN)
- HarbourVest Global Private Equity (HVPE)
- Oakley Capital (OCI)
- GCP Asset Backed Income (GABI)
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 more than 200 podcasts in the almost 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.
Latest Money Makers podcasts
Money Makers podcast: 18 Nov 2023
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Ewan Lovett-Turner, head of research at Deutsche Numis (formerly Numis Securities).
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 the Nippon Active Value Fund (NAVF) . Future profiles coming soon include Fidelity Asian Values (FAS) and International Biotechnology Trust (IBT). A subscription costs £8 a month, or a modest £2 a week.
Positive signs for the investment trust sector
01:38 – Money Makers Circle
03:13 – Review of the week
04:56 – Corporate news and announcements
10:18 – Summary of results
12:26 – Q&A with Ewan Lovett-Turner
15:44 – The economic and sector outlook
17:18 – Cost disclosure
23:43 – The alternatives sector
29:01 – Consolidation
33:13 – Continuation votes
35:51 – Capital Gearing Trust (CGT)
38:25 – Hedge Funds
40:50 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Baillie Gifford Japan (BGFD)
- BH Macro (BHMG)
- JPMorgan UK Smaller Companies (JMI)
- JPMorgan Mid Cap (JMF)
- European Opportunities Trust (EOT)
- BlackRock Smaller Companies (BRSC)
- Henderson Opportunities Trust (HOT)
- JPMorgan European Discovery (JEDT)
- Picton Property Income (PCTN)
- UK Commercial Property (UKCM)
- Baillie Gifford European Growth (BGEU)
- Syncona (SYNC)
- Hansa Trust (HAN)
- Value and Indexed Property Income (VIP)
- Warehouse REIT (WHR)
- Capital Gearing Trust (CGT)
- Bluefield Solar Income (BSIF)
- Foresight Solar Fund (FSFL)
- Henderson Smaller Companies (HSL)
- Scottish Mortgage (SMT)
- Edinburgh Worldwide (EWI)
- Baillie Gifford US Growth (USA)
- Greencoat UK Wind (UKW)
- Pershing Square Holdings (PSH)
- Third Point Investors (TPOU)
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: 05 Aug 2023
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Simon Barnard, manager of the Smithson Investment Trust (SSON), and Ewan Lovett-Turner, head of investment trust research at Numis Securities. 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 has announced it will be 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. As well as the regular features, this week sees the introduction of a new Readers’ Questions feature, where Jonathan will answer a topical question submitted by a subscriber. There is no fund profile this week while the author, Stuart Watson, takes a break, but next week’s profile will be of BlackRock Frontiers Investment Trust (BRFI). Jonathan has also published the first of his video reviews looking at sector performance, this time looking at defensive trusts, with a second video due soon. A subscription costs £8 a month, or a modest £2 a week.
A tremor in the bond markets
0:00:44 – This week’s guest
0:01:25 – Review of the week
0:04:20 – Corporate news and announcements
0:09:06 – Money Makers Circle
0:10:02 – Summary of results
0:16:10 – Q&A with Simon Barnard
0:18:24 – The changing outlook for a recession
0:22:46 – The behaviour of the currencies and the impact on results
0:23:31 – Portfolio turnover
0:25:52 – Interest in AI
0:30:45 – Rightmove and the UK housing market
0:32:55 – Attractiveness of the UK market
0:34:05 – General message to shareholders
0:35:23 – Q&A with Ewan Lovett-Turner
0:37:25 – The outlook for interest rates and reratings
0:39:55 – Issues for boards to address
0:48:12 – Management changes
0:50:04 – Board decisions on capital allocation
0:57:16 – Value in alternative assets
0:59:09 – Equity trusts
1:00:04 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Seraphim Space (SSIT)
- Digital 9 Infrastructure (DGI9)
- Schiehallion (MNTN/MNTC)
- HydrogenOne (HGEN)
- Hipgnosis Songs Fund (SONG)
- Home REIT (HOME)
- ThomasLloyd Energy Impact (TLEI)
- International Biotechnology Trust (IBT)
- Mid Wynd Investment Trust (MWY)
- Ediston Property Investment Company (EPIC)
- Axiom European Financial Debt (AXI)
- Pantheon International (PIN)
- Aberforth Split Level Income Trust (ASIT)
- Rights and Issues Investment Trust (RIII)
- Henderson Small Companies (HSL)
- CT Managed Global Portfolio (CMPG)
- Premier Miton Global Renewables (PMGR)
- MIGO Opportunities (MIGO)
- Invesco Select (IVPU)
- F&C Investment Trust (FCIT)
- RIT Capital Partners (RCP)
- Tritax Big Box (BBOX)
- Smithson Investment Trust (SSON)
- Fidelity European Trust (FEV)
- Impax Environmental Markets (IEM)
- Allianz Technology Trust (ATT)
- Scottish and American Investment Trust (SAIN)
- European Smaller Companies Trust (ESCT)
- Fidelity Japan (FJV)
- Mobius Investment Trust (MMIT)
- BlackRock Energy and Resources Income (BERI)
- Abrdn New Dawn (ABD) / Asia Dragon (DGN)
- Abrdn Diversified Income and Growth (ADIG)
- Abrdn Japan (AJIT) / Nippon Active Value (NAVF)
- CT Property Trust (CTPT) / Industrials REIT
- Civitas Social Housing (CSH)
- Renewables Infrastructure Group (TRIG)
- Chrysalis Investments (CHRY)
- Scottish Mortgage Trust (SMT)
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 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.