Money Makers podcast: 12 Sep 2026

Two episodes are available this week from the Money Makers Podcast. First, in a discussion released on Tuesday 08 September, Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined by Angus Gordon Lennox, the chairman of Gore Street Energy Fund (GSF) who makes the case for voting down resolutions proposed by Saba Capital at the trust’s upcoming AGM. Then on Saturday 12 September, Andrew McHattie, the editor of the Investment Trusts Newsletter, returns to the podcast with his comments on the latest developments in the sector.

You can listen to these podcast 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.

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 every week, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. As well as the usual features, the Circle currently features a profile of Ruffer Investment Company (RICA). Future profiles include Baillie Gifford UK Growth (BGUK) and Murray International (MYI). 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.

351: Angus Gordon Lennox

0:00:37 – Introduction
0:01:57 – Angus’s credentials
0:04:09 – Paying a dividend
0:08:26 – Shrink to grow
0:12:10 – Transaction transparency
0:15:40 – A short break
0:16:25 – The NAV
0:18:24 – Management fees
0:22:56 – The upcoming AGM
0:26:35 – Close
Recorded on Friday 04 September 2026

352: Andrew McHattie

0:00:37 – Introduction
0:01:01 – Alternative Income REIT (AIRE)
0:08:39 – Aquila European Renewables (AERS)
0:11:51 – Achilles Investment Trust (AIC)
0:14:23 – Saba Capital and Gore Street Energy Storage (GSF)
0:23:04 – A short break
0:23:48 – BlackRock World Mining (BRWM)
0:30:49 – Murray Income Trust (MUT)
0:35:27 – VH Global Infrastructure (ENRG)
0:38:18 – Rights and Issues Investment Trust (RIII)
0:42:01 – Looking forward
0:43:57 – Close
Recorded on Friday 11 September 2026

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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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.

ITHB 2026 Handbook

Available to order now!

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 350 podcasts in the over six 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: 05 Sep 2026

This week on the Money Makers podcast, Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined by Omar Negyal, lead manager of the JPMorgan Emerging Markets Dividend Income Trust (JEMI), for a discussion covering the trust’s dividend-centred investment approach, the impact of the AI boom on emerging market technology stocks, positioning across commodities, financials, China and India, and the trust’s competitive standing.

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 every week, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. As well as the usual features, the Circle currently features a profile of HarbourVest Global Private Equity (HVPE). Future profiles include Ruffer Investment Company (RICA) and Baillie Gifford UK Growth (BGUK). 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.

350: Omar Negyal

0:00:37 – Introduction
0:01:07 – The JEMI mandate and difference with JMGI
0:07:10 – Increasing the dividend level
0:10:17 – Emerging markets performance and AI stocks
0:16:05 – AI bubble concerns?
0:20:40 – A short break
0:21:25 – Deviating from the benchmark
0:23:31 – Trump decisions and commodities
0:27:08 – Exposure to financials
0:30:46 – China and India
0:34:21 – The competitive landscape
0:37:18 – Close
Recorded on Thursday 03 September 2026

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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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.

ITHB 2026 Handbook

Available to order now!

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 350 podcasts in the over six 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: 29 Aug 2026

In this edition of the Money Makers Investment Trusts Podcast, investment trust industry veteran Neil Rogan, chairman of Invesco Asia Dragon Trust (IAD) and Baillie Gifford UK Growth (BGUK) joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), for a discussion including making the case for investment trusts, sector governance, the AI bubble, and the performance of Invesco Asia Dragon (IAD) and Baillie Gifford UK Growth (BGUK).

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 every week, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. As well as the usual features, the Circle currently features a profile of Utilico Emerging Markets (UEM). Future profiles coming soon include HarbourVest Global Private Equity (HPVE) and Ruffer Investment Company (RICA). 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.

349: Neil Rogan

0:00:37 – Introduction
0:01:38 – Making the case for investment trusts
0:08:56 – Launching new trusts
0:12:44 – Targeting a younger generation
0:15:47 – Saba Capital
0:19:03 – A short break
0:19:48 – Invesco Asia Dragon
0:26:46 – The Invesco Asia Dragon template
0:27:55 – Baillie Gifford UK Growth (BGUK)
0:34:40 – Calling for patience
0:37:15 – Outlook for the UK economy
0:40:09 – Assessing Murray Income’s absorption of Perpetual Income and Growth
0:44:39 – JPMorgan Global Growth and Income (JGGI)
0:46:30 – Close
Recorded on Tuesday 25 August 2026

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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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.

ITHB 2026 Handbook

Available to order now!

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 nearly 350 podcasts in the over six 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: 22 Aug 2026

In this edition of the Money Makers Investment Trusts Podcast, fund manager and author Sandy Nairn, lead manager at Global Opportunities Trust (GOT), joins Jonathan Davis, (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) with a discussion focusing on artificial intelligence including the current stage of AI’s development, historic parallels, and the impact on financial markets.

Mentioned in this podcast is the Library of Mistakes YouTube channel, and Sandy’s upcoming book, “How AI will Move Markets” (Pan MacMillan).

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 every week, 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 Utilico Emerging Markets (UEM). Future profiles coming soon include HarbourVest Global Private Equity (HPVE) and Ruffer Investment Company (RICA). 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.

348: Sandy Nairn

0:00:37 – Introduction
0:01:41 – AI and the markets
0:09:38 – Agentic AI and genuine artificial intelligence
0:14:42 – A rapid growth story
0:20:35 – A short break
0:21:20 – The anticipated IPOs
0:24:33 – Global Opportunities Trust (GOT)
0:28:42 – Bringing in the discount
0:31:45 – AI and the trust’s holdings
0:35:03 – Debunking Bessembinder
0:41:08 – Close
Recorded on Wednesday 19 August 2026

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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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.

ITHB 2026 Handbook

Available to order now!

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 nearly 350 podcasts in the over six 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: 15 Aug 2026

In this edition of the Money Makers Investment Trusts Podcast, the two co-managers of MIGO Opportunities Trust (MIGO), Charlotte Cuthbertson and Tom Treanor, join host Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) with a discussion that includes the trust’s strategy, the sale of Asset Value Investors to Pacific Asset Management, and an analysis of specific holdings.

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 every week, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. As well as the Circle’s usual features, the latest in a growing series of fund profiles features Ashoka India Equity (AIE), with future profiles arriving in the next few weeks including Utilico Emerging Markets (UEM) and HarbourVest Global Private Equity (HPVE). 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.

347: Charlotte Cuthbertson and Tom Treanor (MIGO)

0:00:37 – Introduction
0:01:21 – Understanding the sale to Pacific Asset Management
0:04:28 – Moving to a concentrated portfolio
0:10:57 – Renewable energy holdings
0:27:48 – A short break
0:28:32 – Baker Steel Resources (BSRT)
0:31:40 – Seraphim Space Investment Trust (SSIT)
0:37:39 – Chrysalis Investment Trust (CHRY)
0:42:32 – Private equity holdings
0:48:46 – Home REIT (HOME)
0:51:26 – Risks
0:54:52 – Close
Recorded on Thursday 06 August 2026

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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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.

ITHB 2026 Handbook

Available to order now!

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 nearly 350 podcasts in the over six 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: 08 Aug 2026

Two guests join host Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) in this week’s edition of the Money Makers Investment Trusts Podcast. First is Roddy Snell, lead manager of the Pacific Horizon Trust (PHI), followed by Nish Patel, lead manager of the Global Smaller Companies Trust (GSCT).

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 every week, 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 Ashoka India Equity (AIE). Future profiles include Utilico Emerging Markets (UEM) and HarbourVest Global Private Equity (HVPE). 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.

346: Roddy Snell (PHI) and Nish Patel (GSCT)

0:00:37 – Introduction
0:02:03 – Roddy Snell (PHI)
0:02:05 – The last eighteen months at PHI
0:04:35 – Comparing the open-ended fund to the investment trust
0:07:26 – Growth and AI
0:13:14 – The Korean market
0:16:08 – Trump’s impact
0:21:13 – Asia and EM susceptibility to Western crises
0:22:46 – The Chinese outlook
0:26:07 – The case for choosing PHI
0:27:51 – PHI’s discount
0:32:51 – A short break
0:33:36 – Nish Patel (GSCT)
0:35:25 – The pitch for GSCT
0:38:21 – Interest rates and inflation
0:41:04 – Tech and AI stocks
0:43:04 – Portfolio changes in light of Saba
0:46:53 – The performance of the trust
0:49:18 – Attracting retail investors
0:51:08 – Regional allocation of the trust
0:53:24 – The dividend
0:54:56 – Holding other funds
0:58:00 – The current environment
1:01:47 – Close
Recorded on Thursday 06 August 2026

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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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.

ITHB 2026 Handbook

Available to order now!

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 340 podcasts in the six 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: 01 Aug 2026

In this edition of the Money Makers Investment Trusts Podcast, Emma Bird, head of investment trust research at Winterflood joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), in a discussion that includes the position of the sector in the current cycle, narrowing discounts, retail investor demand, and corporate activity.

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 every week, 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 TwentyFour Select Monthly Income (SMIF). Future profiles include Ashoka India Equity (AIE) and Utilico Emerging Markets (UEM). 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.

345: Emma Bird

0:00:37 – Introduction
0:00:56 – The state of the sector
0:07:11 – Retail investor demand
0:11:17 – Saba and the future of EWI and IEM
0:18:31 – A short break
0:19:16 – Herald Investment Trust (HRI)
0:22:10 – Brown Advisory US Smaller Companies
0:25:25 – Enhanced dividends
0:27:40 – Commercial property
0:32:52 – Top and bottom net buy-sell ratio trusts
0:36:19 – Discount opportunities
0:39:47 – Close
Recorded on Thursday 30 July 2026

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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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.

ITHB 2026 Handbook

Available to order now!

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 340 podcasts in the six 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: 25 Jul 2026

In this edition of the Money Makers Investment Trusts Podcast, Georgina Brittain, co-manager of the J.P.Morgan UK Small Cap Growth and Income Trust (JUGI), joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), discussing UK small caps, the impact of the change in government and political stability might impact the sector; valuations, investor sentiment, and M&A activity; and the investment strategy of the Trust.

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 every week, 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 TwentyFour Select Monthly Income (SMIF). Future profiles include Ashoka India Equity (AIE) and Utilico Emerging Markets (UEM). 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.

344: Georgina Brittain

0:00:37 – Introduction
0:00:59 – Hopes for the new Prime Minister
0:04:25 – An unloved and cheap UK equity market
0:10:50 – Today’s portfolio compared to the trusts pre-merger
0:15:48 – Performance and volatility
0:19:00 – A short break
0:19:46 – M&A activity
0:26:39 – Gearing
0:28:18 – The style of approach
0:30:48 – Why choose the trust
0:33:58 – Close
Recorded on Friday 24 July 2026

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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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.

ITHB 2026 Handbook

Available to order now!

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 340 podcasts in the six 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: 18 Jul 2026

Andrew McHattie, the editor of the Investment Trusts Newsletters, returns in this edition of the Money Makers Investment Trusts Podcast. With Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), their discussion includes the latest developments in the sector including the FCA’s regulatory changes restricting activist investors; mergers, bids, and wind-downs in real estate; and valuation and discount concerns in renewable energy and battery storage.

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, the Circle features a profile of AVI Global Trust (AGT). Future profiles include TwentyFour Select Monthly Income (SMIF) and Ashoka India Equity (AIE). 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.

343: Andrew McHattie

0:00:37 – Introduction
0:00:49 – Developments from the FCA
0:08:14 – Alternative Income REIT (AIRE)
0:12:02 – Schroder European Real Estate (SERE)
0:14:36 – Herald Investment Trust (HRI)
0:19:59 – Golden Prospect Precious Metals (GPM)
0:24:02 – A short break
0:24:46 – Brown Advisory US Smaller Companies (BASC)
0:28:04 – Gore Street Energy Storage (GSF)
0:33:55 – Next Energy Solar Fund (NESF)
0:38:54 – RIT Capital Partners
0:47:17 – Close
Recorded on Friday 17 July 2026

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.

ITHB 2026 Handbook

Available to order now!

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 340 podcasts in the six 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: 11 Jul 2026

In this edition of the Money Makers Investment Trusts Podcast, Max King, former fund manager at Investec and writer for Money Week, joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). Their discussion includes overall market optimism despite doom-mongering predictions, the role of Saba in a revived sector, and more!

You can listen to this podcast 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.

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, the Circle features a profile of 3i Infrastructure (3IN). Future profiles include AVI Global (AGT) and TwentyFour Select Monthly Income (SMIF). 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.

342: Max King

0:00:37 – Introduction
0:00:49 – Doom-mongerers missing the mark
0:04:37 – A change in Prime Minister
0:05:48 – The prospect for UK stocks
0:07:09 – The reducing discounts on investment trusts
0:11:18 – Three notable poor performers
0:14:23 – A short break
0:15:08 – Favourites in the UK
0:16:41 – Exposure to the US, Asia, and the influence of AI
0:18:27 – Max’s use of AI
0:20:33 – Pension funds and the UK stock market
0:22:21 – The threat to investment trusts from alternative vehicles
0:23:58 – Gold, bitcoin, and defensive trusts
0:25:16 – Close
Recorded on Friday 10 July 2026

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.

ITHB 2026 Handbook

Available to order now!

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 340 podcasts in the six 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

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