Money Makers podcast: 24 Aug 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 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.
Latest Money Makers podcasts
Money Makers podcast: 20 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 Dominic Scriven, founder and chairman of Dragon Capital, the investment advisor to Vietnam Enterprise Investments (VEIL), and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL).
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 STS Global Income & Growth (STS). Future profiles include Artemis Alpha (ATS) and VH Global Sustainable Energy Opportunities (GSEO). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes all the regular features available in the Circle. 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.
Markets enter a risk-off mode given Middle East tensions
0:01:48 – Review of the week
0:04:17 – Corporate news and summary of results
0:07:50 – Money Makers Circle
0:09:04 – Q&A with Dominic Scriven
0:13:27 – Restrictions on foreign investment
0:16:30 – Transitioning to emerging market status
0:18:36 – Reasons to invest in Vietnam as a country
0:27:21 – Geopolitical risks
0:37:12 – Addressing VEIL’s discount
0:43:25 – Q&A with Ian Lance
0:48:43 – The trust’s discount policy
0:49:20 – Mergers and acquisitions
0:54:26 – Share buybacks
0:59:49 – Sectoral headwinds
1:01:23 – The case for TMPL shares
1:03:39 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Hipgnosis Songs Fund (SONG)
- Fair Oaks Income (FAIR)
- Schroder Japan (SJG)
- UK Commercial Property (UKCM)
- Hydrogenone (HGEN)
- Middlefield Canadian Income (MCT)
- Castelnau Group (CGL)
- Balanced Commercial Property Trust (BCPT)
- Alliance Trust (ATST)
- Home REIT (HOME)
- Harmony Energy Income (HEIT)
- Gresham House Energy Storage (GRID)
- Ashoka India Equity (AIE)
- Invesco Select (IVPU)
- Aquila Energy Efficiency (AEET)
- NextEnergy Solar (NESF)
- Vietnam Enterprise Investments (VEIL)
- Vietnam Holdings (VNH)
- VinaCapital Vietnam Opportunity Fund (VOF)
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 210 podcasts in the 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: 22 Apr 2023
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Paul ffolkes Davis, chairman of Rising Sun Management, investment advisor to the Nippon Active Value Fund (NAVF), and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL).
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, Stitcher and others.
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 will feature a profile of BioPharma Credit (BPCR). Jonathan’s end of quarter review, looking back over the first quarter of 2023, is also available. A subscription costs £8 a month, or a modest £2 a week.
A quiet week
0:00:57 – This week’s guests
0:01:45 – The markets this week
0:03:30 – Results and announcements with Stuart Watson
0:10:16 – Q&A with Paul ffolkes Davis
0:14:24 – Company reactions
0:17:06 – Japanese MBOs
0:18:40 – Benefits to the trust
0:21:36 – The impact of a newspaper article
0:26:44 – Corporate governance and the pace of change
0:28:07 – Risks
0:30:58 – Returning shares to a premium
0:33:24 – The Japanese market
0:36:47 – Q&A with Ian Lance
0:38:20 – Experience in 2022
0:40:22 – Performance so far in 2023
0:41:22 – What it means to be a value investor
0:44:11 – Oil, mining, and ESG
0:47:47 – Impact of the recent banking tremors
0:51:04 – The trust’s dividend
0:53:05 – The discount
0:53:48 – The attractions of equity income
0:57:43 – Gearing employed by the trust
0:58:40 – UK economic and political risks
1:01:48 – What could change the UK being a cheap market?
1:03:48 – FTSE all time high
1:04:27 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Schroder Capital Global Innovation Trust (INOV)
- Invesco Perpetual UK Smaller Companies (IPU)
- Aurora Investment Trust (ARR)
- Balanced Commercial Property Trust (BPCT)
- Abrdn European Logistics Income (ASLI)
- Fidelity Asian Values (FAS)
- Fair Oaks Income (FAIR)
- Middlefield Canadian Income (MCT)
- RTW Venture Fund (RTW)
- Triple Point Social Housing (SOHO)
- BioPharma Credit (BPCR)
- Caledonia Investments (CLDN)
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 over 150 podcasts in the nearly 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: 27 Aug 2022
Jonathan Davis, editor of the Investment Trusts Handbook, is joined this week by two guests – Ian Lance, manager of the Temple Bar Investment Trust; and Emma Bird, commercial property analyst at Winterflood Securities – in the latest edition of the Money Makers Weekly Investment Trust podcast.
You can listen to this week’s podcast in full on the audio player below. Alternatively, you can subscribe and download it on most podcast channels including Soundcloud, Apple, Spotify, Stitcher and others. Look out for further news about the next season of weekly podcasts shortly. Even though Simon Elliott is moving on to a new job and will no longer be able to co-host the podcast, the show goes on.
If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription equivalent to just £2 per week, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor’s notebook.
As well as the regular features this week, Jonathan has provided some commentary on the reaction to the announcement from Jay Powell of the Federal Reserve on its stance regarding interest rates.
A quiet week with a sting in the tail
00:39 – Review of the week
04:08 – Q and A with Ian Lance of Temple Bar
21:54 – Latest Money Makers Circle content
22:36 – Corporate developments and announcements
25:30 – Latest investment trust results
39:02 – Commercial property sector with Emma Bird
56:39 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Scottish Investment Trust (SCIN)
- TwentyFour Income Fund (TFIF)
- Rockwood Strategic (RKW)
- Digital9 Infrastructure (DGI9)
- Pershing Square Holdings (PSH)
- JPMorgan American Investment Trust (JAM)
- JPMorgan US Smaller Companies (JUSC)
- BlackRock World Mining (BRWM)
- CT Private Equity Trust (CTPE)
- Chrysalis Investments (CHRY)
- Bluefield Solar Income Fund (BSIF)
- Next Energy Solar Fund (NESF)
- Axiom European Financial Debt Fund (AXI)
- AEW UK REIT (AEWU)
- Abrdn Property Income Trust (API)
- Balanced Commercial Property Trust (BCPT)
- CT Property Trust (CTPT)
- UK Commercial Property REIT (UKCM)
- LXI REIT (LXI)
- Tritax Big Box (BBOX)
- Target Healthcare REIT (THRL)
- Impact Healthcare REIT (IHR)
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 over 120 podcasts in the more than two 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). The producer of the podcasts is the brilliant Ben Gamblin – more details on him here.