The past week has afforded an opportunity to catch up with the results of some of the best known equity investment trusts, including Scottish Mortgage and Finsbury Growth and Income. Stuart Watson's profile this week is of 3i Infrastructure, and there is a new contributor in the person of Reg Hoare, who explains the principles that underpin the management of his personal pension portfolio. Equity markets continue to fall in what increasingly looks like developing into a full-blown bear market, very much as I feared, with the S&P 500 down the thin end of 20% from its high.
Scottish Mortg...
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Scottish Mortgage needs little introduction, being both the largest investment trust with a market cap of £22bn and the best-performing of the last decade with an astonishing 1,318% return. After a 110% return in 2020, long-time manager James Anderson announced that he would be stepping down in April 2022 after more than 20 years at the helm. Scottish Mortgage is perhaps most famous for its big bets on the likes of Amazon and Tesla but it's recently eased back on these in favour of vaccine maker Moderna and other healthcare stocks that make extensive use of technology. Digitisation of the econ...
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Jonathan Davis The notebook this week comments on inflation, the outlook for property trusts and some remarkable evidence about the poor performance of pension funds and university endowments since the global financial crisis, which only serves, in my opinion, to enhance the attractions of the best investment trusts. Peter Spiller, the long serving manager of Capital Gearing Trust, expands on the future of the sector in this week's Q and A, and reiterates the equally valid point that investment trusts have no automatic right to exist and a good many are not doing enough to justify their existe...
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This has been another choppy week in the markets, notable mainly for the fact that the rise in US bond yields persists. This is not unexpected, and it only takes the 10-year Treasury yield back to where it was before the pandemic hit, but it continues to bear down on the performance of the equity and corporate bond markets, while real yields continue to edge up, unhelpfully for gold. The Federal Reserve has so far resisted the pressure to change its policy stance, despite the US bond market having its worst start to the year for many years.
Jonathan Davis James Anderson's departure The plann...
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