Money Makers podcast: 28 Oct 2023
In this week’s extended edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Andrew McHattie, editor of the Investment Trusts Newsletter. You can also hear the final five short interviews from this year’s AIC Investment Trust Showcase event. The first four of this series of nine interviews were featured in last week’s podcast and the bonus edition released last Tuesday.
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 Pacific Assets Trust (PAC). Future profiles coming soon include Brunner Investment Trust (BUT) and Balanced Commercial Property Trust (BCPT). A subscription costs £8 a month, or a modest £2 a week.
A new high for average discounts
0:01:53 – The news this week
0:04:18 – Summary of results
0:06:56 – Money Makers Circle
0:07:26 – Q&A with Andrew McHattie
0:12:13 – Hipgnosis Songs Fund (SONG)
0:19:09 – European Opportunities Trust (EOT)
0:25:50 – Digital 9 Infrastructure (DGI9)
0:31:28 – Greencoat UK Wind (UKW)
0:37:31 – Abrdn Diversified Income and Growth (ADIG)
0:41:57 – Pershing Square Holdings (PSH)
0:45:00 – Private equity
0:49:17 – Upcoming continuation votes and redemption offers
0:53:38 – AIC Investment Trust Showcase Interviews
0:58:05 – James de Uphaugh (Edinburgh Investment Trust; EDIN)
1:04:55 – Carlos Hardenberg (Mobius Investment Trust; MMIT)
1:13:53 – Gervais Williams (Diversified Income Trust; DIVI)
1:20:18 – Laura Elkin (AEW UK REIT; AEWU)
1:26:30 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Hipgnosis Songs Fund (SONG)
- European Opportunities Trust (EOT)
- Greencoat UK Wind (UKW)
- HarbourVest Global Private Equity (HVPE)
- Abrdn Diversified Income and Growth (ADIG)
- Digital 9 Infrastructure (DGI9)
- Pershing Square Holdings (PSH)
- Triple Point Social Housing (SOHO)
- NextEnergy Solar Fund (NESF)
- The Renewables Infrastructure Group (TRIG)
- Supermarket Income REIT (SUPR)
- HydrogenOne Capital Growth (HGEN)
- Augmentum Fintech (AUGM)
- Gore Street Energy Storage (GSF)
- International Biotechnology Trust (IBT)
- JP Morgan Emerging Markets Income (JEMI)
- Schroder Income Growth (SCF)
- VinaCapital Vietnam Opportunity Trust (VOF)
- CQS Natural Resources Growth and Income (CYN)
- Crystal Amber Fund (CRS)
- BlackRock Smaller Companies (BRSC)
- Oakley Capital Investments (OCI)
- Literacy Capital (BOOK)
- GCP Infrastructure (GCP)
- Value and Indexed Property Income (VIP)
- NB Global Monthly Income (NBMI)
- Abrdn New Dawn (ABD)
- Asia Dragon Trust (DGN)
- Round Hill Music Royalties (RHM)
- Edinburgh Worldwide (EWI)
- JPMorgan European Discovery (JEDT)
- Herald Investment Trust (HRI)
- Cordiant Digital Infrastructure (CORD)
- 3i Group (III)
- Pantheon International (PIN)
- HG Capital Trust (HGCT)
- ICG Enterprise (ICGT)
- Bellvue Healthcare Trust (BBH)
- JP Morgan Japanese (JFJ)
- Edinburgh Investment Trust (EDIN)
- Mobius Investment Trust (MMIT)
- Diversified Income Trust (DIVI)
- AEW UK REIT (AEWU)
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: 28 Apr 2023
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to James de Uphaugh, lead manager of the Edinburgh Investment Trust (EDIN), and Stuart Widdowson, manager of the Odyssean Investment Trust (OIT).
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 features a profile of BioPharma Credit (BPCR), as well as taking a look at the thirty year performance of thirty-six surviving trusts that pre-date the birth of King Charles III. A subscription costs £8 a month, or a modest £2 a week.
A week of two halves
0:00:29 – This week’s guests
0:01:35 – The markets this week
0:03:03 – Money Makers Circle
0:03:47 – News and announcements
0:08:03 – Annual results
0:16:46 – Interim results
0:20:21 – Q&A with James de Uphaugh
0:22:47 – Immediate reactions and changes due to the then-developing pandemic
0:25:24 – Factors influencing good performance to date
0:27:34 – The gearing strategy
0:30:16 – Advantages of managing an investment trust
0:32:15 – The UK market performance
0:34:38 – Investment style
0:37:36 – What is the trust’s “special sauce”?
0:39:46 – Portfolio weightings and changes
0:45:11 – The discount and ambitions for the trust
0:46:56 – The UK as a place to invest and the impact of the pound
0:49:41 – Close
0:51:10 – Q&A with Stuart Widdowson
0:52:33 – Sentiment to the UK market
0:55:34 – Specific issues with the UK equity market
0:59:07 – Company valuations
1:02:03 – Odyssean’s rating and share buy backs
1:02:46 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Thomas Lloyd Energy Impact (TLEI)
- Urban Logistics REIT (SHED)
- Next Energy Solar (NESF)
- Ashoka White Oak Emerging Markets (AWEM)
- Global Smaller Companies Trust (GSCT)
- Ceiba Investments (CBA)
- Third Point Investors (TPOU)
- Round Hill Music Royalty (RHM)
- Baker Steel Resources (BSRT)
- Aquila European Renewables (AERS)
- NB Private Equity (NBPE)
- Dunedin Enterprise (DNE)
- RM Infrastructure Income (RMII)
- Abrdn Property Income (API)
- Vietnam Enterprise Investments (VEIL)
- M&G Credit Income (MGCI)
- Fidelity special values (FSV)
- Henderson Far East Income (HFEL)
- Asia Dragon Trust (DGN)
- Literacy Capital (BOOK)
- Pantheon (PIN)
- AEW UK REIT (AEWU)
- CT Property Trust (CTPT)
- 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 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.