In the latest editions of the Money Makers Investment Trusts Podcast released this week, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award (2024 and 2025) is joined by Edward Cartwright, CEO of Arcus Investment Management, to discuss the proposal to manage the Baillie Gifford Shin Nippon Trust (BGS), and Jean-Hugues de Lamaze, portfolio manager at Ecofin Global Utilities and Infrastructure (EGL) to discuss the trust’s investment themes, its portfolio management, and the energy transition alongside demand driven by AI.
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316: Edward Cartwright
Please note: Money Makers has not had the opportunity to speak to the Chairman of Baillie Gifford Shin Nippon regarding the future of the investment trust, however it was deemed justified to publish this discussion on the ground of interest to shareholders with the proposal for a tender offer being put to a vote in mid-February. Money Makers remains neutral to the outcome for the trust.
0:00:32 – The proposition to the board of Baillie Gifford Shin Nippon (BGS)
0:03:35 – The tender offer from BGS
0:09:52 – A short break
0:10:55 – Objectives at the upcoming tender offer meeting
0:14:13 – Getting the message out to retail shareholders
0:16:30 – The Japanese small cap market
0:20:46 – Close
317: Jean-Hugues de Lamaze
0:00:47 – An overview of the trust
0:02:16 – Why is EGL unique?
0:03:50 – The increasing demand for electricity production
0:08:52 – The need to invest in energy transmission
0:10:55 – Why invest with EGL over directly with listed utilities
0:13:36 – How the NAV total return has been generated
0:17:03 – A short break
0:18:07 – Breaking down the investment theme split
0:21:02 – The impact of the interest rate environment
0:24:24 – The share price performance and discount
0:28:02 – The size of the trust
0:32:19 – Is the market wrong?
0:36:42 – Capability for a double-digit return over the coming decade
0:38:15 – Currency exposure
0:39:21 – Close
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.
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