Money Makers podcast: 29 Nov 2025
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award for two years running (2024 and 2025) speaks to Joe Bauernfreund, lead manager at the AVI Global Trust (AGT).
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.
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 Allianz Technology (ATT). Future profiles include Aberdeen Asian Income (AAIF) and Onward Opportunities (ONWD). Our new expanded 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.
307: Joe Bauernfreund
0:01:05 – The Budget announcement
0:02:54 – The global outlook and prospects for interest rates
0:04:17 – The AI theme
0:05:15 – Alternative assets
0:21:32 – A short break
0:22:38 – The achievements of Saba Capital
0:24:39 – Consolidation
0:28:13 – Investing in Korea and Japan
0:35:18 – Holding companies
0:38:35 – News Corp
0:42:04 – The outlook for AVI Global
0:44:18 – Close
COMING SOON: 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 more than 20 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.
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 310 podcasts in the over five 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: 30 Sep 2023
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Joe Bauernfreund, manager of the AVI Global Trust (AGT), and Evy Hambro, manager of the BlackRock World Mining Trust (BRWM). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.
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. For any listeners who have subscribed via Stitcher, please note that service is now discontinued. Please resubscribe through one of the other channels.
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 BlackRock World Mining Trust (BRWM). Next week’s profile will feature Templeton Emerging Markets (TEM). A subscription costs £8 a month, or a modest £2 a week.
Inflation and interest rate fixation continues
00:44 – This week’s guests
01:34 – Review of the week
03:27 – Money Makers Circle
04:03 – Corporate news and announcements
12:28 – Summary of results
21:20 – Q&A with Joe Bauernfreund
26:03 – Enforced cost disclosures
26:47 – Reducing holdings in PSH and TPOU
30:17 – Increasing exposure to the investment trust universe
31:38 – AVI Global Trust (AGT) and discounts
34:54 – Q&A with Evy Hambro
38:42 – Industry changes over thirty years
40:45 – Valuations over the last year
44:02 – Incentives on commodity producers for good ESG
46:53 – Portfolio changes
49:47 – The dividend policy
51:18 – Gearing
52:52 – Looking forward
54:43 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Digital 9 Infrastructure (DGI9)
- Downing Renewables and Infrastructure (DORE)
- Home REIT (HOME)
- ThomasLloyd Energy Impact (TLEI)
- Hipgnosis Songs Fund (SONG)
- HgCapital Trust (HGT)
- HICL Infrastructure Trust (HICL)
- Pantheon International (PIN)
- Gulf Investment Fund (GIF)
- JPMorgan Global Growth and Income (JGGI)
- Strategic Equity Capital (SEC)
- Schroder Japan Trust (SJG)
- Manchester and London (MNL)
- JPMorgan Emerging Markets (JMG)
- European Opportunities Trust (EOT)
- Tufton Oceanic Assets (SHIP)
- Henderson EuroTrust (HNE)
- Fair Oaks Income (FAIR)
- Martin Currie Global Portfolio (MNP)
- Blackstone Loan Financing (BGLF)
- Biopharma Credit (BPCR)
- Third Point Investors (TPOU)
- Merchants Trust (MRCH)
- Phoenix Spree Deutschland (PSDL)
- Baillie Gifford Shin Nippon (BGS)
- Schroders Capital Growth Innovation Trust (INOV)
- Bluefield Solar Income Fund (BSIF)
- US Solar Fund (USF)
- Gresham House Energy Storage (GRID)
- Aquila Energy Efficiency Trust (AEET)
- NB Private Equity (NBPE)
- Pantheon Infrastructure (PINT)
- GCP Asset Backed Income (GABI)
- UK Commercial Property Trust (UKCM)
- Abrdn Property Income (API)
- Princess Private Equity (PEY)
- Oakley Capital Investments (OCI)
- Pershing Square Holdings (PSH)
- AVI Global Trust (AGT)
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 nearly 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.