This Q and A takes the form of a link to my latest Moses and Methusaleh podcast with the fund manager Peter Seilern, so named, tongue in cheek, because we are now among the oldest participants still working (happily so) in the investment business. In the 35 minute discussion Peter and I talk through some of the issues facing financial markets this year. It is interesting to note that he is having second thoughts about some of his earlier reactions to the way that markets have evolved over the course of the last four months.
The way that Peter and his team run money has been set in stone for...
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The latest Q and A for premium subscribers is with James Hart, the Investment Director of the Witan investment trust (ticker: WTAN) and someone who has been analysing and investing in investment trusts for around three decades. Although Witan's global equity portfolio is run on a multi-manager basis, up to 15% of the trust's assets are invested in investment trusts, primarily specialist ones that allow exposure to specific asset classes which are not readily available through a traditional multi-manager approach.
Why the interest in this trust? James Hart, who runs the Witan portfolio alongs...
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The latest Q and A for premium subscribers is with Matthew Hose, the lead investment trust analyst at the American broker/investment bank Jefferies, which has recently expanded its research into alternative asset investment trusts. In our conversation we discuss a number of sub-sectors in the alternative asset space, including renewable energy, listed private equity, infrastructure, growth capital and shipping. Matthew has been analysing investment trusts for over a decade and has been at Jefferies for the past seven. Before that he worked for seven years at J.P.Morgan Cazenove.
Matthew Hos...
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The latest Q and A for premium subscribers is with Hamish Baillie, the manager of the Ruffer Investment Company, a £600m multi-asset investment trust with an absolute return mandate which sits in the Flexible Investment sector. The objective of the trust is to deliver a return that is at least twice the return on cash while aiming never to lose money for investors on any 12-month period. The trust published its interim results this week and was highlighted in the recent review of our newly created defensive investment trust portfolio.
Hamish Baillie Here is a reminder of the background to thi...
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My latest Q and A is with Nick Greenwood, the manager of the MIGO Opportunities Trust, a fund of investment trusts. Its aim is to find special situations in the investment trust world, where the share price for any number of reasons may not reflect a trust's potential value. This mostly means looking for less well known trusts that he thinks are trading at undeserved or excessively wide discounts.
Nick Greenwood has been managing this trust (formerly known as Miton Global Opportunities Trust) since 2004. Our last Q and A with him was in May last year (link here). For technical reasons, the ...
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Our latest Q and A for premium subscribers is with Pedro Gonzalez de Cosia, the CEO of Pharmakon, the manager of BioPharma Credit, a specialist loan provider to life sciences companies. The trust has recently announced it is moving from the specialist segment to the main market in London. The trust is managed out of New York and was launched in March 2017, so is coming up shortly to its fifth anniversary. Given its 7.2% yield, it has been on my radar for a few weeks now as a candidate for the income portfolio (and my SIPP).
The Q and A recording is here.
In my own portfolios I have until r...
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Our latest Q and A for premium subscribers is with Georgina Brittain, the manager of two J.P.Morgan investment trusts, one dedicated to UK smaller companies, the other to UK midcap stocks. She is one of the longest serving and most prominent female fund managers in the sector. While the number of women directors on trust boards has notably increased in recent years, it remains anomalous that there are still very few women in senior fund management positions, something that is set to change slowly as time goes by.
The Q and A recording is here.
In it Georgina goes over the now familiar argume...
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For premium subscribers we periodically do interviews with fund managers and analysts about current market conditions and funds and markets (occasionally shares) that we invest in. This one takes the form of a catch up Q and A with Ian Lance and Nick Purves, who took over as managers of the Temple Bar investment trust on November 1st last year. Both men formerly worked together for Schroders before joining the boutique firm of RWC Partners. The previous Q and A with them was six months ago.
Temple Bar, founded in 1926, was managed for many years by Alastair Mundy until his departure through...
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For premium subscribers we do regular interviews with fund managers and analysts about current market conditions and funds and markets (occasionally shares) that we invest in. The latest one is with Kartik Kumar, the manager of the Artemis Alpha investment trust since 2018, a £168m UK equity fund which sits in the UK All Companies sector and has a FTSE All-Share index benchmark. After a period of poor performance, the board approved a new strategy in April 2018 to create a more concentrated portfolio and reduce the number of private company holdings. Shareholders will be offered the chance to...
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For premium subscribers we do regular interviews with fund managers and analysts about current market conditions and funds and markets (occasionally shares) that we invest in. The latest one is with Hamish Baillie, the manager of the Ruffer Investment Company, a £600m multi-asset investment trust with an absolute return mandate which sits in the Flexible Investment sector. The objective of the trust is to deliver a return that is at least twice the return on cash while aiming never to lose money for investors on any 12-month period.
Hamish Baillie Why take an interest in this trust? Jonathan...
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