Money Makers podcast: 03 May 2025
In the latest edition of the podcast released this week, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award is joined by Laura Elkin, lead manager of AEW UK REIT (AEWU), and Maggie Fanari, CEO of RIT Capital (RCP).
Subscribers can see profiles of both RIT Capital Partners (16 April 2025) and AEW UK REIT (05 May 2022).
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, 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 Law Debenture Corporation (LWDB). Future profiles include European Opportunities (EOT) and J.P.Morgan US Smaller Companies (JUSC). Subscribers can also still see Jonathan’s video looking at investment trust performance in the context of recent developments in the markets. 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.
273: Laura Elkin and Maggie Fanari
– 0:00:41 – Talking to Laura Elkin, AEW UK REIT
– 0:01:42 – AEWU’s Q1 2025 results
– 0:02:57 – Valuations across the commercial property sector
– 0:04:55 – Asset management and adding value
– 0:12:32 – Raising more capital and issuing new equity
– 0:13:28 – Scope for consolidation in the sector
– 0:17:16 – Risks to continued strong performance
– 0:20:55 – Dividend policy
0:24:53 – A short break
– 0:25:59 – Talking to Maggie Fanari, RIT Capital Partners
– 0:26:18 – How Maggie became CEO of RCP
– 0:27:49 – Characterising RCP’s performance issues
– 0:29:46 – How the brand lost its luster
– 0:33:23 – Reasons for the significant discount
– 0:35:35 – The cost disclosure issue
– 0:38:46 – The driver for reducing private investments
– 0:39:30 – How the operating environment might develop
– 0:42:22 – Characterising performance
– 0:43:11 – The value of the dollar
– 0:44:22 – Lessons from managing a Canadian pension fund
– 0:47:22 – The buyback programme
– 0:49:13 – The RIT Capital offer
0:51:45 – Close
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 more than 270 podcasts in the 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: 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: 06 May 2023
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Ewan Lovett-Turner, head of investment trust research at Numis Securities, and Laura Elkin, portfolio manager of AEW UK REIT (AEWU).
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 BlackRock Energy and Resources (BERI). Coming up, the Circle will feature profiles of Octopus Renewables Infrastructure Trust (ORIT) and JPMorgan American (JAM). A subscription costs £8 a month, or a modest £2 a week.
Continued worries over US regional banking issues
00:29 – This week’s guests
02:59 – Money Makers Circle
03:32 – The markets this week
05:26 – Highlights from the week’s results
08:05 – Q&A with Ewan Lovett-Turner
12:41 – Perceptions of the current market outlook
14:47 – Key news items this week
14:51 – IPOs and Fundraising
20:17 – Private equity
25:23 – Boards and buy backs
27:35 – The alternatives sector
29:55 – International Biotechnology Trust (IBT)
32:07 – Q&A with Laura Elkin
35:59 – Target return as a value investor
38:31 – The gearing policy
40:39 – The re-rating of commercial property
44:35 – Investing in retail
48:09 – Alternative use
50:55 – Valuation and the dividend
54:40 – Where the market is going
56:08 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Keystone Positive Change Trust (KPC)
- Scottish Mortgage Trust (SMT)
- International Biotechnology Trust (IBT)
- Aquila Energy Efficiency Trust (AEET)
- Bluefield Solar Income Fund (BSIF)
- Foresight Solar Fund (FSFL)
- Chrysalis (CHRY)
- Ediston Property Income Trust (EPIC)
- Apax Global Alpha (APAX)
- Manchester and London (MNL)
- Martin Currie Global (MNP)
- Polar Capital Technology Trust (PCT)
- Smithson Investment Trust (SSON)
- Finsbury Growth and Income (FGT)
- Edinburgh Worldwide Investment Trust (EWI)
- Biotech Growth Trust (BIOG)
- CT Private Equity (CTPE)
- Princess Private Equity Holdings (PEY)
- Oakley Capital Investments (OCI)
- HarbourVest Global Private Equity (HVPE)
- ICG Enterprise Trust (ICGT)
- Schiehallion Fund (MNTN)
- Molten Ventures (GROW)
- Ashoka White Oak Emerging Markets Trust (AWEM)
- TwentyFour Income Fund (TFIF)
- BH Macro (BHMG)
- 3i Infrastructure (3IN)
- US Solar Fund (USF)
- ThomasLloyd Energy Impact (TLEI)
- HG Capital Trust (HGT)
- RIT Capital Partners (RCP)
- NextEnergy Solar Fund (NESF)
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 160 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.