Money Makers podcast: 27 Jun 2026
In this edition of the Money Makers Investment Trusts Podcast, Ailsa Craig, co-manager of International Biotechnology Trust (IBT) discusses the biotech sector including its recovering, M&A activity, and US regulatory stability, with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025).
You can listen to this podcast in full on the audio players 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.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available – TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
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 Aberdeen Equity Income (AEI). Future profiles include Caledonia Investments (CLDN) and 3i Infrastructure (3IN). Our 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.
340: Ailsa Craig
0:01:03 – Has strong performance peaked?
0:05:02 – The interest rate environment
0:06:52 – M&A
0:11:47 – The US political regime
0:20:39 – A short break
0:21:24 – Gearing and the appetite for risk
0:22:44 – Valuations
0:25:52 – The discount and share buybacks
0:27:22 – AI in the biotech space
0:29:38 – 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.
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 340 podcasts in the six 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: 20 Jun 2026
In this week’s two editions of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), is joined first by Marcus Phayre-Mudge, manager of TR Property (TRY), and then Andrew McHattie, editor of the Investment Trusts Newsletter.
You can listen to these podcasts in full on the audio players 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.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available – TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
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 3i Group (III). Future profiles include Aberdeen Equity Income (AEI) and Caledonia Investments (CLDN). Our 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.
338: Marcus Phayre-Mudge
0:01:11 – Macro frustrations in property
0:07:06 – The good returns prior to the Iran War
0:12:25 – A fundamental issue with discounts
0:18:05 – Further consolidation
0:25:53 – A short break
0:26:38 – Lessons from Life Sciences REIT
0:30:40 – The future of the commercial property sector
0:34:57 – The yield against the market background
0:42:13 – Maintaining gearing
0:44:00 – Europe vs the UK
0:46:21 – Close
339: Andrew McHattie
0:00:51 – The SpaceX IPO
0:08:36 – Edinburgh Worldwide (EWI) and Impax Environmental (IEM)
0:14:41 – Seraphim Space Investment Trust (SSIT)
0:17:19 – A short break
0:18:04 – Pacific Assets (PAC) and Schroder Asia Total Return (ATR)
0:21:13 – SDCL Efficiency Income Trust (SEIT)
0:24:59 – The Renewables Infrastructure Group (TRIG)
0:29:40 – Alternative Income REIT (AIRE)
0:32:23 – Aquila European Renewables (AERS)
0:35:52 – Looking at two trusts’ results
0:40:56 – Partners Group Private Equity (PEY)
0:46:37 – 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.
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 340 podcasts in the six 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: 21 Jun 2025
In the latest editions 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 Marcus Phayre-Mudge, manager of TR Property (TRY).
Following this edition, the podcast is taking a break while Jonathan is away on holiday. Stay subscribed however as it will return in a week or two!
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 VietNam Holding (VNH). Future profiles include Fidelity Emerging Markets (FEML) and HICL Infrastructure (HICL). 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.
284: Marcus Phayre-Mudge
0:00:39 – Signs of green shoots
0:06:21 – Economic growth, interest rates, and commercial property valuations
0:12:16 – Activity and deals in the investment trusts sector
0:19:06 – A place for smaller trusts
0:24:34 – A short break
0:25:41 – Healthcare commercial property
0:28:40 – Other specialist property sectors
0:32:47 – Cost disclosure and discounts
0:37:57 – TR Property (TRY)
0:44:26 – Why invest in TRY over other REITs
0:47:00 – 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 280 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 podcasts: 07 Dec 2024
In the latest edition of the Money Makers investment trust podcast released this past week, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, was joined by Marcus Phayre-Mudge, manager of TR Property (TRY).
You can listen to this podcast in full on the audio player below. Alternatively, you can subscribe via our YouTube channel, and at most podcast platforms including Apple Podcasts, Spotify, and Soundcloud. 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 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 usual features, the Circle features a profile of J.P.Morgan Global Growth and Income (JGGI). Future profiles include Baillie Gifford Shin Nippon (BGS) and Murray Income (MUT). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month, or £120 for one year with a two week free trial.
245: Marcus Phayre-Mudge
0:00:39 – Recent results for TR Property
0:05:20 – Valuations
0:10:21 – M&A and corporate activity
0:27:40 – A short break
0:28:36 – Sustainability of discounts
0:33:28 – Physical exposure of TR Property
0:39:42 – The trust’s dividend
0:42:56 – Close
Recorded: 06 December 2024
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 240 podcasts in the over four 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: 15 Jun 2024
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Marcus Phayre-Mudge, manager of TR Property (TRY), and James Dawes, finance director at 3i Infrastructure (3IN).
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 usual features, the Circle features a profile of BlackRock Smaller Companies (BRSC). Future profiles include Aurora Investment Trust (ARR) and Premier Miton Global Renewables (PMGR). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts including some of his most recent trust purchases, and includes a comrehensive summary of all the latest news. The content of that email is also available for subscribers via the website. Finally, an Election Special is planned for release later this month, looking at the likely outcome of the vote and the impact for investors. More details will be announced in due course. A subscription costs £12 a month, or £120 for one year with a two week free trial.
Will they, won’t they?
0:02:08 – This week’s guests
0:02:39 – Summary of results
0:04:09 – Money Makers Circle
0:04:59 – Q&A with Marcus Phayre-Mudge
0:11:39 – TR Property, the trust
0:18:16 – Opportunities in the sector
0:24:40 – Consolidation
0:31:48 – Discounts
0:37:15 – Potential impacts from the upcoming UK election
0:40:19 – Q&A with James Dawes
0:42:22 – A change in strategy
0:46:49 – The market for infrastructure
0:49:03 – Trends in the portfolio
0:50:33 – The discount
0:54:10 – Incentives in the structure
0:55:49 – Looking to the future
0:58:11 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- TR Property (TRY)
- Abrdn New India (ANII)
- Lindell Train Investments (LTI)
- Baillie Gifford UK Growth Trust (BGUK)
- Odyssean Investment Trust (OIT)
- Fidelity China Special Situations (FCSS)
- Custodian REIT (CREI)
- Value and Indexed Property Income (VIP)
- Tritax Eurobox (EBOX)
- UK Commercial Property (UKCM)
- Tritax Big Box (BBOX)
- LondonMetric Property (LMP)
- Custodian RIET (CREI)
- Abrdn Property Income (API)
- Balanced Commercial Property Trust (BCPT)
- Picton Property Income (PCTN)
- Phoenix Spree Deutschland (PSDL)
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 more than 210 podcasts in the four 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: 20 Jan 2024
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Marcus Phayre-Mudge, manager of TR Property, and John Singer, chairman of Pantheon International (PIN), in the first part of a longer conversation looking at the issues facing listed private equity trusts.
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 usual features, the Circle features a profile of the Sequoia Economic Infrastructure Income (SEQI). Future profiles include J.P.Morgan Japanese (JFJ) and Gore Street Energy Storage (GSF). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and all the regular features available in the Circle. A subscription costs £8 a month, or a modest £2 a week.
Please note that the content of the email is also available if you are a subscriber and log in to the website. Some subscribers are temporarily not receiving the email, but this should be fixed shortly.
Another merger proposal
0:02:53 – Summary of results
0:04:25 – Money Makers Circle
0:05:11 – This week’s guests
0:06:09 – Q&A with Marcus Phayre-Mudge
0:15:51 – The proposed LXi and LondonMetric deal
0:18:38 – Thoughts on the property sector
0:23:31 – TR Property
0:27:22 – Cost disclosure
0:29:27 – Close
0:29:44 – Q&A with John Singer (Part 1)
0:32:48 – Investment trusts and history
0:37:44 – The issue of discounts
0:43:39 – Perceptions of private equity
0:47:08 – Accuracy of net asset values
0:58:26 – Variations in different listed private equity vehicles
1:03:38 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Tufton Oceanic Assets (SHIP)
- Custodian Property Income REIT (CREI)
- Abrdn Property Income (API)
- Bankers Trust (BNKR)
- Edinburgh Worldwide (EWI)
- Home REIT (HOME)
- TR Property (TRY)
- LondonMetric (LMP)
- LXi REIT (LXI)
- UK Commercial Property (UKCM)
- Literacy Capital (BOOK)
- HgCapital (HGT)
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 190 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: 15 Apr 2023
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Marcus Phayre-Mudge, manager of TR Property Investment Trust (TRY), and Jon Forster, co-portfolio manager at Impax Environmental Markets (IEM) – a discussion available in full to subscribers to the Money Makers Circle.
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 Fidelity European Trust (FEV), with next week’s profile being of Greencoat UK Wind (UKW). Jonathan is speaking at the Master Investor Show today (15 April), and will also be making available the slides of his presentation. Subscribers can also hear the full conversation with Jon Forster of Impax Environmental Markets. Also still to come is Jonathan’s end of quarter review, looking back over the first quarter of 2023. A subscription costs £8 a month, or a modest £2 a week.
Equity markets continue to rally
0:00:29 – Review of the week
0:01:54 – This week’s guests
0:02:55 – Summary of the week’s results
0:05:39 – News and announcements
0:07:56 – Money Makers Circle
0:08:33 – Q&A with Marcus Phayre-Mudge
0:11:07 – Short-term worries
0:13:08 – The cost of money
0:15:38 – Has the market priced in all the bad things that might happen?
0:19:21 – Changes to the portfolio
0:25:25 – Ediston Property and consolidation
0:28:06 – Merger of LXi REIT (LXI) and Secure Income REIT (SIR), and smaller commercial property trusts
0:34:16 – Dividend cuts
0:41:23 – TR Property Trust and its dividend
0:45:30 – Gearing
0:47:21 – Why is TR Property unique?
0:49:12 – Q&A with Jon Forster (extract)
0:53:42 – A lack of similar trusts
0:55:12 – The trust today
0:58:18 – The investment environment
1:02:12 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Martin Currie Global Portfolio (MNP)
- Ecofin US Renewables Infrastructure (RNEW)
- GCP Asset Backed Income (GABI)
- Marple Point Loan Financing (MPLF)
- Schroder Japan Growth (SJG)
- Literacy Capital (BOOK)
- Caledonia Investments (CLDN)
- Rockwood Strategic (RKW)
- Gulf Investment Fund (GIF)
- LXi REIT (LXI)
- Value and Indexed Property Income (VIP)
- Schroder European Real Estate (SERE)
- PRS REIT (PRSR)
- Ashoka WhiteOak Emerging Markets
- Industrials REIT (MLI)
- Round Hill Music Royalty Fund (RHM)
- Ediston Property Investment Company (EPIC)
- Secure Income REIT (SIR)
- AEW UK REIT (AEWU)
- Regional REIT (RGL)
- Phoenix Spree Deutschland (PSDL)
- Target Healthcare REIT (THRL)
- LondonMetric Property (LMP)
- Tritax Big Box (BBOX)
- Supermarket Income REIT (SUPR)
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.