My notes include some random thoughts on topical issues. I have also updated the Money Makers portfolio and will be reporting on their progress (spoiler alert: pretty much as expected). Stuart Watson's profile this week is of Capital Gearing Trust, the absolute return trust well known to followers of mine over the past few years. It is celebrating the 40th anniversary of Peter Spiller's appointment as manager of the trust this month.
Bill Ackman is still learning For an investor whose personal net worth can be measured in hundreds of millions of dollars, it is encouraging to see that he still...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Jonathan Davis My notes include some thoughts on topical issues and a practical issue - whether or not you should look to take part in secondary issuance when it comes in the form of a placing at a premium to NAV. The profile this week is of Scottish American, the Baillie Gifford managed trust better known colloquially as SAINTs. The Q and A is with James Hart, the Investment Director of the Witan investment Trust. Happy Easter meanwhile to all subscribers.
Is a recession coming? There was a lot of excitement a few days ago when the yield curve looked like it had inverted, with long term U...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Jonathan Davis My notes include some thoughts on the first quarter's performance and recent news. There is no profile this week, as Stuart is away, but he will be back next week. The Q and A is with Matthew Hose, the lead investment trust analyst at Jefferies, the broker/investment bank, which publishes extensive research on alternative assets in particular. There will be a second Q and A out early this week.
What is in the price? The first full week of the new quarter began with equity markets weakening and bond yields rising further. It may be too early to say whether this is the way that...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Jonathan Davis This is the first of a new monthly feature for subscribers which highlights potential discount opportunities in the investment trust sector. The ideas are sourced from Kepler Intelligence, the investment trust research company. It is important to note that Kepler Intelligence, unlike Money Makers, has commercial relationships with a number of trusts. When drawing on their work I am always careful to take that into account and so should you. Nevertheless I have always found their research a helpful source of new ideas and subjects for my own research.
April 2022 ideas It seems s...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Jonathan Davis My notes include some further thoughts on current market conditions. Following on last week's profile of the Herald investment trust, this week's offering from Stuart is a profile of the Mobius investment trust, which has been posting some good numbers since it launched, well ahead of its larger rivals. There will be more Q and As later this week.
A fork in the road You may have noted the comment in yesterday's weekly investment trust podcast that, in the opinion of Brevan Howard, the managers of BH Macro, one of the four trusts that make up our defensive investment portfolio, ...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Jonathan Davis My notes include some further thoughts on current market conditions and a short Q and A with Nick Greenwood, manager of the MIGO Opportunities trust. Following on last week's profile of the Herald investment trust, this week's offering from Stuart will be a profile of the Mobius investment trust, which has been posting some good numbers since it launched, well ahead of its larger rivals.
A good week for equities The sharp rise in stock prices and bond yields, accompanied by a flattening of the yield curve, over the last two weeks can be interpreted in many ways. The lessons to ...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Jonathan Davis My notes at the weekend were delayed because Simon Elliott and I were making an appearance at the Master Investor show in London, where, I am happy to report, we attracted a good crowd for our presentation. I also chaired some interesting corporate sessions. 250 copies of the Investment Trusts Handbook meanwhile were snapped up by visitors to the show, a pleasing outcome. Jim Mellon, who owns the Master Investor franchise, has been highly successful as a professional investor over the years and always gives an interesting annual outlook at the show. I comment on that below, as w...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Jonathan Davis The profile this week covers the Renewables Infrastructure Group (ticker: TRIG), one of the more established and diversified renewable energy trusts. I have added a link to a podcast that I recorded last week with Charlie Morris, a gold and bitcoin expert I consult periodically and which you may find relevant. I have also republished the Q and A with Hamish Baillie, co-manager of the Ruffer Investment Company (link here), which it seems some of you may have missed when it was first published a week ago. This note looks at the recent performance of the illustrative portfolios we ...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
This week's profile features Round Hill Music Royalty (ticker: RHM), one of the two music royalty funds that have joined the London market since 2018. The Q and A is with Hamish Baillie, the manager of the Ruffer Investment Company (ticker: RICA). I will follow up these general notes on the impact of the Russian invasion of Ukraine with a market video.
Ukraine and beyond This has been the week in which the world woke up to the full horror of the Russian invasion of Ukraine and the gravity of the humanitarian and the heightened geopolitical threat which Putin's Russia now poses. The sight of...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
This week's profile features the family-controlled Canadian General Investments trust, which has a strong 30-year track record, despite being low profile and trading at a significant discount. The Q and A this week is with Stuart Widdowson, the manager of the Odyssean investment trust (ticker: OIT), a UK smaller company vehicle which I like and have mentioned a number of times before. The notes offer some early thoughts on the potential impact of the Russian invasion of Ukraine.
Ukraine and beyond The news that broke on Thursday morning that Russia had launched a full scale invasion of U...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
© 2026 Money Makers