Money Makers podcast: 26 Sep 2026
In two episodes of the Money Makers Podcast released this week, Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined first by Richard Staveley, the manager of Rockwood Strategic (RKW) in a discussion including the performance and investment approach of the Trust and its focus on UK small cap opportunities; market trends including the state of the small cap market; and recent portfolio moves including new positions in UK housing. Then Peter Hewitt, the retired fund manager and now director at The AIC and Odyssean Investment Trust, returns to the podcast in a chat that includes emerging markets, smaller companies, and renewables and infrastructure trusts.
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 every week, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. As well as the usual features, the Circle currently features a profile of Murray International (MYI). Future profiles include Literacy Capital (BOOK) and Polar Capital Technology (PCT). 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.
354: Richard Staveley
0:01:24 – The LinkedIn video clips
0:03:24 – Explaining UK small cap performance
0:08:12 – Looking at the portfolio
0:14:37 – Videndum
0:22:10 – A short break
0:22:55 – Three new positions
0:32:05 – The upcoming budget and confidence
0:35:03 – Defence companies
0:38:38 – Long-standing holdings
0:41:44 – Reflecting on recent years’ performance
0:45:19 – Close
355: Peter Hewitt
0:01:08 – The state of play
0:05:38 – Emerging markets trusts
0:14:38 – Smaller companies
0:24:00 – A short break
0:24:45 – Renewables and infrastructure
0:34:25 – Year to date performance
0:38:25 – Performance over three years
0:41:53 – 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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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 more than 350 podcasts in the over 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: w/e 02 May 2026
This week brings two editions of the Money Makers Investment Trusts Podcast!
First, in a special edition, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), is joined on stage at the Master Investor Show by Peter Hewitt, the former manager of the CT Global Managed Portfolio Trust, to discuss the performance of the sector during turbulent times. Slides accompanying this presentation will be available to subscribers of the Money Makers Circle in the upcoming newsletter.
Then in our second edition, Jonathan is joined by Ashley Thomas, renewables infrastructure analyst at Winterflood Securities, to discuss recent developments and changes affecting the renewables sector.
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 Cordiant Digital Infrastructure (CORD). Future profiles include Tetragon Financial (TFG) and Invesco Asia Dragon (IAD). 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.
330: Master Investor Show 2026
0:01:29 – The Master Investor Show
0:04:20 – Managing money in turbulent times
0:07:06 – Performance of the investment trusts sector
0:13:05 – Saba Capital
0:18:48 – A short break
0:19:38 – Interesting trusts
0:32:08 – Platform costs
0:34:58 – A shrinking sector but good performance
0:40:35 – Close
331: Ashley Thomas
0:01:23 – The impact of the Iran War on the renewables sector
0:06:56 – Sector performance since the start of the conflict
0:08:35 – Government policy changes
0:23:03 – A short break
0:23:53 – Sector discounts
0:28:43 – Inflow and outflow trends
0:31:14 – Battery storage and specialists
0:34:51 – Forecasting the size of the sector
0:36:35 – 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 more than 330 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: 28 Mar 2026
In this extended edition 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 by two guests. Firstly, Peter Hewitt, former manager at the CT Global Managed Portfolio Trust, and then Carlos Hardenberg, lead manager at the Mobius Investment Trust (MMIT), to discuss – amongst other things – the ongoing impact of the Iran War on financial markets and the investment trusts sector
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.
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, Stuart Watson takes a look at discounts across the renewable energy infrastructure sector. The latest trust profile features TwentyFour Income Fund (TFIF), and future profiles will include Patria Private Equity (PPET) and J.P.Morgan Claverhouse (JCH). 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.
325: Peter Hewitt and Carlos Hardenberg
0:00:44 – Peter Hewitt
0:00:49 – Looking at the markets
0:06:42 – Waiting for the dust to settle
0:12:43 – Discounts
0:17:58 – Baillie Gifford European Growth (BGEU)
0:22:36 – Diversified and defensive portfolios
0:25:01 – Pershing Square Holdings (PSH)
0:28:20 – Saba Capital
0:34:43 – A short break
0:35:47 – Carlos Hardenberg
0:36:56 – Reflecting on the last eight years
0:39:39 – The place for emerging markets in portfolios
0:45:09 – The argument to shareholders given the scale of the trust
0:48:12 – A shareholder opportunity presented by a wide discount
0:51:58 – Responding to current geopolitical issues
0:55:45 – A view on China
1:00:25 – Portfolio holdings
1:05:52 – The strategic impact of the new global order
1:08:01 – 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 320 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: 24 Jan 2026
In the latest edition of the Money Makers Investment Trusts Podcast released this week, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award (2024 and 2025) is joined by Peter Hewitt, former manager of the CT Global Managed Portfolio Trust (CMPI/CMPG). Names that feature include Scottish Mortgage (SMT), Templeton Emerging Markets (TEM), Edinburgh Worldwide (EWI), Herald (HRI) and several others in both the equity and alternatives subs-sectors.
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 Achilles Investment Company (AIC). Future profiles include Aberforth Geared Value & Income (AGVI) and Geiger Counter (GCL). 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.
315: Peter Hewitt
0:01:05 – Learning to live with Donald Trump
0:06:41 – The rise of gold and concerns around the dollar
0:09:10 – Looking at the Asian markets
0:13:54 – Management Style
0:21:14 – A short break
0:22:19 – Saba Capital and Edinburgh Worldwide (EWI)
0:28:04 – Allowing Saba to take such large stakes
0:35:19 – The alternatives sector
0:41:11 – The Six Nations
0:44:27 – 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 more than 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: 08 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), takes a look at the biotech sector and speaks to Peter Hewitt, former manager of the CT Global Managed Portfolio Trust (CMPI/CMPG).
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 Scottish American (SAIN). Future profiles include Impax Environmental Markets (IEM) and Baillie Gifford China Growth (BGCG). 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.
304: Peter Hewitt
0:01:00 – The big picture for global markets
0:04:43 – The mood in small caps
0:11:11 – Emerging markets
0:15:44 – The shrinking universe
0:18:07 – Saba Capital
0:24:19 – A short break
0:25:26 – The renewables sector
0:32:09 – Commercial property
0:34:04 – The rugby
0:37:12 – The Investment Trusts Handbook 2026
0:38:32 – 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 300 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.