Money Makers podcast: 25 Apr 2026
Steven Marshall, the founder, chairman, and managing partner of Cordiant Digital joins this edition of the Money Makers Investment Trusts Podcast, to discusses Cordiant Digital Infrastructure (CORD) including its recent progress and performance, catalysts for growth, and strategies to reduce the NAV discount. With Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). Subscribers to the Circle will soon be able to read a profile of this trust, currently scheduled for publication next week.
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 will be appearing alongside Peter Hewitt at the Master Investor Show today, Saturday 25 April, where they’ll discuss and answer questions relevant to private investors ranging from the Iran war and Trumponomics to Saba Capital and their own preferences in the investment trust sector. This will be recorded and released as a special edition in the coming week, so subscribe to the podcast to make sure you don’t miss it!
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 J.P.Morgan Claverhouse (JCH). Future profiles include Cordiant Digital Infrastructure (CORD) and Tetragon Financial (TFG). 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.
329: Steven Marshall
0:00:55 – This week’s guest
0:02:43 – Steven Marshall
0:06:00 – Reasons for moving to the main market
0:09:43 – The desire to raise more money
0:11:12 – Valuation of assets
0:16:11 – Attracting a wider range of potential investors
0:19:50 – A short break
0:20:40 – Alternatives to the investment trust structure
0:23:44 – Demand induced by AI
0:30:55 – The bid for an EU gigafactory
0:33:15 – External factors
0:39:05 – 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 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: 09 Aug 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 Steven Marshall, co-founder, chair, and managing partner of Cordiant Digital Infrastructure (CORD).
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 Odyssean Investment Trust (OIT). Future profiles include Gresham House Energy Storage (GRID) and abrdn New India (ANII). Subscribers can also see Jonathan’s latest video in the Trust of the Week series, this time looking at Utilico Emerging Markets (UEM). 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.
290: Steven Marshall
0:01:14 – What digital infrastructure means
0:03:57 – The types of investors
0:06:31 – Competitive advantages for success with big infrastructure
0:09:44 – Debt and the underlying rate of return
0:10:57 – Experience as an investment trust
0:14:23 – Pension fund investments
0:17:30 – The risk of takeover
0:21:08 – A short break
0:22:13 – The AI arms race
0:23:42 – The drive into Europe
0:28:40 – A disappointing holding
0:31:57 – The dividend
0:33:22 – Lessons learnt from DGI9
0:36:21 – Risks
0:40:20 – 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 290 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.