Money Makers podcast: 11 Apr 2026
In this 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) takes a look back over the past six years and where the investment trusts sector is now, as the podcast moves into its seventh year. Then this week’s guest, Stuart Widdowson, manager of the Odyssean Investment Trust (OIT) discusses the impact of the Middle East crisis on global markets, UK equities, and interest rate expectations; the Trust’s performance, strategy, and portfolio management; and potential catalysts for the Trust.
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. As well as the usual features, the Circle currently features a profile of Patria Private Equity (PPET), with future profiles including J.P.Morgan Claverhouse (JCH) and Cordiant Digital Infrastructure (CORD). 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.
327: Stuart Widdowson
0:00:55 – Reflecting on six years
0:01:50 – The health of the sector today
0:04:35 – Where are we now?
0:08:51 – A short break
0:09:42 – Stuart Widdowson
0:09:47 – Looking at recent events
0:15:09 – The Trust’s track record since IPO
0:19:11 – Shareholder feedback
0:21:01 – Portfolio changes during the last 18 months
0:23:16 – Potential catalysts
0:32:30 – Ambitions for the Trust
0:34:20 – 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: 28 Apr 2023
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to James de Uphaugh, lead manager of the Edinburgh Investment Trust (EDIN), and Stuart Widdowson, manager of the Odyssean Investment Trust (OIT).
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 BioPharma Credit (BPCR), as well as taking a look at the thirty year performance of thirty-six surviving trusts that pre-date the birth of King Charles III. A subscription costs £8 a month, or a modest £2 a week.
A week of two halves
0:00:29 – This week’s guests
0:01:35 – The markets this week
0:03:03 – Money Makers Circle
0:03:47 – News and announcements
0:08:03 – Annual results
0:16:46 – Interim results
0:20:21 – Q&A with James de Uphaugh
0:22:47 – Immediate reactions and changes due to the then-developing pandemic
0:25:24 – Factors influencing good performance to date
0:27:34 – The gearing strategy
0:30:16 – Advantages of managing an investment trust
0:32:15 – The UK market performance
0:34:38 – Investment style
0:37:36 – What is the trust’s “special sauce”?
0:39:46 – Portfolio weightings and changes
0:45:11 – The discount and ambitions for the trust
0:46:56 – The UK as a place to invest and the impact of the pound
0:49:41 – Close
0:51:10 – Q&A with Stuart Widdowson
0:52:33 – Sentiment to the UK market
0:55:34 – Specific issues with the UK equity market
0:59:07 – Company valuations
1:02:03 – Odyssean’s rating and share buy backs
1:02:46 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Thomas Lloyd Energy Impact (TLEI)
- Urban Logistics REIT (SHED)
- Next Energy Solar (NESF)
- Ashoka White Oak Emerging Markets (AWEM)
- Global Smaller Companies Trust (GSCT)
- Ceiba Investments (CBA)
- Third Point Investors (TPOU)
- Round Hill Music Royalty (RHM)
- Baker Steel Resources (BSRT)
- Aquila European Renewables (AERS)
- NB Private Equity (NBPE)
- Dunedin Enterprise (DNE)
- RM Infrastructure Income (RMII)
- Abrdn Property Income (API)
- Vietnam Enterprise Investments (VEIL)
- M&G Credit Income (MGCI)
- Fidelity special values (FSV)
- Henderson Far East Income (HFEL)
- Asia Dragon Trust (DGN)
- Literacy Capital (BOOK)
- Pantheon (PIN)
- AEW UK REIT (AEWU)
- CT Property Trust (CTPT)
- Impact Healthcare REIT (IHR)
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.
Latest Money Makers podcasts
Money Makers podcast: 21 Jan 2023
Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Matt Hose, alternative assets analyst at the investment bank Jefferies, and Stuart Widdowson, manager of the Odyssean Investment Trust (OIT).
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 Oakley Capital Investments (OCI), and Jonathan summarises his notes from the Winterflood Annual Investment Trusts Conference. A subscription costs £8 a month, or a modest £2 a week.
An up and down week
00:13 – Introducing this week’s guests
00:51 – Review of the week
02:53 – Money Makers Circle highlights
03:43 – Q&A with Matt Hose
05:05 – Impact of rising bond yields
10:59 – Private equity valuations
13:18 – Comparing lags in reporting for renewables and infrastructure
14:12 – Recent alternatives performance
15:52 – Which sector has been worst affected for derating?
17:03 – Windfall tax on UK renewable energy trusts
18:12 – Comparing yields across the three major alternative sectors
19:22 – Funding and secondary issuance
22:03 – Octopus Renewables Infrastructure Trust (ORIT)
24:14 – Conflicts of interest in renewable energy trusts?
25:18 – Sector sensitivities to bond yields or gilts
27:53 – The latest IPO
28:41 – Overview of the debt sector
30:56 – The growth equity sector
32:04 – Client views and outlook for the upcoming year
33:53 – Q&A with Stuart Widdowson
37:53 – Funding and share issuance
38:31 – Will a larger size change what Odyssean does?
39:57 – The UK equity market today
44:29 – Impact of the dollar and international exchange rates
45:57 – Risks – including a ‘Dash for Trash’
47:14 – Why not use more gearing?
48:01 – Changes to the portfolio
52:17 – Prognosis for the year
54:30 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- BH Macro (BHMG)
- Smithson Investment Trust (SSON)
- Civitas Social Housing (CSH)
- Triple Point Social House (SOHO)
- Home REIT (HOME)
- Baker Steel Resources Trust (BSRT)
- HarbourVest Global Private Equity (HVPE)
- Pantheon International (PIN)
- Abrdn Private Equity Opportunities (APEO)
- NB Private Equity Partners (NBPE)
- Oakley Capital Investments (OCI)
- Octopus Renewables Infrastructure Trust (ORIT)
- Hipgnosis Songs Fund (SONG)
- Starwood European Real Estate Finance (SWEF)
- NB Global Monthly Income (NBMI)
- VPC Speciality Lending (VSL)
- Chrysalis Investments (CHRY)
- Schiehallion Fund (MNTN)
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 140 podcasts in the more than two and a half 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.