Money Makers podcast: 04 May 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 Tim Levene, CEO of Augmentum Fintech (AUGM), and Thomas McMahon, head of investment trust research at Kepler Partners.
Jonathan’s conversation with Tim Levene was conducted from a cafe and is therefore noisier than normal.
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 VH Global Sustainable Energy Opportunities (GSEO). Future profiles include Henderson High Income (HHI) and CQS Natural Resources Growth and Income (NCIM). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes all the regular features available in the Circle. 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.
A flat week following Federal Reserve interest rate predictions
0:02:03 – Review of the week
0:05:38 – Summary of results
0:07:08 – Money Makers Circle
0:07:40 – Corporate news and announcements
0:09:01 – Q&A with Tim Levene
0:12:45 – The impact of continuing wide discounts
0:16:41 – Share buybacks and cash reserves
0:19:43 – Suffering from the UK equity market ‘disease’
0:26:15 – Exposure to AI
0:37:47 – Looking at the portfolio
0:41:20 – Q&A with Thomas McMahone
0:50:14 – ASIT and split level trusts
0:58:50 – The UK micro cap sector
1:03:51 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- India Capital Growth Fund (ICG)
- J.P.Morgan China Growth and Income (JCGI)
- Hipgnosis Songs Fund (SONG)
- Phoenix Spree Deutschland (PSDL)
- Digital 9 Infrastructure (DGI9)
- Gresham House Energy Storage Fund (GRID)
- Black Rock Greater Europe (BRGE)
- Keystone Positive Change (KPC)
- Abrdn Private Equity Opportunities (APEO) / Patria Private Equity (PPET)
- Tritax Big Box (BBOX)
- UK Commercial Property (UKCM)
- European Assets Trust (EAT)
- Global Smaller Companies Trust (GSCT)
- Balanced Commercial Property Trust (BCPT)
- Custodian REIT (CREI)
- Picton Property Income (PCTN)
- Aberforth Split Level Income Trust (ASIT)
- Ashoka India Equity (AIE)
- Rockwood Strategic (RKW)
- J.P.Morgan Global Growth and Income (JGGI)
- Miton UK MicroCap Trust (MINI)
- River and Mercantile UK Micro Cap (RMMC)
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 almost 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: 08 Jul 2023
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Anthony Leatham, head of investment trust research at Peel Hunt, and Tim Levene, CEO of Augmentum Fintech (AUGM).
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, and others. For any listeners who have subscribed via Stitcher, please note that service has announced it will be discontinued. Please resubscribe through one of the other channels.
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 Invesco Bond Income Plus (BIPS), and charts will be provided that summarise the year’s developments in the markets and investment trust sector. A subscription costs £8 a month, or a modest £2 a week.
Interest rates dominate again
00:29 – Review of the week
01:42 – This week’s guests
03:13 – The week’s performance
04:12 – Money Makers Circle
04:47 – News, announcements, and results
07:46 – Q&A with Anthony Leatham
11:56 – The broking business
14:06 – Factors involved in derating investment trusts
15:49 – Infrastructure and renewables
19:28 – Trusts sensitive to bond yield changes
22:47 – Battery storage sector
25:52 – Trusts sending distress signals
27:51 – M&A possibilities
32:04 – Q&A with Tim Levene
34:30 – Performance over five years
41:16 – Investor scepticism about private equity
45:04 – Views on the current environment
47:37 – Artificial Intelligence
50:14 – The portfolio
52:23 – Investment structure
53:40 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
- Augmentum Fintech (AUGM)
- Oryx International (OIG)
- Schroder British Opportunities (SBO)
- Abrdn Private Equity Opportunities (APEO)
- Geiger Counter (GCL)
- 3i Infrastructure (3IN)
- Gore Street Energy Storage (GSF)
- Civitas Social Housing (CSH)
- RTW Biotech Opportunities (RTW)
- Edinburgh Worldwide (EWI)
- Greencoat UK Wind (UKW)
- Triple Point Energy Transition (TENT)
- Atrato Onsite Energy (ROOF)
- Digital 9 Infrastructure (DGI9)
- Pantheon Infrastructure (PINT)
- Sequoia Economic Infrastructure (SEQI)
- Bluefield Solar (BSIF)
- Gresham House Energy Storage (GRID)
- HICL Infrastructure (HICL)
- NextEnergy Solar Fund (NESF)
- Octopus Renewables Infrastructure (ORIT)
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 160 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.