Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust and market news - Recent issuance and buybacks - Good reads - Videos and other recordings - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week There are two guests on the podcast this week. First up is Mark Niznik, co-manager of Artemis UK Future Leaders (AFL), who makes the case for buying small-cap UK stocks with a value bias, coming off a long period of poor relative performance that could be a classic contrarian opportuni...
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Personal Assets Trust (PNL) says its "primary objective is to protect and increase (in that order) the value of shareholders’ funds per share over the long term" and it is the largest of the three wealth preservation trusts in the Flexible sector (the other two being Capital Gearing and Ruffer). PNL was launched in 1983, became self-managed in 1990, and was run by Ian Rushbrook from 1990 until he died after a short illness in 2008. Troy Asset Management was appointed as the management firm in early 2009 and Sebastian Lyon has been the lead manager for the last decade and a half. PNL currently ...
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STS Global Income & Growth (ticker: STS), originally known as Securities Trust of Scotland, was launched in 2005 when it was reconstructed to fend off a bid from Perpetual Income & Growth. The original version of the company dated back to 1889 and both the old and new incarnations were run for many years by Martin Currie, firstly as a UK equity income trust and then from 2011 onwards under a global equity income mandate. Troy Asset Management took over from Martin Currie in late 2020 and earlier this year STS was merged with another Troy trust, Troy Income & Growth, taking its asse...
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These are my latest thoughts this week (NB I have updated these notes on 6th December to include the latest Home REIT developments). After a period of experimentation I have put together a rota of speakers for the next few weeks of the podcast. Alastair Laing of Capital Gearing Trust will be on next week's podcast, followed by Nick Greenwood and Peter Hewitt the following two weeks. Ewen Lovett-Turner will be back early in the New Year, and I will also be returning to some popular commentators on the alternative asset sectors. We will also be continuing with longer Q and As for the Money Mak...
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I plan to stick with a thoughts of the week approach for now and supplement that with periodic market and portfolio reviews, as well as resuming some longer Q and As with relevant fund managers and analysts, to supplement the rather shorter weekly investment trust podcast that will be the norm from here on. I hope that you are continuing to value and make use of the comprehensive trust profiles which my colleague Stuart Watson produces and find the data, news summaries and outside contributors helpful.
Thoughts of the week
It is uncomfortable still being bearish about equities when there i...
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I plan to stick with a thoughts of the week approach for now and supplement that with periodic market and portfolio reviews, as well as resuming some longer Q and As with relevant fund managers and analysts, to supplement the rather shorter weekly investment trust podcast that will be the norm from here on. I hope that you are continuing to value and make use of the comprehensive trust profiles which my colleague Stuart Watson produces and find the data and news summaries useful.
Thoughts of the week What Buffett says If you are a long term investor, then always worth bearing in mind words ...
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Personal Assets Trust is designed with private investors in mind and famously says its "primary objective is to protect and increase (in that order) the value of shareholders’ funds per share over the long term". It became self-managed in 1990 and was run by Ian Rushbrook from that time until his death in 2008. Sebastian Lyon of Troy Asset Management has been the manager since 2009, employing a similar style to Rushbrook with a large proportion of assets in inflation-linked bonds, similar to the approach taken by the two other popular wealth preservation trusts -- namely Capital Gearing and Ru...
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