On the podcast this week On this week's podcast, I talk first to Sandy Nairn, chief investment officer of the self-managed multi-asset trust Global Opportunities (GOT), and his colleague Alan Bartlett, from the trust's advisory firm Goodhart Partners. The topics we discuss include the "End of the Everything Bubble" (is it over yet?), where markets might be heading now and the trust's distinctive approach to managing money, not as widely understood as it deserves to be. (Disclosure: I am the co-author with Sandy of a book about Sir John Templeton's investment methods and a collaborator on sever...
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On the podcast this week On this week's podcast, I talk first to Richard Hulf, co-founder and managing partner of HydrogenOne Capital, which manages HydrogenOne Capital Growth (HGEN). This specialist vehicle came to market in July 2021 and has experienced both the highs and lows of recent investment trust experience, rising to a premium on launch before falling to a disappointing 50% discount, despite making decent operational progress. We discuss why anyone might think about investing in hydrogen, how and whether the trust can grow without the current ability to issue new equity, recent NAV a...
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On the podcast this week On this week's podcast, I catch up with Tim Levene, the CEO of Augmentum Fintech (AUGM), a unique vehicle in the mainstream listed investment trust world, as a venture capital investor in European fintech companies. He last featured on the podcast a little over a year ago. AUGM came to market in 2018 and like many other more recent newcomers has had a chequered history since then, initially trading at one of the biggest premiums in the universe, but latterly going to a big discount as interest rates and other factors prompted widespread derating of venture capital and ...
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On the podcast this week On this week's podcast, I discuss the latest market movements and the main headlines from the latest news from the investment trust sector in one of my regular reviews with Andrew McHattie, the editor of the Investment Trusts newsletter. While there have been a dozen or so trusts reporting results, this episode is a little shorter than normal (for which some of you may say "thank goodness"!). If you are being starved of content this might be a good time to remind you that we now have an index of all the guests who have appeared on the podcast since its launch more tha...
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On the podcast this week On this week's podcast, after the usual brief summary of market movements and the main headlines from the latest news from the investment trust sector, I speak first to Dominic Scriven, the founder and CEO of Dragon, the investment management firm that launched and still runs Vietnam Enterprise Investments (VEIL), the oldest and largest of three specialist Vietnamese trusts that sit in the investment trust universe. It has generated an 11% annualised compound return over the past 30 years, though recent performance has been more muted, and it faces a continuation vote ...
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On the podcast this week On this week's podcast, after the usual brief summary of market movements and the main headlines from the latest news from the investment trust sector, I speak first to Paul ffolkes Davis, chairman of Rising Sun Management, the investment adviser to Nippon Active Value (NAVF), the Japanese activist trust which has been going from strength to strength since its IPO in February 2020, taking over two of its peers, issuing more shares and currently having the distinction of being one of just a dozen trusts in the whole universe to be trading at a premium. After that, I s...
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On the podcast this week On this week's podcast, after a short summary of market movements and the main headlines from the latest news from the investment trust sector, I speak first to Richard Pindar, CEO of Literacy Capital (BOOK) for an insider's view of what is happening in the private equity market and the outlook for NAVs and discounts from here, as well as the trust's interesting B share scheme proposal. Next, I speak to Ewan Lovett-Turner, head of investment trust research at Deutsche Numis, for one of our regular lookbacks at the first quarter in the markets and ahead to the opportuni...
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On the podcast this week On this week's podcast, I discuss two very different topics - first, the outlook for emerging markets and secondly, what investment trust boards can do to improve their marketing if you agree, as Ed Warner suggested last week, that the best thing trusts on a big discount can do is "market the hell out of" their company. For the first, I speak to Austin Forey, the long-serving manager of J.P.Morgan Emerging Markets (JMG), and for the second I turn to Lucy Walker, who combines a professional career in fund selection and analysis with being the chair of the Aurora Investm...
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On the podcast this week On this week's podcast, I discuss some of the more interesting and important news from the sector with one of my regular guests, Andrew McHattie, editor of the Investment Trusts newsletter. Among the trusts discussed are Scottish Mortgage, (SMT), Witan (WTAN), J.P.Morgan American (JAM), Literacy Capital (BOOK), Digital 9 Infrastructure (DGI9), Chrysalis (CHRY) and SDCL Energy Efficiency (SEIT). We also discuss ISAs as we approach the end of the financial year. Andrew reveals two of the six trusts that he is recommending for ISA portfolios this year. Latest trust pro...
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On the podcast this week On this week's podcast, I have an extended conversation with Peter Spiller, the founder of CG Asset Management and manager of Capital Gearing Trust (CGT), about the state of the investment trust sector at present. Drawing on his experience of working for 50 years in the City, he gives his verdict on a range of current topics: liquidity, cost disclosure, regulation, tender offers, consolidation, discounts, buybacks and the all-important issue of corporate governance failings, citing examples such as Smithson (SSON), NextEnergy Solar (NESF) and BH Macro (BHMG). Definite...
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