Discounts and Buybacks in the Investment Trust Sector

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Anthony Leatham, head of investment trust research at Peel Hunt, and Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPG/CMPI). Section Timestamps: 0:00:29 - Review of the week 0:03:14 - This week's guests 0:04:10 - Money Makers Circle 0:05:00 - Summary of results and announcements 0:12:06 - Q&A with Anthony Leatham 0:12:33 - Analysing discounts and buybacks 0:17:07 - Private equity discounts and buybacks 0:20:05 - Most active buyback trusts 0:22:03 - Outlook for discount controls 0:26:04 - Baillie Gifford/Scottish Mortgage Trust (SMT) 0:34:26 - What drives discounts/outlook 0:37:07 - Q&A with Peter Hewitt 0:37:24 - Current market behaviour 0:41:39 - Alternative asset trusts 0:43:27 - Commercial property 0:47:16 - The growth portfolion and Scottish Mortgage Trust (SMT) 0:53:29 - Other Baillie Gifford trusts 0:55:55 - Style shift 0:59:18 - The largest holdings 1:00:18 - The income portfolio 1:02:10 - Close Trusts mentioned (with tickers): Global Opportunities Trust (GOT), BH Macro (BHMG), International Public Partnerships (INPP), BB Global Infrastructure (BBGI), VH Global Sustainable Energy Opportunities (GSEO), Regional REIT (RGL), Schiehallion Fund (MNTN), CT Private Equity (CTPE), RTW Venture Fund (RTW), BlackRock Latin America (BRLA), Pershing Square Holdings (PSH), JPMorgan America (JAM), Fidelity Japan (FJV), Pantheon International (PIN), Witan Investment Trust (WTAN), Martin Currie Global Portfolio Trust (MNP), Scottish Mortgage (SMT), Monks Investment Trust (MNKS), Capital Gearing Trust (CGT), Personal Assets Trust (PNL), Troy Income and Growth (TIGT), MIGO Opportunities Trust (MIGO), Rights and Issues Investment Trust (RIII), RIT Capital Partners (RCP), HarbourVest Global Private Equity (HVPE), 3i Infrastructure (3IN), Pantheon Infrastructure (PINT), Cordiant Digital Infrastructure (CORD), Digital 9 Infrastructure (DGI9), Octopus Renewables Infrastructure Trust (ORIT), Residential Secure Income REIT (RESI), Sequoia Economic Infrastructure Fund (SEQI), BioPharma Credit (BPCR). Greencoat UK Wind (UKW), The Renewables Infrastructure Group (TRIG), Supermarket Income REIT (SUPR), Impact Healthcare REIT (IHR), Aberforth Smaller Companies Trust (ASL), Lowland Investment Trust (LWI), Murray International Trust (MYI). If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, 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 JPMorgan Emerging Markets (JMG), followed next week by Greencoat UK Wind (UKW). Subscribers can also still listen to last week's Q&A with Sandy Nairn, the manager of the Global Opportunities Trust (GOT), and Jonathan's end of quarter video review is due out in the coming days. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 150 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin.