Analyzing Valuation Spreads and Opportunities in Defensive Infrastructure

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to James Cook, fund manager at J.P. Morgan Global Growth and Income (JGGI) and Chris Clothier, co-CIO at CG Asset Management and a manager at Capital Gearing Trust (CGT). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 0:00:44 - Review of the week 0:03:57 - Money Makers Circle 0:04:29 - This week's guests 0:04:57 - Corporate news and announcements 0:10:17 - Summary of results 0:16:01 - Q&A with James Cook 0:17:38 - Sustaining outperformance 0:20:55 - Enhanced income approach 0:22:29 - The outlook for the global economy 0:27:22 - The valuation spread 0:29:29 - The US 'Super Seven' 0:33:01 - The UK market 0:35:39 - The outlook from here 0:37:41 - Q&A with Chris Clothier 0:37:50 - The bond market 0:40:44 - Holding US and UK index linked bonds 0:43:21 - Risk assets 0:44:34 - The impact of elections 0:45:46 - Opportunities in the alternatives sector 0:47:25 - Has derating run its course? 0:52:51 - Commercial property sector 0:54:06 - Cost disclosure 0:57:32 - What happens from here 1:01:06 - Close Trusts mentioned this week (with tickers): 3i Group (III), International Public Partnerships (INPP), HICL Infrastructure (HICL), PRS REIT (PRSR), Odyssean Investment Trust (OIT), Triple Point Social Housing (SOHO), Syncona (SYNC), RTW Venture Fund (RTW), Digital 9 Infrastructure (DGI9), Gresham House Energy Storage (GRID), Nippon Active Value Fund (NAVF), Abrdn Japan (AJIT), Atlantis Japan Growth (AJG), European Opportunities Trust (EOT), Chrysalis (CHRY), ThomasLloyd Energy Impact (TLEI), European Smaller Companies (ESCT), Fidelity Emerging Markets (FEML), Target Healthcare REIT (THRL), Ashoka India Equity (AIE), JPMorgan Smaller Companies Trust (JMI), Pacific Assets Trust (PAC), Invesco Perpetual UK Smaller Companies (IPU), JPMorgan Multi-Asset Growth and Income (MATE), Fidelity Asian Values (FAS), Gore Street Energy Storage (GSF), LXi REIT (LXI), Greencoat UK Wind (UKW), The Renewables Infrastructure Group (TRIG), Warehouse REIT (WHR), Pantheon International (PIN), Worldwide Healthcare (WWH), Pershing Square Holdings (PSH), Smithson Investment Trust (SSON), Personal Assets Trust (PNL), Capital Gearing Trust (CGT), RIT Capital Partners (RCP), Grainger REIT (GRI), Empiric Student Property (ESP), Unite Group (UTG). 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 International Public Partnerships (INPP). Future profiles coming soon include City of London (CTY) and Pacific Assets Trust (PAC). 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 180 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.