226: Weekly Investment Trusts Podcast - with Kenneth MacKenzie and John Singer (07 Sep 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 Kenneth MacKenzie, founder and manager of Target Healthcare REIT (THRL), and John Singer, chairman of Pantheon International (PIN). Section Timestamps: 0:00:39 - This week's guests 0:01:17 - Review of the week 0:03:53 - Corporate news and announcements 0:08:42 - Money Makers Circle 0:09:23 - Q&A with Kenneth MacKenzie 0:09:35 - Why start the investment trust 0:13:10 - The business model 0:15:31 - The supply of purpose-built real estate 0:17:43 - Income generation and quality control 0:20:42 - Assessing investment trust performance 0:22:02 - Inflation linkage 0:23:53 - Potential for government changes to social care 0:26:55 - The discount 0:31:35 - Gearing 0:32:29 - Restrictions on issuing shares at a discount to NAV 0:34:18 - Income and dividend paying capacity 0:35:56 - Q&A with John Singer 0:37:20 - Developing trust in private equity 0:58:10 - The cost disclosure issue 1:02:56 - The impact of potential changes from the new government 1:04:34 - Close Trusts mentioned (with tickers) include: J.P.Morgan European Discovery Trust (JEDT), Allianz Technology (ATT), HgCapital Trust (HGT), Schroder Capital Global Innovation Trust (INOV), Literacy Capital (BOOK), CT Private Equity (CTPE), BlackRock World Mining (BRWM), BBGI Global Infrastructure (BBGI), Chelverton UK Dividend Trust (SDV), Third Point Investors (TPOU), PRS REIT (PRSR). 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 usual features, the Circle features a profile of abrdn Asia Focus (AAS). Future profiles include Smithson Investment Trust (SSON) and abrdn UK Smaller Companies Growth (AUSC). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 more than 220 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.