Peter Hewitt, a seasoned manager with 17 years at the helm of the CT Global Managed Portfolio Trust, shares insights on the investment trust landscape. He delves into tackling discounts and evolving board responses amid market volatility. Hewitt discusses the shrinking sector and the rising demand for high dividend yields. The conversation also covers the underperformance of renewables while offering a glimpse into his personal portfolio strategy, including tech and emerging markets. Plus, a lighthearted mention of rugby makes for a charming wrap-up!
44:44
forum Ask episode
web_stories AI Snips
view_agenda Chapters
menu_book Books
auto_awesome Transcript
info_circle Episode notes
insights INSIGHT
Sector Recovery Then Stall
The investment trust sector underperformed early in the year but outperformed the All-Share since early April.
Average sector discounts tightened from high teens to about 14%, then stalled in the last three months.
insights INSIGHT
Policy Noise Compresses Demand
Political and fiscal uncertainty ahead of budgets can freeze demand and widen discounts.
UK earnings growth looks decent but market P/E is low versus the US, creating valuation divergence.
volunteer_activism ADVICE
Use Meaningful Buybacks
Actively tackle wide discounts rather than treating buybacks as token gestures.
Use material buybacks and other tactics to signal seriousness and stimulate market interest.
Get the Snipd Podcast app to discover more snips from this episode
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Peter Hewitt, the former manager of the CT Global Managed Portfolio Trust (CMPI/CMPG).
This discussion was recorded on Friday 19 September 2025.
*** Out now: The 2025 Investment Trusts Handbook ***
The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.
***
Section Timestamps:
0:00:24 - Introduction
0:01:33 - The investment trust sector this year
0:06:37 - Tackling discounts
0:12:56 - The trend of a shrinking sector
0:16:44 - Reacting to underperformance
0:22:02 - The income component and yield
0:27:24 - A short break
0:28:31 - The performance of renewables
0:33:42 - Peter’s portfolio
0:39:18 - Europe and Asia
0:43:01 - A quick word on rugby!
0:44:12 - Close
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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.
This week, as well as the usual features, the Circle features a profile of AEW UK REIT (AEWU). Future profiles include Montanaro UK Smaller Companies (MTU) and the Renewables Infrastructure Group (TRIG). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.
For more information please visit https://money-makers.co/circle.
Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 290 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 - www.bgprofessional.co.uk
Money Makers 
