186: Weekly Investment Trusts Podcast - with Emma Bird, John Evans, and Andrew Impey (25 Nov 2023)

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Emma Bird, head of research at Winterflood Securities, John Evans, chairman at J.P.Morgan Mid-Cap (JMF), and Andrew Impey, chairman at J.P.Morgan UK Smaller Companies (JMI). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 0:00:39 - Review of the week 0:03:36 - This week's guests 0:04:26 - Money Makers Circle 0:05:13 - Corporate news and announcements 0:11:35 - Summary of results 0:16:14 - Q&A with Emma Bird 0:16:32 - A turning point in the investment trust cycle? 0:22:01 - The Autumn Statement 0:23:02 - Interesting trusts 0:26:51 - The property sector 0:32:43 - Trusts' performance 0:38:26 - The sector as a whole and yields 0:40:53 - Q&A with John Evans and Andrew Impey. 0:41:54 - Origins of the merger proposal 0:46:28 - Why have the small cap trust as the continuing vehicle 0:49:56 - The look of the combined trust 0:52:51 - Differentiation 0:53:51 - Cash exit offer 0:57:51 - Enhanced income approach 1:03:13 - Managerial decisions 1:05:13 - The health of the sector 1:11:18 - Close Trusts mentioned this week (with tickers): Seraphim Space Investment Trust (SSIT), Literacy Capital (BOOK), JPMorgan UK Smaller Companies (JMI), JPMorgan Mid-Cap (JMF), BBGI Global Infrastructure (BBGI), Picton Property Income (PCTN), UK Commercial Property (UKCM), Hipgnosis Songs Fund (SONG), Gresham House Energy Storage (GRID), Biopharma Credit (BPCR), Caledonian (CLDN), Edinburgh Investment Trust (EDIN), HICL Infrastructure (HICL), Next Energy Solar Fund (NESF), Pantheon International (PIN), TwentyFour Select Monthly Income (SMIF), Sequoia Economic Infrastructure (SEQI), CT Private Equity (CTPE), TR Property (TRY), Tritax Big Box (BBOX), LXi REIT (LXI), Supermarket Income REIT (SUPR), Regional REIT (RGL), Value and Indexed Property Income (VIP), Triple Point Social Housing (SOHO), Home REIT (HOME). 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 Fidelity Asian Values (FAS). Future profiles coming soon include International Biotechnology Trust (IBT) and BlackRock Greater Europe (BRGE). 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 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.