249: Money Makers Investment Trusts Podcast - with Karen Brade and Ben Conway (11 Jan 2025)

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 first by Karen Brade, chair of Keystone Positive Change, and Ben Conway, head of fund management and chief investment officer at Hawksmoor Investment Management, to discuss the recent developments with Saba Capital. These discussions were recorded on 09 January 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. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. *** Section Timestamps: 0:02:34 - Q&A with Karen Brade 0:05:16 - The decision to hold a continuation vote 0:15:07 - The agenda of Saba Capital 0:19:30 - Are issues specific to the trust or more fundamental to the sector? 0:21:33 - The role of platforms in keeping shareholders informed 0:23:49 - Confidence in winning the vote 0:24:43 - Options after winning the vote 0:27:10 - Evaluating the performance of the trust 0:30:26 - A short break 0:31:21 - Q&A with Ben Conway 0:31:30 - Interpreting recent developments from Saba Capital 0:35:02 - A structural flaw in investment trusts? 0:42:10 - Could a Saba win be a positive outcome? 0:45:52 - A wake-up call for the investment trusts sector? 0:47:03 - The impact on consolidation 0:50:42 - Is not owning the Saba-targeted trusts an oversight? 0:51:55 - Who will win the votes? 0:54:27 - 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, 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 Schroder Oriental Income (SOI). Future profiles include Rockwood Strategic (RKW) and Syncona (SYNC). 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 nearly 250 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.