AJ Bell Money & Markets Investment Trust show: outlook for gold and copper, potential safe havens if the stock market falls
Dec 1, 2025
Ashley Thomas from Winterflood discusses potential regulatory changes that could impact renewable energy investment trusts. Evy Hambro, co-manager of the BlackRock World Mining Trust, shares insights on gold's impressive rally and the bullish outlook for copper driven by electrification. He also touches on the dynamics of mining sector M&A, warning of past mistakes while noting a newfound discipline. Nick Britton highlights the appeal of capital preservation trusts, emphasizing their strategy to protect investors during market downturns.
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Episode notes
Underperformance Triggers Manager Change
- Murray Income replaced Aberdeen with Artemis after persistent underperformance in UK equity income.
- Tom Selby notes management reviews often follow poor five‑year share price returns.
Active Owners Prompt Management Shakeups
- Crystal Amber's incumbent manager resigned despite strong performance, prompting Saba to sell part of its stake.
- Tarncourt may take the mandate, keeping some continuity around Morphic Medical until FDA approval.
Match Fund Structure To Investor Needs
- Terry Smith says switching Smithson to open‑ended stops persistent discounts and lets investors trade at NAV.
- He advises matching fund dealing frequency to underlying asset liquidity rather than daily dealing for all funds.