Weekly Investment Trusts Podcast - featuring Nicholas Weindling and Ross Driver (18 March 2023)

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Nicholas Weindling, manager of the JPMorgan Japanese Investment Trust (JFJ), and Ross Driver, co-manager of the Foresight Solar Fund (FSFL). Section Timestamps: 0:00:29 - A podcast milestone 0:00:57 - This week's guests 0:01:50 - Money Makers Circle 0:02:44 - Review of the week 0:06:16 - Summary of the week's results and announcements 0:13:55 - Q&A with Nicholas Weindling 0:14:36 - Investment style 0:16:56 - The impact of currency on performance 0:18:37 - When does the trust do well, and when does it lag the market 0:19:50 - Attractiveness of company valuations 0:22:16 - Optimism about Japan 0:25:18 - Attracting overseas investors 0:27:03 - A new central bank governor and monetary policy implications 0:29:45 - Differences with this trust versus others 0:33:14 - Q&A with Ross Driver 0:34:06 - General fund performance 0:36:29 - Last year's results 0:39:03 - Proportion of revenue from the UK 0:43:22 - Other sources of revenue and taking on extra risk 0:48:22 - Impact of windfall taxes 0:55:31 - Non-subsidised solar in the UK 0:56:39 - Investors' concerns 1:02:14 - The balance sheet 1:04:25 - The dividend target 1:05:40 - Close Trusts mentioned (with tickers): HG Capital Trust (HGT), Allianz Technology Trust (ATT), Witan Investment Trust (WTAN), JPMorgan Claverhouse Investment Trust (JCH), AVI Japan Opportunity Trust (AJOT), Schroder Asian Total Return (ATR), Foresight Solar Fund (FSFL), Premier Miton Global Renewables Trust (PMGR), Home REIT (HOME), Ediston Property Investment Compnay (EPIC), Abrdn Latin American Income Fund (ALAI), Rights and Issues Investment Trust (RIII), Supermarket Income REIT (SUPR), Literacy Capital (BOOK), Scottish Mortgage Trust (SMT), JPMorgan Japanese Investment Trust (JFJ). 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 comments on the current outlook in the wake of the collapse of Silicon Valley Bank and issues around other banks, and a profile of the European Smaller Companies Trust (ESCT). Next week, the Circle will feature of profile of Harmony Energy Income Trust (HEIT). 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 150 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.