266: Money Makers Investment Trusts Podcast - with Neil Rogan (29 Mar 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 by Neil Rogan, chairman of Invesco Asia Dragon (IAD) and Baillie Gifford UK Growth (BGUK), and a non-executive director at J.P.Morgan Global Growth and Income (JGGI). This discussion was recorded on Monday 24 March 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. This weekend, on 29 March, Jonathan will be speaking and signing copies of the Handbook at the Master Investor show in London. *** Section Timestamps: 0:00:24 - Introduction 0:02:03 - Upcoming podcast anniversary 0:04:01 - Reflecting on sector consolidation over the past six years 0:06:28 - Changes to the investment trusts world in the last forty years 0:11:02 - Factors persuading the market to allow big discounts 0:14:10 - Invesco Asia Dragon (IAD) 0:21:18 - Is the IAD process a template for others to follow? 0:22:33 - Performance related tenders 0:24:38 - A short break 0:25:34 - Activism and consolidation 0:31:33 - Discount target for Invesco Asia Dragon 0:33:54 - J.P.Morgan Global Growth and Income (JGGI) 0:36:51 - Baillie Gifford UK Growth (BGUK) 0:41:46 - Is the trust industry facing an existential crisis? 0:44:50 - Interpreting the world today and the effect of the Trump administration 0:48:27 - 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, 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 Baillie Gifford US Growth (USA). Future profiles include Invesco Global Equity Income (IGET) and RIT Capital Partners (RCP). 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 money-makers.co/membership-join. 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 260 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.