309: Money Makers Investment Trusts Podcast - with Peter Spiller (10 Dec 2025)

Due to a technical issue, the audio quality in this edition is a bit lower than normal, for which we apologise. -- In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award (2024 and 2025), is joined by Peter Spiller, manager of Capital Gearing Trust (CGT), for an in-depth review of investment trusts yesterday, today and tomorrow. Saba, Smithson, discount controls, private equity and the coming market crisis among the issues covered. This discussion was recorded on Thursday 04 December 2025. *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358 The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector. *** Section Timestamps: 0:00:24 - Introduction 0:01:02 - The historical context for discounts 0:05:41 - Consolidation and mergers 0:14:49 - Discount control and the measures available to boards 0:19:41 - A short break 0:20:48 - The now-abandoned HICL-TRIG merger and the renewables infrastructure sector 0:25:32 - Listed private equity in general 0:28:46 - Future perceptions of the alternatives sector 0:34:56 - The risk of a market crisis 0:39:25 - The chairman of the Federal Reserve 0:43:00 - Close If you enjoy the weekly podcast, why not also try 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 Onward Opportunities (ONWD), and next week's profile will feature Ashoka WhiteOak Emerging Markets (AWEM). 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 https://money-makers.co/circle. 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 nearly 310 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 - www.bgprofessional.co.uk