Money Makers

Tom Burnet, chairman of Baillie Gifford US Growth and an experienced technology investor, joins Kirsty Gibson, its co-manager and long-term growth specialist. They discuss Saba Capital’s board challenge, the crucial AGM vote and shareholder participation. The conversation explores portfolio evolution, private-asset liquidity, SpaceX, OpenAI and Anthropic, AI competition, valuation risks and the trust’s investment strategy.

Peter Hewitt, former investment trust manager and director at the AIC and Odyssean, joins a wide-ranging discussion on markets and fund opportunities. Topics include concentration in emerging-market technology, undervalued UK smaller companies, manager selection, renewable and infrastructure trusts under pressure from higher yields, private equity discounts, and technology’s influence on global portfolios.

Richard Staveley, investment manager of Rockwood Strategic, discusses the resilience and challenges of UK smaller companies. He explains the trust’s concentrated, activist strategy, recent takeover exits and distressed turnaround opportunities such as Videndum. The conversation also explores housing-related investments, defence specialists, patient recovery stories and plans to preserve the strategy’s performance as assets grow.

Alec Letchfield, investment manager and CIO of Hansa Investment Company, brings 30-plus years of global investing experience. He discusses Hansa’s restructuring, family control and access to private markets. The conversation explores its global portfolio, reduced US exposure, active versus passive management, fees and governance. They also tackle the trust’s persistent discount, buybacks, market risks and the outlook for diversification.

This week on the Money Makers podcast, Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined by Andrew McHattie, the editor of the Investment Trusts Newsletter, returns to the podcast with his comments on the latest developments in the sector. This discussion was recorded on Fri 11 Sep 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! *** 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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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. *** Timestamps: 0:00:37 - Introduction 0:01:01 - Alternative Income REIT (AIRE) 0:08:39 - Aquila European Renewables (AERS) 0:11:51 - Achilles Investment Trust (AIC) 0:14:23 - Saba Capital and Gore Street Energy Storage (GSF) 0:23:04 - A short break 0:23:48 - BlackRock World Mining (BRWM) 0:30:49 - Murray Income Trust (MUT) 0:35:27 - VH Global Infrastructure (ENRG) 0:38:18 - Rights and Issues Investment Trust (RIII) 0:42:01 - Looking forward 0:43:57 - 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 every week, 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, with a two week free trial available for new subscribers. This week, as well as the usual features, the Circle features a profile of Ruffer Investment Company (RICA). Future profiles include Baillie Gifford UK Growth (BGUK) and Murray International (MYI). Our 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 more than 350 podcasts since we launched in 2020. 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

In this bonus 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 Angus Gordon Lennox, chairman of Gore Street Energy Storage (GSF), who makes the case for voting down resolutions proposed by Saba Capital at the trust's upcoming AGM on 16 September. This discussion was recorded on Fri 04 Sep 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! *** 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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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. *** Timestamps: 0:00:37 - Introduction 0:01:57 - Angus’s credentials 0:04:09 - Paying a dividend 0:08:26 - Shrink to grow 0:12:10 - Transaction transparency 0:15:40 - A short break 0:16:25 - The NAV 0:18:24 - Management fees 0:22:56 - The upcoming AGM 0:26:35 - 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 every week, 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, with a two week free trial available for new subscribers. This week, as well as the usual features, the Circle features a profile of HarbourVest Global Private Equity (HVPE). Future profiles include Ruffer Investment Company (RICA) and Baillie Gifford UK Growth (BGUK). Our 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 351 podcasts since we launched in 2020. 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

This week on the Money Makers podcast, Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined by Omar Negyal, lead manager of the JPMorgan Emerging Markets Dividend Income Trust (JEMI), for a discussion covering the trust's dividend-centred investment approach, the impact of the AI boom on emerging market technology stocks, positioning across commodities, financials, China and India, and the trust's competitive standing. This discussion was recorded on Thu 03 Sep 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! *** 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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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. *** Timestamps 0:00:37 - Introduction 0:01:07 - The JEMI mandate and difference with JMGI 0:07:10 - Increasing the dividend level 0:10:17 - Emerging markets performance and AI stocks 0:16:05 - AI bubble concerns? 0:20:40 - A short break 0:21:25 - Deviating from the benchmark 0:23:31 - Trump decisions and commodities 0:27:08 - Exposure to financials 0:30:46 - China and India 0:34:21 - The competitive landscape 0:37:18 - 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 every week, 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, with a two week free trial available for new subscribers. This week, as well as the usual features, the Circle features a profile of HarbourVest Global Private Equity (HVPE). Future profiles include Ruffer Investment Company (RICA) and Baillie Gifford UK Growth (BGUK). Our 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 350 podcasts since we launched in 2020. 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

This week on the Money Makers Podcast, industry veteran Neil Rogan, chairman of Invesco Asia Dragon Trust (IAD) and Baillie Gifford UK Growth (BGUK), joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), for a discussion including making the case for investment trusts, sector governance, the AI bubble, and the performance of the two trusts. This discussion was recorded on Tuesday 25 August 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! *** 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. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. 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: 00:37 - Introduction 01:38 - Making the case for investment trusts 08:56 - Launching new trusts 12:44 - Targeting a younger generation 15:47 - Saba Capital 19:03 - A short break 19:48 - Invesco Asia Dragon 26:46 - The Invesco Asia Dragon template 27:55 - Baillie Gifford UK Growth (BGUK) 34:40 - Calling for patience 37:15 - Outlook for the UK economy 40:09 - Assessing Murray Income’s absorption of Perpetual Income and Growth 44:39 - JPMorgan Global Growth and Income (JGGI) 46:30 - 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 every week, 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, with a two week free trial available for new subscribers. As well as the usual features, the Circle currently features a profile of Utilico Emerging Markets (UEM). Future profiles coming soon include HarbourVest Global Private Equity (HPVE) and Ruffer Investment Company (RICA). Our 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 350 podcasts since we launched in 2020. 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

Sandy Nairn, fund manager and author who runs Global Opportunities Trust, discusses where AI sits in the technology cycle and why markets may face a shakeout. He contrasts agentic AI with general intelligence. He examines hyperscalers, compute infrastructure and profit margins. He also talks IPO timing for major AI firms and how GOT positions for selective AI exposure.

Charlotte Cuthbertson, co-manager focusing on concentrated portfolios and special situations. Tom Treanor, co-manager specialising in event-driven and alternative investments. They discuss the sale of Asset Value Investors, MIGO’s shift to a top‑10 concentrated portfolio, renewable energy holdings and restructurings, mining and resources catalysts, private equity trust dynamics, and litigation risks around Home REIT.