Money Makers

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 Andrew McHattie, the editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 18 July 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. *** Section Timestamps: 0:00:24 - Introduction 0:01:18 - Market reaction to Rachel Reeves’ speech 0:03:55 - Developments in the investment trusts sector 0:12:04 - Commercial property - Warehouse REIT (WHR) 0:17:34 - PRS REIT (PRSR) 0:19:24 - Abrdn European Logistics Income (ASLI) 0:22:13 - A short break 0:23:20 - Tender offers - Polar Capital Global Financials (PCFT) 0:25:14 - Saba Capital 0:28:18 - MIGO Opportunities Trust (MIGO) 0:34:25 - Trusts with holdings in large private companies 0:38:51 - 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 European Growth (BGEU). Future profiles include Fidelity Special Values (FSV) and Odyssean Investment Trust (OIT). Subscribers can also see Jonathan's latest video, this week looking at corporate activity in the investment trusts sector over the first half of 2025, courtesy of research from Deutsche Numis. 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 nearly 290 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

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 Glen Suarez, current chairman of Impax Environmental Markets (IEM), former chairman of Edinburgh Investment Trust (EDIN), and non-executive director of Bluefield Solar Income Fund (BSIF). This discussion was recorded on Friday 04 July 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. *** Section Timestamps: 0:00:24 - Introduction 0:02:42 - Reflections on changing the mandate of the Edinburgh Investment Trust (EDIN) 0:10:21 - Taking on Impax Environmental Markets (IEM) 0:12:13 - Cyclical performance 0:15:02 - The review process 0:18:46 - Evaluating the performance of the management company 0:20:36 - Dialogue with Saba Capital 0:22:56 - A short break 0:24:02 - An uncorrelated portfolio 0:32:09 - Is ESG a growth strategy in disguise? 0:36:48 - Long-term mindsets 0:39:51 - Responding to a weakening dollar 0:43:28 - Bluefield Solar Income Fund (BSIF) 0:45:32 - Making the case for Impax Environmental Markets (IEM) 0:47:09 - 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 Franklin Global Trust (FRGT). Future profiles include Baillie Gifford European Growth (BGEU) and Fidelity Special Values (FSV). 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. In the first of what is hoped to become a new regular feature, subscribers to the Circle can now also see the first in a series of videos where Jonathan takes a look at a topical trust - this week featuring MIGO Opportunities Trust. 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 280 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

In this engaging discussion, Alex Wright, manager of the Fidelity Special Values Investment Trust, shares insights into the UK equity market's paradoxical strength despite local investor outflows. He highlights the appeal of mid and small-cap investments and the impact of evolving legislation on job markets. Wright also tackles the resurgence in commercial property, particularly in retail and oil, and emphasizes the importance of active management in volatile environments, arguing for the benefits of intelligent stock selection over passive strategies.

In this discussion, Marcus Phayre-Mudge, the manager of TR Property, offers deep insights into the evolving landscape of commercial property investment. He highlights emerging opportunities amidst signs of market stabilization and explains how shifting economic factors impact valuations. The conversation delves into the growing role of private capital in real estate, the outlook for smaller investment trusts, and strategic insights into sectors like healthcare and self-storage. Phayre-Mudge's expert analysis sheds light on industry trends and offers a roadmap for savvy investors.

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 Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 13 June 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. *** Section Timestamps: 0:00:24 - Introduction 0:00:38 - Global shocks 0:03:00 - Coming to terms with the Trump regime 0:05:06 - Investment trusts - commercial property 0:05:31 - PRS REIT (PRSR) 0:09:44 - Empiric (ESP) 0:13:28 - Property in general 0:15:21 - SDCL Energy Efficiency Trust (SEIT) 0:18:43 - Digital 9 Infrastructure (DGI9) 0:22:03 - A short break 0:23:10 - J.P.Morgan Indian Investment Trust (JII) 0:27:59 - Templeton Emerging Markets (TEM) 0:31:25 - Fidelity China Special Situations (FCSS) 0:34:39 - Worldwide Healthcare (WWH) and the healthcare and biotech sector 0:38:17 - Growth capital sector 0:41:59 - Schiehallion Fund (MNTN) 0:44:00 - 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 Pershing Square Holdings (PSH). Future profiles include VietNam Holdings (VNH) and Fidelity Emerging Markets (FEML). 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 280 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

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 Jim Mellon, businessman, investor, and entrepreneur. This discussion was recorded on Monday 09 June 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. *** Section Timestamps: 0:00:24 - Introduction 0:00:49 - The Trump administration and volatility 0:07:36 - Reacting to a potential crisis 0:10:51 - The investment approach 0:16:31 - A short break 0:17:37 - Luck or skill in investment success 0:20:52 - Looking at Germany 0:24:46 - Reinforcing the UK stock market 0:26:36 - Other activities 0:31:01 - 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 Pershing Square Holdings (PSH). Future profiles include VietNam Holdings (VNH) and Fidelity Emerging Markets (FEML). 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 280 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

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 Chris Clothier, co-chief investment officer at CG Asset Management, the management company responsible for Capital Gearing Trust (CGT). This discussion was recorded on Thursday 05 June 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. *** Section Timestamps: 0:00:24 - Introduction 0:00:41 - The Trump 2.0 approach to policy management 0:05:06 - The erosion of trust in US stability 0:08:18 - The 3-3-3 Plan and inflation 0:10:05 - The problem of global debt build-up 0:13:56 - Reducing exposure to the US 0:18:02 - Brief thoughts on gold 0:19:43 - A short break 0:20:49 - Investment trust performance 0:23:19 - The investment trusts sector, discounts, and the reaction to threats 0:25:37 - The competitive threat to investment trusts 0:26:50 - Activism 0:30:46 - The trust’s potential for returns 0:36:35 - 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 Schiehallion Fund (MNTN). Future profiles include Pershing Square Holdings (PSH) and VietNam Holding (VNH). 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 280 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

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 Nick Brind, co-portfolio manager of Polar Capital Global Financials Trust (PCFT). This discussion was recorded on Tuesday 03 June 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. *** Section Timestamps: 0:00:24 - Introduction 0:00:52 - Thoughts on the global financials sector 0:03:02 - Interest rates 0:07:37 - The weighting to banking 0:09:23 - Diversified financials and fintech 0:11:53 - Positives from the Trump administration and deregulation 0:16:14 - A short break 0:17:20 - Risks in the global financial system 0:21:25 - The price of the trust’s investments 0:24:33 - The proposition to shareholders 0:29:43 - The investment trust structure 0:31:46 - A lack of competitors 0:33:22 - Gearing 0:34:41 - 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 Schiehallion Fund (MNTN). Future profiles include Pershing Square Holdings (PSH) and VietNam Holding (VNH). 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 280 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

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 Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG). This discussion was recorded on Wednesday 28 May 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. *** Section Timestamps: 0:00:24 - Introduction 0:00:44 - Stepping back from the trust 0:01:40 - Impacts of the Trump administration 0:10:20 - The performance of small cap trusts 0:15:05 - The style factor 0:24:15 - A short break 0:25:20 - Thoughts on Saba Capital 0:30:40 - Private equity 0:34:53 - Finding new sources of income 0:38:31 - Changes to the growth portfolio 0:43:40 - 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. There is no new fund profile this week but last week's profile was of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). 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 nearly 280 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

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 Jonathan Brachle, co-portfolio manager at J.P.Morgan US Smaller Companies Trust (JUSC). This discussion was recorded on Tuesday 27 May 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. *** Section Timestamps: 0:00:24 - Introduction 0:00:56 - The US markets and the Trump effect 0:02:54 - Managing the volatile environment 0:05:30 - Arguments for investing in the trust 0:10:55 - Currency 0:11:56 - Gearing 0:13:26 - A short break 0:14:32 - The continuation vote and viability of the trust 0:16:08 - Exciting holdings and disappointing holdings 0:20:17 - AI 0:23:04 - The argument for continuation 0:25:40 - 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. There is no new fund profile this week but last week's profile was of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). 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 nearly 280 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