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 Simpson-Dent, chairman of Edinburgh Worldwide (EWI), one of the seven trusts targeted by Saba Capital. This discussion was recorded on 04 February 2025, edited on 05 February 2025, after all five of the seven trusts to hold meetings so far voted conclusively to reject Saba's propositions. The vote for EWI will be the last of the seven and is due to be held on 14 February. *** 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. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. *** Section Timestamps: 0:00:24 - Introduction 0:01:14 - Reaction to the outcome of the Saba votes 0:04:03 - The two upcoming votes for EWI and their own proposition 0:06:09 - The trust’s performance and how Saba built its stake 0:12:29 - The trust’s manager 0:14:02 - Limits to patient capital 0:16:03 - A short break 0:16:56 - The share capital 0:18:47 - What happens if Saba is defeated? 0:22:26 - Trading at a discount 0:24:43 - The right personnel? 0:26:12 - The global smaller companies mandate 0:29:49 - The retail investor base 0:34:50 - 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, market/portfolio reviews and regular extracts from the editor's notebook. This week, as well as the usual features, the Circle features a profile of Scottish Oriental Smaller Companies (SST). Future profiles include Personal Assets (PNL) and Custodian Property Income REIT (CREI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 more than 250 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.

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 24 January 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. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. *** Section Timestamps: 0:00:24 - Introduction 0:00:40 - Saba Capital 0:07:38 - Saba’s wake-up call 0:15:18 - Are investment trusts a “chumocracy”? 0:18:23 - What’s happens from here? 0:24:49 - Peter’s holdings in Henderson Opportunity Trust (HOT) and Keystone Positive Change (KPC) 0:28:11 - A short break 0:29:03 - CT Global Managed Portfolio Trust results and changes 0:40:25 - Tackling discounts and renewables 0:45:49 - A normal average discount going forward 0:48:24 - Scotland in the Six Nations 0:50:04 - 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, market/portfolio reviews and regular extracts from the editor's notebook. This week, as well as the usual features, the Circle features a profile of Syncona (SYNC). Future profiles include TR Property (TRY) and Scottish Oriental Smaller Companies (SST). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 more than 250 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.

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 Boaz Weinstein, CIO and founder of Saba Capital. This discussion was recorded on 21 January 2025, the day before the first of the seven Saba-requisitioned meeting votes, the one at Herald Investment Trust (HRI), which Weinstein failed to win. There is plenty of interesting new detail on his campaign tactics and objectives in this near one hour long conversation. Subscribers to the Money Makers newsletter will see a transcript in due course. *** 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. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. *** Section Timestamps: 0:00:24 - Introduction 0:01:35 - Assessing the impact of Saba’s campaign since 2022 0:07:33 - Building stakes 0:09:37 - What are the objectives? 0:20:22 - Addressing vagueness 0:22:07 - Buyers for unlisted instruments 0:27:50 - A short break 0:28:42 - Board size and corporate governance 0:35:12 - Buying on the cheap 0:40:13 - What happens if a vote is lost 0:48:34 - Why these seven trusts? 0:52:36 - Saba’s anticipated return from its campaign 0:56:23 - A preference for constructive engagement? 0:58:30 - 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, market/portfolio reviews and regular extracts from the editor's notebook. This week, as well as the usual features, the Circle features a profile of Syncona (SYNC). Future profiles include TR Property (TRY) and Scottish Oriental Smaller Companies (SST). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 more than 250 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.

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, and Ewan Lovett-Turner, head of investment trust research at Deutsche Numis. This discussion was recorded on 17 January 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. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. *** Section Timestamps: 0:00:24 - Introduction 0:01:16 - Discussing the Saba Webinar and latest developments 0:04:43 - Looking at some issues raised 0:08:17 - Surprising tactics 0:12:05 - Retail investor voting 0:17:27 - A short break 0:18:23 - The market for a listed discount activist fund 0:21:29 - A miscalculation on Herald Investment Trust (HRI) 0:26:23 - What the market says about who may win the votes 0:28:31 - Looking at Baillie Gifford 0:31:42 - Last edition’s interview with Sue Inglis, Baillie Gifford US Growth (USA) 0:32:04 - Thoughts on the year coming up 0:37:20 - Consolidation and a shrinking sector 0:40:39 - 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, market/portfolio reviews and regular extracts from the editor's notebook. This week, as well as the usual features, the Circle features a profile of Rockwood Strategic (RKW). Future profiles include Syncona (SYNC) and TR Property (TRY). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 more than 250 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.

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 Sue Inglis, senior Independent director at Baillie Gifford US Growth (USA). This discussion was recorded on 13 January 2025, before Boaz Weinstein's Saba Capital webinar on 14 January. *** 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. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. *** Section Timestamps: 0:00:24 - Introduction 0:00:48 - Sue’s background 0:01:37 - Awareness of and relationship with Saba Capital 0:04:41 - Saba’s objectives 0:05:57 - The use of swaps to gain voting power 0:09:38 - A short break 0:10:34 - How to succeed in the requisition vote 0:12:49 - Boards’ engagement with private shareholders 0:14:35 - Looking at the possible outcomes of the vote 0:17:52 - Potential flaws in the proposition of investment trusts 0:20:25 - Strategy changes should the vote be won 0:22:32 - Final message to shareholders 0:34:30 - 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, market/portfolio reviews and regular extracts from the editor's notebook. This week, as well as the usual features, the Circle features a profile of Rockwood Strategic (RKW). Future profiles include Syncona (SYNC) and TR Property (TRY). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 more than 250 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.

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 Richard Stone, chief executive of The Association of Investment Companies (The AIC). This discussion was recorded on 10 January 2025, before Boaz Weinstein's Saba Capital webinar on 14 January. *** 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. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. *** Section Timestamps: 0:00:24 - Introduction 0:00:34 - Looking back at 2024 0:02:52 - Consolidation 0:04:12 - Looking at the average discount 0:06:20 - An existential crisis in alternative assets? 0:08:44 - Activist investors in general 0:12:03 - Saba’s proposals and corporate governance 0:16:12 - A short break 0:17:07 - The retail investor situation 0:21:38 - A Saba fund to target discount opportunities 0:23:36 - A wake-up call for boards 0:24:18 - An update on the cost disclosure issue 0:34:31 - Hopes and aspirations for 2025 0:37:47 - 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, market/portfolio reviews and regular extracts from the editor's notebook. This week, as well as the usual features, the Circle features a profile of Rockwood Strategic (RKW). Future profiles include Syncona (SYNC) and TR Property (TRY). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 250 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.

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 first by Karen Brade, chair of Keystone Positive Change, and Ben Conway, head of fund management and chief investment officer at Hawksmoor Investment Management, to discuss the recent developments with Saba Capital. These discussions were recorded on 09 January 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. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. *** Section Timestamps: 0:02:34 - Q&A with Karen Brade 0:05:16 - The decision to hold a continuation vote 0:15:07 - The agenda of Saba Capital 0:19:30 - Are issues specific to the trust or more fundamental to the sector? 0:21:33 - The role of platforms in keeping shareholders informed 0:23:49 - Confidence in winning the vote 0:24:43 - Options after winning the vote 0:27:10 - Evaluating the performance of the trust 0:30:26 - A short break 0:31:21 - Q&A with Ben Conway 0:31:30 - Interpreting recent developments from Saba Capital 0:35:02 - A structural flaw in investment trusts? 0:42:10 - Could a Saba win be a positive outcome? 0:45:52 - A wake-up call for the investment trusts sector? 0:47:03 - The impact on consolidation 0:50:42 - Is not owning the Saba-targeted trusts an oversight? 0:51:55 - Who will win the votes? 0:54:27 - 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, market/portfolio reviews and regular extracts from the editor's notebook. This week, as well as the usual features, the Circle features a profile of Schroder Oriental Income (SOI). Future profiles include Rockwood Strategic (RKW) and Syncona (SYNC). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 nearly 250 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.

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 Gavin Lumsden, reporter on investment trusts at Citywire, who recently announced his intention to take a step back. This discussion was recorded on Monday 16 December 2024. *** 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. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. *** Section Timestamps: 0:00:24 - Introduction 0:00:38 - Taking a step back 0:01:59 - Changes to the investment trusts industry over 25 years 0:04:02 - Asking questions of investment trusts 0:06:18 - Highlights from the last ten years 0:08:10 - Lessons from the less positive stories 0:12:22 - Activism 0:16:24 - A short break 0:17:20 - Platforms and cost disclosure 0:24:55 - Investing rules for those in the media 0:26:04 - Gavin’s investments 0:29:46 - The outlook for the investment trusts sector 0:32:39 - 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, market/portfolio reviews and regular extracts from the editor's notebook. This week, as well as the usual features, the Circle features a profile of Murray Income (MUT). Future profiles include Schroder Oriental Income (SOI) and Rockwood Strategic (RKW). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 nearly 250 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.

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 December 2024. *** 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. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. *** Section Timestamps: 0:00:24 - Introduction 0:00:50 - Developments this week 0:02:10 - Taylor Maritime (TMI) 0:06:23 - Greencoat UK Wind (UKW) and renewables 0:12:57 - Interim results 0:13:02 - Polar Capital Technology (PCT) 0:17:08 - MIGO Opportunities Trust (MIGO) 0:19:24 - A short break 0:20:19 - TwentyFour Select Monthly Income (SMIF) 0:23:16 - Third Point Investors (TPOU) 0:27:46 - Trust name changes 0:30:29 - The return of the Baillie Gifford style of investment 0:34:00 - Summarising the year 0:37:10 - 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, market/portfolio reviews and regular extracts from the editor's notebook. This week, as well as the usual features, the Circle features a profile of Baillie Gifford Shin Nippon (BGS). Future profiles include Murray Income (MUT) and Schroder Oriental Income (SOI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 more than 240 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.

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 Marcus Phayre-Mudge, manager of TR Property (TRY). This discussion was recorded on 06 December 2024. Section Timestamps: 0:00:24 - Introduction 0:00:39 - Recent results for TR Property 0:05:20 - Valuations 0:10:21 - M&A and corporate activity 0:27:40 - A short break 0:28:36 - Sustainability of discounts 0:33:28 - Physical exposure of TR Property 0:39:42 - The trust’s dividend 0:42:56 - 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, market/portfolio reviews and regular extracts from the editor's notebook. This week, as well as the usual features, the Circle features a profile of J.P.Morgan Global Growth and Income (JGGI). Future profiles include Baillie Gifford Shin Nippon (BGS) and Murray Income (MUT). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 more than 240 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.