Money Makers

In this week's extended edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Andrew McHattie, editor of the Investment Trusts Newsletter. You can also hear the final five short interviews from this year's AIC Investment Trust Showcase event. The first four of this series of nine interviews were featured in last week's podcast and the bonus edition released last Tuesday. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 0:00:39 - This week's guests 0:01:53 - Review of the week 0:04:18 - Summary of results 0:06:56 - Money Makers Circle 0:07:26 - Q&A with Andrew McHattie 0:07:31 - Looking at the markets 0:12:13 - Hipgnosis Songs Fund (SONG) 0:19:09 - European Opportunities Trust (EOT) 0:25:50 - Digital 9 Infrastructure (DGI9) 0:31:28 - Greencoat UK Wind (UKW) 0:37:31 - Abrdn Diversified Income and Growth (ADIG) 0:41:57 - Pershing Square Holdings (PSH) 0:45:00 - Private equity 0:49:17 - Upcoming continuation votes and redemption offers 0:53:38 - AIC Investment Trust Showcase Interviews 0:53:55 - Nicholas Weindling (JP Morgan Japanese; JFJ) 0:58:05 - James de Uphaugh (Edinburgh Investment Trust; EDIN) 1:04:55 - Carlos Hardenberg (Mobius Investment Trust; MMIT) 1:13:53 - Gervais Williams (Diversified Income Trust; DIVI) 1:20:18 - Laura Elkin (AEW UK REIT; AEWU) 1:26:30 - 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 regular features, the Circle features a profile of Pacific Assets Trust (PAC). Future profiles coming soon includeBrunner Investment Trust (BUT) and Balanced Commercial Property Trust (BCPT). 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 over 180 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 bonus edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Rhys Davis (Invesco Bond Income Plus; BIPS), Phil Kent (GCP Infrastructure; GCP), and Simon Gergel (Merchants Trust; MRCH), all of who were at the recent AIC Investment Trusts Showcase event in London. A further series of conversations will feature as part of the next regular edition of the podcast, due for release on Saturday 28 October. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 00:39 - Introducing three guests 02:07 - Rhys Davies (Invesco Bond Income Plus Trust; BIPS) 07:49 - Phil Kent (GCP Infrastructure; GCP) 14:16 - Simon Gergel (Merchants Trust; MRCH) 20:04 - 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 regular features, the Circle features a profile of City of London (CTY). Future profiles coming soon include Pacific Assets Trust (PAC) and Brunner Investment Trust (BUT). 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 over 180 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 week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Gaurav Narain, investment advisor at India Capital Growth Trust (IGC) and John Baron, columnist for the Investors' Chronicle. Jonathan attended this year's AIC Investment Trust Showcase and had the opportunity to speak to a number of fund managers. A bonus podcast will be released next week featuring a number of these short chats. Make sure you're subscribed to be alerted when that is released! We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 00:44 - Review of the week 02:41 - This week's guest 03:51 - News and announcements 17:45 - Summary of results 18:52 - Money Makers Circle 19:36 - A nice story 20:48 - Q&A with Gaurav Narain 21:28 - The macro picture for India 28:46 - The trust's strategy and portfolio 34:58 - The outlook for the trust 40:12 - Q&A with John Baron 41:02 - Advice to private investors in down cycles 43:53 - Will the alternative assets sector shrink? 48:04 - The basis for trust fees 49:26 - The experience of directors 49:55 - Close Trusts mentioned this week (with tickers): India Capital Growth (IGC), Hipgnosis Songs Fund (SONG), Round Hill Music Royalty Fund (RHM), Abrdn Asia Focus (AAS), MIGO Opportunities (MIGO), Pantheon International (PIN), Digital 9 Infrastructure (DGI9), RM Infrastructure Income (RMII), Harmony Energy Income (HEIT), Gore Street Energy Storage (GSF), Gresham House Energy Storage (GRID), Abrdn Private Equity Opportunities Trust (APEO), Phoenix Spree Deutschland (PSDL), Vietnam Holdings (VNH), Mercantile (MERC), AEW UK REIT (AEWU), Seraphim Space (SSIT), Tufton Oceanic Assets (SHIP), HICL Infrastructure (HICL), JLEN Environmental Assets Group (JLEN), Triple Point Energy Transition (TENT), GCP Asset Backed Income (GABI), Abrdn Diversified Income and Growth (ADIG). 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 regular features, the Circle features a profile of City of London (CTY). Future profiles coming soon include Pacific Assets Trust (PAC) and Brunner Investment Trust (BUT). 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 over 180 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.

James Cook, fund manager at J.P. Morgan Global Growth and Income, and Chris Clothier, co-CIO at CG Asset Management, discuss sustaining outperformance, enhanced income approach, global economy outlook, valuation spread, US 'Super Seven', UK market, bond market, risk assets, impact of elections, alternatives sector, derating course, and commercial property sector in this Weekly Investment Trusts Podcast.

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG), and Matt Hose, alternative assets analyst at Jeffries. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 0:00:44 - Review of the week 0:04:39 - This week's guest 0:05:09 - Money Makers Circle 0:05:43 - Corporate news and announcements 0:10:13 - Summary of results 0:16:23 - Q&A with Peter Hewitt 0:16:50 - General developments in the markets 0:20:07 - Is the bond market normally right? 0:23:25 - The portfolio and its themes 0:39:49 - The income class 0:40:37 - Consolidation 0:41:49 - Scotland in the Rugby World Cup 0:39:01 - Q&A with Matt Hose 0:39:09 - Bond market fallout 0:43:52 - Private equity sector 0:48:03 - Infrastructure trusts 0:50:09 - Renewables trusts 0:53:16 - Hipgnosis Songs Fund (SONG) 0:57:33 - Looking ahead 1:00:20 - Close Trusts mentioned this week (with tickers): Henderson High Income (HHI), Henderson Diversified Income (HDIV), Pershing Square Holdings (PSH), Rockwood Strategic (RKW), Miton UK MicroCap (MINI), ICG Longbow (LBOW), Edinburgh Investment Trust (EDIN), Octopus Renewables Infrastructure Trust (ORIT), Aquila European Renewables (AERS), Foresight Solar Fund (FSFL), Downing Renewables and Infrastructure (DORE), Ruffer Investment Company (RICA), Pacific Horizon (PHI), Caledonian (CLDN), ICG Enterprise (ICGT), North American Income Trust (NAIT), Baillie Gifford China Growth (BGCG), Pantheon International (PIN), Oakley Capital Investments (OCI), HgCapital Trust (HGT), NB Private Equity (NBPE), Apax Global Alpha (APAX), Polar Capital Technology (PCT), Allianz Technology Trust (ATT), Supermarket Income REIT (SUPR), Assura (AGR), Civitas Social Housing (CSH), Urban Logistics REIT (SHED), Mid Wynd International (MWY), Greencoat UK Wind (UKW), 3i Group (III), Literacy Capital (BOOK), BBGI Global Infrastructure (BBGI), International Public Partnerships (INPP), HICL Infrastructure (HICL), The Renewables Infrastructure Group (TRIG), Hipgnosis Songs Fund (SONG). 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 regular features, the Circle features a profile of Templeton Emerging Markets (TEM). Future profiles coming soon include International Public Partnerships (INPP) and City of London (CTY). 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 180 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 week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Joe Bauernfreund, manager of the AVI Global Trust (AGT), and Evy Hambro, manager of the BlackRock World Mining Trust (BRWM). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 00:44 - This week's guests 01:34 - Review of the week 03:27 - Money Makers Circle 04:03 - Corporate news and announcements 12:28 - Summary of results 21:20 - Q&A with Joe Bauernfreund 21:20 - Adding to holdings in the UK investment trust sector 26:03 - Enforced cost disclosures 26:47 - Reducing holdings in PSH and TPOU 30:17 - Increasing exposure to the investment trust universe 31:38 - AVI Global Trust (AGT) and discounts 34:54 - Q&A with Evy Hambro 34:54 - The commodities sector this year 38:42 - Industry changes over thirty years 40:45 - Valuations over the last year 44:02 - Incentives on commodity producers for good ESG 46:53 - Portfolio changes 49:47 - The dividend policy 51:18 - Gearing 52:52 - Looking forward 54:43 - Close Trusts mentioned this week (with tickers): Digital 9 Infrastructure (DGI9), Downing Renewables and Infrastructure (DORE), Home REIT (HOME), ThomasLloyd Energy Impact (TLEI), Hipgnosis Songs Fund (SONG), HgCapital Trust (HGT), HICL Infrastructure Trust (HICL), Pantheon International (PIN), Gulf Investment Fund (GIF), JPMorgan Global Growth and Income (JGGI), Strategic Equity Capital (SEC), Schroder Japan Trust (SJG), Manchester and London (MNL), JPMorgan Emerging Markets (JMG), European Opportunities Trust (EOT), Tufton Oceanic Assets (SHIP), Henderson EuroTrust (HNE), Fair Oaks Income (FAIR), Martin Currie Global Portfolio (MNP), Blackstone Loan Financing (BGLF), Biopharma Credit (BPCR), Third Point Investors (TPOU), Merchants Trust (MRCH), Phoenix Spree Deutschland (PSDL), Baillie Gifford Shin Nippon (BGS), Schroders Capital Growth Innovation Trust (INOV), Bluefield Solar Income Fund (BSIF), US Solar Fund (USF), Gresham House Energy Storage (GRID), Aquila Energy Efficiency Trust (AEET), NB Private Equity (NBPE), Pantheon Infrastructure (PINT), GCP Asset Backed Income (GABI), UK Commercial Property Trust (UKCM), Abrdn Property Income (API), Princess Private Equity (PEY), Oakley Capital Investments (OCI), Pershing Square Holdings (PSH), AVI Global Trust (AGT). 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 regular features, the Circle features a profile of BlackRock World Mining Trust (BRWM). Next week's profile will feature Templeton Emerging Markets (TEM). 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 180 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 week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, is away in Europe. So, Stuart Watson is stepping in to provide a summary of the week's news and results. Jonathan did get a chance over the last week however, to speak to Colette Ord, infrastructure analysis at Numis Securities, and to conclude his conversation with Ben Conway, head of fund management at Hawksmoor Investment Management. That conversation follows on from their discussion a couple of weeks ago. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 0:00:44 - This week's guests 0:01:39 - Review of the week 0:02:38 - Corporate news and announcements 0:04:35 - Summary of results 0:13:04 - Money Makers Circle 0:13:25 - Q&A with Colette Ord 0:13:32 - Stabilisation of interest rates and the effect on derating 0:17:53 - Will a revival reward some trusts more than others? 0:21:54 - The lack of new competition 0:23:41 - Differences in discounts 0:25:55 - The renewables sector 0:28:50 - Energy storage trusts 0:31:24 - Digital infrastructure 0:33:19 - Diversified portfolios 0:34:26 - Sector rationalisation 0:35:46 - Q&A with Ben Conway 0:35:51 - Issues with investment trusts 0:39:01 - Are discounts a cyclical phenomenon? 0:41:58 - Alignment of incentives 0:44:50 - Manager disclosures of investments 0:46:59 - Share buybacks and other options 0:55:30 - Should investment trusts use gearing? 0:59:55 - The supply of investment trusts 1:08:42 - Competition to the investment trusts sector 1:11:19 - 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 regular features, the Circle features a profile of the Global Smaller Companies Trust (GSCT), and the latest Editor's Notebook looking at discount opportunities. 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 180 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 week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Tom Poynton, executive director at Baron & Grant, and Dale Nicholls, manager at Fidelity China Special Situations (FCSS). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 00:44 - Review of the week 02:45 - This week's guests 03:25 - Corporate news and announcements 07:57 - Money Makers Circle 08:31 - Summary of results 13:28 - Q&A with Tom Poynton 13:38 - Hipgnosis Songs Fund (SONG) 19:46 - Private equity announcements 25:15 - Early stage venture capital trusts 30:00 - The renewables sector 33:39 - Outlook for discounts 36:04 - Cricket! 40:35 - Q&A with Dale Nicholls 40:50 - Disappointment for Chinese investment returns 42:03 - The property crisis 43:59 - Lessons from regulatory interventions 45:12 - The impact of geopolitical tensions on investment flows 46:47 - The attractiveness of valuations 49:36 - AI and the portfolio direction 51:20 - China's position within a portfolio 52:37 - Gearing level and policy 53:56 - Highlights and disappointments as trust manager 54:58 - The Long-term China story 56:13 - Close Trusts mentioned this week (with tickers): Hipgnosis Songs Fund (SONG), Round Hill Music Royalty Fund (RHM), Ediston Property Investment Company (EPIC), TR Property Investment Trust (TRY), ThomasLloyd Energy Impact (TLEI), CQS New City High Yield (NCYF), BH Macro (BHMG), Vietnam Enterprise Investments (VEIL), North Atlantic Smaller Companies (NAS), Balanced Commercial Property Trust (BCPT), Schroder Asian Total Return (ATR), Foresight Solar Fund (FSFL), Oakley Capital Investments (OCI), Literacy Capital (BOOK), Seraphim Space Investment Trust (SSIT), RTW Biotech Opportunities (RTW), Henderson High Income (HHI), AVI Japan Opportunity Trust (AJOT), Menhaden Resource Efficiency (MHN), Castelnau Group (CGL), Golden Prospect Precious Metals (GPM), Middlefield Canadian Income (MCT), VH Global Sustainable Energy Opportunities (GSEO), Ecofin US Renewables (RNEW), Dunedin Enterprise (DNE), Pantheon International (PIN), Bluefield Solar Income Fund (BSIF), NextEnergy Solar Fund (NESF). 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 regular features, the Circle features an in-depth profile of the Alliance Trust (ATST), as well as a list of fifteen large and liquid investment trusts which Jonathan believes look attractive on discount grounds if we are nearing the end of the interest rate cycle. 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 more than 170 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 week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Ben Rogoff, manager of the Polar Capital Technology Trust (PCT). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 01:00 - This week's guest 01:41 - Money Makers Circle 02:08 - Review of the week 06:16 - Corporate news and announcements 14:30 - Summary of results 16:21 - Q&A with Ben Rogoff 19:05 - What is generative AI? 23:49 - The expansion and use of AI capabilities 33:28 - Comparing to previous tech innovations 38:27 - What could derail AI? 41:28 - Fields that could be transformed 44:11 - A new lens by which to judge investments 47:27 - Close Trusts mentioned this week (with tickers): Round Hill Music Royalty Fund (RHM), Hipgnosis Songs Fund (SONG), Ecofin US Renewables (RNEW), US Solar Fund (USF), International Public Partnerships (INPP), GCP Infrastructure (GCP), RM Infrastructure Income (RMII), Caledonia Investments (CLDN), HG Capital (HGT), LXi REIT (LXI), Home REIT (HOME), Schiehallion Fund (MNTN), Schroder Capital Global Innovation (INOV), AEW UK REIT (AEWU), RTW Biotech Opportunities (RTW), Gresham House Energy Storage (GRID), Gore Street Energy Storage (GSF), Pantheon Infrastructure (PINT), Mid Wynd International (MWY), Triple Point Social Housing (SOHO), Apax Globle Alpha (APAX). 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 regular features, the Circle features a profile of JPMorgan European Discovery (JEDT). Jonathan has also listed ten investment trusts that he believes may offer an upside if there is a reversal in the derating driven by falling interest rates. 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 more than 170 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 week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Andrew McHattie, editor of the Investment Trusts Newsletter, and Ben Conway, Head of Fund Management at Hawksmoor Investment Management. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 0:00:44 - This week's guests 0:01:21 - Review of the week 0:03:19 - Corporate news 0:04:53 - Summary of results 0:07:10 - Summary of announcements 0:07:28 - Money Makers Circle 0:12:35 - Q&A with Andrew McHattie 0:12:44 - Happenings in the sector over the last couple of months 0:14:17 - Coping with the derating period 0:16:21 - Infrastructure and private equity rerating 0:18:40 - The danger of missing out in a derating cycle 0:20:33 - Potential direction of travel 0:22:45 - Literacy Capital (BOOK) and HG Capital (HGT) 0:27:04 - Biopharma Credit (BPCR) 0:29:17 - Other names of interest 0:32:13 - The return of arbitrage/activist trusts 0:35:06 - Q&A with Ben Conway 0:35:33 - Regulatory changes and cost disclosures 0:42:43 - The impact of regulatory change on investment companies 0:44:16 - What should happen now? 0:48:30 - Why does this matter? 0:54:27 - Are costs a downward pressure on share prices relative to NAVs? 1:01:44 - Close Trusts mentioned this week (with tickers): Geiger Counter (GCL), Digital 9 Infrastructure (DGI9), Seraphim Space (SSIT), BBGI Global Infrastructure (BBGI), Edinburgh Worldwide (EWI), Baillie Gifford Shin Nippon (BGS), Schroder European Real Estate (SERE), Literacy Capital (BOOK), Schiehallion (MNTN), Nippon Active Value Fund (NAVF), Henderson European Focus Trust (HEFT), Real Estate Credit Investments (RECI), Axiom European Debt Trust (AXI), Biopharma Credit (BPCR), Princess Private Equity Trust (PEY), Round Hill Music Royalty Fund (RHM), Triple Point Housing (SOHO), Harmony Energy Income Trust (HEIT), Pantheon International (PIN), Life Science REIT (LABS), HydrogenOne Capital Growth (HGEN), HG Capital Trust (HGT), Biopharma Credit (BPCR), Triple Point Energy Transition (TENT), SDCL Energy Efficiency (SEIT), US Solar Fund (USF), Gore Street Energy Storage (GSF), Greencoat UK Wind (UKW), Henderson Opportunities Trust (HOT), Herald Investment Trust (HRI), Pershing Square Holdings (PSH), Schroder Mid-Cap (SCP), European Opportunities Trust (EOT), Tritax Big Box (BBOX). 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. his week, as well as the regular features, the Circle features a profile of JPMorgan European Discovery (JEDT). 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 more than 170 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.