Money Makers

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to James Carthew, former fund manager and current director of QuotedData, and Colette Ord, infrastructure and renewables analyst at Numis Securities. Section Timestamps: 00:29 - Review of the week 04:12 - This week's guests 04:32 - Money Makers Circle 04:59 - Corporate news 07:10 - Selected results 13:05 - Q&A with James Carthew 13:30 - Impact of the base rate change on investment trusts 18:13 - Monks Investment Trust (MNKS) 21:03 - Abrdn Diversified Income and Growth (ADIG) 26:18 - Rockwood Strategic (RKW) 28:58 - Civitas Social Housing (CSH) 31:49 - Cordiant Digital Infrastructure (CORD) 35:05 - Investing in AI through investment trusts 37:54 - Q&A with Colette Ord 38:04 - Market reaction to the base rate rise 41:05 - Trust in the NAVs 43:27 - Using the wrong comparisons 46:05 - Trusts with minimal leverage while trading at significant discounts 48:31 - The impact of asset location 49:42 - Predatorial behaviours 52:59 - Lingering impacts of the windfall tax 55:33 - Liquidity issues and smaller trusts 59:24 - Close Trusts mentioned this week (with tickers): Abrdn Diversified Income and Growth (ADIG), Civitas Social Housing (CSH), Princess Private Equity (PEY), Global Smaller Companies Trust (GSCT), Montanaro UK Smaller Companies (MTU), Montanaro European Smaller Companies (MTE), AEW UK REIT (AEWU), Urban Logistics (SHED), Triple Point Energy Transition (TENT), JPMorgan Emerging Europe Middle East and Africa (JEMA), Bankers Trust (BNKR), Henderson Opportunities (HOT), BlackRock Income and Growth (BRIG), River and Mercantile UK Micro Cap (RMMC), CC Japan Income and Growth (CCJI), HICL Infrastructure (HICL), Greencoat UK Wind (UKW), International Public Partnerships (INPP), Monks Investment Trust (MNKS), Scottish Mortgage Trust (SMT), SAINTS (SAIN), Abrdn Diversified Income and Growth (ADIG), Ediston Property (EPIC), JPMorgan Multi-Asset Growth and Income (MATE) , Rockwood Strategic (RKW), Civitas Social Housing (CSH), Cordiant Digital Infrastructure (CORD), Digital 9 Infrastructure (DGI9), Manchester and London (MNL), Polar Capital Technology Trust (PCT), Allianz Technology Trust (ATT), Chrysalis (CHRY), Schroder Capital Global Innovation (INOV), VH Global Sustainable Energy Opportunities (GSEO), NextEnergy Solar Fund (NESF), 3i Infrastructure (3IN), HICL Infrastructure (HICL), Aquila European Renewables (AERS). 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 Polar Capital Global Healthcare (PCGH), and Jonathan has also provided his thoughts on recent market developments. Subscribers can also look forward to a review of market and investment trusts performance in the first half of the year, coming in the next few weeks. 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 160 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 Nick Greenwood, manager of the MIGO Opportunities Trust (MIGO) and Merryn Somerset Webb, columnist and podcaster at Bloomberg and former editor of MoneyWeek. Section Timestamps: 0:00:29 - Review of the week 0:03:47 - This week's guests 0:04:20 - Summary of results 0:11:17 - Money Makers Circle 0:12:03 - Q&A with Nick Greenwood 0:12:21 - Investment trusts sector continues to languish 0:15:01 - Retail investor perceptions 0:16:47 - Effect of bond yields on demand 0:17:37 - Consolidation 0:18:43 - Alternative assets 0:19:32 - Renewable energy 0:24:41 - Private equity 0:26:30 - Equity markets 0:28:51 - Portfolio activities 0:32:28 - UK equity market 0:35:11 - Q&A with Merryn Somerset Webb 0:35:35 - Working for Bloomberg 0:36:40 - Thoughts on the investment trust sector 0:38:29 - Accuracy of price signals 0:43:29 - Baillie Gifford 0:46:42 - The role of the board in corporate governance 0:49:12 - Women on investment trust boards 0:51:27 - Challenges to investment trusts 0:53:10 - UK equities 0:57:41 - Advice for private investors 1:02:17 - Close Trusts mentioned this week (with tickers): Personal Assets Trust (PNL), Lindsell Train Investments (LTI), Templeton Emerging Markets (TEM), Baillie Gifford UK Growth (BGUK), Syncona (SYNC), Biotech Growth Trust (BIOG), JLEN Environmental (JLEN), Custodian Property Income Trust (CREI), Atrato Onsite Energy (ROOF), Foresight Sustainable Forestry (FSF), Industrials REIT (MLI), Aquila European Renewables (AERS), Oakley Capital Investments (OCI), NB Private Equity (NBPE), Nippon Active Value Fund (NAVF), Abrdn Japan Investment Trust (AJIT), AVI Japan Opportunity Trust (AJOT), Life Settlement Assets (LSAA), Geiger Counter (GCL), Yellow Cake (YCA), JPMorgan Indian (JII), Rockwood Strategic (RKW), Odyssean Investment Trust (OIT), Scottish Mortgage Trust (SMT). 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. Last week, as well as the regular features, the Circle featured a profile of Pacific Horizon Investment Trust (PHI). This week's fund profile will be of Polar Capital Global Healthcare Trust (PCGH). 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 160 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, continues his conversation with Russell Napier, chairman of Mid Wynd International Investment Trust (MWY). Listeners can find the first half of this discussion in the podcast released on 27 May 2023. Jonathan then talks to Janette Rutterford, emeritus professor of finance at the Open University, to talk about lessons that can be learnt from the history of investment trusts. Jonathan remains on holiday this week, but Stuart Watson returns to provide the summary of the week's announcements and results. Next week's podcast will be released later than usual, on Tuesday 20 June 2023, after which the normal Saturday schedule will return. Section Timestamps: 00:29 - Coming up this week 01:44 - News and announcements with Stuart Watson 02:45 - Summary of the week's results 10:42 - Money Makers Circle 11:14 - Q&A with Russell Napier (Part 2) 15:16 - Commercial and residential property 17:52 - Thoughts on the investment trusts sector 24:50 - Recommended literature 27:52 - The Library of Mistakes 29:10 - Q&A with Janette Rutterford 29:41 - The Baring Crisis of 1890 35:36 - The 1920s 41:17 - The 1990s and the Split Capital Crisis 46:23 - Split capital trusts 47:29 - Lessons for investors 49:33 - Knowledgeable investing 52:54 - Close Trusts mentioned this week (with tickers): Worldwide Healthcare Trust (WWH), Fidelity China Special Situations (FCSS), STS Global Income and Growth (STS), LXi REIT (LXI), Warehouse REIT (WHR), JZ Capital Partners (JZCP), JPMorgan European Growth and Income (JEGI), Abrdn Japan (AJIT), Schroder Real Estate (SREI), BlackRock Frontiers (BRFI), Edinburgh Worldwide (EWI), JPMorgan Indian (JII), Barings Emerging EMEA Opportunities (BEMO), Abrdn Diversified Income and Growth (ADIG), Residential Secure Income (RESI). 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, features a profile of HydrogenOne Capital Growth (HGEN). Next week's profile will be of Pacific Horizon (PHI). 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 160 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 joined by Simon Edelsten, manager of the Mid Wynd International Investment Trust (MWY). Jonathan also spoke to Paul and Richard Pindar, respectively the chairman and CEO of Literacy Capital (BOOK). Jonathan is on holiday over the coming couple of weeks, but the podcast continues with pre-recorded interviews this week and next, with Stuart Watson providing the summary of the week's announcements and results. Section Timestamps: 0:00:29 - This week's guests 0:02:07 - Money Makers Circle 0:02:39 - Next week 0:03:26 - Summary of announcements and results with Stuart Watson 0:11:47 - Q&A with Simon Edelsten 0:12:31 - Artificial intelligence and big tech 0:17:56 - The situation with respect to interest rates 0:26:22 - Fear of missing out 0:29:37 - Japan 0:36:06 - Europe 0:38:45 - The UK 0:39:43 - Looking ahead 0:41:45 - Simon's plans 0:43:26 - Q&A with Paul and Richard Pindar 0:45:35 - How Literacy Capital is distinct compared to its peers 0:49:33 - The first quarter of 2023 0:54:47 - Reducing exposure to growth capital 0:58:35 - Reduction in gearing 1:01:06 - The UK 1:03:05 - Close Trusts mentioned this week (with tickers): Mid Wynd International (MWY), Literacy Capital (BOOK), Edinburgh Investment Trust (EDIN), CT UK High Income (CHI), Odyssean (OIT), TR Property (TRY), AVI Global (AGT), JPMorgan Japanese (JFJ), Home REIT (HOME), Aquila European Renewables (AERI). 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 Mercantile Trust (MRC). This will be followed by a profile of HydrogenOne Capital Growth (HGEN). 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 160 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 joined by financial historian and market strategist Russell Napier, chairman of Mid Wynd International Investment Trust (MWY), in part one of their recent conversation (part two follows next week). Jonathan also speaks to Max King, former investment trust fund manager at Investec. Section Timestamps: 01:05 - The markets this week 03:46 - Investment trusts news 11:21 - This week's results 15:15 - Money Makers Circle 15:42 - Noteable interim results 17:14 - Q&A with Russell Napier (Part 1) 17:43 - The Federal debt ceiling 27:15 - The debt burden 29:40 - The 2% inflation target 36:37 - The attractiveness of bonds going forward 37:31 - Q&A with Max King 37:40 - How the year is panning out 40:46 - The Bank of England's response to inflation 42:22 - The UK market 44:52 - The investment trusts sector 45:31 - Infrastructure and renewables 49:05 - Commercial property 50:59 - Social housing 53:02 - Caledonia Investments (CLDN) and private equity 55:52 - Japanese trusts merger 57:24 - Twitter under Elon Musk 58:22 - Close Gresham House Energy Storage (GRID), CT Property Trust (CTPT) / LondonMetric (LMP), Momentum Multi-Asset Value Trust (MAVT), RM Infrastructure Income (RMII), M&G Credit Income (MGCI), Round Hill Music Royalty Fund (RHM), Capital Gearing Trust (CGT), HICL Infrastructure (HICL), JPMorgan Asia Growth and Income (JAGI), Schroder AsiaPacific (SDP), Henderson European Focus Trust (HEFT), Ediston Property Investment Company (EPIC), Shires Income (SHRS), Rockwood Strategic (RKW), Odyssean (OIT), 3i Infrastructure (3IN), BBGI Global Infrastructure (BBGI), Ashoka WhiteOak Emerging Markets Trust (AWEM), CT Property Trust (CTPT), Primary Health Properties (PHP), Assura (AGR), Derwent London (DLN), Great Portland Estates (GPOR), Shaftesbury Capital (SHC), Land Securities (LAND), TR Property (TRY), Home REIT (HOME), AEW UK REIT (AEWU), Civitas Social Housing (CSH), Caledonia Investments (CLDN), RIT Capital Partners (RCP), Scottish Mortgage (SMT), HG Capital Trust (HGT), 3i Group (III), Literacy Capital (BOOK), Nippon Active Value (NAVF) / Abrdn Japan (AJIT). 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 Abrdn Property Income Trust (API). 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 160 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 Matt Hose, alternatives analyst at Jefferies. Section Timestamps: 00:29 - Coming up 02:11 - The markets this week 09:45 - Money Makers Circle 10:28 - Annual results 11:59 - Interim results 15:46 - Q&A with Matt Hose 15:54 - Scottish Mortgage Trust (SMT) 23:36 - Private equity 24:32 - HG Capital Trust (HGCT) 26:29 - Growth capital sector 27:34 - Renewable energy sector 33:22 - Debt sector 35:12 - Looking ahead 36:41 - Close Trusts mentioned (with tickers): Abrdn European Logistics Income (ASLI), Abrdn Japan (AJIT), Nippon Active Value Fund (NAVF), International Biotechnology Trust (IBT), North American Smaller Companies (NAS), JPMorgan Multi-Asset Growth & Income (MATE), Finsbury Growth and Income (FGT), Lowland Investment Company (LWI), Abrdn Equity Income (AEI), Scottish Oriental Smaller Companies (SST), Tritax EuroBox (EBOX), Scottish Mortgage Trust (SMT), HG Capital Trust (HGCT), Abrdn Private Equity Opportunities (APEO), HarbourVest Global Private Equity (HVPE), Pantheon International (PIN), 3i Group (III), Oakley Capital Investments (OCI), Schiehallion (MNTN), Chrysalis (CHRY), Gresham House Energy Storage (GRID), NextEnergy Solar Fund (NESF), Foresight Solar Fund (FSFL), Starwood European (SWEF), NB Monthly Income Fund (NBMI), VPC Specialty Lending (VSL). 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 American (JAM). Next week, the Circle will feature a profile of Abrdn Property Income (API), as well as a guest column from financial historian Edward Chancellor about private equity. 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 160 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 Andrew McHattie, editor of the Investment Trusts Newsletter, and Ailsa Craig and Marek Poszepczynski, co-managers of the International Biotechnology Trust (IBT). Section Timestamps: 0:00:29 - This week's guests 0:01:57 - The markets this week 0:04:05 - This week's news 0:04:29 - Money Makers Circle 0:05:20 - Noteable results and announcements 0:08:12 - Q&A with Andrew McHattie 0:08:24 - Bank of England base rate change 0:11:23 - Investment trust sector pe rformance 0:12:36 - Civitas Social Housing (CSH) 0:17:39 - Home REIT (HOME) 0:21:25 - US Solar Fund (USF) 0:23:23 - The renewables sector 0:25:31 - Private equity 0:29:13 - 3i Group (III) 0:31:20 - ICG Enterprise (ICGT) 0:35:00 - Q&A with Ailsa Craig and Marek Poszepczynski 0:35:14 - What IBT does and how it differs 0:36:09 - Why choose to invest in IBT 0:37:34 - The factors involved in declining returns for the sector 0:41:01 - The impact of a recession and high interest rates on the sector 0:42:26 - M&A activity 0:45:44 - The US Presidential election cycle 0:48:34 - The IBT portfolio 0:52:19 - Gearing on the trust 0:53:34 - The trust's dividend 0:55:39 - Investments in unlisted private companies 0:59:03 - Sectors or companies with prospects for the next 'big bang' 1:01:56 - Future fund manager arrangements 1:02:50 - Close Trusts mentioned (with tickers): Schiehallion Fund (MNTN), 3i Group (III), 3i Infrastructure Trust (3IN), Pacific Assets (PAC), Baillie Gifford European Growth (BGEU), BlackRock Greater Europe (BRGE), Polar Capital Global Healthcare (PCGH), Seraphim Space (SSIT), Chrysalis Investments (CHRY), Civitas Social Housing (CSH), Triple Point Social Housing (SOHO), Home REIT (HOME), US Solar Fund (USF), Next Energy Solar Fund (NESF), Bluefield Solar Fund (BSIF), Oakley Capital Investments (OCI), RTW Venture Fund (RTW), ICG Enterprise (ICGT). 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 Octopus Renewables Infrastructure Trust (ORIT). Jonathan also provides commentary on the market outlook and the social housing sector, and looks at what Stanley Druckenmiller thinks about the outlook for the US economy. 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 160 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 Ewan Lovett-Turner, head of investment trust research at Numis Securities, and Laura Elkin, portfolio manager of AEW UK REIT (AEWU). Section Timestamps: 00:29 - This week's guests 02:59 - Money Makers Circle 03:32 - The markets this week 05:26 - Highlights from the week's results 08:05 - Q&A with Ewan Lovett-Turner 08:53 - Looking back over 2023 so far 12:41 - Perceptions of the current market outlook 14:47 - Key news items this week 14:51 - IPOs and Fundraising 20:17 - Private equity 25:23 - Boards and buy backs 27:35 - The alternatives sector 29:55 - International Biotechnology Trust (IBT) 32:07 - Q&A with Laura Elkin 32:36 - The strategy of AEWU, and its portfolio weightings 35:59 - Target return as a value investor 38:31 - The gearing policy 40:39 - The re-rating of commercial property 44:35 - Investing in retail 48:09 - Alternative use 50:55 - Valuation and the dividend 54:40 - Where the market is going 56:08 - Close Trusts mentioned (with tickers): Keystone Positive Change Trust (KPC), Scottish Mortgage Trust (SMT), International Biotechnology Trust (IBT), Aquila Energy Efficiency Trust (AEET), Bluefield Solar Income Fund (BSIF), Foresight Solar Fund (FSFL), Chrysalis (CHRY), Ediston Property Income Trust (EPIC), Apax Global Alpha (APAX), Manchester and London (MNL), Martin Currie Global (MNP), Polar Capital Technology Trust (PCT), Smithson Investment Trust (SSON), Finsbury Growth and Income (FGT), Edinburgh Worldwide Investment Trust (EWI), Biotech Growth Trust (BIOG), CT Private Equity (CTPE), Princess Private Equity Holdings (PEY), Oakley Capital Investments (OCI), HarbourVest Global Private Equity (HVPE), ICG Enterprise Trust (ICGT), Schiehallion Fund (MNTN), Molten Ventures (GROW), Ashoka White Oak Emerging Markets Trust (AWEM), TwentyFour Income Fund (TFIF), BH Macro (BHMG), 3i Infrastructure (3IN), US Solar Fund (USF), ThomasLloyd Energy Impact (TLEI), HG Capital Trust (HGT), RIT Capital Partners (RCP), 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 a profile of BlackRock Energy and Resources (BERI). Coming up, the Circle will feature profiles of Octopus Renewables Infrastructure Trust (ORIT) and JPMorgan American (JAM). 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 160 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 James de Uphaugh, lead manager of the Edinburgh Investment Trust (EDIN), and Stuart Widdowson, manager of the Odyssean Investment Trust (OIT). Section Timestamps: 0:00:29 - This week's guests 0:01:35 - The markets this week 0:03:03 - Money Makers Circle 0:03:47 - News and announcements 0:08:03 - Annual results 0:16:46 - Interim results 0:20:21 - Q&A with James de Uphaugh 0:20:56 - Taking on the Edinburgh Investment Trust 0:22:47 - Immediate reactions and changes due to the then-developing pandemic 0:25:24 - Factors influencing good performance to date 0:27:34 - The gearing strategy 0:30:16 - Advantages of managing an investment trust 0:32:15 - The UK market performance 0:34:38 - Investment style 0:37:36 - What is the trust's "special sauce"? 0:39:46 - Portfolio weightings and changes 0:45:11 - The discount and ambitions for the trust 0:46:56 - The UK as a place to invest and the impact of the pound 0:49:41 - Close 0:51:10 - Q&A with Stuart Widdowson 0:50:26 - Market developments in 2023 so far 0:52:33 - Sentiment to the UK market 0:55:34 - Specific issues with the UK equity market 0:59:07 - Company valuations 1:02:03 - Odyssean's rating and share buy backs 1:02:46 - Close Trusts mentioned (with tickers): Thomas Lloyd Energy Impact (TLEI), Urban Logistics REIT (SHED), Next Energy Solar (NESF), Ashoka White Oak Emerging Markets (AWEM), Global Smaller Companies Trust (GSCT), Ceiba Investments (CBA), Third Point Investors (TPOU), Round Hill Music Royalty (RHM), Baker Steel Resources (BSRT), Aquila European Renewables (AERS), NB Private Equity (NBPE), Dunedin Enterprise (DNE), RM Infrastructure Income (RMII), Abrdn Property Income (API), Vietnam Enterprise Investments (VEIL), M&G Credit Income (MGCI), Fidelity special values (FSV), Henderson Far East Income (HFEL), Asia Dragon Trust (DGN), Literacy Capital (BOOK), Pantheon (PIN), AEW UK REIT (AEWU), CT Property Trust (CTPT), Impact Healthcare REIT (IHR). 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 BioPharma Credit (BPCR), as well as taking a look at the thirty year performance of thirty-six surviving trusts that pre-date the birth of King Charles III. 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 150 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 Paul ffolkes Davis, chairman of Rising Sun Management, investment advisor to Nippon Active Value Fund (NAVF), and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL). Section Timestamps: 0:00:57 - This week's guests 0:01:45 - The markets this week 0:03:30 - Results and announcements with Stuart Watson 0:10:16 - Q&A with Paul ffolkes Davis 0:11:18 - The investment approach 0:14:24 - Company reactions 0:17:06 - Japanese MBOs 0:18:40 - Benefits to the trust 0:21:36 - The impact of a newspaper article 0:26:44 - Corporate governance and the pace of change 0:28:07 - Risks 0:30:58 - Returning shares to a premium 0:33:24 - The Japanese market 0:36:47 - Q&A with Ian Lance 0:37:15 - Management style and performance so far 0:38:20 - Experience in 2022 0:40:22 - Performance so far in 2023 0:41:22 - What it means to be a value investor 0:44:11 - Oil, mining, and ESG 0:47:47 - Impact of the recent banking tremors 0:51:04 - The trust's dividend 0:53:05 - The discount 0:53:48 - The attractions of equity income 0:57:43 - Gearing employed by the trust 0:58:40 - UK economic and political risks 1:01:48 - What could change the UK being a cheap market? 1:03:48 - FTSE all time high 1:04:27 - Close Trusts mentioned (with tickers): Schroder Capital Global Innovation Trust (INOV), Invesco Perpetual UK Smaller Companies (IPU), Aurora Investment Trust (ARR), Balanced Commercial Property Trust (BPCT), Abrdn European Logistics Income (ASLI), Fidelity Asian Values (FAS), Fair Oaks Income (FAIR), Middlefield Canadian Income (MCT), RTW Venture Fund (RTW), Triple Point Social Housing (SOHO), BioPharma Credit (BPCR), Caledonia Investments (CLDN). 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 will feature a profile of BioPharma Credit (BPCR). Jonathan's end of quarter review, looking back over the first quarter of 2023, is also available. 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 150 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.