Money Makers

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Marcus Phayre-Mudge, manager of TR Property Investment Trust (TRY), and Jon Forster, co-portfolio manager at Impax Environmental Markets (IEM) - a discussion available in full to subscribers to the Money Makers Circle. Section Timestamps: 0:00:29 - Review of the week 0:01:54 - This week's guests 0:02:55 - Summary of the week's results 0:05:39 - News and announcements 0:07:56 - Money Makers Circle 0:08:33 - Q&A with Marcus Phayre-Mudge 0:09:02 - Looking back at the 2022 sell-off 0:11:07 - Short-term worries 0:13:08 - The cost of money 0:15:38 - Has the market priced in all the bad things that might happen? 0:19:21 - Changes to the portfolio 0:25:25 - Ediston Property and consolidation 0:28:06 - Merger of LXi REIT (LXI) and Secure Income REIT (SIR), and smaller commercial property trusts 0:34:16 - Dividend cuts 0:41:23 - TR Property Trust and its dividend 0:45:30 - Gearing 0:47:21 - Why is TR Property unique? 0:49:12 - Q&A with Jon Forster (Extract) 0:49:38 - The early beginnings of the trust 0:53:42 - A lack of similar trusts 0:55:12 - The trust today 0:58:18 - The investment environment 1:02:12 - Close Trusts mentioned (with tickers): Martin Currie Global Portfolio (MNP), Ecofin US Renewables Infrastructure (RNEW), GCP Asset Backed Income (GABI), Marple Point Loan Financing (MPLF), Schroder Japan Growth (SJG), Literacy Capital (BOOK), Caledonia Investments (CLDN), Rockwood Strategic (RKW), Gulf Investment Fund (GIF), LXi REIT (LXI), Value and Indexed Property Income (VIP), Schroder European Real Estate (SERE), PRS REIT (PRSR), Ashoka WhiteOak Emerging Markets, Industrials REIT (MLI), Round Hill Music Royalty Fund (RHM), Ediston Property Investment Company (EPIC), Secure Income REIT (SIR), AEW UK REIT (AEWU), Regional REIT (RGL), Phoenix Spree Deutschland (PSDL), Target Healthcare REIT (THRL), LondonMetric Property (LMP), Tritax Big Box (BBOX), Supermarket Income REIT (SUPR). 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 Fidelity European Trust (FEV), with next week's profile being of Greencoat UK Wind (UKW). Jonathan is speaking at the Master Investor Show today (15 April), and will also be making available the slides of his presentation. Subscribers can also hear the full conversation with Jon Forster of Impax Environmental Markets. 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 Peter Spiller, manager of Capital Gearing Trust (CGT), and Andrew McHattie, founder and editor of The Investment Trust Newsletter. Section Timestamps: 0:00:28 - Review of the week 0:03:11 - This week's guests 0:04:16 - Summary of results 0:10:05 - Corporate news 0:12:21 - Money Makers Circle 0:13:09 - Q&A with Peter Spiller 0:18:10 - Are investors bound to lose money in the coming period? 0:24:59 - Private equity 0:28:12 - Governance of investment trusts and impact on the sector 0:31:52 - Reasons for wide discounts 0:33:34 - Mergers and consolidation 0:35:20 - Opportunities afforded by wide discounts 0:38:26 - The case for Japanese stocks 0:41:36 - Q&A with Andrew McHattie 0:41:53 - Performance in the first quarter of 2023 0:45:48 - Commercial property sector 0:50:46 - Renewable energy and infrastructure 0:54:34 - Equity trusts 0:58:41 - A potential IPO 1:01:53 - Looking forward this year 1:04:06 - Close Trusts mentioned (with tickers): Industrials REIT (MLI), Merchants (MRCH), North American Income Trust (NAIT), Abrdn Asian Income Fund (AAIF), Impax Environmental Markets (IEM), Gresham House Energy Storage (GRID), Downing Renewables and Infrastructure (DORE), SDCL Energy Efficiency Income Trust (SEIT), UK Commercial Property REIT (UKCM), Octopus Renewables Trust (ORIT), Syncona (SYNC), Aquila European Renewables (AERI), Capital Gearing Trust (CGT), RIT Capital Partners (RCP), Scottish Mortgage Trust (SMT), Home REIT (HOME), Pershing Square Holdings (PSH), Polar Capital Technology (PCT), Allianz Technology Trust (ATT), Chrysalis Investments (CHRY), Schiehallion Fund (MNTN), Regional REIT (RGL), Impact Healthcare REIT (IHR), Target Healthcare REIT (THRL), Hydrogenone (HGEN), HICL Infrastructure (HICL), BBGI Global Infrastructure (BBGI), Baillie Gifford China Growth (BGCG), Fidelity China Special Situations (FCSS), Mercantile Investment Trust (MRC), Ashoka India Equity Investment Trust (AIE). 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 Greencoat UK Wind (UKW), followed next week by Fidelity European Trust (FEV). Also still to come is Jonathan's end of quarter review, looking back over the first quarter of 2023. 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 Anthony Leatham, head of investment trust research at Peel Hunt, and Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPG/CMPI). Section Timestamps: 0:00:29 - Review of the week 0:03:14 - This week's guests 0:04:10 - Money Makers Circle 0:05:00 - Summary of results and announcements 0:12:06 - Q&A with Anthony Leatham 0:12:33 - Analysing discounts and buybacks 0:17:07 - Private equity discounts and buybacks 0:20:05 - Most active buyback trusts 0:22:03 - Outlook for discount controls 0:26:04 - Baillie Gifford/Scottish Mortgage Trust (SMT) 0:34:26 - What drives discounts/outlook 0:37:07 - Q&A with Peter Hewitt 0:37:24 - Current market behaviour 0:41:39 - Alternative asset trusts 0:43:27 - Commercial property 0:47:16 - The growth portfolion and Scottish Mortgage Trust (SMT) 0:53:29 - Other Baillie Gifford trusts 0:55:55 - Style shift 0:59:18 - The largest holdings 1:00:18 - The income portfolio 1:02:10 - Close Trusts mentioned (with tickers): Global Opportunities Trust (GOT), BH Macro (BHMG), International Public Partnerships (INPP), BB Global Infrastructure (BBGI), VH Global Sustainable Energy Opportunities (GSEO), Regional REIT (RGL), Schiehallion Fund (MNTN), CT Private Equity (CTPE), RTW Venture Fund (RTW), BlackRock Latin America (BRLA), Pershing Square Holdings (PSH), JPMorgan America (JAM), Fidelity Japan (FJV), Pantheon International (PIN), Witan Investment Trust (WTAN), Martin Currie Global Portfolio Trust (MNP), Scottish Mortgage (SMT), Monks Investment Trust (MNKS), Capital Gearing Trust (CGT), Personal Assets Trust (PNL), Troy Income and Growth (TIGT), MIGO Opportunities Trust (MIGO), Rights and Issues Investment Trust (RIII), RIT Capital Partners (RCP), HarbourVest Global Private Equity (HVPE), 3i Infrastructure (3IN), Pantheon Infrastructure (PINT), Cordiant Digital Infrastructure (CORD), Digital 9 Infrastructure (DGI9), Octopus Renewables Infrastructure Trust (ORIT), Residential Secure Income REIT (RESI), Sequoia Economic Infrastructure Fund (SEQI), BioPharma Credit (BPCR). Greencoat UK Wind (UKW), The Renewables Infrastructure Group (TRIG), Supermarket Income REIT (SUPR), Impact Healthcare REIT (IHR), Aberforth Smaller Companies Trust (ASL), Lowland Investment Trust (LWI), Murray International Trust (MYI). 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 Emerging Markets (JMG), followed next week by Greencoat UK Wind (UKW). Subscribers can also still listen to last week's Q&A with Sandy Nairn, the manager of the Global Opportunities Trust (GOT), and Jonathan's end of quarter video review is due out in the coming days. 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 Nick Greenwood, manager of the Migo Opportunities Trust (MIGO), and Emma Bird, head of research at Winterflood Securities. Listeners can also hear an extract of Jonathan's conversation with Sandy Nairn of the Global Opportunities Trust (GOT), a discussion available in full next week for subscribers to the Money Makers Circle. Section Timestamps: 00:28 - Review of the week 01:23 - This week's guests 02:38 - News and performance 06:32 - Money Makers Circle 07:06 - Summary of results 12:36 - Q&A with Nick Greenwood 12:57 - Comments on the volatile global situation 14:31 - Reasons for widening discounts 19:00 - The developments at Scottish Mortgage 22:47 - The portfolio 24:32 - China 25:57 - Commodities 28:00 - Japanese positions 29:48 - Q&A with Emma Bird 29:56 - The markets this week 30:54 - Scottish Mortgage Trust (SMT) 37:03 - The property sector 37:29 - CT Property Trust (CTPT) 40:31 - Dividend sustainability 44:11 - Ediston Property Investment Trust (EPIC) 46:01 - PRS REIT (PRSR) 50:19 - Q&A with Sandy Nairn (Extract) 54:53 - Close Trusts mentioned (with tickers): Scottish Mortgage Trust (SMT), Allianz Technology Trust (ATT), Fidelity European Trust (FEV), Temple Bar (TMPL), JPMorgan US Smaller Companies Trust (JUSC), Princess Private Equity (PEY), Baillie Gifford Shin Nippon (BGS), BioPharma Credit (BPCR), Crystal Amber (CRS), Henderson EuroTrust (HNE), Vietnam Holding (VNH), VinaCapital Vietnam Opportunity Fund (VOF), CT Property Trust (CTPT), PRS REIT (PRS), Aquila European Renewables (AERI), Herald Investment Trust (HRI), Rights and Issues (RIII), Macau Property Opportunities (MPO), Nippon Active Value Fund (NAVF), AVI Japan Opportunities Trust (AJOT), Ediston Property Investment Trust (EPIC), Ground Rents Income Fund (GRIO), Downing Renewables and Infrastructure Trust (DORE). 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 Harmony Energy Income Trust (HEIT). Next week, subscribers will be able to hear the full conversation with Sandy Nairn (available after Tuesday 28 March), and the Circle will feature a profile of JPMorgan Emerging Markets (JMG). 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 Nicholas Weindling, manager of the JPMorgan Japanese Investment Trust (JFJ), and Ross Driver, co-manager of the Foresight Solar Fund (FSFL). Section Timestamps: 0:00:29 - A podcast milestone 0:00:57 - This week's guests 0:01:50 - Money Makers Circle 0:02:44 - Review of the week 0:06:16 - Summary of the week's results and announcements 0:13:55 - Q&A with Nicholas Weindling 0:14:36 - Investment style 0:16:56 - The impact of currency on performance 0:18:37 - When does the trust do well, and when does it lag the market 0:19:50 - Attractiveness of company valuations 0:22:16 - Optimism about Japan 0:25:18 - Attracting overseas investors 0:27:03 - A new central bank governor and monetary policy implications 0:29:45 - Differences with this trust versus others 0:33:14 - Q&A with Ross Driver 0:34:06 - General fund performance 0:36:29 - Last year's results 0:39:03 - Proportion of revenue from the UK 0:43:22 - Other sources of revenue and taking on extra risk 0:48:22 - Impact of windfall taxes 0:55:31 - Non-subsidised solar in the UK 0:56:39 - Investors' concerns 1:02:14 - The balance sheet 1:04:25 - The dividend target 1:05:40 - Close Trusts mentioned (with tickers): HG Capital Trust (HGT), Allianz Technology Trust (ATT), Witan Investment Trust (WTAN), JPMorgan Claverhouse Investment Trust (JCH), AVI Japan Opportunity Trust (AJOT), Schroder Asian Total Return (ATR), Foresight Solar Fund (FSFL), Premier Miton Global Renewables Trust (PMGR), Home REIT (HOME), Ediston Property Investment Compnay (EPIC), Abrdn Latin American Income Fund (ALAI), Rights and Issues Investment Trust (RIII), Supermarket Income REIT (SUPR), Literacy Capital (BOOK), Scottish Mortgage Trust (SMT), JPMorgan Japanese Investment Trust (JFJ). 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 comments on the current outlook in the wake of the collapse of Silicon Valley Bank and issues around other banks, and a profile of the European Smaller Companies Trust (ESCT). Next week, the Circle will feature of profile of Harmony Energy Income Trust (HEIT). 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 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 James Carthew, director of QuotedData, and Steven Tredget, partner at Oakley Capital, the managers of the Oakley Capital Investments trust (OCI). Section Timestamps: 0:00:29 - The week's news 0:04:36 - Introducing this week's guests 0:05:57 - Money Makers Circle 0:06:24 - Coming up next week 0:06:34 - Q&A with James Carthew 0:08:30 - Market sentiment 0:10:27 - Where will money be going? 0:12:32 - Results announcements 0:32:19 - Nick Greenwood's departure from Premier Miton 0:35:05 - Henderson Opportunities Trust (HOT) 0:38:47 - AIC Conference 0:43:30 - Close 0:43:44 - Q&A with Steven Tredget 0:45:08 - Valuation doubts 0:53:26 - Effectiveness of share buy backs 0:55:47 - Constraints around the availability of cash 0:58:12 - Direct holdings 1:00:41 - Close Trusts mentioned (with tickers): Oakley Capital Investments (OCI), MIGO Opportunities Trust (MIGO), F&C Investment Trust (FCIT), Alliance Trust (ATST), Digital 9 Infrastructure (DGI9), Seraphim Space Investment Trust (SSIT), US Solar Fund (USFP), Strategic Equity Capital (SEC), Henderson Opportunities Trust (HOT). 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 Invesco Asia Trust (IAT). 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 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 Bruce Stout, manager of the Murray International Investment Trust (MYI). Also, while Jonathan is away in the Netherlands, Stuart Watson, author of the Money Makers Circle trust profiles, joins the podcast to bring a summary of the week's news and market movements. Section Timestamps: 00:29 - Introduction, this week's guest, and the Money Makers Circle 02:15 - This week's news and market movements with Stuart Watson 10:59 - Q&A with Bruce Stout 11:41 - Was 2022 a reckoning some time in the making? 17:06 - Are government bonds a dangerous alternative? 19:19 - Portfolio split between the US and the rest of the world 23:19 - Yield on the Trust and dividends 26:20 - The trust's portfolio 28:51 - Impact of the dollar 32:37 - China 35:38 - Sustainability of results over the coming few years 38:21 - The use of gearing 40:16 - Portfolio holdings 45:18 - No easy solutions to the world's problems 48:13 - Looking at recent management changes 56:39 - Close Trusts mentioned (with tickers): RIT Capital Partners (RCP), JPMorgan Global Growth and Income (JGGI), Mid Wynd International (MWY), Murray International (MYI), Smithson Investment Trust (SSON), BlackRock World Mining (BRWM), Law Debenture (LWDB), Murray Income (MUT), Abrdn UK Smaller Companies Growth (AUSC), Tritax Big Box (BBOX), Princess Private Equity (PEY), European Smaller Companies (ESCT), Bluefield Solar Income Fund (BSIF), Triple Point Social Housing (SOHO), Riverstone Energy (RSE), Greencoat Renewables (GRP), Mobius Investment Trust (MMIT), CQS New City High Yield (NCYF), Pacific Horizon (PHI), Apax Global Alpha (APAX), Pantheon Infrastructure (PINT), Aquila Energy Efficiency (AEET), Home REIT (HOME). 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 GCP Infrastructure (GCP). 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 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.

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Simon Edelsten, manager at Mid Wynd International (MWY). Jonathan also spoke this week to Richard Staveley, lead manager at Rockwood Strategic (RKW), and the podcast features an extract of their conversation, available in full for subscribers to the Money Makers Circle. Section Timestamps: 0:00:29 - Introducing this week's guests 0:01:47 - Money Makers Circle 0:02:27 - Next week's guest 0:02:54 - The markets this week 0:04:12 - Corporate news and announcements 0:21:53 - Q&A with Simon Edelsten 0:09:26 - Reflections on the year just gone 0:13:41 - A new investment world and central bankers' views 0:17:02 - Japan, US and Europe currency rates, and currency movements 0:22:26 - Big technology stocks and valuations 0:32:49 - Looking at different regions 0:39:24 - The portfolio today compared to eighteen months ago 0:41:56 - Investment themes 0:45:04 - The investment trust itself 0:48:49 - Perceptions on the UK 0:51:06 - Rating optimism for the future 0:51:52 - Q&A with Richard Staveley (extract) 1:04:40 - Close Trusts mentioned (with tickers): Greencoat UK Wind (UKW), The Renewables Investment Group (TRIG), Harmony Energy Income (HEIT), NextEnergy Solar Fund (NESF), VH Global Sustainable Energy Opportunities (GSEO), Abrdn European Logistics Income (ASLI), Supermarket Income REIT (SUPR), Regional REIT (RGL), Polar Capital Financials (PGCF), Ruffer Investment Company (RICA), European Opportunities Trust (EOT), AT85 Global Mid-Market Infrastructure Income, The Investment Company (INV), Rockwood Strategic (RKW), Mid Wynd International (MWY). 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 Jonathan's full discussion with Richard Staveley of Rockwood Strategic, a profile of the Lowland Investment Company (LWI), and updates to the Money Makers Model Portfolios 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 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.

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Simon Barnard, manager of the Smithson Investment Trust (SSON). Section Timestamps: 00:28 - This week's guest 01:06 - Who’s coming on in future weeks 01:23 - Money Makers Circle 02:03 - Review of the week 02:45 - Corporate news 07:57 - Results summary 10:24 - Q&A with Simon Barnard 11:19 - The impact of 2022 on the Smithson Investment Trust 14:08 - Core metrics at the end of 2022 17:12 - Have investors got it wrong? 19:14 - The current environment for growth investing 22:06 - Resilience of companies to recession or entrenched inflation 23:49 - Portfolio changes 28:20 - New acquisitions 31:51 - The impact of the dollar 33:13 - The investment trust and share buy backs 35:45 - The fee structure 36:14 - Plans for 2023 37:13 - Understanding the company 39:36 - The core message to shareholders in the trust 41:21 - Close Trusts mentioned (with tickers): BH Macro (BHMG), Home REIT (HOME), Abdrn Smaller Companies Income Trust (ASCI), Shires Income (SHRS), Aquila Energy Efficiency Trust (AEET), Brunner Investment Trust (BUT), Herald Investment Trust (HRI), Riverstone Credit Opportunities Income (RCOI), City of London Investment Trust (CTY), Diverse Income Trust (DIVI), Brown Advisory (BASC). 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 Baillie Gifford Japan Trust (BGFD). 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 140 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.

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Colette Ord, head of real asset research, and Andrew Rees, property analyst, both at Numis Securities. Section Timestamps: 0:00:28 - This week's guests 0:00:55 - Who's coming on in future weeks 0:01:29 - Review of the week 0:03:45 - Results summary 0:06:07 - Money Makers Circle 0:07:25 - Q&A with Colette Ord 0:08:06 - The year so far in infrastructure and renewable energy 0:09:35 - Gilt yields and spreads 0:14:42 - 3i Infrastructure (3IN) 0:20:54 - AT85 IPO 0:30:15 - Share buy-backs and Cordiant Digital Infrastructure (CORD) 0:35:58 - Divergence between sectors 0:40:29 - Octopus Renewables (ORIT) 0:43:09 - Q&A with Andrew Rees 0:43:28 - Overview of commercial property trusts 0:45:11 - This week's commercial property announcements 0:59:15 - Discounts across the commercial property sector 1:02:55 - The gap between gilts and dividends 1:04:38 - Share price weakness in the property sector this week 1:05:58 - Close Trusts mentioned (with tickers): Scottish American Investment Company (SAIN), BlackRock Throgmorton Trust (THRG), JPMorgan Mid Cap (JMF), Syncona (SYNC), 3i Infrastructure (3IN), AT85, Digital 9 Infrastructure (DGI9), HICL Infrastructure (HICL), Cordiant Digital Infrastructure (CORD), Aquila European Renewables (AERS), Bluefield Solar Income Fund (BSIF), Gresham House Energy Storage (GRID), SDCL Energy Efficiency (SEIT), Octopus Renewables (ORIT), Balanced Commercial Property Trust (BCPT), Custodian Property Income REIT (CREI), LXi REIT (LXI), PRS REIT (PRS), Civitas Social Housing (CSH). 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 Urban Logistics REIT (SHED). Jonathan also meets up with Hugh Yarrow, manager of the Evenlode Income Fund, a favourite open-ended fund. 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 140 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.