Money Makers

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CPMG/CPMI). Trusts mentioned this week (with tickers) include: Majadie Investment Trust (MAJE), JPMorgan Indian Investment Trust (JII), Ecofin Global Utilities and Infrastructure Trust (EGL), Aberdeen Diversified Income and Growth (ADIG), Chenavari Toro Income Fund (TORO), Artemis Alpha (ATS), MIGO Opportunities Trust (MIGO), Atlantis Japan Growth (AJGF), Civitas Social Housing (CSH), Triple Point Social Housing (SOHO), VPC Speciality Lending (VSL), NB Global Monthly Income (NBMI), TwentyFour Income Fund (TFIF), Biopharma Credit (BPCR), GCP Asset Backed Income (GABI), Home REIT (HOME), Scottish Mortgage Investment Trust (SMT), HG Capital Trust (HGT), Fidelity Special Values (FSV), Law Debenture (LWDB), Finsbury Growth and Income (FGT), BH Macro (BHMG), Ruffer Investment Company (RICA), Personal Assets Trust (PNL), Capital Gearing Trust (CGT), Aurora Investment Trust (ARR), Bellevue Healthcare (BBH), HBM Healthcare Investments (SWX:HBMN), BB Biotech (SWX:BION), Biotech Growth Trust (BIOG), International Biotechnology Trust (IBT), Princess Private Equity (PEY), Apax Global Alpha (APAX), Greencoat UK Wind (UKW), Hipgnosis Songs Fund (SONG), Round Hill Music Royalty Fund (RHM). Section Timestamps: 0:00:35 - Recapping the week 0:02:00 - Summarising results 0:05:41 - Corporate news 0:08:10 - Money Makers Circle 0:09:00 - Q and A with Peter Hewitt 0:09:56 - How has the year been? 0:14:22 - How does this bear market compare to the past? 0:17:14 - Growth versus income 0:19:54 - Will next year see the bottom of the recession? 0:23:25 - The investment trust sector 0:24:10 - Winding up trusts: a healthy development? 0:25:56 - Has Peter invested in a debt fund? 0:28:06 - Social housing trusts 0:35:28 - Discounts and discount controls 0:39:48 - The growth portfolio 0:44:54 - The income portfolio 0:49:47 - Managing currency risk 0:51:57 - Underlying discount on the portfolio 0:55:50 - Music royalty trusts 1:00:20 - Looking forward to next year 1:01:48 - Investment Trusts Handbook 1:02:43 - 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. In addition to the regular features, this week the Circle features a profile of JLEN Environmental (JLEN), along with notes from Jonathan on the 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 nearly 140 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. 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 Nick Greenwood, manager of MIGO Global Opportunities Trust (MIGO). Trusts mentioned this week (with tickers) include: Global Smaller Companies Trust (GSCT), JPMorgan Asia Growth and Income (JAGI), JPMorgan China Growth and Income (JCGI), JPMorgan Japanese (JFJ), JPMorgan European Discovery (JEDT), Polar Capital Technology (PCT), Polar Capital Global Healthcare (PCGH), GCP Infrastructure (GCP), Gore Street Energy Storage (GSF), Foresight Sustainable Forestry (FSF), Custodian Property Income REIT (CREI), Ediston Property (EPIC), Doric Nimrod Air One/Two/Three (DNA, DNA2, DNA3), Pantheon Infrastructure (PINT), Sequoia Economic Infrastructure Income (SEQI), Octopus Renewables Infrastructure (ORIT), Alpha Real (ARTL), Dunedin Enterprise (DNE), Artemis Alpha (ATS), Strategic Equity Capital (SEC), River and Mercantile Micro Cap (RMMC), Miton UK Micro Cap (MINI), Downing Strategic Micro Cap (DSM), Third Point Investors (TPOU), Nippon Active Value Fund (NAVF), Cambium Global Timberland (TREE), Tufton Oceanic Assets (SHIP), Polar Capital Global Financials (PCFT), Biotech Growth Trust (BIOG), International Biotechnology Trust (IBT), Amedeo Air Four Plus (AA4), VPC Speciality Lending Investments (VSL), Yellow Cake (YCA), Geiger Counter (GCL), Macau Property Opportunities (MPO), Phoenix Spree Deutschland (PSDL), Chrysalis Investments (CHRY), Schroder UK Public Private (SUPP), Oakley Capital (OCI), NB Private Equity (NBPE). Section Timestamps: 00:22 - Introducing the latest Investment Trusts Handbook 03:08 - Introducing Nick Greenwood 03:42 - Review of the week 05:35 - Selected results 07:37 - Money Makers Circle 08:54 - Q and A with Nick Greenwood 11:35 - Widening discounts an opportunity? 13:49 - The MIGO approach 15:47 - Exited positions 17:39 - UK Micro Cap 27:34 - Number of holdings in the portfolio 28:19 - Recent purchases 31:35 - What's behind the dramatic biotech selloff? 23:20 - Aircraft leasing 32:14 - Broader portfolio themes 31:27 - Property 40:21 - Private equity and growth capital 47:35 - Are we through the worst of the discount widening? 51:26 - Hopes for 2023 54:25 - 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. In addition to the regular features, this week the Circle features a profile of the Biotech Growth Trust (BIOG). 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 130 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. 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 Alastair Laing, co-manager of Capital Gearing Trust. Trusts mentioned this week (with tickers) include: Civitas Social Housing (CSH), Home REIT (HOME), LXI REIT (LXI), Value and Indexed Property (VIP), Hipgnosis Songs Fund (SONG), Schroder UK Mid Cap Investment Trust (SCP), Finsbury Growth and Income (FGT), Monks (MNKS), Securities Trust of Scotland (STS), Templeton Emerging Markets (TEM), Barings Emerging EMEA Opportunities (BEE), BlackRock Frontiers Investment Trust (BRFI). Section Timestamps: 00:39 - The Investment Trusts Handbook 02:23 - Capital Gearing Trust 03:33 - Q&A with Alastair Laing 04:36 - The thinking behind CGT's defensive stance 07:53 - Any significant changes at CGT? 10:48 - What would it take to start thinking about increasing equity and risk asset exposure? 14:04 - Could the US avoid a recession? 16:18 - Inflation cannot be won in one battle 18:32 - Danger of a wage-price spiral in the US? 20:05 - Opportunities from wide discounts in the investment trusts sector 21:56 - The rise of alternative assets 24:02 - Commercial property 30:24 - Music royalties 31:55 - Renewable energy trusts 35:13 - Equity markets, investment style, and small vs large cap 45:26 - Emerging markets, and the role of single country or specialist regional trusts in a portfolio 47:34 - The role of Japan in the portfolio 50:22 - Money Makers Circle 50:56 - 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. In addition to the regular features, this week the Circle features a profile of the JPMorgan Global Core Real Assets Trust (JARA). 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 130 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. 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 Max King, columnist for MoneyWeek, and former fund manager at Investec Asset Management; and also previews a discussion with Ben Rogoff, manager of Polar Capital Technology (PCT) - available in full for subscribers to the Money Makers Circle. Trusts mentioned this week (with tickers) include: Digital 9 Infrastructure Trust (DGI9), US Solar Fund (USF), Home REIT (HOME), Keystone Positive Change (KPC), Baillie Gifford UK Growth (BGUK), Baillie Gifford European (BGEU), JPMorgan Emerging Markets (JMG), Mobius Investment Trust (MMIT), Fidelity Emerging Markets (FEML), Chrysalis (CHRY), Schiehallion (MNTN), Literacy Capital (BOOK), Tritax Big Box (BBOX), TR Property (TRY), Odyssean Investment Trust (OIT), JPMorgan Global Core Real Assets (JARA), Life Science REIT (LABS). Section Timestamps: 00:32 - The Investment Trusts Handbook 2023 01:16 - Q&A with Max King 01:22 - The last three months and where we're at now 04:39 - Thoughts on investment trusts in general 06:27 - Discounts and alternative assets 09:05 - Markets and politics 09:53 - Looking at specific trusts 17:15 - Equity investment trusts sector 20:09 - Vietnam, China, and emerging markets 23:12 - Private equity 25:08 - Commercial property 28:43 - What has Max been doing? 31:17 - A summary of the week's results 34:15 - Money Makers Circle 34:44 - Q&A with Ben Rogoff (extract) 43:52 - 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. In addition to the regular features, this week the Circle features a piece by Edward Chancellor about the cryptocurrency market, and a profile of Pantheon International (PIN). Subscribers can also listen to the full conversation with Ben Rogoff, manager of Polar Capital Technology. Ben spoke about many issues including whether the market environment remains favourable to technology stocks, and some of the larger stocks in the sector. 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 130 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. 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 James Carthew of QuotedData; and also previews a discussion with Carlos Hardenberg, the lead manager of the Mobius Investment Trust (MMIT) - available in full for subscribers to the Money Makers Circle. Trusts mentioned this week (with tickers) include: Home REIT (HOME), Digital 9 Infrastructure (DGI9), AT85 Global Mid-Market Infrastructure Income, JPMorgan Russian Securities (JRS/JEMA), Chrysalis Investments (CHRY), The Renewables Infrastructure Trust (TRIG), Long Term Assets, Convicton Life Sciences, NB Monthly Income (NBMI). Section Timestamps: 00:45 - Review of the week 02:42 - Money Makers Circle 04:15 - James Carthew 06:15 - Fundraising 12:29 - Corporate news 31:35 - Windfall Profits Tax on renewable energy 39:19 - Q&A with Carlos Hardenberg 41:53 - Money Makers Circle 51:37 - 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. In addition to the regular features, this week the Circle features the full Q&A discussion with Carlos Hardenberg of the Mobius Investment Trust (MMIT), and a profile of the F&C Investment Trust (FCIT) 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 130 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. 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 Emma Bird and Shayan Ratnasingam of Winterflood Securities; and also previews a discussion with Paul and Richard Pindar of Literacy Capital, available in full for subscribers to the Money Makers Circle. Trusts mentioned this week (with tickers) include: ThomasLloyd Energy Impact (TLEI), Conviction Life Sciences, Troy Income and Growth (TIGT), Montanaro European Smaller Companies (MTE), Abrdn Japan (AJIT), Biotech Growth (BIOG), Syncona (SYNC), Schroder Real Estate Income (SREI), Seraphim Space Invementment Trust (SSIT). Section Timestamps: 01:10 - Reviewing the week 03:40 - Summary of the week's results 04:37 - Q&A with Emma Bird 04:49 - Reaction to the Autumn Statement 06:54 - Movements in the Investment Trusts sector 09:09 - Company expectations during a recession 11:38 - Distinguishing between sectors 13:22 - UK Equity Income sector 16:27 - Biotech and Healthcare sector 21:57 - Space sector 24:50 - Looking ahead 25:54 - Q&A with Shayan Ratnasingam 26:13 - Explaining the windfall tax 28:39 - When will the results of the windfall tax be reflected? 29:33 - Market reaction to the windfall tax 30:03 - The Market anticipation was about right? 31:01 - Share price reaction 34:00 - The importance of future prices and interest rates 36:15 - Paul and Richard Pindar (Literacy Capital) 44:59 - 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. In addition to the regular features, this week the Circle features a Q&A discussion with Paul and Richard Pindar of Literacy Capital (BOOK). 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 130 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. 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 Harry Nimmo, manager of the Abrdn UK Smaller Companies Growth Trust. Trusts mentioned this week (with tickers) include: Long Term Assets (LTA), ThomasLloyd Energy Impact (TLEP), Independent Investment Trust (IIT), Majedie Investments (MAJE), Biopharma Credit (BPCR), JPMorgan Russian Securities, AVI Global Trust (AGT), Abrdn Latin American Income Trust (ALAI), Scottish Mortgage Investment Trust (SMT), Capital Gearing Trust (CGT). Section Timestamps: 00:52 - Review of the week 07:51 - Results, NAV updates, and fundraising 09:25 - Corporate news 15:41 - The week's results 20:06 - Money Makers Circle 22:16 - Podcast format 22:50 - Q & A with Harry Nimmo 23:26 - How Harry got into managing investment trusts 28:16 - Differences in managing an investment trust vs open ended fund 30:37 - Message to investors during downturns 31:58 - How does the 2022 sell-off compare to others? 40:24 - Will there be a shift in style? Dash for trash 45:36 - Upcoming UK budget and tax changes 47:13 - The Future for AIM 49:45 - Discount and buybacks etc. 51:45 - A good time to start a small-cap fund manager career? 53:52 - Plans for retirement 54:49 - 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. In addition to the regular features, this week the Circle features a profile of Pantheon Infrastructure (PINT), and Jonathan has also written a series of notes about the pick-up seen this week indicates the start of a significant turnaround for equity markets or not. 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 130 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. 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 Ewan Lovett-Turner, head of investment trust research at Numis Securities. Trusts mentioned this week (with tickers) include: CQS Natural Resources Growth and Income (CYN), International Biotech (IBT), Fidelity Special Values (FSV), BlackRock Smaller Companies (BRSC), Princess Private Equity (PEY), International Public Partnerships (INPP), TwentyFour Income (TFIF), Independent Investment Trust (IIT), Starwood European Real Estate Finance (SWEF), Balanced Commercial Property Trust (BCPT). Section Timestamps: 00:36 - Review of the week and summary of results 04:55 - On the Money Makers Circle this week 05:29 - Q &A with Ewan Lovett-Turner - 05:44 - The overall market environment - 07:21 - Client sentiment - 09:12 - Discounts in the investment trusts sector - 12:37 - Understanding how different trusts are affected - 14:02 - The fundraising "desert" - 15:42 - Consolidation within the sector - 22:06 - What's going on in the debt sector? - 24:12 - Private equity - 28:51 - Are buybacks effective for alternative assets? - 35:52 - Commercial property - 38:08 - Looking ahead 40:54 - 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. The latest profiles to feature on the Money Makers Circle are: Strategic Equity Captial (SEC), Third Point Investors (TPOU), and NB Private Equity (NBPE). These are all available along with the usual regular features. 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 130 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. 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 attends the AIC's inaugural Investment Company Showcase event, held on Friday 28 October 2022. He is joined for brief chats, first by the CEO of The Association of Investment Companies, Richard Stone, followed by a number of the fund managers also in attendance. Section Timestamps: 01:06 - Review of the week 03:30 - Corporate news and accouncements 09:13 - A summary of the week's results 12:29 - Money Makers Circle 12:44 - Fund manager chats 12:50 - Richard Stone, CEO of The AIC 15:08 - Nick Brind, manager of Polar Capital Global Financials Trust (PCFT) 20:05 - Kyle Caldwell, Interactive Investor 24:51 - Jason Baggaley, Abrdn Property Income (API) 31:40 - Bruce Stout, Murray International 37:11 - Paul Niven, F&C Investment Trust (FCIT) 43:17 - James Henderson, Janus Henderson 50:09 - Paulo Almeida, Tufton Oceanic Assets 56:12 - Job Curtis, City of London Investment Trust 1:02:35 - The Investment Trusts Handbook 2023 1:03:07 - 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. 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 130 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin.

In a special edition of the Weekly Investment Trust Podcast which was recorded before the latest seismic political developments in 10 Downing Street, Jonathan Davis, the editor of the Investment Trusts Handbook, talks to Sandy Nairn, the manager and executive director of the Global Opportunities Trust (GOT) and author of The End of the Everything Bubble. Section Timestamps: 00:17 - Introducing Sandy Nairn 03:01 - Money Makers Circle 03:33 - Next week 04:00 - Discussion with Sandy Nairn 04:06 - The End of the Everything Bubble 07:38 - How bad can things get? 09:33 - The increase in debt 11:06 - The Federal Reserve 13:16 - Government bond yields 14:24 - The impact of politic pressures 16:56 - Why change the portfolio mandate? 21:40 - What would Templeton do? 25:30 - Self-managed trusts 26:59 - Understanding financial history 29:35 - The Crypto Bubble 31:41 - An optimistic outlook? 34:41 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook. 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 almost 130 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin.