Money Makers

In this week's shorter than normal edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Tom Stevenson, investment director at Fidelity International, and looks ahead to some key events in 2024. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 00:55 - This week's guest 01:15 - Looking ahead to 2024 03:47 - Review of the week 05:24 - Corporate news and announcements 05:37 - Money Makers Circle 06:25 - Q&A with Tom Stevenson 07:01 - Looking back at 2023 08:46 - Expectations for 2024 14:49 - The best way to manage money 18:11 - Opportunities to add value 21:40 - Investment trusts in general 23:44 - Cost disclosure and consumer duty 25:59 - The investment trust rally 29:35 - Personal highlights in writing about investment trusts 33:23 - Close Trusts mentioned this week (with tickers): Biopharma Credit (BPCR), Hipgnosis Songs Fund (SONG), Seraphim Space Investment Trust (SSIT), Digital 9 Infrastructure (DGI9), Chrysalis (CHRY), Scottish Mortgage (SMT), Polar Capital Technology Trust (PCT), Allianz Technology Trust (ATT), Smithson (SSON), Edinburgh Worldwide (EWI), RIT Capital Partners (RCP), RTW Biotech Opportunities (RTW), Schroder Oriental Income Fund (SOI), Balanced Commercial Property Trust (BCPT), International Public Partnerships (INPP), Schroder Japan (SJG). If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook. This week, as well as the usual features, the Circle will feature Schroder Asian Total Return (ATR). Future profiles include the Witan Investment Trust (WTAN) and Sequoia Economic Infrastructure Income (SEQI). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and the regular features available in the Circle. 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 190 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 Richard Stone, chief executive of The Association of Investment Companies (The AIC). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 00:49 - Looking back at 2023 06:22 - This week's guest 08:03 - Corporate news, announcements, and results 08:49 - Money Makers Circle 09:14 - Q&A with Richard Stone 09:55 - The experience of heading the AIC in recent years 11:05 - Key member concerns 14:11 - Cost disclosure 25:47 - Consumer duty 31:59 - Quilter Cheviot shareholder engagement report 34:17 - Corporate governance 39:41 - Liquidity in investment trust shares 41:15 - ESG factors and disclosures 43:27 - Challenges and risks looking ahead 46:54 - Looking ahead and a Happy New Year 47:49 - Close Trusts mentioned this week (with tickers): ThomasLloyd Energy Impact (TLEI), Home REIT (HOME), Digital 9 Infrastructure (DGI9), Chenavari Toro Income Fund (TORO), Geiger Counter (GCL), Biopharma Credit (BPCR), Downing Strategic Micro-Cap (DSM), HgCapital (HGT), Scottish Mortgage (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. There is no profile this week, but next week the Circle will feature Schroder Asian Total Return (ATR). Future profiles include the Witan Investment Trust (WTAN). Remember to look out for the latest edition of our new weekly email which summarises Jonathan's latest thoughts and the regular features available in the Circle. 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 190 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 Trust Newsletter, and Tom Poynton, a director at Baron & Grant. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 00:39 - Review of the week 01:38 - This week's guest 01:51 - Next week's podcast 03:26 - Money Makers Circle 04:10 - Q&A with Andrew McHattie and Tom Poynton 04:53 - The markets overall 08:55 - Positioning for lower interest rates in 2024 13:43 - Activist investors 16:36 - Renewable infrastructure trusts 26:28 - Hipgnosis Songs Fund 33:18 - Home REIT (HOME) 38:24 - Commercial property 44:17 - Looking back at the year 53:35 - Thank you and Merry Christmas 54:02 - Close Trusts mentioned this week (with tickers): Pershing Square Holdings (PSH), Brunner Investment Trust (BUT), Tritax Big Box (BBOX), Bluefield Solar Income (BSIF), Octopus Renewables Infrastructure (ORIT), Hipgnosis Songs Fund (SONG), Home REIT (HOME), Digital 9 Infrastructure (DGI9), European Opportunities Trust (EOT), Aquila European Renewables (AERS), Greencoat UK Wind (UKW), Foresight Solar Fund (FSFL), LXi REIT (LXI), LondonMetric (LMP), TR Property (TRY), MIGO Opportunities Trust (MIGO), Majedie Investments (MAJE), Polar Capital Global Healthcare (PCGH), 3i Group (III), Pantheon International (PIN), Allianz Technology (ATT), Polar Capital Technology (PCT), Manchester and London (MNL), HgCapital Trust (HGT), Oakley Capital (OCI), 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 J.P.Morgan UK Smaller Companies (JMI). Future profiles coming soon include Schroder Asian Total Return (ATR) and the Witan Investment Trust (WTAN). Remember to look out for the latest edition of our new weekly email which summarises Jonathan's latest thoughts and the regular features available in the Circle. 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 190 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 Will Fraser-Allen, managing partner of Albion Capital and chairman of the Venture Capital Association. 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 - Review of the week 0:03:00 - This week's guests 0:03:40 - Money Makers Circle 0:04:11 - Corporate news and announcements 0:06:47 - Summary of results 0:09:13 - The Investment Trusts Handbook 2024 0:11:10 - Q&A with Anthony Leatham 0:11:44 - Looking at the week 0:16:41 - The cost disclosure issue 0:22:58 - Share buy backs 0:29:14 - Battery storage trusts 0:32:14 - Digital infrastructure 0:35:49 - Consolidation 0:39:23 - Q&A with Will Fraser-Allen 0:40:05 - A look at what VCTs do 0:43:36 - Regulations around VCTs 0:46:30 - The outlook for VCT fundraising 0:48:33 - Characterising performance 0:54:06 - How to approach VCT investments 0:57:03 - Distinguishing between trusts 0:59:30 - The impact of the consumer duty and fees 1:03:56 - Current worries 1:04:58 - Best case outcomes 1:08:55 - Close Trusts mentioned this week (with tickers): Abrdn Diversified Income and Growth (ADIG), Triple Point Energy Transition (TENT), GCP Asset Backed Income (GABI), Invesco Select (IVPU), J.P.Morgan China Growth and Income (JCGI), Henderson European Focus (HEFT), J.P.Morgan Indian (JII), Schroder UK Mid Cap (SCP), Polar Capital Global Healthcare (PCGH), J.P.Morgan Asian Growth and Income (JAGI), GCP Infrastructure (GCP), Polar Capital Technology (PCT), Montanaro European Smaller Companies (MTE), Taylor Maritime (TMI), J.P.Morgan European Discovery (JEDT), STS Global Income and Growth (STS), Miton UK Micro Cap (MINI), Ashoka WhiteOak Emerging Markets (AWEM), Gore Street Energy Storage (GSF), Global Smaller Companies Trust (GSCT), Worldwide Healthcare (WWH), Schiehallion (MNTN), Chrysalis (CHRY), Gresham House Energy Storage (GRID), Digital 9 Infrastructure (DGI9), European Opportunities Trust (EOT), Albion VCT (AAVC), Albion Development VCT (AADV), Albion Enterprise VCT (AAEV), Albion Technology and General VCT (AATG). 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 VinaCapital Vietnam Opportunity (VOF). Future profiles coming soon include J.P.Morgan UK Smaller Companies (JMI) and Schroder Asian Total Return (ATR). Also, remember to look out for the second of our new weekly emails summarising Jonathan's latest thoughts alongside all of the regular features available in the Circle. 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 190 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 Baroness Ros Altmann CBE about her recent Private Members Bill to address the cost disclosure issue in investment trusts. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 00:39 - This week's guests 01:21 - Money Makers Circle 02:10 - Review of the week 04:56 - Summary of results 06:08 - The Investment Trusts Handbook 2024 07:30 - Q&A with James Carthew 07:39 - Market developments 10:36 - Discussing individual trusts 27:40 - Selected results this week 32:49 - Prospects for a continuing Santa Rally 35:08 - Q&A with Baroness Altmann CBE 35:27 - The Private Members' Bill 39:32 - What happens next? 45:27 - Timescale for a resolution 47:53 - Views of the AIC 50:23 - Transparency and accuracy in disclosure 57:40 - Impact of cost disclosure on derating 59:45 - Close Trusts mentioned this week (with tickers): J.P.Morgan Japanese (JFJ), Personal Assets Trust (PNL), Monks Investment Trust (MNKS), Templeton Emerging Markets (TEM), Biopharma Credit (BPCR), VinaCapital Vietnam Opportunity Fund (VOF), Picton Property Income (PCTN), European Opportunities Trust (EOT), Residential Secure Income (RESI), Ecofin US Renewables (RNEW), Barings Emerging EMEA Opportunities (BEMO), Finsbury Growth and Income (FGT), Lindsell Train Investment Trust (LTI), BlackRock Frontiers Investment Trust (BRFI), Tritax Eurobox (EBOX), Lowland (LWI), Chrysalis (CHRY). 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 Greater Europe (BRGE). Future profiles coming soon include VinaCapital Vietnam Opportunity (VOF) and J.P.Morgan UK Smaller Companies (JMI). 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 190 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 Charles Luke, manager of the Murray Income Trust (MUT). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 0:01:02 - Money Makers Circle 0:01:35 - Investment Trusts Handbook 2024 0:02:41 - This week's guests 0:03:50 - Review of the week 0:06:03 - Q&A with Andrew McHattie 0:06:27 - The sector and the markets overall 0:12:12 - Proposed mergers 0:19:27 - Other trusts in the news 0:35:38 - Continuation votes 0:44:43 - The continuing theme of continuation votes, mergers, etc. 0:47:15 - Q&A with Charles Luke 0:47:56 - The UK equity market 0:50:01 - The catalyst for change in the UK market 0:51:51 - How Murray Income differs from others in the sector 0:54:50 - The impact of ESG on performance 0:57:42 - The portfolio 1:01:12 - Dividends and income 1:05:18 - The discount and gearing 1:07:33 - Consolidation opportunities 1:08:43 - Why invest in Murray Income? 1:10:59 - Close Trusts mentioned this week (with tickers): Worldwide Healthcare (WWH), TR Property (TRY), Abrdn New India (ANII), HICL Infrastructure (HICL), STS Global Income and Growth (STS), Troy Income and Growth (TIGT), Fidelity China Special Situations (FCSS), Abrdn China Investment Company (ACIC), Asian Energy Impact (AEIT), Home REIT (HOME), Digital 9 Infrastructure (DGI9), Chrysalis (CHRY), Schiehallion Fund (MNTN), Augmentum Fintech (AUGM), Manchester and London (MNL), Keystone Positive Change (KPC), Abrdn European Logistics Income (ASLI), Tritax EuroBox (EBOX), Vietnam Holding (VNH), JLEN Environmental Assets (JLEN), Oakley Capital (OCI), Bluefield Solar Income Fund (BSIF). 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 International Biotechnology Trust (IBT). Future profiles coming soon include BlackRock Greater Europe (BRGE) and VinaCapital Vietnam Opportunity (VOF). 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 190 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 Emma Bird, head of research at Winterflood Securities, John Evans, chairman at J.P.Morgan Mid-Cap (JMF), and Andrew Impey, chairman at J.P.Morgan UK Smaller Companies (JMI). 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 - Review of the week 0:03:36 - This week's guests 0:04:26 - Money Makers Circle 0:05:13 - Corporate news and announcements 0:11:35 - Summary of results 0:16:14 - Q&A with Emma Bird 0:16:32 - A turning point in the investment trust cycle? 0:22:01 - The Autumn Statement 0:23:02 - Interesting trusts 0:26:51 - The property sector 0:32:43 - Trusts' performance 0:38:26 - The sector as a whole and yields 0:40:53 - Q&A with John Evans and Andrew Impey. 0:41:54 - Origins of the merger proposal 0:46:28 - Why have the small cap trust as the continuing vehicle 0:49:56 - The look of the combined trust 0:52:51 - Differentiation 0:53:51 - Cash exit offer 0:57:51 - Enhanced income approach 1:03:13 - Managerial decisions 1:05:13 - The health of the sector 1:11:18 - Close Trusts mentioned this week (with tickers): Seraphim Space Investment Trust (SSIT), Literacy Capital (BOOK), JPMorgan UK Smaller Companies (JMI), JPMorgan Mid-Cap (JMF), BBGI Global Infrastructure (BBGI), Picton Property Income (PCTN), UK Commercial Property (UKCM), Hipgnosis Songs Fund (SONG), Gresham House Energy Storage (GRID), Biopharma Credit (BPCR), Caledonian (CLDN), Edinburgh Investment Trust (EDIN), HICL Infrastructure (HICL), Next Energy Solar Fund (NESF), Pantheon International (PIN), TwentyFour Select Monthly Income (SMIF), Sequoia Economic Infrastructure (SEQI), CT Private Equity (CTPE), TR Property (TRY), Tritax Big Box (BBOX), LXi REIT (LXI), Supermarket Income REIT (SUPR), Regional REIT (RGL), Value and Indexed Property Income (VIP), Triple Point Social Housing (SOHO), 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 Fidelity Asian Values (FAS). Future profiles coming soon include International Biotechnology Trust (IBT) and BlackRock Greater Europe (BRGE). 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 Ewan Lovett-Turner, head of research at Deutsche Numis (formerly Numis Securities). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 00:39 - This week's guest 01:38 - Money Makers Circle 03:13 - Review of the week 04:56 - Corporate news and announcements 10:18 - Summary of results 12:26 - Q&A with Ewan Lovett-Turner 14:16 - Are buyers returning to the market? 15:44 - The economic and sector outlook 17:18 - Cost disclosure 23:43 - The alternatives sector 29:01 - Consolidation 33:13 - Continuation votes 35:51 - Capital Gearing Trust (CGT) 38:25 - Hedge Funds 40:50 - Close Trusts mentioned this week (with tickers): Baillie Gifford Japan (BGFD), BH Macro (BHMG), JPMorgan UK Smaller Companies (JMI), JPMorgan Mid Cap (JMF), European Opportunities Trust (EOT), BlackRock Smaller Companies (BRSC), Henderson Opportunities Trust (HOT), JPMorgan European Discovery (JEDT), Picton Property Income (PCTN), UK Commercial Property (UKCM), Baillie Gifford European Growth (BGEU), Syncona (SYNC), Hansa Trust (HAN), Value and Indexed Property Income (VIP), Warehouse REIT (WHR), Capital Gearing Trust (CGT), Bluefield Solar Income (BSIF), Foresight Solar Fund (FSFL), Henderson Smaller Companies (HSL), Scottish Mortgage (SMT), Edinburgh Worldwide (EWI), Baillie Gifford US Growth (USA), Greencoat UK Wind (UKW), Pershing Square Holdings (PSH), Third Point Investors (TPOU). 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 Nippon Active Value Fund (NAVF) . Future profiles coming soon include Fidelity Asian Values (FAS) and International Biotechnology Trust (IBT). 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 Ben Guest, manager of Gresham House Energy Storage (GRID), and Guy Anderson, manager of the Mercantile Investment Trust (MRC). 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 0:02:11 - Review of the week 0:04:53 - Corporate news and announcements 0:12:03 - Summary of results 0:17:23 - Money Makers Circle 0:17:50 - Q&A with Ben Guest 0:18:00 - Reasons behind share price declines 0:19:23 - Battery energy storage 0:23:18 - Setting prices 0:28:09 - The outlook for power prices and volatility 0:30:05 - The dividend 0:35:09 - The discount rate 0:36:50 - International diversification 0:43:32 - Changes from the original prospectus 0:45:17 - Q&A with Guy Anderson 0:45:29 - Improvements in the UK market 0:48:56 - Political risk 0:54:22 - How the trust fits into the wider landscape 0:58:42 - The investment style 1:02:52 - Changes to the portfolio 1:10:30 - Gearing 1:12:08 - The dividend 1:13:36 - The discount 1:14:49 - Close Trusts mentioned this week (with tickers): Gresham House Energy Storage Trust (GRID), Gore Street Energy Storage (GSF), Harmony Energy Impact Trust (HEIT), Mercantile Investment Trust (MRC), Digital 9 Infrastructure (DGI9), Chrysalis (CHRY), Schiehallion (MNTN), UK Commercial Property Trust (UKCM), Picton Property Income (PCTN), Home REIT (HOME), Hipgnosis Songs Fund (SONG), Round Hill Music Royalty (RHM), European Opportunities Trust (EOT), Downing Strategic Micro-Cap (DSM), Abrdn New Dawn (ABD), Asia Dragon Trust (DGN), RIT Capital Partners (RCP), Abrdn Equity Income (AEI), Henderson Opportunities Trust (HOT), Fidelity Special Values (FSV), AVI Global (AGT), Schroder Oriental Income (SOI), Scottish Oriental Smaller Companies (SST), BlackRock Greater Europe (BRGE), International Biotechnology Trust (IBT), Scottish Mortgage (SMT), 3i Group (III), 3i Infrastructure (3IN), Biotech Growth Trust (BIOG), HgCapital Trust (HGT), Regional REIT (RGL), HICL Infrastructure Trust (HICL), Octopus Renewables Infrastructure (ORIT), Riverstone Energy (RSE), Schroders Capital Global Innovation (INOV), Foresight Sustainable Forestry (FSF). 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 Balanced Commercial Property Trust (BCPT). Future profiles coming soon include Nippon Active Value Fund (NAVF) and Fidelity Asian Values (FAS). 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 Nick Greenwood, manager of the MIGO Opportunities Trust (MIGO). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 00:39 - Review of the week 04:53 - This week's guest 05:44 - Corporate news and announcements 16:51 - Summary of results 19:44 - Money Makers Circle 21:02 - Q&A with Nick Greenwood 21:09 - The most recent developments in the markets 22:25 - The alternatives sector 29:13 - The property sector 30:34 - Private equity 34:31 - Early stage high risk investment trusts 38:18 - Looking at successes 44:23 - Future direction of MIGO 47:17 - Close Trusts mentioned this week (with tickers): Urban Logistics REIT (SHED), Chrysalis (CHRY), Target Healthcare REIT (THRL), Digital 9 Infrastructure (DGI9), Tritax Big Box (BBOX), TR Property (TRY), Seraphim Space Investment Trust (SSIT), RTW Biotech Opportunities (RTW), Rockwood Strategic (RKW), Taylor Maritime (TMIP), Hydrogenone (HGEN), Hipgnosis Songs Fund (SONG), MIGO Opportunities Trust (MIGO), ThomasLloyd Energy Impact (TLEI) / Asian Energy Impact Trust (AEIP/AEIT), Troy Income and Growth (TIGT), Biopharma Credit (BPCR/BPCP), US Solar Fund (USF), Round Hill Music Royalty Fund (RHM), RM Infrastructure Income (RMII), Capital Gearing Trust (CGT), Baillie Gifford Japan (BGFD), Asia Dragon (ADN), Henderson International Income (HINT), Schroder BSC British Opportunities Trust (SBSI), Aquila European Renewables (AERS), Ecofin US Renewables Infrastructure (RNEW), Home REIT (HOME), Phoenix Spree Deutschland (PSDL), Pantheon International (PIN), NB Private Equity (NBPE), Oakley Capital Investments (OCI), Biotech Growth Trust (BIOG), International Biotechnology Trust (IBT), Geiger Counter (GCL), Yellow Cake (YCA), VinaCapital Vietnam Opportunity Fund (VOF), Vietnam Enterprise Investments (VEIL), Ashoka India Equity (AIE), India Capital Growth (IGC). 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 Brunner Investment Trust (BUT). Future profiles coming soon include Balanced Commercial Property Trust (BCPT) and Nippon Active Value Fund (NAVF). 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.