Due to a technical issue, the audio quality in this edition is a bit lower than normal, for which we apologise.

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In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award (2024 and 2025), is joined by Peter Spiller, manager of Capital Gearing Trust (CGT), for an in-depth review of investment trusts yesterday, today and tomorrow. Saba, Smithson, discount controls, private equity and the coming market crisis among the issues covered.

This discussion was recorded on Thursday 04 December 2025.

*** OUT NOW: The 2026 Investment Trusts Handbook ***

Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358

The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.

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Section Timestamps:

0:00:24 - Introduction

0:01:02 - The historical context for discounts

0:05:41 - Consolidation and mergers

0:14:49 - Discount control and the measures available to boards

0:19:41 - A short break

0:20:48 - The now-abandoned HICL-TRIG merger and the renewables infrastructure sector

0:25:32 - Listed private equity in general

0:28:46 - Future perceptions of the alternatives sector

0:34:56 - The risk of a market crisis

0:39:25 - The chairman of the Federal Reserve

0:43:00 - Close

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Produced by Ben Gamblin - www.bgprofessional.co.uk