Money Makers

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Elisabeth Stheeman, Chair of Edinburgh Investment Trust.

This discussion was recorded on 07 November 2024.

Section Timestamps:

0:00:24 - Introduction

0:01:00 - The route to becoming an investment trust director

0:02:28 - Impressions of investment trust boards

0:04:59 - The change of manager at Edinburgh Investment Trust

0:20:10 - A short break

0:21:05 - Edinburgh Investment Trust today

0:24:10 - The trust’s discount and share buy backs

0:28:56 - Gearing policies

0:32:09 - Feelings about the current position in the market cycle

0:34:38 - The UK equity income sector, consolidation, and differentiation

0:40:58 - 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.

This week, as well as the usual features, the Circle features a profile of Schroder Japan (SJG). Future profiles include BlackRock Latin American (BRLA) and JPMorgan Global Growth and Income (JGGI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year.

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 more than 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Gaurav Narain, lead manager at India Capital Growth Fund (IGC).

This discussion was recorded on Monday 18 November 2024.

Section Timestamps:

0:00:24 - Introduction

0:00:44 - The Indian economy since Modi’s re-election

0:03:06 - Implications from the US election result

0:04:12 - The bigger picture in India

0:06:12 - The interplay between the Indian and Chinese equity markets

0:11:12 - A short break

0:12:07 - Discussing the trust

0:14:18 - Debt, the portfolio criteria, and gearing

0:16:34 - A threat from passive funds?

0:18:52 - Retail investor sensitivity to volatility

0:20:04 - The size of the trust

0:21:04 - The change of ownership

0:22:45 - Why choose India Capital Growth?

0:25:24 - 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.

This week, as well as the usual features, the Circle features a profile of Schroder Japan (SJG). Future profiles include BlackRock Latin American (BRLA) and JPMorgan Global Growth and Income (JGGI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year.

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 more than 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter.

This discussion was recorded on Friday 15 November 2024.

Section Timestamps:

0:00:23 - Introduction

0:00:44 - Market reactions to big events of the past few weeks

0:05:22 - Scottish Mortgage Trust (SMT)

0:09:02 - Fidelity Special Values (FSV)

0:12:43 - 3i Infrastructure (3IN)

0:14:54 - Henderson Far East Income (HFEL)

0:18:19 - A short break

0:19:14 - Weiss Korea Opportunity Fund (WKOF)

0:20:51 - The collapse of HH2E, and the renewable energy sector

0:26:08 - J.P.Morgan Core Real Assets (JARA)

0:29:07 - GCP Asset Backed Income (GABI) / Blackstone Loan Financing (BGLF)

0:32:28 - Tritax Eurobox (EBOX) and consolidation in commercial property

0:34:29 - Baillie Gifford China Growth (BGCG) and the China trusts

0:39:37 - 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.

This week, as well as the usual features, the Circle features a profile of Temple Bar (TMPL). Future profiles include Schroder Japan (SJG) and BlackRock Latin American (BRLA). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year.

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 more than 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Jack Caffrey, co-portfolio manager at J.P.Morgan American Investment Trust (JAM).

Section Timestamps:

0:00:24 - Introduction

0:00:54 - Reaction to the US election result

0:04:08 - The resilience of the US market

0:06:53 - Value as a style

0:09:03 - Tariffs

0:11:47 - The strength of the dollar

0:14:04 - A short break

0:15:00 - Risks from a changing Fed chairperson

0:16:45 - Thoughts on Tesla and Nvidia

0:20:52 - Berkshire Hathaway and Buffet’s decision to sell Apple

0:22:59 - The approach to portfolio management

0:24:45 - Sustainability of the annualised total return

0:26:30 - 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.

This week, as well as the usual features, the Circle features a profile of Temple Bar (TMPL). Future profiles include Schroder Japan (SJG) and BlackRock Latin American (BRLA). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year.

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 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Martin Gilbert, original founder of Aberdeen Asset Management, and current chairman of AssetCo.

Section Timestamps:

0:00:24 - Introduction

0:00:41 - An end in sight to the tough period of the last few years?

0:02:21 - Discounts and share buy backs

0:03:55 - The use of gearing

0:04:53 - Will consolidation continue?

0:07:18 - Being an active fund manager today

0:09:30 - Does an Asian investment trust still make sense?

0:12:12 - A short break

0:13:07 - The experience so far with AssetCo

0:14:48 - Developing AssetCo

0:18:15 - Is private a better model?

0:20:41 - Attracting private investors

0:21:50 - A time for optimism or pessimism

0:23:18 - 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.

This week, as well as the usual features, the Circle features a profile of Manchester and London (MNL). Future profiles include Temple Bar (TMPL) and Schroder Japan (SJG). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year.

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 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Nick Hyett, investment manager at Wealth Club, and Robert Whitby-Smith, partner in Albion Capital.

Section Timestamps:

0:00:24 - Introductions

0:01:32 - Reaction to the budget

0:04:31 - Performance of tax-efficient products so far this year

0:08:23 - Looking at the VCT market overall

0:11:37 - A short break

0:12:32 - Interest rates and the broader market environment

0:17:44 - Diversification of holdings

0:20:24 - Changes in an ideal world

0:22:31 - 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.

This week, as well as the usual features, the Circle features a profile of Manchester and London (MNL). Future profiles include Temple Bar (TMPL) and Schroder Japan (SJG). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year.

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 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Peter Spiller, manager of Capital Gearing Trust (CGT).

We apologise for the poor line quality in the call for this discussion. An edited transcript is available for those who would prefer to read this interview: https://money-makers.co/2024/11/04/podcast-transcript-peter-spiller-237/

Section Timestamps:

0:00:24 - Introduction

0:00:36 - The Budget in general

0:07:10 - Inheritance tax and the non-dom status

0:08:37 - Farming

0:11:32 - Tax changes for savings and investments

0:12:48 - A short break

0:13:44 - Overall picture for the UK market

0:17:17 - Gilts

0:19:30 - US Presidential election

0:22:19 - Context on what is seen around the world

0:24:36 - 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.

This week, as well as the usual features, the Circle features a profile of CQS New City High Yield (NCYF). Future profiles include Manchester and London (MNL) and Temple Bar (TMPL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year.

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 more than 230 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Prashant Khemka, manager of Ashoka WhiteOak Emerging Markets Trust (AWEM) and the Ashoka India Equity Trust (AIE).

Section Timestamps:

0:00:24 - Introduction

0:01:13 - Thoughts on the Asia Dragon merger with Invesco Asia

0:04:28 - Emerging markets in general

0:11:37 - The significance of China in emerging markets

0:15:30 - Thc characterisation of value in India and China

0:19:33 - A short break

0:20:28 - Why own a global emerging markets trust over just an Indian trust?

0:22:00 - Volatility of the Indian and Chinese markets

0:27:12 - The US election

0:29:21 - How geopolitics might impact on India

0:31:18 - The impact of cost disclosure

0:32:58 - The case for investing in this trust over others in emerging markets

0:34:48 - 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.

This week, as well as the usual features, the Circle features a profile of CQS New City High Yield (NCYF). Future profiles include Manchester and London (MNL) and Temple Bar (TMPL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year.

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 more than 230 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Richard Shepherd-Cross, manager of the Custodian Property Income REIT (CREI) to discuss the trust.

Section Timestamps:

0:00:23 - Introduction

0:00:51 - Looking back over ten years of CREI

0:03:14 - Pros and cons of managing a commercial property trust

0:08:12 - Capital growth

0:13:08 - Cost of ownership and cost disclosure

0:16:37 - Gearing

0:21:04 - A short break

0:21:59 - The discount

0:31:00 - The merger proposal with Abrdn Property Income (API)

0:34:35 - Are investment trusts really the best structure for commercial property?

0:39:03 - Risk of an undervalued takeover

0:42:59 - 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.

This week, as well as the usual features, the Circle features a profile of Mid Wynd International (MWY). Future profiles include CQS New City High Yield (NCYF) and Manchester and London (MNL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year.

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 more than 230 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie to discuss the markets.

Section Timestamps:

0:00:24 - Introduction

0:00:37 - An overview of the markets around the world

0:03:08 - Alliance Witan (ALW)

0:09:08 - Tetragon Financial (TFG)

0:13:28 - Digital 9 Infrastructure (DGI9)

0:17:22 - Crystal Amber Fund (CRS)

0:20:21 - A short break

0:21:16 - Redemption opportunities

0:22:00 - AVI Japan Opportunity Trust (AJOT)

0:24:56 - Bellevue Healthcare (BBH)

0:29:43 - Mercantile Investment Trust (MRC)

0:31:38 - Gearing

0:33:08 - Literacy Capital (BOOK)

0:37:18 - Battery storage trusts (GSF, HEIT)

0:42:38 - Thoughts on performance this year

0:44:02 - 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.

This week, as well as the usual features, the Circle will feature a profile of Mid Wynd International (MWY), due to publication on 23 October. Future profiles include CQS New City High Yield (NCYF) and Manchester and London (MNL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year.

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 more than 230 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.