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 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.

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 George Ensor, manager of the River UK Micro Cap Investment Trust (RMMC).

Section Timestamps:

0:00:23 - Introducing this week’s guest

0:01:06 - The basic proposition

0:07:19 - Potential actions from the new government affecting the AIM IHT issue

0:09:30 - Exposure to trusts affected by potential budget changes

0:11:17 - The redemption facility

0:16:12 - Stockpicking philosophy

0:31:13 - A short break

0:32:08 - Selling stocks that are no longer defined as micro-cap

0:34:44 - Activism

0:36:09 - Reforming the UK equity market

0:40:28 - Why invest in the micro-cap trust

0:43:04 - 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 Henderson Opportunities (HOT). Future profiles include Mid Wynd International (MWY) and CQS New City High Yield (NCYF). 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 Evy Hambro, manager of the BlackRock World Mining Trust (BRWM).

Section Timestamps:

0:00:23 - The overall macro position

0:06:12 - AI and commodities

0:10:04 - The impact of the dollar

0:11:38 - A short break

0:12:33 - M&A activity

0:17:51 - Talking about the Trust (BRWM)

0:19:19 - Assumptions over the past two years that didn’t work out

0:22:48 - The dividend

0:24:47 - The share price and the discount

0:25:37 - Valuations

0:27:44 - 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 Edinburgh Worldwide (EWI). Future profiles include Henderson Opportunities (HOT) and Mid Wynd International (MWY). 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 Ben Conway, head of fund management at Hawksmoor Investment Management, and Nick Greenwood, manager of the MIGO Opportunities Trust (MIGO).

Section Timestamps:

0:01:14 - Introducing this edition’s guests

0:01:47 - A note on jargon

0:02:54 - Context of this week’s treasury announcement

0:11:29 - Good news for the investment trusts sector

0:14:20 - An unexpected announcement

0:18:34 - Correlation between interest rates and changing discounts

0:21:12 - A short break

0:22:08 - Assessing fees on market cap

0:26:51 - Looking for opportunities in discounts

0:27:38 - Consolidation, supply, and trust sizes

0:37:14 - The wider world

0:39:51 - Recent changes to the MIGO portfolio

0:41:35 - 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 Edinburgh Worldwide (EWI). Future profiles include Henderson Opportunities (HOT) and Mid Wynd International (MWY). 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, reviews the week in the markets and speaks to Simon Edelsten, former fund manager at Mid Wynd International, and Anthony Leatham, head of investment trust research at Peel Hunt.

Section Timestamps:

0:00:25 - A discussion with Simon Edelsten and Anthony Leatham

0:00:51 - An overview of the global equities sector

0:01:46 - What is a global equity trust seeking to achieve?

0:06:17 - The proportion to invest in global equity trusts and the benchmark to use

0:14:14 - Passive funds as an alternative

0:22:31 - A short break

0:23:27 - Discount anomalies and buybacks

0:26:06 - Trusts investing in private assets

0:34:26 - Measures of risk

0:40:35 - Where we are in the market cycle

0:47:46 - 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 Bellevue Healthcare (BBH). Future profiles include Edinburgh Worldwide (EWI) and Henderson Opportunities (HOT). 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 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 week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, reviews the week in the markets and speaks to Sachin Saggar, alternatives investment trusts analyst at Stifel.

Section Timestamps:

0:00:39 - This week’s guest

0:01:13 - Review of the week

0:03:08 - Results and the Money Makers Circle

0:04:58 - Changes to the podcast

0:06:17 - Q&A with Sachin Saggar

0:07:17 - Will the sector trade at a premium to NAV in the future?

0:09:02 - Reliability of NAVs

0:14:50 - The case for standardised disclosures

0:16:29 - Limited opportunity to raise new equity

0:20:57 - Reactions to proposals to buy into the alternative assets sector

0:24:15 - Evaluating the performance of alternative assets trusts

0:27:47 - Is there still value to be found across the sector?

0:28:21 - Looking at earnings multiples

0:29:44 - Cost disclosure

0:30:44 - 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 Global Opportunities Trust (GOT). Future profiles include Bellevue Healthcare (BBH) and Edinburgh Worldwide (EWI). 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 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.