Money Makers

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 Craig Baker, chair of the investment committee at the Alliance Trust (ATST), and Duncan MacInnes, manager of the Ruffer Investment Company (RICA).

Section Timestamps:

0:00:36 - AIC Best Broadcast Journalist Award

0:01:18 - Money Makers Circle

0:03:02 - This week’s guests

0:03:48 - Review of the week

0:05:28 - Podcast format changes

0:05:44 - Q&A with Craig Baker and Duncan MacInnes

0:05:44 - The Federal Reserve's decision to cut interest rates

0:08:14 - A return to a Goldilocks environment?

0:10:00 - Confidence in the returns from the equity market

0:12:02 - Summarising Ruffer's latest results

0:14:45 - AI and the Magnificent Seven

0:23:26 - The US election

0:29:19 - The US vs the rest of the world

0:32:30 - The UK equity market

0:35:50 - Impressions of the new government

0:38:18 - Cost disclosure reporting

0:40:04 - The Alliance Trust and Witan merger

0:43:08 - The discount on the trusts.

0:45:57 - Final comments

0:48:02 - 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 features a profile of abrdn UK Smaller Companies Growth (AUSC). Future profiles include Global Opportunities Trust (GOT) and Bellevue Healthcare (BBH). 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.

In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Andrew McHattie, editor of the Investment Trust Newsletter, and Chris Clothier, co-CIO at CG Asset Management, the manager of Capital Gearing Trust (CGT).

Section Timestamps:

0:00:39 - This week's guests

0:01:46 - Review of the week

0:03:24 - Money Makers Circle

0:04:13 - Q&A with Andrew McHattie

0:04:13 - Summer performance

0:05:18 - Consolidation in the renewables sector

0:12:06 - Battery storage trusts

0:19:59 - Commercial property

0:26:26 - Other trusts at risk

0:33:38 - A more positive message

0:35:49 - Q&A with Chris Clothier

0:35:58 - The year so far and a period of heightened volatility

0:36:55 - Any meaning within the August spike

0:39:45 - Conquering inflation

0:44:54 - The position of Capital Gearing Trust

0:53:19 - Commercial property and discounts to NAV

0:56:54 - Private equity

0:59:10 - Reflecting on last year's legal issue

1:00:40 - Trust performance figures

1:03:14 - Close

Trusts mentioned (with tickers) include: Ecofin US Renewables (RNEW), Aquila European Renewables (AERS), Triple Point Energy Transition (TENT), Gore Street Energy Storage (GSF), Greham House Energy Storage (GRID), Harmony Energy Income Trust (HEIT), Dunedin Enterprise Investment Trust (DNE), Balanced Commercial Property Trust (BCPT), Tritax Eurobox (EBOX), LondonMetric Property (LMP), Keystone Positive Change (KPC), J.P.Morgan Global Core Real Assets (JARA), Digital 9 Infrastructure (DGI9), PRS REIT (PRSR), BH Macro (BHMG), Aquila European Renewables (AERS), Smithson (SSON), RIT Capital Partners (RCP), Calendonia Investments (CLDN).

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 Smithson Investment Trust (SSON). Future profiles include abrdn UK Smaller Companies Growth (AUSC) and Global Opportunities Trust (GOT). 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 220 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, reviews the week in the markets and speaks to Kenneth MacKenzie, founder and manager of Target Healthcare REIT (THRL), and John Singer, chairman of Pantheon International (PIN).

Section Timestamps:

0:00:39 - This week's guests

0:01:17 - Review of the week

0:03:53 - Corporate news and announcements

0:08:42 - Money Makers Circle

0:09:23 - Q&A with Kenneth MacKenzie

0:09:35 - Why start the investment trust

0:13:10 - The business model

0:15:31 - The supply of purpose-built real estate

0:17:43 - Income generation and quality control

0:20:42 - Assessing investment trust performance

0:22:02 - Inflation linkage

0:23:53 - Potential for government changes to social care

0:26:55 - The discount

0:31:35 - Gearing

0:32:29 - Restrictions on issuing shares at a discount to NAV

0:34:18 - Income and dividend paying capacity

0:35:56 - Q&A with John Singer

0:37:20 - Developing trust in private equity

0:58:10 - The cost disclosure issue

1:02:56 - The impact of potential changes from the new government

1:04:34 - Close

Trusts mentioned (with tickers) include: J.P.Morgan European Discovery Trust (JEDT), Allianz Technology (ATT), HgCapital Trust (HGT), Schroder Capital Global Innovation Trust (INOV), Literacy Capital (BOOK), CT Private Equity (CTPE), BlackRock World Mining (BRWM), BBGI Global Infrastructure (BBGI), Chelverton UK Dividend Trust (SDV), Third Point Investors (TPOU), PRS REIT (PRSR).

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 abrdn Asia Focus (AAS). Future profiles include Smithson Investment Trust (SSON) and abrdn UK Smaller Companies Growth (AUSC). 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 220 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, reviews the week in the markets and speaks to Jon Ingram, co-manager of the J.P.Morgan European Discovery Trust (JEDT).

Section Timestamps:

0:00:53 - This week's guests

0:01:58 - Review of the week

0:06:51 - Summary of results, corporate news and announcements

0:10:40 - Money Makers Circle

0:12:18 - A question to ChatGPT

0:12:48 - Coming up in future weeks and next week's interview

0:13:50 - Q&A with Jon Ingram

0:14:31 - Changes in how the trust will be run

0:17:40 - Distinctiveness of the trust

0:21:12 - Gearing

0:26:21 - The driver for extreme valuations

0:32:04 - The trust's universe

0:34:38 - The outlook for Europe

0:38:00 - Current weightings

0:40:43 - Technology in Europe vs the US

0:44:17 - AI in the research process

0:48:13 - Why now is a good time to look at the trust

0:49:33 - Close

Trusts mentioned (with tickers) include: J.P.Morgan European Discovery Trust (JEDT), Allianz Technology (ATT), HgCapital Trust (HGT), Schroder Capital Global Innovation Trust (INOV), Literacy Capital (BOOK), CT Private Equity (CTPE), BlackRock World Mining (BRWM), BBGI Global Infrastructure (BBGI), Chelverton UK Dividend Trust (SDV), Third Point Investors (TPOU), PRS REIT (PRSR).

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 new fund profile this week while profile author Stuart Watson is away, but last week the Circle featured Ecofin Global Utilities and Infrastructure (EGL). Future profiles will include abrdn Asia Focus (AAS) and Smithson Investment Trust (SSON). 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.

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 220 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, reviews the week in the markets and speaks to Elliott Hardy, private equity research analyst at Winterflood Securities, and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL).

Due to technical issues, the audio quality for the discussion with Ian Lance is particularly poor for which we apologise. As a result, we have a transcript of this interview available for download from the website - money-makers.co/podcasts

Section Timestamps:

0:00:39 - Review of the week

0:01:42 - This week's guests

0:02:29 - Money Makers Circle

0:03:16 - Summary of results

0:04:40 - Subscribe on YouTube, Spotify, Soundcloud and others

0:05:05 - Q&A with Elliott Hardy

0:05:18 - Development of the listed private equity market this year

0:07:16 - The global state of private equity

0:10:44 - Scepticism about reported NAVs

0:12:24 - The early August sharp market sell-off

0:13:30 - The underlying performance of portfolio companies

0:15:30 - The growth capital sector

0:16:43 - The outlook for fund of funds trusts

0:18:09 - Boards' responses to wide discounts

0:20:54 - Q&A with Ian Lance (transcript available at the website)

0:21:03 - Positives and negatives in the reporting period

0:24:54 - Reform in the UK stock market

0:25:59 - Outlook for the dividend

0:28:24 - A lower interest rate environment

0:29:35 - Investing outside of the UK market

0:31:16 - Gearing

0:32:31 - Close

Trusts mentioned (with tickers) include: Temple Bar Investment Trust (TMPL), Baillie Gifford US Growth (USA), Partners Group Private Equity (PEY), Riverstone Energy (REL), Diverse Income Trust (DIVI), RM Infrastructure Income Trust (RMII), Regional RIET (RGL), Baillie Gifford Japan (BGFD), Gieger Counter (GCL), HgCapital Trust (HGT), 3i Group (III), ICG Enterprise Trust (ICGT), Seraphim Space Investment Trust (SSIT), Schiehallion Fund (MNTN), Chrysalis (CHRY), Pantheon International (PIN).

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 Ecofin Global Utilities and Infrastructure (EGL). Future profiles include abrdn Asia Focus (AAS) and Smithson Investment Trust (SSON). 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.

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 220 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, has returned from holiday and is joined by Andrew McHattie, editor of the Investment Trust Newsletter, to review the week in the markets.

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

0:01:17 - Money Makers Circle

0:01:54 - Q&A with Andrew McHattie

0:01:45 - The early August market meltdown

0:05:39 - Results from the investment trusts sector

0:05:52 - J.P.Morgan American (JAM)

0:09:54 - J.P.Morgan Claverhouse (JCH)

0:13:23 - Murray International (MYI)

0:18:38 - JLEN Environmental Assets (JLEN)

0:22:40 - Biopharma Credit (BPCR)

0:25:27 - Bellevue Healthcare (BBH)

0:29:45 - Syncona (SYNC)

0:35:26 - Riverstone Credit Opportunities (RCOI)

0:39:38 - Close

Trusts mentioned (with tickers) include: J.P.Morgan American (JAM), J.P.Morgan Claverhouse (JCH), 3i Group (III), Murray International (MYI), J.P.Morgan Global Growth and Income (JGGI), Scottish American (SAIN), JLEN Environmental Assets (JLEN), 3i Infrastructure (3IN), Biopharma Credit (BPCR), Bellevue Healthcare (BBH), Syncona (SYNC), International Biotechnology Trust (IBT), Biotech Growth Trust (BIOG), RTW Biotech Opportunities (RTW), Worldwide Healthcare Trust (WWH), Riverstone Credit Opportunities (RCOI), GCP Asset Backed Income (GABI), Riverstone Energy (RSE), Blackstone Global Loan Financing (BGLF).

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 Investment Trust (EDIN). Future profiles include Ecofin Global Utilities and Infrastructure (EGL) and abrdn Asia Focus (AAS). 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.

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 220 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 remains on holiday, so Stuart Watson fills in once again, providing the latest news and events from the past week. Despite the break, Jonathan still had the opportunity to speak with Denis Jackson and Laura Foll from Law Debenture (LWDB), the UK equity income trust.

The podcast itself will take a short break next week, but is scheduled to return with the next edition on Saturday 17 August 2024.

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

0:00:56 - Review of the week

0:02:24 - Summary of results

0:04:23 - Corporate news and announcements

0:06:25 - Money Makers Circle and a short break for the podcast

0:06:51 - Q&A with Denis Jackson and Laura Foll

0:07:09 - The unique structure of Law Debenture

0:14:19 - Procyclicality of the business

0:17:31 - Sustainability of performance

0:20:57 - The result of the election

0:26:41 - Taking advantage of trading at par

0:27:36 - Share register trends

0:29:23 - Law Debenture's part in consolidation

0:30:05 - The main risks

0:34:07 - Comparing LWDB, LWI, and HOT

0:37:06 - Missing out on being an AIC Dividend Hero

0:38:03 - Close

Trusts mentioned (with tickers) include: CT Managed Portfolio (CMPI/CMPG), Pantheon International (PIN), Henderson Smaller Companies (HSL), Smithson (SSON), RIT Capital Partners (RCP), Scottish American (SAIN), F&C Investment Trust (FCIT), J.P. Morgan Japanese (JFJ), J.P. Morgan Japan Small Cap Growth & Income (JSGI), Chrysalis (CHRY), BioPharma Credit (BPCR), Pershing Square Holdings (PSH), Hipgnosis Songs (SONG), Law Debenture (LWDB), Lowland Investment Company (LWI), Henderson Opportunities Trust (HOT).

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.

Due to the August break there is no new fund profile available this week, but you can look forward to future profiles including Oryx International Growth (OIG) and the Edinburgh Investment Trust (EDIN). 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.

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 220 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, Stuart Watson fills in for Jonathan Davis who is away on holiday, to provide the latest news and events from the past week. Before going away however, Jonathan did get the opportunity to speak with Dean Buckley and Andrew Ross, chairmen of the Alliance Trust (ATST) and Witan Investment Trust (WTN) respectively - two trusts which are in the process of a merger.

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

0:01:00 - Review of the week

0:01:49 - Summary of results

0:03:40 - Corporate news and announcements

0:05:09 - Money Makers Circle

0:05:38 - Q&A with Dean Buckley and Andrew Ross

0:06:30 - Witan's path to the strategic review and the deal with Alliance

0:09:55 - Alliance's motivation for the deal

0:12:16 - Bringing in the discount

0:14:01 - Difficulties in delivering a distinctive approach in a volatile world

0:16:41 - Risks of losing money from the merger?

0:19:00 - Discount control and gearing

0:21:30 - Pressures faced by the investment trusts sector

0:27:07 - The UK market

0:32:45 - Dividends

0:35:44 - The cash offer

0:38:56 - General state of affairs

0:40:45 - Close

Trusts mentioned (with tickers) include: Taylor Maritime (TMI), MIGO Opportunities (MIGO), Invesco Asia (IAT), BlackRock Throgmorton (THRG), Herald (HRI), Law Debenture (LWDB), Alliance Trust (ATST), Finsbury Growth & Income (FGT), JPMorgan European Discovery (JEDT), Bluefield Solar Income (BSIF), Baillie Gifford Japan (BGFD), AVI Global (AGT), Pershing Square Holdings (PSH).

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 European Trust (HET). Future profiles include Oryx International Growth (OIG) and Edinburgh Investment Trust (EDIN). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website.

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 220 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, reviews the week in the markets and speaks to Andrew McHattie, editor of the Investment Trust Newsletter.

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

0:04:46 - Corporate news, announcements, and results

0:06:46 - This week's guest

0:06:55 - Money Makers Circle

0:07:44 - An upcoming break

0:08:18 - Q&A with Andrew McHattie

0:08:53 - Polar Capital Technology (PCT)

0:17:28 - 3i Group (III)

0:21:48 - Odyssean Investment Trust (OIT) and UK small caps

0:25:57 - Regional REIT (RGL)

0:29:21 - Home REIT (HOME)

0:33:13 - Shipping

0:36:41 - Battery storage

0:42:45 - Chrysalis (CHRY)

0:45:46 - Hopes for the autumn

0:49:33 - Close

Trusts mentioned (with tickers) include: Tufton Oceanic (SHIP), BioPharma Credit (BPCR), New Star Investment Trust (NSI), Manchester and London (MNL), Polar Capital Technology (PCT), Scottish Mortgage Trust (SMT), BlackRock World Mining (BRWM), Brunner Investment Trust (BUT), 3i Group (III), PRS REIT (PRSR), Ruffer Investment Company (RICA), Odyssean Investment Trust (OIT), Regional REIT (RGL), Home REIT (HOME), Allianz Technology Trust (ATT), Rockwood Strategic (RKW), Oryx International Growth (OIG), Taylor Maritime Investments (TMI), Gore Street Energy Storage (GSF), Gresham House Energy Storage (GRID), Harmony Energy Income Trust (HEIT), Chrysalis (CHRY), Schroder British Opportunities Trust (SBO).

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 Fidelity China Special Situations (FCSS). Future profiles include Henderson European Trust (HET) and Oryx International Growth (OIG). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website.

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 220 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, reviews the week in the markets and speaks to Andrew Jones, CEO of LondonMetric Property which recently acquired two listed UK commercial property investment trusts - CT Property (CTPT) and LXi REIT (LXI).

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

0:01:37 - This week's guest

0:02:22 - Corporate news and announcements

0:04:00 - Summary of results

0:05:14 - Money Makers Circle

0:05:42 - AIC Annual Investment Trust Media Awards

0:06:29 - Q&A with Andrew Jones

0:07:06 - Origin of the CTPT and LXI deals

0:12:14 - Self-managed vs externally managed

0:13:44 - Justifying the deals

0:14:51 - Objectives of the company

0:16:31 - The property cycle

0:19:32 - Exposure to retail

0:21:46 - Interest in specific sectors

0:22:40 - Macro concerns

0:25:35 - Responding to the difficulties in the sector

0:27:34 - Limits on the size of the company

0:28:17 - The role of government

0:29:30 - Consideration of expansion outside of the UK

0:29:45 - The changing environment

0:35:02 - Close

Trusts mentioned (with tickers) include: International Biotechnology Trust (IBT), Biotech Growth Trust (BIOG), Aberforth Smaller Companies (ASL), Abrdn UK Smaller Companies (AUSC), BlackRock Throgmorton (THRG), International Public Partnerships (INPP), BBGI Global Infrastructure (BBGI), TwentyFour Income Fund (TFIF), Miton UK Microcap (MINI), Chrysalis (CHRY), Schiehallion (MNTN), Edinburgh Worldwide (EWI), Schroder British Opportunities (SBO), Odyssean Investment Trust (OIT), CT Property Trust (CTPT), LXi REIT (LXI), Regional REIT (RGL).

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 Target Healthcare REIT (THRL). Future profiles include Fidelity China Special Situations (FCSS) and Henderson European Trust (HET). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. The Circle also features portfolio performance reports from two regular contributors, and a column about stock market bubbles by financial historian, Edward Chancellor.

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 220 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.