Money Makers

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 theInvestment 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

0:03:38 - This week's guests

0:03:53 - Money Makers Circle

0:04:24 - Summary of results

0:05:46 - Corporate news and announcements

0:07:38 - Q&A with Andrew McHattie

0:07:49 - Looking at the bigger picture

0:10:55 - Hipgnosis Songs Fund (SONG)

0:19:32 - Consolidation

0:21:31 - Battery storage trusts

0:28:04 - The renewable energy sector

0:36:53 - Private equity

0:40:38 - Alliance Trust (ATST) manager change

0:45:16 - Close

Trusts mentioned this week (with tickers): Gresham House Energy Storage (GRID), Hipgnosis Songs Fund (SONG), Menhaden Resource Efficiency (MHN), Martin Currie Global Portfolio (MNP), Henderson Far East Income (HFEL), Abrdn European Logistics Income (ASLI), VPC Specialty Lending (VSL), Riverstone Credit Opportunities (RCOI), Abrdn New India (ANII), Smithson (SSON), Greencoat UK Wind (UKW), US Solar Fund (USF), Hipgnosis Songs Fund (SONG), Digital 9 Infrastructure (DGI9), Regional REIT (RGL), Phoenix Spree Deutschland (PSDL), Triple Point Social Housing (SOHO), Gresham House Energy Storage (GRID), Harmony Energy Income Trust (HEIT), Gore Street Energy Storage (GSF), Greencoat UK Wind (UKW), US Solar Fund (USF), Riverstone Credit Opportunities (RCOI), Pantheon Internation (PIN), Oakley Capital Investments (OCI), HarbourVest Global Private Equity (HVPE), Abrdn Private Equity Opportunities (APEO), Alliance Trust (ATST).

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 Artemis Alpha (ATS). Future profiles include VH Global Sustainable Energy Opportunities (GSEO) and Henderson High Income (HHI). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes all the regular features available in the Circle. 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 nearly 210 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 Dominic Scriven, founder and chairman of Dragon Capital, the investment advisor to Vietnam Enterprise Investments (VEIL), and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL).

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

0:01:48 - Review of the week

0:04:17 - Corporate news and summary of results

0:07:50 - Money Makers Circle

0:09:04 - Q&A with Dominic Scriven

0:09:32 - A history of VEIL

0:13:27 - Restrictions on foreign investment

0:16:30 - Transitioning to emerging market status

0:18:36 - Reasons to invest in Vietnam as a country

0:27:21 - Geopolitical risks

0:37:12 - Addressing VEIL's discount

0:43:25 - Q&A with Ian Lance

0:43:47 - UK equity market

0:48:43 - The trust's discount policy

0:49:20 - Mergers and acquisitions

0:54:26 - Share buybacks

0:59:49 - Sectoral headwinds

1:01:23 - The case for TMPL shares

1:03:39 - Close

Trusts mentioned this week (with tickers): Hipgnosis Songs Fund (SONG), Fair Oaks Income (FAIR), Schroder Japan (SJG), UK Commercial Property (UKCM), Hydrogenone (HGEN), Middlefield Canadian Income (MCT), Castelnau Group (CGL), Balanced Commercial Property Trust (BCPT), Alliance Trust (ATST), Home REIT (HOME), Harmony Energy Income (HEIT), Gresham House Energy Storage (GRID), Ashoka India Equity (AIE), Invesco Select (IVPU), Aquila Energy Efficiency (AEET), NextEnergy Solar (NESF), Vietnam Enterprise Investments (VEIL), Vietnam Holdings (VNH), VinaCapital Vietnam Opportunity Fund (VOF).

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 STS Global Income & Growth (STS). Future profiles include Artemis Alpha (ATS) and VH Global Sustainable Energy Opportunities (GSEO). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes all the regular features available in the Circle. 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 nearly 210 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 Paul ffolkes Davis, chairman of Rising Sun Management, the investment advisor to the Nippon Active Value Fund (NAVF), and Max King, the market and investment trust commentator and former Investec fund manager.

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

0:01:31 - Review of the week

0:04:38 - Summary of results

0:05:39 - Corporate news and announcements

0:06:08 - Money Makers Circle

0:06:48 - Q&A with Paul ffolkes Davis

0:06:59 - Looking back at the last year

0:08:43 - Rolling over of AJGF and AJIT

0:14:11 - Reflecting on the IPO

0:17:26 - Availability of potential partners

0:18:33 - The strategy

0:25:41 - The value of the yen

0:27:58 - Gearing

0:29:13 - Prospects for the year ahead

0:33:18 - Q&A with Max King

0:33:22 - Feel good versus feel bad

0:36:18 - The performance of gold

0:37:31 - The investment trust sector

0:38:35 - Cost disclosure, constraints, and the regulator

0:42:30 - Good investments

0:47:05 - Private equity

0:48:32 - Spotting the next target for consolidation

0:54:49 - Solving the housing market problem

0:57:58 - 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 Chrysalis Investments (CHRY). Future profiles include STS Global Income & Growth (STS), and Artemis Alpha (ATS). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes all the regular features available in the Circle. 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 200 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 Richard Pindar, CEO of Book Asset Management, and Ewan Lovett-Turner, head of investment trust research at Deutsche Numis.

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

0:01:15 - Review of the week

0:02:59 - Corporate news and announcements

0:04:09 - Summary of results

0:05:35 - Money Makers Circle

0:07:12 - J.P.Morgan Global Growth and Income (JGGI)

0:07:49 - Q&A with Richard Pindar

0:08:11 - Reviewing the annual results

0:09:59 - Reducing the discount

0:12:40 - B share scheme

0:18:06 - Liquidity

0:19:37 - The private equity market in general

0:23:37 - Realising investments in the portfolio

0:27:36 - Portfolio concentration

0:30:53 - UK economy impacts on investments

0:37:16 - Q&E with Ewan Lovett-Turner

0:37:49 - Reviewing the annual results

0:39:37 - Reducing the discount

0:42:18 - B share scheme

0:47:44 - Liquidity

0:49:15 - The private equity market in general

0:53:15 - Realising investments in the portfolio

0:57:14 - Portfolio concentration

1:00:31 - UK economy impacts on investments

1:03:07 - 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, there is no profile due to the Easter break, but future profiles to look out for include Chrysalis Investments (CHRY),STS Global Income & Growth (STS), and Artemis Alpha (ATS). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle. 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 200 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 Austin Forey, manager at J.P.Morgan Emerging Markets (JMG), and Lucy Walker, chair of the Aurora Investment Trust (ARR) and non-executive director at Henderson International Income (HINT).

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

0:02:02 - This week's guests

0:03:19 - Money Makers Circle

0:04:54 - Summary of results

0:06:22 - Corporate news and announcements

0:09:29 - Q&A with Austin Forey

0:10:24 - Changes in emerging markets

0:14:36 - The choice of index

0:15:52 - The case for a general emerging markets investment trust

0:17:06 - China and India

0:20:05 - Performance cycle in emerging markets

0:24:52 - The impact of currency

0:28:57 - Argentina

0:30:06 - Risk factors and ESG

0:34:23 - Portfolio examples

0:37:47 - Gearing

0:39:46 - The outlook for emerging markets

0:40:48 - Q&A with Lucy Walker

0:41:30 - Lucy's route to investment trusts

0:43:07 - AM Insights

0:48:00 - Marketing of investment trusts

0:50:03 - The challenge of explaining investment trusts

0:53:59 - Keeping marketing high on the agenda

0:56:33 - Monetary and time costs of marketing

01:00:18 - The role of sponsored research

01:01:40 - Visibility on investment platforms

01:02:38 - The discount dilemma

1:09:24 - 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 Rights and Issues (RIII). Future profiles include Chrysalis Investments (CHRY) and STS Global Income and Growth (STS). Jonathan has also added to his list of favourite funds. Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle. 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 200 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:

00:39 - Review of the week

02:13 - This week's guest

02:26 - Summary of news and results

07:50 - Money Makers Circle

09:01 - Q&A with Andrew McHattie

09:20 - Making sense of recent developments

13:05 - Scottish Mortgage Trust (SMT)

18:45 - Witan Investment Trust (WTAN)

23:15 - J.P.Morgan American (JAM)

27:09 - Proposed Henderson merger

28:45 - Digital 9 Infrastructure (DGI9)

32:55 - Chrysalis (CHRY)

35:58 - SDCL Energy Efficiency Income Trust (SEIT)

38:45 - Literacy Capital (BOOK)

40:15 - End of the ISA season

47:38 - Close

Trusts mentioned this week (with tickers): 3i Group (III), Scottish Mortgage Trust (SMT), Hipgnosis Songs Fund (SONG), Tritax Big Box (BBOX), UK Commercial Property (UKCM), Urban Logistics (SHED), Abrdn Property Income (API), Custodian Property Income REIT (CREI), Home REIT (HOME), Fidelity European (FEV), Witan Investment Trust (WTAN), Literacy Capital (BOOK), J.P.Morgan Claverhouse (JCH), European Assets Trust (EAT), J.P.Morgan US Smaller Companies (JUSC), LMS Capital (LMS), Symphony International Holdings (SIHL), Tufton Oceanic Assets (SHIP), Baillie Gifford Japan (BGFD), Vietnam Holdings (VNH), PRS REIT (PRSR), Alliance Trust (ATST), J.P.Morgan Global Growth and Income (JGGI), J.P.Morgan American (JAM), Henderson Eurotrust (HNE), Henderson European Focus (HEFT), Digital 9 Infrastructure (DGI9), Hipgnosis Songs Fund (SONG), Chrysalis (CHRY), Schiehallion Fund (MNTN), Seraphim Space Investment Trust (SSIT), SDCL Energy Efficiency Income Trust (SEIT), Aberforth Smaller Companies Trust (ASL), BBGI Global Infrastructure (BBGI).

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 Brown Advisory US Smaller Companies (BASC). Future profiles include Rights and Issues (RIII) and Chrysalis Investments (CHRY). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle. 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 200 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 Peter Spiller, manager of Capital Gearing Trust (CGT).

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

01:41 - Review of the week

03:04 - Money Makers Circle

03:29 - Summary of results

04:37 - Corporate news and announcements

06:32 - Q&A with Peter Spiller

06:53 - Challenges in the investment trust sector

11:52 - The importance of boards

21:00 - The continuation vote mechanism

25:46 - The IPO process, board composition, and board governance

27:31 - Liquidity in alternative assets

34:08 - An opportunity for investors

36:38 - The UK market in general

37:53 - Grounds for optimism

38:43 - Close

Trusts mentioned this week (with tickers): Allianz Technology (ATT), Manchester and London (MNL), AVI Japan Opportunity (AJOT), Canadian General Investments (CGI), HgCapital (HGT), Schroder Asian Total Return (ATR), Henderson European Focus (HEFT), Henderson Eurotrust (HNE), Custodian Property Income REIT (CREI), Troy Income and Growth (TIGT), STS Global Income and Growth (STS), GCP Asset Backed Income (GABI), Scottish Mortgage (SMT), Capital Gearing Trust (CGT), Smithson (SSON), BH Macro (BHMG), NextEnergy Solar (NESF).

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 Majedie Investments (MAJE). Future profiles include Brown Advisory US Smaller Companies (BASC) and Rights and Issues (RIII). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all 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 more than 200 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 Craig Baker, chair of the investment committee at the Alliance Trust, and James Carthew, director of QuotedData.

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

0:01:49 - Corporate news, announcements, and results

0:02:42 - This week's guests

0:06:49 - Money Makers Circle

0:07:29 - Q&A with Craig Baker

0:07:57 - Craig's management approach

0:10:10 - The annual results

0:14:25 - Exposure to the Magnificent Seven and contributors to outperformance

0:18:24 - Style bias in the portfolio

0:21:08 - Departure of Ben Whitmore

0:23:22 - The UK equity market

0:25:06 - Concentration in global equity markets

0:28:29 - The importance of private investors

0:29:41 - Gearing

0:32:06 - Cost disclosure

0:33:46 - The outlook for global equities

0:35:06 - Q&A with James Carthew

0:35:24 - The markets so far this year

0:36:23 - The Budget

0:38:10 - Alliance Trust (ATST) and F&C Investment Trust (FCIT)

0:40:58 - RIT Capital (RCP)

0:44:13 - The renewables sector

0:50:42 - Digital 9 Infrastructure (DGI9)

0:52:52 - Hipgnosis Songs Fund (SONG)

0:56:42 - Bids for Abrdn Property Income (API)

0:59:45 - The Master Investor Show

1:00:59 - Close

Trusts mentioned this week (with tickers): BlackRock World Mining (BRWM), Premier Miton Global Renewables (PMGR), Bellevue Healthcare (BBH), Alliance Trust (ATST), F&C Investment Trust (FCIT), Mobius Investment Trust (MMIT), Tetragon Financial (TFG), APAX Global Alpha (APAX), Greencoat Renewables (GRP), RIT Capital (RCP), Asian Energy Impact Trust (AEIT), Hipgnosis Songs Fund (SONG), Digital 9 Infrastructure (DGI9), GCP Asset Backed Income (GABI), Triple Point Energy Transition (TENT), Smithson (SSON), Custodian Property Income REIT (CREI), Abrdn Property Income (API), Urban Logistics (SHED), UK Commercial Property (UKCM), Tritax Big Box (BBOX), Abrdn China (ACIC), Fidelity China Special Situations (FCSS), SDCL Energy Efficiency Income Trust (SDCL), NextEnergy Solar (NESF), 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 usual features, the Circle features a profile of CC Japan Income & Growth (CCJI). Future profiles include Majedie Investments (MAJE) and Brown Advisory US Smaller Companies (BASC) Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all 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 more than 200 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 two-hundredth edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Simon Elliott, client director at J.P.Morgan Asset Management and former podcast co-host, and Mark Dampier, former head of research at Hargreaves Lansdown and non-executive director at Invesco Select (IVPU).

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

01:38 - Review of the week

03:23 - Corporate news, announcements, and results

05:49 - Money Makers Circle

06:36 - Q&A with Simon Elliott and Mark Dampier

07:12 - Recalling the start of the podcast

10:22 - Fighting fires

14:01 - Cyclicality and the target market for investment trusts

16:41 - Investment trust advantages

21:39 - Issued raised by the performance of investment trusts

29:13 - Parallels between 2000 and today

34:26 - Alternatives

37:57 - Presentation of investment trusts in the media

43:03 - Solving the IPO problem

45:36 - The number of trusts

48:49 - Mark's investment trust holdings

49:54 - Master Investor Show

50:11 - Close

Trusts mentioned this week (with tickers): Cordiant Digital (CORD), Regional REIT (RGL), J.P.Morgan Global Growth and Income (JGGI), Murray International (MYI), Midwynd (MWY), Smithson (SSON), European Opportunities (EOT), Law Debenture (LWDB), Abrdn UK Smaller Companies (AUSC), Tritax Big Box (BBOX), Greencoat UK WInd (UKW), The Renewables Infrastructure Group (TRIG), Bluefield Solar (BSIF), Aquila European Renewables (AERI), Digital 9 Infrastructure (DGI9), Abrdn Diversified Income and Growth (ADIG), Downing Strategic Micro-Cap (DSM), J.P.Morgan European Discovery (JEDT), Hipgnosis Songs Fund (SONG), Home REIT (HOME), CC Japan (CCJI), Greencoat UK Wind (UKW), Capital Gearing Trust (CGT), Personal Assets Trust (PNL), Ashoka India (AIE), City of London (CTY), Temple Bar (TMPL), Edinburgh Investment Trust (EDIN).

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 Bankers Investment Trust (BNKR). Future profiles include CC Japan Income & Growth (CCJI) and Majedie Investments (MAJE). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all 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 200 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 Ben Conway, head of fund management at Hawksmoor Investment Management, and Sachin Saggar, analyst at the broking firm, Stifel.

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

0:04:01 - Trust news and summary of results

0:05:55 - Money Makers Circle

0:06:10 - This week's guests

0:06:45 - Next week's podcast and the Annual Master Investor Show

0:07:29 - Q&A with Ben Conway

0:07:59 - Acronym alert!

0:08:49 - The situation with the cost disclosure issue

0:18:00 - A concession from the FCA

0:19:35 - Understanding what is going on

0:22:36 - Is the potential cost diclosure resolution factored into prices?

0:24:30 - Time needed for discounts to come in

0:26:20 - Corporate activity and supply and demand

0:31:18 - This year's approach

0:38:19 - Feedback from clients

0:40:29 - Q&A with Sachin Saggar

0:40:43 - An overview of alternatives

0:43:17 - Rationalisation

0:44:40 - Calculating value in struggling trusts

0:50:58 - The shipping sector

0:54:03 - Hipgnosis Songs Fund (SONG)

0:56:43 - The renewables and battery storage sectors

1:04:16 - Looking back at the alternative assets "revolution"

1:06:49 - Close

Trusts mentioned this week (with tickers): Seraphim Space (SSIT), Abrdn Property Income (API), Urban Logistics (SHED), Custodian Property Income (CREI), Abrdn China (ACIC), Fidelity China Special Situations (FCSS), Gulf Investment Fund (GIF), Herald Investment Trust (HRI), J.P.Morgan Global Growth and Income (JGGI), Capital Gearing Trust (CGT), VH Global Sustainable Energy Opportunities (GSEO), Fidelity Emerging Markets (FEML), Riverstone Energy (RSE), Digital 9 Infrastructure (DGI9), Cordiant Digital Infrastructure (CORD), Tufton Oceanic Assets (SHIP), Taylor Maritime (TMI), Hipgnosis Songs Fund (SONG), Octopus Renewables Infrastructure (ORIT), Aquila European Renewables (AERI).

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 MIGO Opportunities (MIGO). Future profiles include the Bankers Investment Trust (BNKR) and CC Japan Income & Growth (CCJI). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle.

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Produced by Ben Gamblin.