Money Makers

In the second part of the latest edition of the Weekly Investment Trust Podcast (released on Saturday 17 February), Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Laura Foll, co-manager to a number of Henderson trusts.

We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

Section Timestamps:

00:29 - Q&A with Laura Foll

00:57 - Mergers and acquisitions and the state of the UK equity market

04:18 - The need for fundamental reform

11:17 - The AIM market

14:14 - The IPO drought

15:52 - Looking at the portfolios

20:11 - Companies to be cheerful about

23:52 - 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 J.P.Morgan Indian (JII). Future profiles include MIGO Opportunities (MIGO) and the Bankers Investment Trust (BNKR). 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 nearly 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. Look out for a bonus podcast early next week where our second guest, Laura Foll, co-manager to a number of Henderson trusts, will appear. Make sure you are subscribed to catch that episode on release.

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

02:57 - Summary of results

04:08 - Corporate news and announcements

05:31 - Money Makers Circle

05:53 - A bonus podcast next week

06:12 - Q&A with Andrew McHattie

06:12 - Characterising the year so far

08:31 - Proposed merger of UKCM and BBOX

13:47 - Fundraising

16:28 - Battery storage trusts

23:40 - Troubled trusts

32:26 - Pershing Square Holdings (PSH)

37:26 - Brunner Investment Trust (BUT)

41:54 - Close

Trusts mentioned this week (with tickers): Brunner Investment Trust (BUT), City of London Investment Trust (CTY), Scottish American (SAIN), Polar Capital Global Financials (PCFT), Diverse Income Trust (DIVI), Brown Advisory US Smaller Companies (BASC), Tritax Big Box (BBOX), UK Commercial Property REIT (UKCM), J.P.Morgan Global Growth and Income (JGGI), Bluefield Solar Income Fund (BSIF), Custodian REIT (CREI), Invesco Bond Income Plus (BIPS), Henderson Diversified Income (HDIV), Gresham House Energy Storage (GRID), Harmony Energy Income Trust (HEIT), Gore Street Energy Storage (GSF), Home REIT (HOME), Digital 9 Infrastructure (DGI9), Hipgnosis Songs Fund (SONG), Pershing Square Holdings (PSH), AVI Global (AGT).

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 J.P.Morgan Indian (JII). Future profiles include MIGO Opportunities (MIGO) and the Bankers Investment Trust (BNKR). 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 nearly 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 Prashant Khemka, advisor to the Ashoka India Equity Investment Trust (AIE), and Dan Higgins, lead manager of Majadie Investments (MAJE).

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

0:01:10 - Looking ahead to Episode 200

0:01:38 - Review of the week

0:02:46 - Corporate news and announcements

0:04:17 - Money Makers Circle

0:04:55 - Q&A with Prashant Khemka

0:05:13 - Background leading up to the launch of the trust

0:06:02 - The investment style

0:09:53 - Reasons to invest in India

0:20:53 - Value in the Indian stock market

0:25:38 - Macro level risks

0:30:53 - The performance of the trust

0:33:17 - Looking ahead

0:35:24 - The launch of the second WhiteOak trust

0:37:47 - Q&A with Dan Higgins

0:38:22 - The change of management

0:40:58 - The approach

0:48:27 - The dividend policy

0:49:42 - Fees

0:54:57 - Objectives

0:59:54 - Outside shareholder perceptions

1:04:21 - Volatility

1:06:31 - The position in corporate credit

1:10:15 - The driver of excess returns

1:12:50 - Close

Trusts mentioned this week (with tickers): Invesco Select Trust (IVPU), Invesco Bond Income Plus (BIPS), Hipgnosis Songs Fund (SONG), Digital 9 Infrastructure (DGI9), Riverstone Energy (RSE).

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 UK Mid Cap (SCP). Future profiles include J.P.Morgan Indian (JII) and MIGO Opportunities (MIGO). 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 nearly 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 Matt Hose, alternative assets analyst at Jeffries, and Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG).

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

04:02 - This week's guests

04:47 - Money Makers Circle

06:21 - Corporate news and announcements

08:05 - Q&A with Matt Hose

08:40 - The current direction and outlook

10:57 - Cost disclosure

11:46 - General infrastructure sector

18:28 - Renewable infrastructure sector

24:04 - Battery storage

26:32 - Listed private equity

30:46 - Growth capital

32:09 - Shipping

33:18 - Hipgnosis Songs Fund (SONG)

35:42 - Summing up

36:16 - Q&A with Peter Hewitt

36:32 - The current situation

40:38 - Ratings difference between equities and alternatives

42:13 - Commercial property vs infrastructure and renewables

43:46 - Concerns about dividend cuts

49:29 - Income portfolio yield

52:35 - Hipgnosis Songs Fund (SONG)

55:35 - Scotland in the Rugby

57:50 - 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 Gore Street Energy Storage (GSF). Future profiles include Schroder UK Mid Cap (SCP) and J.P.Morgan Indian (JII). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and 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 over 190 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 Duncan MacInnes, manager of the Ruffer Investment Company (RICA), and Richard Staveley, lead manager at Rockwood Strategic (RKW).

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

0:03:08 - This week's guests

0:04:07 - Corporate news and announcements

0:06:20 - Money Makers Circle

0:07:10 - Q&A with Duncan MacInnes

0:07:32 - Evaluating 2023

0:20:00 - The RICA portfolio

0:23:10 - Gold and bitcoin

0:26:58 - Japan and the yen

0:31:21 - China

0:33:22 - Weigting in US equities

0:37:34 - Looking to 2024

0:38:53 - Q&A with Richard Staveley

0:42:44 - Specific stock risk

0:46:39 - The issue of a lack of liquidity

0:50:50 - Reform of the UK equity market

0:58:03 - Biggest contributors

1:00:44 - Trust growth ambitions

1:05:18 - Risks in a concentrated portfolio

1:10:52 - Close

Trusts mentioned this week (with tickers): CC Japan Income and Growth (CCJI), Troy Income and Growth (TIGT), Asian Energy Impact (AEIT), Oakley Capital Investments (OCI), ICG Enterprise Trust (ICGT), 3i Infrastructure (3IN), Taylor Maritime (TMI), J.P.Morgan Multi Asset Growth and Income (MATE), J.P.Morgan Global Growth and Income (JGGI), Hipgnosis Songs Fund (SONG).

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 J.P.Morgan Japanese (JFJ). Future profiles include Gore Street Energy Storage (GSF) and Schroder UK Mid Cap (SCP). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and 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 over 190 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 Marcus Phayre-Mudge, manager of TR Property, and John Singer, chairman of Pantheon International (PIN), in the first part of a longer conversation looking at the issues facing listed private equity trusts.

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

0:02:53 - Summary of results

0:04:25 - Money Makers Circle

0:05:11 - This week's guests

0:06:09 - Q&A with Marcus Phayre-Mudge

0:06:24 - Proposed merger between CREI and API

0:15:51 - The proposed LXi and LondonMetric deal

0:18:38 - Thoughts on the property sector

0:23:31 - TR Property

0:27:22 - Cost disclosure

0:29:27 - Close

0:29:44 - Q&A with John Singer (Part 1)

0:29:59 - Private equity experience

0:32:48 - Investment trusts and history

0:37:44 - The issue of discounts

0:43:39 - Perceptions of private equity

0:47:08 - Accuracy of net asset values

0:58:26 - Variations in different listed private equity vehicles

1:03:38 - Close

Trusts mentioned this week (with tickers): Tufton Oceanic Assets (SHIP), Custodian Property Income REIT (CREI), Abrdn Property Income (API), Bankers Trust (BNKR), Edinburgh Worldwide (EWI), Home REIT (HOME), TR Property (TRY), LondonMetric (LMP), LXi REIT (LXI), UK Commercial Property (UKCM), Literacy Capital (BOOK), HgCapital (HGT).

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 the Sequoia Economic Infrastructure Income (SEQI). Future profiles include J.P.Morgan Japanese (JFJ) and Gore Street Energy Storage (GSF). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and all the regular features available in the Circle. Please note that the content of the email is also available if you are a subscriber and log in to the website. Some subscribers are temporarily not receiving the email, but this should be fixed shortly.

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 over 190 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 Alastair Laing, CEO of CG Asset Management, and Ken Wotton, manager of Strategic Equity Capital (SEC).

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

0:02:48 - Cost disclosure rules

0:04:00 - This week's guest

0:04:40 - Summary of results

0:05:49 - Money Makers Circle

0:06:28 - Q&A with Alastair Laing

0:06:37 - Characterising 2023

0:15:21 - Looking ahead and the impact of elections

0:19:46 - Portfolio changes

0:30:11 - General infrastructure sector

0:33:52 - Property sector

0:37:21 - Private equity sector

0:39:59 - Opportunities in 2024

0:41:46 - Q&A with Ken Wotton

0:42:11 - An overview of the strategy

0:50:45 - Differences to other similar trusts

0:55:26 - Ambitions for the trust

1:04:05 - Looking forward

1:05:55 - Close

Trusts mentioned this week (with tickers): Seraphim Space Investment Trust (SSIT), Hydrogenone (HGEN), Biopharma Credit (BPCR), Geiger Counter (GCL), Digital 9 Infrastructure (DGI9), Henderson Diversified Income (HDIV), Pershing Square Holdings (PSH), Rockwood Strategic (RKW), Ashoka India Equity Investments (AIE), Abrdn New India (ANII), Invesco Select (IVPU), Abrdn Diversified Income and Growth (ADIG), Atrato Onsite Energy (ROOF), LXi REIT (LXI), LondonMetric (LMP), Gore Street Energy Storage (GSF), HOME REIT (HOME), Caledonia Investments (CLDN), Alliance Trust (ATST), Hipgnosis Songs Fund (SONG), BBGI Global Infrastructure (BBGI), 3i Infrastructure (3IN), International Public Partnerships (INPP), HICL Infrastructure (HICL), Greencoat UK Wind (UKW), Tritax Big Box (BBOX), PRS REIT (PRSR), Literacy Capital (BOOK), Oakley Capital (OCI), HgCapital Trust (HGT), Odyssean Investment Trust (OIT).

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 the Witan Investment Trust (WTAN). Future profiles include Sequoia Economic Infrastructure Income (SEQI) and J.P.Morgan Japanese (JFJ). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and 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 over 190 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 shorter than normal edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Tom Stevenson, investment director at Fidelity International, and looks ahead to some key events in 2024.

We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

Section Timestamps:

00:55 - This week's guest

01:15 - Looking ahead to 2024

03:47 - Review of the week

05:24 - Corporate news and announcements

05:37 - Money Makers Circle

06:25 - Q&A with Tom Stevenson

07:01 - Looking back at 2023

08:46 - Expectations for 2024

14:49 - The best way to manage money

18:11 - Opportunities to add value

21:40 - Investment trusts in general

23:44 - Cost disclosure and consumer duty

25:59 - The investment trust rally

29:35 - Personal highlights in writing about investment trusts

33:23 - Close

Trusts mentioned this week (with tickers): Biopharma Credit (BPCR), Hipgnosis Songs Fund (SONG), Seraphim Space Investment Trust (SSIT), Digital 9 Infrastructure (DGI9), Chrysalis (CHRY), Scottish Mortgage (SMT), Polar Capital Technology Trust (PCT), Allianz Technology Trust (ATT), Smithson (SSON), Edinburgh Worldwide (EWI), RIT Capital Partners (RCP), RTW Biotech Opportunities (RTW), Schroder Oriental Income Fund (SOI), Balanced Commercial Property Trust (BCPT), International Public Partnerships (INPP), Schroder Japan (SJG).

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 Schroder Asian Total Return (ATR). Future profiles include the Witan Investment Trust (WTAN) and Sequoia Economic Infrastructure Income (SEQI). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and 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 over 190 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, speaks to Richard Stone, chief executive of The Association of Investment Companies (The AIC).

We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

Section Timestamps:

00:49 - Looking back at 2023

06:22 - This week's guest

08:03 - Corporate news, announcements, and results

08:49 - Money Makers Circle

09:14 - Q&A with Richard Stone

09:55 - The experience of heading the AIC in recent years

11:05 - Key member concerns

14:11 - Cost disclosure

25:47 - Consumer duty

31:59 - Quilter Cheviot shareholder engagement report

34:17 - Corporate governance

39:41 - Liquidity in investment trust shares

41:15 - ESG factors and disclosures

43:27 - Challenges and risks looking ahead

46:54 - Looking ahead and a Happy New Year

47:49 - Close

Trusts mentioned this week (with tickers): ThomasLloyd Energy Impact (TLEI), Home REIT (HOME), Digital 9 Infrastructure (DGI9), Chenavari Toro Income Fund (TORO), Geiger Counter (GCL), Biopharma Credit (BPCR), Downing Strategic Micro-Cap (DSM), HgCapital (HGT), Scottish Mortgage (SMT).

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 profile this week, but next week the Circle will feature Schroder Asian Total Return (ATR). Future profiles include the Witan Investment Trust (WTAN). Remember to look out for the latest edition of our new weekly email which summarises Jonathan's latest thoughts and 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 over 190 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, speaks to Andrew McHattie, editor of the Investment Trust Newsletter, and Tom Poynton, a director at Baron & Grant.

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

01:38 - This week's guest

01:51 - Next week's podcast

03:26 - Money Makers Circle

04:10 - Q&A with Andrew McHattie and Tom Poynton

04:53 - The markets overall

08:55 - Positioning for lower interest rates in 2024

13:43 - Activist investors

16:36 - Renewable infrastructure trusts

26:28 - Hipgnosis Songs Fund

33:18 - Home REIT (HOME)

38:24 - Commercial property

44:17 - Looking back at the year

53:35 - Thank you and Merry Christmas

54:02 - Close

Trusts mentioned this week (with tickers): Pershing Square Holdings (PSH), Brunner Investment Trust (BUT), Tritax Big Box (BBOX), Bluefield Solar Income (BSIF), Octopus Renewables Infrastructure (ORIT), Hipgnosis Songs Fund (SONG), Home REIT (HOME), Digital 9 Infrastructure (DGI9), European Opportunities Trust (EOT), Aquila European Renewables (AERS), Greencoat UK Wind (UKW), Foresight Solar Fund (FSFL), LXi REIT (LXI), LondonMetric (LMP), TR Property (TRY), MIGO Opportunities Trust (MIGO), Majedie Investments (MAJE), Polar Capital Global Healthcare (PCGH), 3i Group (III), Pantheon International (PIN), Allianz Technology (ATT), Polar Capital Technology (PCT), Manchester and London (MNL), HgCapital Trust (HGT), Oakley Capital (OCI), Ashoka India Equity Investment Trust (AIE).

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 regular features, the Circle features a profile of J.P.Morgan UK Smaller Companies (JMI). Future profiles coming soon include Schroder Asian Total Return (ATR) and the Witan Investment Trust (WTAN). Remember to look out for the latest edition of our new weekly email which summarises Jonathan's latest thoughts and 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 190 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.