Money Makers

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to James Cook, fund manager at J.P. Morgan Global Growth and Income (JGGI) and Chris Clothier, co-CIO at CG Asset Management and a manager at 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:

0:00:44 - Review of the week

0:03:57 - Money Makers Circle

0:04:29 - This week's guests

0:04:57 - Corporate news and announcements

0:10:17 - Summary of results

0:16:01 - Q&A with James Cook

0:17:38 - Sustaining outperformance

0:20:55 - Enhanced income approach

0:22:29 - The outlook for the global economy

0:27:22 - The valuation spread

0:29:29 - The US 'Super Seven'

0:33:01 - The UK market

0:35:39 - The outlook from here

0:37:41 - Q&A with Chris Clothier

0:37:50 - The bond market

0:40:44 - Holding US and UK index linked bonds

0:43:21 - Risk assets

0:44:34 - The impact of elections

0:45:46 - Opportunities in the alternatives sector

0:47:25 - Has derating run its course?

0:52:51 - Commercial property sector

0:54:06 - Cost disclosure

0:57:32 - What happens from here

1:01:06 - Close

Trusts mentioned this week (with tickers): 3i Group (III), International Public Partnerships (INPP), HICL Infrastructure (HICL), PRS REIT (PRSR), Odyssean Investment Trust (OIT), Triple Point Social Housing (SOHO), Syncona (SYNC), RTW Venture Fund (RTW), Digital 9 Infrastructure (DGI9), Gresham House Energy Storage (GRID), Nippon Active Value Fund (NAVF), Abrdn Japan (AJIT), Atlantis Japan Growth (AJG), European Opportunities Trust (EOT), Chrysalis (CHRY), ThomasLloyd Energy Impact (TLEI), European Smaller Companies (ESCT), Fidelity Emerging Markets (FEML), Target Healthcare REIT (THRL), Ashoka India Equity (AIE), JPMorgan Smaller Companies Trust (JMI), Pacific Assets Trust (PAC), Invesco Perpetual UK Smaller Companies (IPU), JPMorgan Multi-Asset Growth and Income (MATE), Fidelity Asian Values (FAS), Gore Street Energy Storage (GSF), LXi REIT (LXI), Greencoat UK Wind (UKW), The Renewables Infrastructure Group (TRIG), Warehouse REIT (WHR), Pantheon International (PIN), Worldwide Healthcare (WWH), Pershing Square Holdings (PSH), Smithson Investment Trust (SSON), Personal Assets Trust (PNL), Capital Gearing Trust (CGT), RIT Capital Partners (RCP), Grainger REIT (GRI), Empiric Student Property (ESP), Unite Group (UTG).

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 International Public Partnerships (INPP). Future profiles coming soon include City of London (CTY) and Pacific Assets Trust (PAC).

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 180 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 Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG), and Matt Hose, alternative assets analyst at Jeffries. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

Section Timestamps:

0:00:44 - Review of the week

0:04:39 - This week's guest

0:05:09 - Money Makers Circle

0:05:43 - Corporate news and announcements

0:10:13 - Summary of results

0:16:23 - Q&A with Peter Hewitt

0:16:50 - General developments in the markets

0:20:07 - Is the bond market normally right?

0:23:25 - The portfolio and its themes

0:39:49 - The income class

0:40:37 - Consolidation

0:41:49 - Scotland in the Rugby World Cup

0:39:01 - Q&A with Matt Hose

0:39:09 - Bond market fallout

0:43:52 - Private equity sector

0:48:03 - Infrastructure trusts

0:50:09 - Renewables trusts

0:53:16 - Hipgnosis Songs Fund (SONG)

0:57:33 - Looking ahead

1:00:20 - Close

Trusts mentioned this week (with tickers): Henderson High Income (HHI), Henderson Diversified Income (HDIV), Pershing Square Holdings (PSH), Rockwood Strategic (RKW), Miton UK MicroCap (MINI), ICG Longbow (LBOW), Edinburgh Investment Trust (EDIN), Octopus Renewables Infrastructure Trust (ORIT), Aquila European Renewables (AERS), Foresight Solar Fund (FSFL), Downing Renewables and Infrastructure (DORE), Ruffer Investment Company (RICA), Pacific Horizon (PHI), Caledonian (CLDN), ICG Enterprise (ICGT), North American Income Trust (NAIT), Baillie Gifford China Growth (BGCG), Pantheon International (PIN), Oakley Capital Investments (OCI), HgCapital Trust (HGT), NB Private Equity (NBPE), Apax Global Alpha (APAX), Polar Capital Technology (PCT), Allianz Technology Trust (ATT), Supermarket Income REIT (SUPR), Assura (AGR), Civitas Social Housing (CSH), Urban Logistics REIT (SHED), Mid Wynd International (MWY), Greencoat UK Wind (UKW), 3i Group (III), Literacy Capital (BOOK), BBGI Global Infrastructure (BBGI), International Public Partnerships (INPP), HICL Infrastructure (HICL), The Renewables Infrastructure Group (TRIG), 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 regular features, the Circle features a profile of Templeton Emerging Markets (TEM). Future profiles coming soon include International Public Partnerships (INPP) and City of London (CTY).

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 180 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 Joe Bauernfreund, manager of the AVI Global Trust (AGT), and Evy Hambro, manager of the BlackRock World Mining Trust (BRWM). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

Section Timestamps:

00:44 - This week's guests

01:34 - Review of the week

03:27 - Money Makers Circle

04:03 - Corporate news and announcements

12:28 - Summary of results

21:20 - Q&A with Joe Bauernfreund

21:20 - Adding to holdings in the UK investment trust sector

26:03 - Enforced cost disclosures

26:47 - Reducing holdings in PSH and TPOU

30:17 - Increasing exposure to the investment trust universe

31:38 - AVI Global Trust (AGT) and discounts

34:54 - Q&A with Evy Hambro

34:54 - The commodities sector this year

38:42 - Industry changes over thirty years

40:45 - Valuations over the last year

44:02 - Incentives on commodity producers for good ESG

46:53 - Portfolio changes

49:47 - The dividend policy

51:18 - Gearing

52:52 - Looking forward

54:43 - Close

Trusts mentioned this week (with tickers): Digital 9 Infrastructure (DGI9), Downing Renewables and Infrastructure (DORE), Home REIT (HOME), ThomasLloyd Energy Impact (TLEI), Hipgnosis Songs Fund (SONG), HgCapital Trust (HGT), HICL Infrastructure Trust (HICL), Pantheon International (PIN), Gulf Investment Fund (GIF), JPMorgan Global Growth and Income (JGGI), Strategic Equity Capital (SEC), Schroder Japan Trust (SJG), Manchester and London (MNL), JPMorgan Emerging Markets (JMG), European Opportunities Trust (EOT), Tufton Oceanic Assets (SHIP), Henderson EuroTrust (HNE), Fair Oaks Income (FAIR), Martin Currie Global Portfolio (MNP), Blackstone Loan Financing (BGLF), Biopharma Credit (BPCR), Third Point Investors (TPOU), Merchants Trust (MRCH), Phoenix Spree Deutschland (PSDL), Baillie Gifford Shin Nippon (BGS), Schroders Capital Growth Innovation Trust (INOV), Bluefield Solar Income Fund (BSIF), US Solar Fund (USF), Gresham House Energy Storage (GRID), Aquila Energy Efficiency Trust (AEET), NB Private Equity (NBPE), Pantheon Infrastructure (PINT), GCP Asset Backed Income (GABI), UK Commercial Property Trust (UKCM), Abrdn Property Income (API), Princess Private Equity (PEY), Oakley Capital Investments (OCI), Pershing Square Holdings (PSH), AVI Global Trust (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 regular features, the Circle features a profile of BlackRock World Mining Trust (BRWM). Next week's profile will feature Templeton Emerging Markets (TEM).

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 180 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, is away in Europe. So, Stuart Watson is stepping in to provide a summary of the week's news and results. Jonathan did get a chance over the last week however, to speak to Colette Ord, infrastructure analysis at Numis Securities, and to conclude his conversation with Ben Conway, head of fund management at Hawksmoor Investment Management. That conversation follows on from their discussion a couple of weeks ago. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

Section Timestamps:

0:00:44 - This week's guests

0:01:39 - Review of the week

0:02:38 - Corporate news and announcements

0:04:35 - Summary of results

0:13:04 - Money Makers Circle

0:13:25 - Q&A with Colette Ord

0:13:32 - Stabilisation of interest rates and the effect on derating

0:17:53 - Will a revival reward some trusts more than others?

0:21:54 - The lack of new competition

0:23:41 - Differences in discounts

0:25:55 - The renewables sector

0:28:50 - Energy storage trusts

0:31:24 - Digital infrastructure

0:33:19 - Diversified portfolios

0:34:26 - Sector rationalisation

0:35:46 - Q&A with Ben Conway

0:35:51 - Issues with investment trusts

0:39:01 - Are discounts a cyclical phenomenon?

0:41:58 - Alignment of incentives

0:44:50 - Manager disclosures of investments

0:46:59 - Share buybacks and other options

0:55:30 - Should investment trusts use gearing?

0:59:55 - The supply of investment trusts

1:08:42 - Competition to the investment trusts sector

1:11:19 - 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 regular features, the Circle features a profile of the Global Smaller Companies Trust (GSCT), and the latest Editor's Notebook looking at discount opportunities.

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 180 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, talks to Tom Poynton, executive director at Baron & Grant, and Dale Nicholls, manager at Fidelity China Special Situations (FCSS). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

Section Timestamps:

00:44 - Review of the week

02:45 - This week's guests

03:25 - Corporate news and announcements

07:57 - Money Makers Circle

08:31 - Summary of results

13:28 - Q&A with Tom Poynton

13:38 - Hipgnosis Songs Fund (SONG)

19:46 - Private equity announcements

25:15 - Early stage venture capital trusts

30:00 - The renewables sector

33:39 - Outlook for discounts

36:04 - Cricket!

40:35 - Q&A with Dale Nicholls

40:50 - Disappointment for Chinese investment returns

42:03 - The property crisis

43:59 - Lessons from regulatory interventions

45:12 - The impact of geopolitical tensions on investment flows

46:47 - The attractiveness of valuations

49:36 - AI and the portfolio direction

51:20 - China's position within a portfolio

52:37 - Gearing level and policy

53:56 - Highlights and disappointments as trust manager

54:58 - The Long-term China story

56:13 - Close

Trusts mentioned this week (with tickers): Hipgnosis Songs Fund (SONG), Round Hill Music Royalty Fund (RHM), Ediston Property Investment Company (EPIC), TR Property Investment Trust (TRY), ThomasLloyd Energy Impact (TLEI), CQS New City High Yield (NCYF), BH Macro (BHMG), Vietnam Enterprise Investments (VEIL), North Atlantic Smaller Companies (NAS), Balanced Commercial Property Trust (BCPT), Schroder Asian Total Return (ATR), Foresight Solar Fund (FSFL), Oakley Capital Investments (OCI), Literacy Capital (BOOK), Seraphim Space Investment Trust (SSIT), RTW Biotech Opportunities (RTW), Henderson High Income (HHI), AVI Japan Opportunity Trust (AJOT), Menhaden Resource Efficiency (MHN), Castelnau Group (CGL), Golden Prospect Precious Metals (GPM), Middlefield Canadian Income (MCT), VH Global Sustainable Energy Opportunities (GSEO), Ecofin US Renewables (RNEW), Dunedin Enterprise (DNE), Pantheon International (PIN), Bluefield Solar Income Fund (BSIF), NextEnergy Solar Fund (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 regular features, the Circle features an in-depth profile of the Alliance Trust (ATST), as well as a list of fifteen large and liquid investment trusts which Jonathan believes look attractive on discount grounds if we are nearing the end of the interest rate cycle.

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 more than 170 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, talks to Ben Rogoff, manager of the Polar Capital Technology Trust (PCT). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

Section Timestamps:

01:00 - This week's guest

01:41 - Money Makers Circle

02:08 - Review of the week

06:16 - Corporate news and announcements

14:30 - Summary of results

16:21 - Q&A with Ben Rogoff

19:05 - What is generative AI?

23:49 - The expansion and use of AI capabilities

33:28 - Comparing to previous tech innovations

38:27 - What could derail AI?

41:28 - Fields that could be transformed

44:11 - A new lens by which to judge investments

47:27 - Close

Trusts mentioned this week (with tickers): Round Hill Music Royalty Fund (RHM), Hipgnosis Songs Fund (SONG), Ecofin US Renewables (RNEW), US Solar Fund (USF), International Public Partnerships (INPP), GCP Infrastructure (GCP), RM Infrastructure Income (RMII), Caledonia Investments (CLDN), HG Capital (HGT), LXi REIT (LXI), Home REIT (HOME), Schiehallion Fund (MNTN), Schroder Capital Global Innovation (INOV), AEW UK REIT (AEWU), RTW Biotech Opportunities (RTW), Gresham House Energy Storage (GRID), Gore Street Energy Storage (GSF), Pantheon Infrastructure (PINT), Mid Wynd International (MWY), Triple Point Social Housing (SOHO), Apax Globle Alpha (APAX).

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 JPMorgan European Discovery (JEDT). Jonathan has also listed ten investment trusts that he believes may offer an upside if there is a reversal in the derating driven by falling interest rates.

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 more than 170 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, talks to Andrew McHattie, editor of the Investment Trusts Newsletter, and Ben Conway, Head of Fund Management at Hawksmoor Investment Management. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

Section Timestamps:

0:00:44 - This week's guests

0:01:21 - Review of the week

0:03:19 - Corporate news

0:04:53 - Summary of results

0:07:10 - Summary of announcements

0:07:28 - Money Makers Circle

0:12:35 - Q&A with Andrew McHattie

0:12:44 - Happenings in the sector over the last couple of months

0:14:17 - Coping with the derating period

0:16:21 - Infrastructure and private equity rerating

0:18:40 - The danger of missing out in a derating cycle

0:20:33 - Potential direction of travel

0:22:45 - Literacy Capital (BOOK) and HG Capital (HGT)

0:27:04 - Biopharma Credit (BPCR)

0:29:17 - Other names of interest

0:32:13 - The return of arbitrage/activist trusts

0:35:06 - Q&A with Ben Conway

0:35:33 - Regulatory changes and cost disclosures

0:42:43 - The impact of regulatory change on investment companies

0:44:16 - What should happen now?

0:48:30 - Why does this matter?

0:54:27 - Are costs a downward pressure on share prices relative to NAVs?

1:01:44 - Close

Trusts mentioned this week (with tickers): Geiger Counter (GCL), Digital 9 Infrastructure (DGI9), Seraphim Space (SSIT), BBGI Global Infrastructure (BBGI), Edinburgh Worldwide (EWI), Baillie Gifford Shin Nippon (BGS), Schroder European Real Estate (SERE), Literacy Capital (BOOK), Schiehallion (MNTN), Nippon Active Value Fund (NAVF), Henderson European Focus Trust (HEFT), Real Estate Credit Investments (RECI), Axiom European Debt Trust (AXI), Biopharma Credit (BPCR), Princess Private Equity Trust (PEY), Round Hill Music Royalty Fund (RHM), Triple Point Housing (SOHO), Harmony Energy Income Trust (HEIT), Pantheon International (PIN), Life Science REIT (LABS), HydrogenOne Capital Growth (HGEN), HG Capital Trust (HGT), Biopharma Credit (BPCR), Triple Point Energy Transition (TENT), SDCL Energy Efficiency (SEIT), US Solar Fund (USF), Gore Street Energy Storage (GSF), Greencoat UK Wind (UKW), Henderson Opportunities Trust (HOT), Herald Investment Trust (HRI), Pershing Square Holdings (PSH), Schroder Mid-Cap (SCP), European Opportunities Trust (EOT), Tritax Big Box (BBOX).

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.

his week, as well as the regular features, the Circle features a profile of JPMorgan European Discovery (JEDT).

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 more than 170 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 bonus edition of the Weekly Investment Trust Podcast, Jonathan Davis, talks to Rhys Davies, manager of the Invesco Bond Income Plus Investment Trust (BIPS). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

Section Timestamps:

00:45 - The last eighteen months in the bond markets

02:45 - Has the interest rate and bond yield cycle peaked?

04:57 - Explaining a soft landing

07:05 - Portfolio yield and potential total return

09:38 - Assessing high yield bonds

14:07 - Managing a bond portfolio

19:24 - The regional split between the UK and Europe

22:48 - Investing in high yield through an investment trust

25:48 - Discount control policy

27:37 - The investment trust sector as a whole

30:43 - Biggest risks we face

32:42 - Close

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, talks to Max King, the market and investment trust commentator and former Investec fund manager. Jonathan also talks to Rhys Davies, manager of the Invesco Bond Income Plus Investment Trust (BIPS); the first half of that discussion can be heard in the podcast, with the full interview available on the website or via podcast channels. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

Section Timestamps:

00:44 - Review of the week

04:58 - This week's guest

05:38 - Money Makers Circle

06:24 - Corporate announcements and results

16:34 - Q&A with Max King

17:09 - The markets at the moment

19:01 - Abrdn mergers

20:29 - Global Absolute Return Strategies Fund (GARS)

21:20 - Regulation and trust reports

23:01 - Private equity sector

27:14 - Commercial property sector

30:19 - Alternatives sector

32:02 - Equity sector

34:20 - Defensive funds

37:28 - Looking forward

40:32 - Q&A with Rhys Davies (Part 1)

41:11 - The last eighteen months in the bond markets

43:11 - Has the interest rate and bond yield cycle peaked?

45:24 - Explaining a soft landing

47:31 - Portfolio yield and potential total return

50:04 - Assessing high yield bonds

54:34 - Managing a bond portfolio

59:50 - Close

Trusts mentioned this week (with tickers): Abrdn UK Smaller Companies Growth Trust (AUSC), Atlantis Japan Growth (AJG), Nippon Active Value Fund (NAVF), Pershing Square Holdings (PSH), BlackRock World Mining (BRWM), Princess Private Equity (PEY), CT Private Equity Trust (CTPT), JPMorgan US Smaller Companies (JUSC), Cordiant Digital Infrastructure (CORD), NB Private Equity (NBPE), GCP Infrastructure (GCP), Home REIT (HOME), ThomasLloyd Energy Impact (TLEI), The Renewables Infrastructure Group (TRIG), 3i Infrastructure (3IN), HICL Infrastructure (HICL), International Public Partnerships (INPP), Blackstone Loan Financing (BGLF), NB Global Monthly Income (NBMI), Pantheon International (PIN), 3i Group (III), HarbourVest Global Private Equity (HVPE), Literacy Capital (BOOK), Oakley Capital Investments (OCI), HG Capital Trust (HGT), TR Property Investment Trust (TRY), Ediston Property Investment Company (EPIC), BBGI Global Infrastructure (BBGI), Capital Gearing Trust (CGT), Ruffer Investment Company (RICA), Personal Assets Trust (PNL).

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 the Invesco Perpetual UK Smaller Companies Trust (IPU), and a conversation with Graham Harrison, executive chairman of Asset Risk Consultants.

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 more than 170 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, talks to 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.

This edition of the podcast was recorded during the week ending Friday 18 August 2023, prior to the latest update from the Board of Ediston Property Investment Company (EPIC) following recent press speculation. It has confirmed it is in advanced discussions with RI UK 1 Limited, a wholly owned indirect subsidiary of Realty Income Corporation, regarding a possible sale of the fund’s property portfolio. There is currently no certainty that a sale of the portfolio will take place, nor as to the final terms on which any such sale might be undertaken. At this time the Board is continuing to conduct its previously announced strategic review and will do so until further notice.

Section Timestamps:

00:44 - Review of the week

05:14 - Money Makers Circle

05:30 - This week's guest

05:42 - Corporate news and announcements

11:43 - Summary of results

16:52 - Q&A with James Carthew

17:04 - The current state of affairs

20:10 - Riverstone Energy (RSE)

23:47 - Abrdn Asian trusts merger

26:50 - Long-term viability of Asian trusts

28:21 - ThomasLloyd Energy Impact (TLEI)

34:07 - Ediston Property Investment Company (EPIC)

35:47 - Commercial property sector

38:37 - Renewable energy sector

42:37 - RIT Capital Partners (RCP)

44:06 - HG Capital Trust (HGT)

45:28 - The persistence of discounts

48:29 - Close

Trusts mentioned this week (with tickers): Ediston Property Investment Company (EPIC), BH Macro (BHMG), Baillie Gifford UK Growth (BHUK), Baillie Gifford European Growth (BGEU), Baillie Gifford Japan Trust (BGFD), Riverstone Energy (RSE), Aquila Energy Efficiency Trust (AEET), ThomasLloyd Energy Impact (TLEI), Abrdn New Dawn (ABD), Asia Dragon Trust (DGN), Witan Investment Trust (WTAN), Georgia Capital (GCAP), Temple Bar Investment Trust (TMPL), Abrdn Asian Income Fund (AAIF), Bluefield Solar Income Fund (BSIF), Next Energy Solar Fund (NESF), RIT Capital Partners (RCP), HG Capital Trust (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 regular features, the Circle will feature a profile of Invesco Perpetual UK Smaller Companies (IPU). Jonathan has also released his video review of the bond market.

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 more than 170 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.