Money Makers

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Colm Walsh, co-manager of the ICG Enterprise Trust (ICGT), and Emma Bird, head of investment trust research and specialist property analyst at Winterflood Securities.

Please note that due to holidays, the next podcast will be released later than normal, but it can be expected by Monday 21 August 2023.

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

Section Timestamps:

0:01:26 - This week's guests

0:02:06 - Review of the week

0:04:53 - Corporate news and announcements

0:12:33 - Summary of results

0:15:51 - Money Makers Circle

0:16:48 - Q&A with Colm Walsh

0:16:56 - Are wide discounts about to turn?

0:18:28 - Putting shareholder interests first

0:19:19 - Mid-market private equity

0:21:27 - Why large discounts exist

0:24:02 - Fees in private equity

0:25:51 - Consequences of sharp interest rate rises

0:30:41 - The risk of recession

0:36:08 - The trust's dividend

0:41:36 - Q&A with Emma Bird

0:41:54 - The general picture in commercial property

0:44:24 - Relative dividend yields compared to gilts

0:45:45 - Likelihood of a recession

0:46:34 - Mergers and acquisitions

0:49:41 - Poor performers

0:51:03 - Dividend sustainability

0:53:31 - Five-year performance

0:55:12 - Warehouse REITs

0:57:11 - The role of asset management

0:58:58 - Share buybacks

01:00:24 - The potential for a recovery in share prices

01:01:24 - Healthcare REITs

01:03:55 - Long-lease REITs

01:05:16 - Commercial property sector discounts overall

1:06:08 - 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 BlackRock Frontiers Trust (BRFI), and Jonathan has released his video review of the infrastructure sector.

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 Simon Barnard, manager of the Smithson Investment Trust (SSON), and Ewan Lovett-Turner, head of investment trust research at Numis Securities. 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 guest

0:01:25 - Review of the week

0:04:20 - Corporate news and announcements

0:09:06 - Money Makers Circle

0:10:02 - Summary of results

0:16:10 - Q&A with Simon Barnard

0:16:24 - The last seven months and where we are today

0:18:24 - The changing outlook for a recession

0:22:46 - The behaviour of the currencies and the impact on results

0:23:31 - Portfolio turnover

0:25:52 - Interest in AI

0:30:45 - Rightmove and the UK housing market

0:32:55 - Attractiveness of the UK market

0:34:05 - General message to shareholders

0:35:23 - Q&A with Ewan Lovett-Turner

0:35:34 - Discounts

0:37:25 - The outlook for interest rates and reratings

0:39:55 - Issues for boards to address

0:48:12 - Management changes

0:50:04 - Board decisions on capital allocation

0:57:16 - Value in alternative assets

0:59:09 - Equity trusts

1:00:04 - Close

If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, market/portfolio reviews and regular extracts from the editor's notebook.

As well as the regular features, this week sees the introduction of a new Readers' Questions feature. There is no fund profile this week, but next week's profile will be of BlackRock Frontiers Investment Trust (BRFI). Jonathan has also published the first of his video reviews looking at sector performance, with a second video due soon.

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 170 podcasts since launch.

You can find more information, including relevant disclosures, at www.money-makers.co. 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. 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 guest

00:57 - Review of the week

04:42 - Corporate news and announcements

09:51 - Summary of results

14:25 - Money Makers Circle

15:04 - Q&A with Andrew McHattie

15:15 - The current state of affairs

18:33 - Commercial property

25:17 - Consolidation and mergers

32:03 - Private equity

38:07 - UK smaller companies

43:49 - Close

Trusts mentioned this week (with tickers): Abrdn Smaller Companies Income (ASCI), Boussard & Gavaudan (BGHL), HydrogenOne (HGEN), Digital 9 Infrastructure (DGI9), Abrdn New Dawn (ABD) / Abdrn Asia Dragon (DGN), Abrdn Smaller Companies Income (ASCI) / Shires Income (SHRS), Abrdn Diversified Income and Growth (ADIG), MIGO Opportunities Trust (MIGO), Home REIT (HOME), Taylor Maritime Investments (TMI), Invesco Asia (IAT), Henderson Diversified Income (HDIV), International Public Partnerships (INPP), Law Debenture (LWDB), BlackRock Throgmorton Trust (THRG), Target Healthcare REIT (THRL), AEW UK REIT (AEWU), Dunedin Income Growth (DIG), Murray Income (MUT), Abrdn Private Equity Oportunities (APEO), HG Capital Trust (HGCT), HarbourVest Global Private Equity (HVPE), ICG Enterprise (ICGT), Pantheon International (PIN), Odyssean Investment Trust (OIT), Rockwood Strategic (RKW), Triple Point Energy Transition (TENT), Seraphim Space Investment Trust (SSIT), Chrysalis Investment Trust (CHRY).

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 ICG Enterprise Trust (ICGT), followed next week by a profile of BlackRock Frontiers Investment Trust (BRFI). Jonathan will also be completing his reviews of various investment trust sectors over the coming days.

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 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 Duncan MacInnes, manager of the Ruffer Investment Company (RICA). Simon Elliott, client director at JPMorgan Asset Management and former co-host and co-founder of the podcast also returns after about a year off the show.

Section Timestamps:

0:00:29 - This week's guests

0:01:39 - Sponsorship of the podcast

0:03:53 - The markets this week

0:07:20 - Announcements and results

0:13:58 - Corporate news

0:16:36 - Money Makers Circle

0:16:54 - Q&A with Duncan MacInnes

0:17:05 - Latest trust results

0:22:49 - Are markets losing touch with reality?

0:26:58 - Portfolio changes

0:29:33 - Thinking on commodities

0:32:13 - The demand for bonds

0:36:35 - Reaction to the derating of investment trusts

0:39:22 - Trust performance before and after crises

0:41:23 - The impact of politics

0:43:24 - Q&A with Simon Elliott

0:43:59 - About the sponsorship of the podcast

0:45:31 - Cause for the week's investment trusts sector bounce

0:47:34 - How bad is a fifteen percent discount historically?

0:49:23 - Selecting funds which may bounce back the fastest

0:52:26 - Consolidation

0:55:01 - The UK and sterling

0:56:28 - Share buybacks

0:59:19 - Upcoming trust losses in the sector

1:00:44 - Diverting to the cricket... and Barry Manilow

1:03:39 - Close

Trusts mentioned this week (with tickers): TR Property (TRY), Tritax Big Box (BBOX), Warehouse REIT (WHR), Polar Capital Technology (PCT), TwentyFour Income Fund (TFIF), Gore Street Energy Storage (GSF), 3i Group (III), Brunner Investment Trust (BUT), Herald Investment Trust (HRI), Asia Dragon Trust (DGN), Abrdn New Dawn (ABD), Scottish Mortgage (SMT), LXi REIT (LXI), VH Global Sustainable Energy Opportunities Trust (GSEO), CT Property Trust (CTPT) / London Metric Property (LMP), JPMorgan Global Growth and Income (JGGI), JPMorgan American (JAM).

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 India Capital Growth (IGC).

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 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 Alastair Laing, CEO of CG Asset Management.

Section Timestamps:

00:29 - Review of the week

03:38 - This week's guest

05:57 - Money Makers Circle

06:33 - Coming next week

07:02 - News and announcements

11:18 - Summary of results

14:40 - Q&A with Alastair Laing

15:07 - Reasons for poor performance

17:50 - Index linked performance

23:39 - The equity market

30:52 - Rising bond yields and the extent of derating

38:04 - Commercial property

41:05 - Consolidation in the alternatives sector

42:49 - Opportunities to bring in a discount

52:02 - Summarising CGT's position

54:14 - Close

Trusts mentioned this week (with tickers): Scottish Mortgage (SMT), Seraphim Space (SSIT), LXi REIT (LXI), Supermarket Income REIT (SUPR), Capital Gearing Trust (CGT), ThomasLloyd Energy Impact (TLEI), US Solar Fund (USF), RM Infrastructure Income (RMII), Hipgnosis Songs Fund (SONG), Artemis Alpha (ATS), Miton UK Microcap (MINI), Jupiter Green (JGC), Polar Capital Global Financials (PCFT), Digital 9 Infrastructure (DGI9), CT Property Trust (CTPT), Ediston Property Investment Company (EPIC), Civitas Social Housing (CSH).

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 Riverstone Energy (RSE). Jonathan has also posted a series of charts that summarise the performance of markets and investment trusts so far this year, and his quarterly video review of some individual trust performance will be coming soon.

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 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 Anthony Leatham, head of investment trust research at Peel Hunt, and Tim Levene, CEO of Augmentum Fintech (AUGM).

Section Timestamps:

00:29 - Review of the week

01:42 - This week's guests

03:13 - The week's performance

04:12 - Money Makers Circle

04:47 - News, announcements, and results

07:46 - Q&A with Anthony Leatham

07:53 - Reaction to the market

11:56 - The broking business

14:06 - Factors involved in derating investment trusts

15:49 - Infrastructure and renewables

19:28 - Trusts sensitive to bond yield changes

22:47 - Battery storage sector

25:52 - Trusts sending distress signals

27:51 - M&A possibilities

32:04 - Q&A with Tim Levene

32:38 - The definition of fintech

34:30 - Performance over five years

41:16 - Investor scepticism about private equity

45:04 - Views on the current environment

47:37 - Artificial Intelligence

50:14 - The portfolio

52:23 - Investment structure

53:40 - Close

Trusts mentioned this week (with tickers): Augmentum Fintech (AUGM), Oryx International (OIG), Schroder British Opportunities (SBO), Abrdn Private Equity Opportunities (APEO), Geiger Counter (GCL), 3i Infrastructure (3IN), Gore Street Energy Storage (GSF), Civitas Social Housing (CSH), RTW Biotech Opportunities (RTW), Edinburgh Worldwide (EWI), Greencoat UK Wind (UKW), Triple Point Energy Transition (TENT), Atrato Onsite Energy (ROOF), Digital 9 Infrastructure (DGI9), Pantheon Infrastructure (PINT), Sequoia Economic Infrastructure (SEQI), Bluefield Solar (BSIF), Gresham House Energy Storage (GRID), HICL Infrastructure (HICL), NextEnergy Solar Fund (NESF), Octopus Renewables Infrastructure (ORIT).

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 Invesco Bond Income Plus (BIPS), and charts will be provided that summarise the year's developments in the markets and investment trust sector.

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 160 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 Peter Hewitt, manager of the CT Global Managed Portfolio, and James Henderson, manager of the Lowland Investment Trust (LWI).

Section Timestamps:

0:00:29 - Review of the week

0:00:53 - This week's guests

0:05:35 - Company news

0:15:42 - Summary of results

0:21:14 - Money Makers Circle

0:22:06 - Q&A with Peter Hewitt

0:22:51 - The last six months

0:29:58 - Discounts in the alternative assets sector

0:33:06 - Commercial property

0:35:53 - Portfolio changes

0:42:28 - Expectations for the next six months

0:45:47 - Q&A with James Henderson

0:46:09 - Looking at the UK market

0:48:12 - Factors behind the unloved nature of the UK market

0:52:26 - Where will interest rates peak?

0:55:19 - Performance impact of a small and mid cap bias

0:56:47 - What happens when the UK equity market turns around

0:59:01 - Fund manager style and philosophy

0:59:49 - Lowland's dividend

1:01:26 - The AIM market

1:04:19 - Lowland's discount

1:06:41 - Close

Trusts mentioned this week (with tickers): 3i Infrastructure (3IN), BBGI Global Infrastructure (BBGI), HICL Infrastructure (HICL), Regional REIT (RGL), Abrdn Property Income (API), PRS REIT (PRSR), Cordiant Digital (CORD), Digital 9 Infrastructure (DGI9), Mid Wynd International (MWY), International Public Partnerships (INPP), Blackstone Loan Financing (BGLF), Ecofin US Renewables Infrastructure (RNEW), Chrysalis (CHRY), Schroder European Real Estate Investment Trust (SERE), RTW Venture Fund / RTW Biotech Opportunities (RTW), Life Science REIT (LABS), Warehouse REIT (WHR), Supermarket Income REIT (SUPR), LXi REIT (LXI), SDCL Energy Efficiency Income Trust (SEIT), Abdrn New India (ANII), Hansa Investment Company (HAN/HANA), JPMorgan Global Core Real Assets (JARA), JPMorgan Japan Small Cap Growth and Income (JSGI), Value and Indexed Property (VIP), Chelverton UK Dividend Trust (SDV), Abrdn China (ACIC), BlackRock Sustainable American Income (BRSA), Harmony Energy Income Trust (HEIT), Schroder UK Mid Cap (SCP), Abrdn Private Equity Opportunities (APEO), Sequoia Economic Infrastructure (SEQI), Ruffer Investment Trust (RICA), Capital Gearing Trust (CGT), BH Macro (BHMG), Greencoat UK Wind (UKW), Civitas Social Housing (CSH), Home REIT (HOME), Aberforth Smaller Companies Trust (ASL), Lowland Investment Company (LWI), Merchants Trust (MRCH), Invesco Perpetual UK Smaller Companies (IPU), Mercantile Investment Trust (MRC), Fidelity Special Values (FSV), Allianz Technology Trust (ATT), Polar Capital Technology Trust (PCT), Finsbury Growth and Income (FGT).

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 AVI Japan Opportunity Trust (AJOT), and coming soon is Jonathan's look back at the year-to-date.

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 160 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, former fund manager and current director of QuotedData, and Colette Ord, infrastructure and renewables analyst at Numis Securities.

Section Timestamps:

00:29 - Review of the week

04:12 - This week's guests

04:32 - Money Makers Circle

04:59 - Corporate news

07:10 - Selected results

13:05 - Q&A with James Carthew

13:30 - Impact of the base rate change on investment trusts

18:13 - Monks Investment Trust (MNKS)

21:03 - Abrdn Diversified Income and Growth (ADIG)

26:18 - Rockwood Strategic (RKW)

28:58 - Civitas Social Housing (CSH)

31:49 - Cordiant Digital Infrastructure (CORD)

35:05 - Investing in AI through investment trusts

37:54 - Q&A with Colette Ord

38:04 - Market reaction to the base rate rise

41:05 - Trust in the NAVs

43:27 - Using the wrong comparisons

46:05 - Trusts with minimal leverage while trading at significant discounts

48:31 - The impact of asset location

49:42 - Predatorial behaviours

52:59 - Lingering impacts of the windfall tax

55:33 - Liquidity issues and smaller trusts

59:24 - Close

Trusts mentioned this week (with tickers): Abrdn Diversified Income and Growth (ADIG), Civitas Social Housing (CSH), Princess Private Equity (PEY), Global Smaller Companies Trust (GSCT), Montanaro UK Smaller Companies (MTU), Montanaro European Smaller Companies (MTE), AEW UK REIT (AEWU), Urban Logistics (SHED), Triple Point Energy Transition (TENT), JPMorgan Emerging Europe Middle East and Africa (JEMA), Bankers Trust (BNKR), Henderson Opportunities (HOT), BlackRock Income and Growth (BRIG), River and Mercantile UK Micro Cap (RMMC), CC Japan Income and Growth (CCJI), HICL Infrastructure (HICL), Greencoat UK Wind (UKW), International Public Partnerships (INPP), Monks Investment Trust (MNKS), Scottish Mortgage Trust (SMT), SAINTS (SAIN), Abrdn Diversified Income and Growth (ADIG), Ediston Property (EPIC), JPMorgan Multi-Asset Growth and Income (MATE) , Rockwood Strategic (RKW), Civitas Social Housing (CSH), Cordiant Digital Infrastructure (CORD), Digital 9 Infrastructure (DGI9), Manchester and London (MNL), Polar Capital Technology Trust (PCT), Allianz Technology Trust (ATT), Chrysalis (CHRY), Schroder Capital Global Innovation (INOV), VH Global Sustainable Energy Opportunities (GSEO), NextEnergy Solar Fund (NESF), 3i Infrastructure (3IN), HICL Infrastructure (HICL), Aquila European Renewables (AERS).

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 Polar Capital Global Healthcare (PCGH), and Jonathan has also provided his thoughts on recent market developments. Subscribers can also look forward to a review of market and investment trusts performance in the first half of the year, coming in the next few weeks.

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 160 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 Nick Greenwood, manager of the MIGO Opportunities Trust (MIGO) and Merryn Somerset Webb, columnist and podcaster at Bloomberg and former editor of MoneyWeek.

Section Timestamps:

0:00:29 - Review of the week

0:03:47 - This week's guests

0:04:20 - Summary of results

0:11:17 - Money Makers Circle

0:12:03 - Q&A with Nick Greenwood

0:12:21 - Investment trusts sector continues to languish

0:15:01 - Retail investor perceptions

0:16:47 - Effect of bond yields on demand

0:17:37 - Consolidation

0:18:43 - Alternative assets

0:19:32 - Renewable energy

0:24:41 - Private equity

0:26:30 - Equity markets

0:28:51 - Portfolio activities

0:32:28 - UK equity market

0:35:11 - Q&A with Merryn Somerset Webb

0:35:35 - Working for Bloomberg

0:36:40 - Thoughts on the investment trust sector

0:38:29 - Accuracy of price signals

0:43:29 - Baillie Gifford

0:46:42 - The role of the board in corporate governance

0:49:12 - Women on investment trust boards

0:51:27 - Challenges to investment trusts

0:53:10 - UK equities

0:57:41 - Advice for private investors

1:02:17 - Close

Trusts mentioned this week (with tickers): Personal Assets Trust (PNL), Lindsell Train Investments (LTI), Templeton Emerging Markets (TEM), Baillie Gifford UK Growth (BGUK), Syncona (SYNC), Biotech Growth Trust (BIOG), JLEN Environmental (JLEN), Custodian Property Income Trust (CREI), Atrato Onsite Energy (ROOF), Foresight Sustainable Forestry (FSF), Industrials REIT (MLI), Aquila European Renewables (AERS), Oakley Capital Investments (OCI), NB Private Equity (NBPE), Nippon Active Value Fund (NAVF), Abrdn Japan Investment Trust (AJIT), AVI Japan Opportunity Trust (AJOT), Life Settlement Assets (LSAA), Geiger Counter (GCL), Yellow Cake (YCA), JPMorgan Indian (JII), Rockwood Strategic (RKW), Odyssean Investment Trust (OIT), Scottish Mortgage Trust (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.

Last week, as well as the regular features, the Circle featured a profile of Pacific Horizon Investment Trust (PHI). This week's fund profile will be of Polar Capital Global Healthcare Trust (PCGH).

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 160 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, continues his conversation with Russell Napier, chairman of Mid Wynd International Investment Trust (MWY). Listeners can find the first half of this discussion in the podcast released on 27 May 2023. Jonathan then talks to Janette Rutterford, emeritus professor of finance at the Open University, to talk about lessons that can be learnt from the history of investment trusts.

Jonathan remains on holiday this week, but Stuart Watson returns to provide the summary of the week's announcements and results. Next week's podcast will be released later than usual, on Tuesday 20 June 2023, after which the normal Saturday schedule will return.

Section Timestamps:

00:29 - Coming up this week

01:44 - News and announcements with Stuart Watson

02:45 - Summary of the week's results

10:42 - Money Makers Circle

11:14 - Q&A with Russell Napier (Part 2)

15:16 - Commercial and residential property

17:52 - Thoughts on the investment trusts sector

24:50 - Recommended literature

27:52 - The Library of Mistakes

29:10 - Q&A with Janette Rutterford

29:41 - The Baring Crisis of 1890

35:36 - The 1920s

41:17 - The 1990s and the Split Capital Crisis

46:23 - Split capital trusts

47:29 - Lessons for investors

49:33 - Knowledgeable investing

52:54 - Close

Trusts mentioned this week (with tickers): Worldwide Healthcare Trust (WWH), Fidelity China Special Situations (FCSS), STS Global Income and Growth (STS), LXi REIT (LXI), Warehouse REIT (WHR), JZ Capital Partners (JZCP), JPMorgan European Growth and Income (JEGI), Abrdn Japan (AJIT), Schroder Real Estate (SREI), BlackRock Frontiers (BRFI), Edinburgh Worldwide (EWI), JPMorgan Indian (JII), Barings Emerging EMEA Opportunities (BEMO), Abrdn Diversified Income and Growth (ADIG), Residential Secure Income (RESI).

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, features a profile of HydrogenOne Capital Growth (HGEN). Next week's profile will be of Pacific Horizon (PHI).

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 160 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.