Money Makers

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, is joined by Simon Edelsten, manager of the Mid Wynd International Investment Trust (MWY). Jonathan also spoke to Paul and Richard Pindar, respectively the chairman and CEO of Literacy Capital (BOOK).

Jonathan is on holiday over the coming couple of weeks, but the podcast continues with pre-recorded interviews this week and next, with Stuart Watson providing the summary of the week's announcements and results.

Section Timestamps:

0:00:29 - This week's guests

0:02:07 - Money Makers Circle

0:02:39 - Next week

0:03:26 - Summary of announcements and results with Stuart Watson

0:11:47 - Q&A with Simon Edelsten

0:12:31 - Artificial intelligence and big tech

0:17:56 - The situation with respect to interest rates

0:26:22 - Fear of missing out

0:29:37 - Japan

0:36:06 - Europe

0:38:45 - The UK

0:39:43 - Looking ahead

0:41:45 - Simon's plans

0:43:26 - Q&A with Paul and Richard Pindar

0:45:35 - How Literacy Capital is distinct compared to its peers

0:49:33 - The first quarter of 2023

0:54:47 - Reducing exposure to growth capital

0:58:35 - Reduction in gearing

1:01:06 - The UK

1:03:05 - Close

Trusts mentioned this week (with tickers): Mid Wynd International (MWY), Literacy Capital (BOOK), Edinburgh Investment Trust (EDIN), CT UK High Income (CHI), Odyssean (OIT), TR Property (TRY), AVI Global (AGT), JPMorgan Japanese (JFJ), Home REIT (HOME), Aquila European Renewables (AERI).

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

This week, as well as the regular features, the Circle features a profile of the Mercantile Trust (MRC). This will be followed by a profile of HydrogenOne Capital Growth (HGEN).

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, is joined by financial historian and market strategist Russell Napier, chairman of Mid Wynd International Investment Trust (MWY), in part one of their recent conversation (part two follows next week). Jonathan also speaks to Max King, former investment trust fund manager at Investec.

Section Timestamps:

01:05 - The markets this week

03:46 - Investment trusts news

11:21 - This week's results

15:15 - Money Makers Circle

15:42 - Noteable interim results

17:14 - Q&A with Russell Napier (Part 1)

17:43 - The Federal debt ceiling

27:15 - The debt burden

29:40 - The 2% inflation target

36:37 - The attractiveness of bonds going forward

37:31 - Q&A with Max King

37:40 - How the year is panning out

40:46 - The Bank of England's response to inflation

42:22 - The UK market

44:52 - The investment trusts sector

45:31 - Infrastructure and renewables

49:05 - Commercial property

50:59 - Social housing

53:02 - Caledonia Investments (CLDN) and private equity

55:52 - Japanese trusts merger

57:24 - Twitter under Elon Musk

58:22 - Close

Gresham House Energy Storage (GRID), CT Property Trust (CTPT) / LondonMetric (LMP), Momentum Multi-Asset Value Trust (MAVT), RM Infrastructure Income (RMII), M&G Credit Income (MGCI), Round Hill Music Royalty Fund (RHM), Capital Gearing Trust (CGT), HICL Infrastructure (HICL), JPMorgan Asia Growth and Income (JAGI), Schroder AsiaPacific (SDP), Henderson European Focus Trust (HEFT), Ediston Property Investment Company (EPIC), Shires Income (SHRS), Rockwood Strategic (RKW), Odyssean (OIT), 3i Infrastructure (3IN), BBGI Global Infrastructure (BBGI), Ashoka WhiteOak Emerging Markets Trust (AWEM), CT Property Trust (CTPT), Primary Health Properties (PHP), Assura (AGR), Derwent London (DLN), Great Portland Estates (GPOR), Shaftesbury Capital (SHC), Land Securities (LAND), TR Property (TRY), Home REIT (HOME), AEW UK REIT (AEWU), Civitas Social Housing (CSH), Caledonia Investments (CLDN), RIT Capital Partners (RCP), Scottish Mortgage (SMT), HG Capital Trust (HGT), 3i Group (III), Literacy Capital (BOOK), Nippon Active Value (NAVF) / Abrdn Japan (AJIT).

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 Abrdn Property Income Trust (API).

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 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, speaks to Matt Hose, alternatives analyst at Jefferies.

Section Timestamps:

00:29 - Coming up

02:11 - The markets this week

09:45 - Money Makers Circle

10:28 - Annual results

11:59 - Interim results

15:46 - Q&A with Matt Hose

15:54 - Scottish Mortgage Trust (SMT)

23:36 - Private equity

24:32 - HG Capital Trust (HGCT)

26:29 - Growth capital sector

27:34 - Renewable energy sector

33:22 - Debt sector

35:12 - Looking ahead

36:41 - Close

Trusts mentioned (with tickers): Abrdn European Logistics Income (ASLI), Abrdn Japan (AJIT), Nippon Active Value Fund (NAVF), International Biotechnology Trust (IBT), North American Smaller Companies (NAS), JPMorgan Multi-Asset Growth & Income (MATE), Finsbury Growth and Income (FGT), Lowland Investment Company (LWI), Abrdn Equity Income (AEI), Scottish Oriental Smaller Companies (SST), Tritax EuroBox (EBOX), Scottish Mortgage Trust (SMT), HG Capital Trust (HGCT), Abrdn Private Equity Opportunities (APEO), HarbourVest Global Private Equity (HVPE), Pantheon International (PIN), 3i Group (III), Oakley Capital Investments (OCI), Schiehallion (MNTN), Chrysalis (CHRY), Gresham House Energy Storage (GRID), NextEnergy Solar Fund (NESF), Foresight Solar Fund (FSFL), Starwood European (SWEF), NB Monthly Income Fund (NBMI), VPC Specialty Lending (VSL).

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 American (JAM). Next week, the Circle will feature a profile of Abrdn Property Income (API), as well as a guest column from financial historian Edward Chancellor about private equity.

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 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, speaks to Andrew McHattie, editor of the Investment Trusts Newsletter, and Ailsa Craig and Marek Poszepczynski, co-managers of the International Biotechnology Trust (IBT).

Section Timestamps:

0:00:29 - This week's guests

0:01:57 - The markets this week

0:04:05 - This week's news

0:04:29 - Money Makers Circle

0:05:20 - Noteable results and announcements

0:08:12 - Q&A with Andrew McHattie

0:08:24 - Bank of England base rate change

0:11:23 - Investment trust sector pe rformance

0:12:36 - Civitas Social Housing (CSH)

0:17:39 - Home REIT (HOME)

0:21:25 - US Solar Fund (USF)

0:23:23 - The renewables sector

0:25:31 - Private equity

0:29:13 - 3i Group (III)

0:31:20 - ICG Enterprise (ICGT)

0:35:00 - Q&A with Ailsa Craig and Marek Poszepczynski

0:35:14 - What IBT does and how it differs

0:36:09 - Why choose to invest in IBT

0:37:34 - The factors involved in declining returns for the sector

0:41:01 - The impact of a recession and high interest rates on the sector

0:42:26 - M&A activity

0:45:44 - The US Presidential election cycle

0:48:34 - The IBT portfolio

0:52:19 - Gearing on the trust

0:53:34 - The trust's dividend

0:55:39 - Investments in unlisted private companies

0:59:03 - Sectors or companies with prospects for the next 'big bang'

1:01:56 - Future fund manager arrangements

1:02:50 - Close

Trusts mentioned (with tickers): Schiehallion Fund (MNTN), 3i Group (III), 3i Infrastructure Trust (3IN), Pacific Assets (PAC), Baillie Gifford European Growth (BGEU), BlackRock Greater Europe (BRGE), Polar Capital Global Healthcare (PCGH), Seraphim Space (SSIT), Chrysalis Investments (CHRY), Civitas Social Housing (CSH), Triple Point Social Housing (SOHO), Home REIT (HOME), US Solar Fund (USF), Next Energy Solar Fund (NESF), Bluefield Solar Fund (BSIF), Oakley Capital Investments (OCI), RTW Venture Fund (RTW), ICG Enterprise (ICGT).

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 Octopus Renewables Infrastructure Trust (ORIT). Jonathan also provides commentary on the market outlook and the social housing sector, and looks at what Stanley Druckenmiller thinks about the outlook for the US economy.

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 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, speaks to Ewan Lovett-Turner, head of investment trust research at Numis Securities, and Laura Elkin, portfolio manager of AEW UK REIT (AEWU).

Section Timestamps:

00:29 - This week's guests

02:59 - Money Makers Circle

03:32 - The markets this week

05:26 - Highlights from the week's results

08:05 - Q&A with Ewan Lovett-Turner

08:53 - Looking back over 2023 so far

12:41 - Perceptions of the current market outlook

14:47 - Key news items this week

14:51 - IPOs and Fundraising

20:17 - Private equity

25:23 - Boards and buy backs

27:35 - The alternatives sector

29:55 - International Biotechnology Trust (IBT)

32:07 - Q&A with Laura Elkin

32:36 - The strategy of AEWU, and its portfolio weightings

35:59 - Target return as a value investor

38:31 - The gearing policy

40:39 - The re-rating of commercial property

44:35 - Investing in retail

48:09 - Alternative use

50:55 - Valuation and the dividend

54:40 - Where the market is going

56:08 - Close

Trusts mentioned (with tickers): Keystone Positive Change Trust (KPC), Scottish Mortgage Trust (SMT), International Biotechnology Trust (IBT), Aquila Energy Efficiency Trust (AEET), Bluefield Solar Income Fund (BSIF), Foresight Solar Fund (FSFL), Chrysalis (CHRY), Ediston Property Income Trust (EPIC), Apax Global Alpha (APAX), Manchester and London (MNL), Martin Currie Global (MNP), Polar Capital Technology Trust (PCT), Smithson Investment Trust (SSON), Finsbury Growth and Income (FGT), Edinburgh Worldwide Investment Trust (EWI), Biotech Growth Trust (BIOG), CT Private Equity (CTPE), Princess Private Equity Holdings (PEY), Oakley Capital Investments (OCI), HarbourVest Global Private Equity (HVPE), ICG Enterprise Trust (ICGT), Schiehallion Fund (MNTN), Molten Ventures (GROW), Ashoka White Oak Emerging Markets Trust (AWEM), TwentyFour Income Fund (TFIF), BH Macro (BHMG), 3i Infrastructure (3IN), US Solar Fund (USF), ThomasLloyd Energy Impact (TLEI), HG Capital Trust (HGT), RIT Capital Partners (RCP), 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 a profile of BlackRock Energy and Resources (BERI). Coming up, the Circle will feature profiles of Octopus Renewables Infrastructure Trust (ORIT) and JPMorgan American (JAM).

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 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, speaks to James de Uphaugh, lead manager of the Edinburgh Investment Trust (EDIN), and Stuart Widdowson, manager of the Odyssean Investment Trust (OIT).

Section Timestamps:

0:00:29 - This week's guests

0:01:35 - The markets this week

0:03:03 - Money Makers Circle

0:03:47 - News and announcements

0:08:03 - Annual results

0:16:46 - Interim results

0:20:21 - Q&A with James de Uphaugh

0:20:56 - Taking on the Edinburgh Investment Trust

0:22:47 - Immediate reactions and changes due to the then-developing pandemic

0:25:24 - Factors influencing good performance to date

0:27:34 - The gearing strategy

0:30:16 - Advantages of managing an investment trust

0:32:15 - The UK market performance

0:34:38 - Investment style

0:37:36 - What is the trust's "special sauce"?

0:39:46 - Portfolio weightings and changes

0:45:11 - The discount and ambitions for the trust

0:46:56 - The UK as a place to invest and the impact of the pound

0:49:41 - Close

0:51:10 - Q&A with Stuart Widdowson

0:50:26 - Market developments in 2023 so far

0:52:33 - Sentiment to the UK market

0:55:34 - Specific issues with the UK equity market

0:59:07 - Company valuations

1:02:03 - Odyssean's rating and share buy backs

1:02:46 - Close

Trusts mentioned (with tickers): Thomas Lloyd Energy Impact (TLEI), Urban Logistics REIT (SHED), Next Energy Solar (NESF), Ashoka White Oak Emerging Markets (AWEM), Global Smaller Companies Trust (GSCT), Ceiba Investments (CBA), Third Point Investors (TPOU), Round Hill Music Royalty (RHM), Baker Steel Resources (BSRT), Aquila European Renewables (AERS), NB Private Equity (NBPE), Dunedin Enterprise (DNE), RM Infrastructure Income (RMII), Abrdn Property Income (API), Vietnam Enterprise Investments (VEIL), M&G Credit Income (MGCI), Fidelity special values (FSV), Henderson Far East Income (HFEL), Asia Dragon Trust (DGN), Literacy Capital (BOOK), Pantheon (PIN), AEW UK REIT (AEWU), CT Property Trust (CTPT), Impact Healthcare REIT (IHR).

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 BioPharma Credit (BPCR), as well as taking a look at the thirty year performance of thirty-six surviving trusts that pre-date the birth of King Charles III.

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 150 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 Paul ffolkes Davis, chairman of Rising Sun Management, investment advisor to Nippon Active Value Fund (NAVF), and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL).

Section Timestamps:

0:00:57 - This week's guests

0:01:45 - The markets this week

0:03:30 - Results and announcements with Stuart Watson

0:10:16 - Q&A with Paul ffolkes Davis

0:11:18 - The investment approach

0:14:24 - Company reactions

0:17:06 - Japanese MBOs

0:18:40 - Benefits to the trust

0:21:36 - The impact of a newspaper article

0:26:44 - Corporate governance and the pace of change

0:28:07 - Risks

0:30:58 - Returning shares to a premium

0:33:24 - The Japanese market

0:36:47 - Q&A with Ian Lance

0:37:15 - Management style and performance so far

0:38:20 - Experience in 2022

0:40:22 - Performance so far in 2023

0:41:22 - What it means to be a value investor

0:44:11 - Oil, mining, and ESG

0:47:47 - Impact of the recent banking tremors

0:51:04 - The trust's dividend

0:53:05 - The discount

0:53:48 - The attractions of equity income

0:57:43 - Gearing employed by the trust

0:58:40 - UK economic and political risks

1:01:48 - What could change the UK being a cheap market?

1:03:48 - FTSE all time high

1:04:27 - Close

Trusts mentioned (with tickers): Schroder Capital Global Innovation Trust (INOV), Invesco Perpetual UK Smaller Companies (IPU), Aurora Investment Trust (ARR), Balanced Commercial Property Trust (BPCT), Abrdn European Logistics Income (ASLI), Fidelity Asian Values (FAS), Fair Oaks Income (FAIR), Middlefield Canadian Income (MCT), RTW Venture Fund (RTW), Triple Point Social Housing (SOHO), BioPharma Credit (BPCR), Caledonia Investments (CLDN).

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

This week, as well as the regular features, the Circle will feature a profile of BioPharma Credit (BPCR). Jonathan's end of quarter review, looking back over the first quarter of 2023, is also available.

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 150 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 Marcus Phayre-Mudge, manager of TR Property Investment Trust (TRY), and Jon Forster, co-portfolio manager at Impax Environmental Markets (IEM) - a discussion available in full to subscribers to the Money Makers Circle.

Section Timestamps:

0:00:29 - Review of the week

0:01:54 - This week's guests

0:02:55 - Summary of the week's results

0:05:39 - News and announcements

0:07:56 - Money Makers Circle

0:08:33 - Q&A with Marcus Phayre-Mudge

0:09:02 - Looking back at the 2022 sell-off

0:11:07 - Short-term worries

0:13:08 - The cost of money

0:15:38 - Has the market priced in all the bad things that might happen?

0:19:21 - Changes to the portfolio

0:25:25 - Ediston Property and consolidation

0:28:06 - Merger of LXi REIT (LXI) and Secure Income REIT (SIR), and smaller commercial property trusts

0:34:16 - Dividend cuts

0:41:23 - TR Property Trust and its dividend

0:45:30 - Gearing

0:47:21 - Why is TR Property unique?

0:49:12 - Q&A with Jon Forster (Extract)

0:49:38 - The early beginnings of the trust

0:53:42 - A lack of similar trusts

0:55:12 - The trust today

0:58:18 - The investment environment

1:02:12 - Close

Trusts mentioned (with tickers): Martin Currie Global Portfolio (MNP), Ecofin US Renewables Infrastructure (RNEW), GCP Asset Backed Income (GABI), Marple Point Loan Financing (MPLF), Schroder Japan Growth (SJG), Literacy Capital (BOOK), Caledonia Investments (CLDN), Rockwood Strategic (RKW), Gulf Investment Fund (GIF), LXi REIT (LXI), Value and Indexed Property Income (VIP), Schroder European Real Estate (SERE), PRS REIT (PRSR), Ashoka WhiteOak Emerging Markets, Industrials REIT (MLI), Round Hill Music Royalty Fund (RHM), Ediston Property Investment Company (EPIC), Secure Income REIT (SIR), AEW UK REIT (AEWU), Regional REIT (RGL), Phoenix Spree Deutschland (PSDL), Target Healthcare REIT (THRL), LondonMetric Property (LMP), Tritax Big Box (BBOX), Supermarket Income REIT (SUPR).

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 Fidelity European Trust (FEV), with next week's profile being of Greencoat UK Wind (UKW). Jonathan is speaking at the Master Investor Show today (15 April), and will also be making available the slides of his presentation. Subscribers can also hear the full conversation with Jon Forster of Impax Environmental Markets.

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 150 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 Spiller, manager of Capital Gearing Trust (CGT), and Andrew McHattie, founder and editor of The Investment Trust Newsletter.

Section Timestamps:

0:00:28 - Review of the week

0:03:11 - This week's guests

0:04:16 - Summary of results

0:10:05 - Corporate news

0:12:21 - Money Makers Circle

0:13:09 - Q&A with Peter Spiller

0:18:10 - Are investors bound to lose money in the coming period?

0:24:59 - Private equity

0:28:12 - Governance of investment trusts and impact on the sector

0:31:52 - Reasons for wide discounts

0:33:34 - Mergers and consolidation

0:35:20 - Opportunities afforded by wide discounts

0:38:26 - The case for Japanese stocks

0:41:36 - Q&A with Andrew McHattie

0:41:53 - Performance in the first quarter of 2023

0:45:48 - Commercial property sector

0:50:46 - Renewable energy and infrastructure

0:54:34 - Equity trusts

0:58:41 - A potential IPO

1:01:53 - Looking forward this year

1:04:06 - Close

Trusts mentioned (with tickers): Industrials REIT (MLI), Merchants (MRCH), North American Income Trust (NAIT), Abrdn Asian Income Fund (AAIF), Impax Environmental Markets (IEM), Gresham House Energy Storage (GRID), Downing Renewables and Infrastructure (DORE), SDCL Energy Efficiency Income Trust (SEIT), UK Commercial Property REIT (UKCM), Octopus Renewables Trust (ORIT), Syncona (SYNC), Aquila European Renewables (AERI), Capital Gearing Trust (CGT), RIT Capital Partners (RCP), Scottish Mortgage Trust (SMT), Home REIT (HOME), Pershing Square Holdings (PSH), Polar Capital Technology (PCT), Allianz Technology Trust (ATT), Chrysalis Investments (CHRY), Schiehallion Fund (MNTN), Regional REIT (RGL), Impact Healthcare REIT (IHR), Target Healthcare REIT (THRL), Hydrogenone (HGEN), HICL Infrastructure (HICL), BBGI Global Infrastructure (BBGI), Baillie Gifford China Growth (BGCG), Fidelity China Special Situations (FCSS), Mercantile Investment Trust (MRC), 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 Greencoat UK Wind (UKW), followed next week by Fidelity European Trust (FEV). Also still to come is Jonathan's end of quarter review, looking back over the first quarter of 2023.

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 150 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 Anthony Leatham, head of investment trust research at Peel Hunt, and Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPG/CMPI).

Section Timestamps:

0:00:29 - Review of the week

0:03:14 - This week's guests

0:04:10 - Money Makers Circle

0:05:00 - Summary of results and announcements

0:12:06 - Q&A with Anthony Leatham

0:12:33 - Analysing discounts and buybacks

0:17:07 - Private equity discounts and buybacks

0:20:05 - Most active buyback trusts

0:22:03 - Outlook for discount controls

0:26:04 - Baillie Gifford/Scottish Mortgage Trust (SMT)

0:34:26 - What drives discounts/outlook

0:37:07 - Q&A with Peter Hewitt

0:37:24 - Current market behaviour

0:41:39 - Alternative asset trusts

0:43:27 - Commercial property

0:47:16 - The growth portfolion and Scottish Mortgage Trust (SMT)

0:53:29 - Other Baillie Gifford trusts

0:55:55 - Style shift

0:59:18 - The largest holdings

1:00:18 - The income portfolio

1:02:10 - Close

Trusts mentioned (with tickers): Global Opportunities Trust (GOT), BH Macro (BHMG), International Public Partnerships (INPP), BB Global Infrastructure (BBGI), VH Global Sustainable Energy Opportunities (GSEO), Regional REIT (RGL), Schiehallion Fund (MNTN), CT Private Equity (CTPE), RTW Venture Fund (RTW), BlackRock Latin America (BRLA), Pershing Square Holdings (PSH), JPMorgan America (JAM), Fidelity Japan (FJV), Pantheon International (PIN), Witan Investment Trust (WTAN), Martin Currie Global Portfolio Trust (MNP), Scottish Mortgage (SMT), Monks Investment Trust (MNKS), Capital Gearing Trust (CGT), Personal Assets Trust (PNL), Troy Income and Growth (TIGT), MIGO Opportunities Trust (MIGO), Rights and Issues Investment Trust (RIII), RIT Capital Partners (RCP), HarbourVest Global Private Equity (HVPE), 3i Infrastructure (3IN), Pantheon Infrastructure (PINT), Cordiant Digital Infrastructure (CORD), Digital 9 Infrastructure (DGI9), Octopus Renewables Infrastructure Trust (ORIT), Residential Secure Income REIT (RESI), Sequoia Economic Infrastructure Fund (SEQI), BioPharma Credit (BPCR). Greencoat UK Wind (UKW), The Renewables Infrastructure Group (TRIG), Supermarket Income REIT (SUPR), Impact Healthcare REIT (IHR), Aberforth Smaller Companies Trust (ASL), Lowland Investment Trust (LWI), Murray International Trust (MYI).

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This week, as well as the regular features, the Circle features a profile of JPMorgan Emerging Markets (JMG), followed next week by Greencoat UK Wind (UKW). Subscribers can also still listen to last week's Q&A with Sandy Nairn, the manager of the Global Opportunities Trust (GOT), and Jonathan's end of quarter video review is due out in the coming days.

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Produced by Ben Gamblin.