Money Makers

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Max King, former fund manager at Investec and columnist in MoneyWeek,  and Andrew Rees, property investment trust analyst at Numis Securities.

Section Timestamps:

00:13 - Review of the week

02:28 - Money Makers Circle

02:58 - Q&A with Max King

03:11 - Max's comments on the latest developments

05:57 - Will world markets do better than US markets?

07:31 - Chinese investment trusts

10:42 - Home REIT (HOME) and RIT Capital Partners (RIT)

17:49 - IPO announcement: AT85 Global Mid-market Infrastructure

18:33 - Aurora Investment Trust (ARR)

19:59 - Risks for the year

20:54 - Changes with Max's investments?

22:17 - Commercial property Q&A with Andrew Rees

22:58 - Summarising what happened to the shares of commercial property trusts in 2022

24:00 - What sectors were worst affected by the change in environment and why

24:57 - The scale of the change in share price performance and ratings

25:52 - Comparing discounts to previews periods of significant discount movements

27:49 - What will happen from here?

29:44 - Dividend yields and their sustainability

33:47 - Further valuation pressures on capitalisation rates

37:36 - Trusts with long-term inflation-linked leases

39:35 - Supermarket Income REIT (SUPR) and the Sainsbury's Supermarket portfolio

41:34 - LXI REIT (LXI) and refinancing

44:14 - Social housing sector

49:21 - Specialist healthcare trusts

53:14 - The trusts that Andrew is looking for

55:38 - Close

Trusts mentioned (with tickers) Henderson Diversified Income (HDIV), AT85 Global Mid-market Infrastructure Income, Home REIT (HOME), RIT Capital Partners (RCP), Scottish Mortgage Investment Trust (SMT), Aurora Investment Trust (ARR), Rockwood Strategic (RKW), Odyssean Investment Trust (OIT), North Atlantic Smaller Companies, Temple Bar Investment Trust (TMPL), Edinburgh Investment Trust (EDIN), Regional REIT (RGL), Alternative Income REIT (AIRE), Ediston Property Investment Company (EPIC), AEW UK REIT (AEWU), LXI REIT (LXI), Value and indexed Property Income (VIP), Supermarket Income REIT (SUPR), Abrdn Property Income (API), Civitas Social Housing (CSH), Triple Point Social Housing (SOHO), Target Healthcare REIT (THRL), 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.

In addition to the regular features, this week the Circle features a profile of SDCL Energy Efficiency Income Trust (SEIT)

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 140 podcasts since launch.

You can find more information, including relevant disclosures, at www.money-makers.co. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.

Produced by Ben Gamblin.

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Ewan Lovett-Turner, head of investment trust research at Numis Securities.

Section Timestamps:

00:37 - The markets this week

04:22 - Introducing Ewan Lovett-Turner

04:46 - Looking back at 2022

09:41 - Anything distinctive about last year's winners and losers over previous years?

10:53 - Post-pandemic anomaly

12:55 - The impact of bond yields on alternative assets

16:29 - The alternatives sector moving to a discount

19:04 - Issuance figures

23:05 - Will there be trusts that are now unable to raise expected money?

26:27 - Consolidation in the equity investment trust sector

29:44 - The latest from Home REIT (HOME)

32:48 - Sell-off in RIT Capital Partners (RCP)

37:18 - Discount opportunities

47:01 - Opportunities in alternatives

55:22 - Money Makers Circle

55:50 - Close

Trusts mentioned (with tickers) include: Riverstone Energy (REL), Artemis Alpha (ATS), TR Property (TRY), Abrdrn Latin American Income (ALAI), Odyssean Investment Trust (OIT), JPMorgan Emerging Europe, Middle East, and Africa (JEMA), Scottish Mortgage Investment Trust (SMT), Edinburgh Worldwide Investment Trust (EWI), Allianz Technology Trust (ATT), Polar Capital Technology Trust (PCT), Aberforth Smaller Companies Trust (ASL), Chrysalis Investment Trust (CHRY), Schiehallian Fund (MNTN), BH Macro (BHMG), BioPharma Credit (BPCR), Capital Gearing Trust (CGT), Ruffer Investment Company (RICA), Personal Assets Trust (PNL), Home REIT (HOME), LXi REIT (LXI), Supermarket Income REIT (SUPR), International Public Partnerships (INPP), The Renewables Infrastructure Group (TRIG), HICL Infrastructure (HICL), City of London Investment Trust (CTY), Merchants Investment Trust (MRCH), Law Debenture (LWDB), Smithson Investment Trust (SSON), TwentyFour Income Fund (TFIF), TwentyFour Select Monthly Income Fund (SMIF), Schroder Real Estate (SREI), Hipgnosis Songs Fund (SONG), Templeton Emerging Markets (TEM), Schroder Japan Growth (SJG), JPMorgan Indian (JII), RIT Capital Partners (RCP), Monks Investment Trust (MNKS), International Biotech (IBT), Biotech Growth Trust (BIOG), Bellevue Healthcare Trust (BBH), Syncona (SYNC), Henderson Smaller Companies Trust (HSL), BlackRock Smaller Companies (BRSC), Triple Point Social Housing (SOHO), Civitas Social Housing (CSH), Schroder Real Estate (SREI), HG Capital Trust (HGT), Oakley Capital (OCI), Bluefield Solar Income Fund (BSIF), Greencoat UK Wind (UKW).

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.

In addition to the regular features, this week the Circle features a profile of Monks (MNKS).

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 140 podcasts since launch.

You can find more information, including relevant disclosures, at www.money-makers.co. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.

Produced by Ben Gamblin.

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Sebastian Lyon, manager of the Personal Assets Trust (PNL), and CEO of Troy Asset Management. During their discussion, Jonathan and Sebastian remember the former director of Personal Assets Trust, Robin Angus, who sadly died earlier this year, and they talk about the anthology of his quarterly summaries that have been released as a book, A Shared Journey. This book is available for free as a PDF download:

https://www.patplc.co.uk/wp-content/uploads/sites/2/2022/12/1941-PAT-Quarterlies-Anthology-Book.pdf

Section Timestamps:

00:24 - Introducing Sebastian Lyon

01:51 - The year in historical context

04:53 - Has the investment game changed?

08:32 - Locking in a loss of wealth

10:23 - Looking at the stock market

14:34 - The problems faced by central banks

17:38 - Could we return to a Goldilocks scenario?

21:27 - Personal Assets Trust (PNL) and other funds

23:50 - Would PNL invest in commodities?

28:58 - Index linked potential

33:51 - Equity exposure

38:18 - Quality stocks

40:24 - Would PNL look at property?

42:24 - The sell-off of the dollar

46:03 - Remembering Robin Angus

53:59 - 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.

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 140 podcasts since launch.

You can find more information, including relevant disclosures, at www.money-makers.co. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.

Produced by Ben Gamblin.

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CPMG/CPMI).

Trusts mentioned this week (with tickers) include: Majadie Investment Trust (MAJE), JPMorgan Indian Investment Trust (JII), Ecofin Global Utilities and Infrastructure Trust (EGL), Aberdeen Diversified Income and Growth (ADIG), Chenavari Toro Income Fund (TORO), Artemis Alpha (ATS), MIGO Opportunities Trust (MIGO), Atlantis Japan Growth (AJGF), Civitas Social Housing (CSH), Triple Point Social Housing (SOHO), VPC Speciality Lending (VSL), NB Global Monthly Income (NBMI), TwentyFour Income Fund (TFIF), Biopharma Credit (BPCR), GCP Asset Backed Income (GABI), Home REIT (HOME), Scottish Mortgage Investment Trust (SMT), HG Capital Trust (HGT), Fidelity Special Values (FSV), Law Debenture (LWDB), Finsbury Growth and Income (FGT), BH Macro (BHMG), Ruffer Investment Company (RICA), Personal Assets Trust (PNL), Capital Gearing Trust (CGT), Aurora Investment Trust (ARR), Bellevue Healthcare (BBH), HBM Healthcare Investments (SWX:HBMN), BB Biotech (SWX:BION), Biotech Growth Trust (BIOG), International Biotechnology Trust (IBT), Princess Private Equity (PEY), Apax Global Alpha (APAX), Greencoat UK Wind (UKW), Hipgnosis Songs Fund (SONG), Round Hill Music Royalty Fund (RHM).

Section Timestamps:

0:00:35 - Recapping the week

0:02:00 - Summarising results

0:05:41 - Corporate news

0:08:10 - Money Makers Circle

0:09:00 - Q and A with Peter Hewitt

0:09:56 - How has the year been?

0:14:22 - How does this bear market compare to the past?

0:17:14 - Growth versus income

0:19:54 - Will next year see the bottom of the recession?

0:23:25 - The investment trust sector

0:24:10 - Winding up trusts: a healthy development?

0:25:56 - Has Peter invested in a debt fund?

0:28:06 - Social housing trusts

0:35:28 - Discounts and discount controls

0:39:48 - The growth portfolio

0:44:54 - The income portfolio

0:49:47 - Managing currency risk

0:51:57 - Underlying discount on the portfolio

0:55:50 - Music royalty trusts

1:00:20 - Looking forward to next year

1:01:48 - Investment Trusts Handbook

1:02:43 - 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.

In addition to the regular features, this week the Circle features a profile of JLEN Environmental (JLEN), along with notes from Jonathan on the 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 nearly 140 podcasts since launch.

You can find more information, including relevant disclosures, at www.money-makers.co. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.

Produced by Ben Gamblin.

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Nick Greenwood, manager of MIGO Global Opportunities Trust (MIGO).

Trusts mentioned this week (with tickers) include: Global Smaller Companies Trust (GSCT), JPMorgan Asia Growth and Income (JAGI), JPMorgan China Growth and Income (JCGI), JPMorgan Japanese (JFJ), JPMorgan European Discovery (JEDT), Polar Capital Technology (PCT), Polar Capital Global Healthcare (PCGH), GCP Infrastructure (GCP), Gore Street Energy Storage (GSF), Foresight Sustainable Forestry (FSF), Custodian Property Income REIT (CREI), Ediston Property (EPIC), Doric Nimrod Air One/Two/Three (DNA, DNA2, DNA3), Pantheon Infrastructure (PINT), Sequoia Economic Infrastructure Income (SEQI), Octopus Renewables Infrastructure (ORIT), Alpha Real (ARTL), Dunedin Enterprise (DNE), Artemis Alpha (ATS), Strategic Equity Capital (SEC), River and Mercantile Micro Cap (RMMC), Miton UK Micro Cap (MINI), Downing Strategic Micro Cap (DSM), Third Point Investors (TPOU), Nippon Active Value Fund (NAVF), Cambium Global Timberland (TREE), Tufton Oceanic Assets (SHIP), Polar Capital Global Financials (PCFT), Biotech Growth Trust (BIOG), International Biotechnology Trust (IBT), Amedeo Air Four Plus (AA4), VPC Speciality Lending Investments (VSL), Yellow Cake (YCA), Geiger Counter (GCL), Macau Property Opportunities (MPO), Phoenix Spree Deutschland (PSDL), Chrysalis Investments (CHRY), Schroder UK Public Private (SUPP), Oakley Capital (OCI), NB Private Equity (NBPE).

Section Timestamps:

00:22 - Introducing the latest Investment Trusts Handbook

03:08 - Introducing Nick Greenwood

03:42 - Review of the week

05:35 - Selected results

07:37 - Money Makers Circle

08:54 - Q and A with Nick Greenwood

11:35 - Widening discounts an opportunity?

13:49 - The MIGO approach

15:47 - Exited positions

17:39 - UK Micro Cap

27:34 - Number of holdings in the portfolio

28:19 - Recent purchases

31:35 - What's behind the dramatic biotech selloff?

23:20 - Aircraft leasing

32:14 - Broader portfolio themes

31:27 - Property

40:21 - Private equity and growth capital

47:35 - Are we through the worst of the discount widening?

51:26 - Hopes for 2023

54:25 - 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.

In addition to the regular features, this week the Circle features a profile of the Biotech Growth Trust (BIOG).

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 130 podcasts since launch.

You can find more information, including relevant disclosures, at www.money-makers.co. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.

Produced by Ben Gamblin.

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Alastair Laing, co-manager of Capital Gearing Trust.

Trusts mentioned this week (with tickers) include: Civitas Social Housing (CSH), Home REIT (HOME), LXI REIT (LXI), Value and Indexed Property (VIP), Hipgnosis Songs Fund (SONG), Schroder UK Mid Cap Investment Trust (SCP), Finsbury Growth and Income (FGT), Monks (MNKS), Securities Trust of Scotland (STS), Templeton Emerging Markets (TEM), Barings Emerging EMEA Opportunities (BEE), BlackRock Frontiers Investment Trust (BRFI).

Section Timestamps:

00:39 - The Investment Trusts Handbook

02:23 - Capital Gearing Trust

03:33 - Q&A with Alastair Laing

04:36 - The thinking behind CGT's defensive stance

07:53 - Any significant changes at CGT?

10:48 - What would it take to start thinking about increasing equity and risk asset exposure?

14:04 - Could the US avoid a recession?

16:18 - Inflation cannot be won in one battle

18:32 - Danger of a wage-price spiral in the US?

20:05 - Opportunities from wide discounts in the investment trusts sector

21:56 - The rise of alternative assets

24:02 - Commercial property

30:24 - Music royalties

31:55 - Renewable energy trusts

35:13 - Equity markets, investment style, and small vs large cap

45:26 - Emerging markets, and the role of single country or specialist regional trusts in a portfolio

47:34 - The role of Japan in the portfolio

50:22 - Money Makers Circle

50:56 - 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.

In addition to the regular features, this week the Circle features a profile of the JPMorgan Global Core Real Assets Trust (JARA).

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 130 podcasts since launch.

You can find more information, including relevant disclosures, at www.money-makers.co. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.

Produced by Ben Gamblin.

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Max King, columnist for MoneyWeek, and former fund manager at Investec Asset Management; and also previews a discussion with Ben Rogoff, manager of Polar Capital Technology (PCT) - available in full for subscribers to the Money Makers Circle.

Trusts mentioned this week (with tickers) include: Digital 9 Infrastructure Trust (DGI9), US Solar Fund (USF), Home REIT (HOME), Keystone Positive Change (KPC), Baillie Gifford UK Growth (BGUK), Baillie Gifford European (BGEU), JPMorgan Emerging Markets (JMG), Mobius Investment Trust (MMIT), Fidelity Emerging Markets (FEML), Chrysalis (CHRY), Schiehallion (MNTN), Literacy Capital (BOOK), Tritax Big Box (BBOX), TR Property (TRY), Odyssean Investment Trust (OIT), JPMorgan Global Core Real Assets (JARA), Life Science REIT (LABS).

Section Timestamps:

00:32 - The Investment Trusts Handbook 2023

01:16 - Q&A with Max King

01:22 - The last three months and where we're at now

04:39 - Thoughts on investment trusts in general

06:27 - Discounts and alternative assets

09:05 - Markets and politics

09:53 - Looking at specific trusts

17:15 - Equity investment trusts sector

20:09 - Vietnam, China, and emerging markets

23:12 - Private equity

25:08 - Commercial property

28:43 - What has Max been doing?

31:17 - A summary of the week's results

34:15 - Money Makers Circle

34:44 - Q&A with Ben Rogoff (extract)

43:52 - Close

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

In addition to the regular features, this week the Circle features a piece by Edward Chancellor about the cryptocurrency market, and a profile of Pantheon International (PIN). Subscribers can also listen to the full conversation with Ben Rogoff, manager of Polar Capital Technology. Ben spoke about many issues including whether the market environment remains favourable to technology stocks, and some of the larger stocks in the 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 130 podcasts since launch.

You can find more information, including relevant disclosures, at www.money-makers.co. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.

Produced by Ben Gamblin.

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by James Carthew of QuotedData; and also previews a discussion with Carlos Hardenberg, the lead manager of the Mobius Investment Trust (MMIT) - available in full for subscribers to the Money Makers Circle.

Trusts mentioned this week (with tickers) include: Home REIT (HOME), Digital 9 Infrastructure (DGI9), AT85 Global Mid-Market Infrastructure Income, JPMorgan Russian Securities (JRS/JEMA), Chrysalis Investments (CHRY), The Renewables Infrastructure Trust (TRIG), Long Term Assets, Convicton Life Sciences, NB Monthly Income (NBMI).

Section Timestamps:

00:45 - Review of the week

02:42 - Money Makers Circle

04:15 - James Carthew

06:15 - Fundraising

12:29 - Corporate news

31:35 - Windfall Profits Tax on renewable energy

39:19 - Q&A with Carlos Hardenberg

41:53 - Money Makers Circle

51:37 - 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.

In addition to the regular features, this week the Circle features the full Q&A discussion with Carlos Hardenberg of the Mobius Investment Trust (MMIT), and a profile of the F&C Investment Trust (FCIT)

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 130 podcasts since launch.

You can find more information, including relevant disclosures, at www.money-makers.co. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.

Produced by Ben Gamblin.

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Emma Bird and Shayan Ratnasingam of Winterflood Securities; and also previews a discussion with Paul and Richard Pindar of Literacy Capital, available in full for subscribers to the Money Makers Circle.

Trusts mentioned this week (with tickers) include: ThomasLloyd Energy Impact (TLEI), Conviction Life Sciences, Troy Income and Growth (TIGT), Montanaro European Smaller Companies (MTE), Abrdn Japan (AJIT), Biotech Growth (BIOG), Syncona (SYNC), Schroder Real Estate Income (SREI), Seraphim Space Invementment Trust (SSIT).

Section Timestamps:

01:10 - Reviewing the week

03:40 - Summary of the week's results

04:37 - Q&A with Emma Bird

04:49 - Reaction to the Autumn Statement

06:54 - Movements in the Investment Trusts sector

09:09 - Company expectations during a recession

11:38 - Distinguishing between sectors

13:22 - UK Equity Income sector

16:27 - Biotech and Healthcare sector

21:57 - Space sector

24:50 - Looking ahead

25:54 - Q&A with Shayan Ratnasingam

26:13 - Explaining the windfall tax

28:39 - When will the results of the windfall tax be reflected?

29:33 - Market reaction to the windfall tax

30:03 - The Market anticipation was about right?

31:01 - Share price reaction

34:00 - The importance of future prices and interest rates

36:15 - Paul and Richard Pindar (Literacy Capital)

44:59 - 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.

In addition to the regular features, this week the Circle features a Q&A discussion with Paul and Richard Pindar of Literacy Capital (BOOK).

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 130 podcasts since launch.

You can find more information, including relevant disclosures, at www.money-makers.co. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.

Produced by Ben Gamblin.

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Harry Nimmo, manager of the Abrdn UK Smaller Companies Growth Trust.

Trusts mentioned this week (with tickers) include: Long Term Assets (LTA), ThomasLloyd Energy Impact (TLEP), Independent Investment Trust (IIT), Majedie Investments (MAJE), Biopharma Credit (BPCR), JPMorgan Russian Securities, AVI Global Trust (AGT), Abrdn Latin American Income Trust (ALAI), Scottish Mortgage Investment Trust (SMT), Capital Gearing Trust (CGT).

Section Timestamps:

00:52 - Review of the week

07:51 - Results, NAV updates, and fundraising

09:25 - Corporate news

15:41 - The week's results

20:06 - Money Makers Circle

22:16 - Podcast format

22:50 - Q & A with Harry Nimmo

23:26 - How Harry got into managing investment trusts

28:16 - Differences in managing an investment trust vs open ended fund

30:37 - Message to investors during downturns

31:58 - How does the 2022 sell-off compare to others?

40:24 - Will there be a shift in style? Dash for trash

45:36 - Upcoming UK budget and tax changes

47:13 - The Future for AIM

49:45 - Discount and buybacks etc.

51:45 - A good time to start a small-cap fund manager career?

53:52 - Plans for retirement

54:49 - 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.

In addition to the regular features, this week the Circle features a profile of Pantheon Infrastructure (PINT), and Jonathan has also written a series of notes about the pick-up seen this week indicates the start of a significant turnaround for equity markets or not.

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 130 podcasts since launch.

You can find more information, including relevant disclosures, at www.money-makers.co. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.

Produced by Ben Gamblin.