Money Makers

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Jonathan Brachle, co-portfolio manager at J.P.Morgan US Smaller Companies Trust (JUSC).

This discussion was recorded on Tuesday 27 May 2025.

*** Out now: The 2025 Investment Trusts Handbook ***

The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.

***

Section Timestamps:

0:00:24 - Introduction

0:00:56 - The US markets and the Trump effect

0:02:54 - Managing the volatile environment

0:05:30 - Arguments for investing in the trust

0:10:55 - Currency

0:11:56 - Gearing

0:13:26 - A short break

0:14:32 - The continuation vote and viability of the trust

0:16:08 - Exciting holdings and disappointing holdings

0:20:17 - AI

0:23:04 - The argument for continuation

0:25:40 - 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.

There is no new fund profile this week but last week's profile was of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.

For more information 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 for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 280 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 - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Craig Baker, lead manager of Alliance Witan.

This discussion was recorded on Monday 19 May 2025.

*** Out now: The 2025 Investment Trusts Handbook ***

The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.

***

Section Timestamps:

0:00:24 - Introduction

0:00:52 - Navigating the tricky waters of the Trump administration

0:05:21 - Has the tariff threat been overstated?

0:08:21 - A concentrated market and the dominance of Big Tech

0:15:17 - AI in the portfolio and as an investment theme

0:19:59 - A short break

0:21:04 - Comparing the portfolio today versus a year ago

0:26:01 - Gearing, the discount, and the dividend

0:30:51 - The impact of the Alliance-Witan merger

0:33:16 - The trust as a consolidator

0:34:24 - Communicating with retail investors

0:36:48 - The potential move away from the US

0:37:59 - 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.

This week, as well as the usual features, the Circle features a profile of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.

For more information 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 for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 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 - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter.

This discussion was recorded on Monday 19 May 2025.

*** Out now: The 2025 Investment Trusts Handbook ***

The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.

***

Section Timestamps:

0:00:24 - Introduction

0:00:46 - Consolidation and Henderson European Trust (HET)

0:05:56 - A bid for Warehouse REIT (WHR)

0:08:24 - The strategic review outcome at J.P.Morgan Indian Investment Trust (JII)

0:13:33 - Bellevue Healthcare Trust’s (BBH) shift to a zero discount policy

0:19:12 - A short break

0:20:18 - Middlefield Canadian Income’s (MCT) response to Saba Capital

0:27:19 - Regional REIT (RGL)

0:30:11 - HydrogenOne Capital Growth (HGEN)

0:33:02 - Chelverton UK Dividend Trust (SDV)

0:36:06 - Chrysalis (CHRY)

0:40:31 - Harmony Energy Income Trust (HEIT) and the battery storage sector

0:46:11 - 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.

This week, as well as the usual features, the Circle features a profile of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.

For more information 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 for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 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 - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Ben Rogoff of Polar Capital Technology Trust (PCT) to discuss the rapidly evolving landscape of artificial intelligence including the emergence of DeepSeek, its impact on Nvidia, and the promise of Agentic AI.

This discussion was recorded on Thursday 08 May 2025.

*** Out now: The 2025 Investment Trusts Handbook ***

The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.

***

Section Timestamps:

0:00:24 - Introduction

0:00:40 - The reaction to DeepSeek

0:10:46 - Volatility in the share price

0:12:49 - Activity since January

0:19:04 - The impact of the US tariff regime

0:26:12 - A short break

0:27:18 - Shareholder reaction to the last few months

0:29:29 - Potential for growth

0:34:59 - The importance of Agentic AI

0:46:11 - 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.

This week, as well as the usual features, the Circle features a profile of J.P.Morgan US Smaller Companies (JUSC). Future profiles include Tritax Big Box REIT (BBOX) and The Schiehallion Fund (MNTN). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.

For more information 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 for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 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 - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Mark Boggett, CEO of Seraphim Space, the management firm for Seraphim Space Investment Trust (SSIT). The potential positives for this 2021 IPO trust are stacking up - not least the large projected boost to European defence spending - but the trust is caught in the sectoral trap of wide discounts. Could this nevertheless be its breakout year? Listen in for some good reasons why it mght.

This discussion was recorded on Tuesday 06 May 2025.

*** Out now: The 2025 Investment Trusts Handbook ***

The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.

***

Section Timestamps:

0:00:24 - Introduction

0:00:44 - How Mark became involved in the space business

0:03:22 - How SSIT fits into the overall scope of space venture capital activities

0:08:43 - The share price experience

0:17:37 - Clearing up misunderstandings on the focus of space

0:27:39 - A short break

0:28:45 - Risks and challenges as companies scale up

0:31:41 - The current difficulties with private equity

0:34:38 - Drilling down into the positions and performance of portfolio companies

0:43:36 - Hoping for positive signs in the next twelve months

0:44:24 - The need to sell holdings to raise funds

0:48:20 - 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.

This week, as well as the usual features, the Circle features a profile of European Opportunities (EOT). Future profiles include J.P.Morgan US Smaller Companies (JUSC) and Tritax Big Box REIT (BBOX). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.

For more information 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 for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 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 - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Laura Elkin, lead manager of AEW UK REIT (AEWU), and Maggie Fanari, CEO of RIT Capital (RCP).

These discussions were recorded on 01 May 2025 and 27 March 2025 respectively.

*** Out now: The 2025 Investment Trusts Handbook ***

The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.

***

Section Timestamps:

0:00:24 - Introduction

- 0:00:41 - Talking to Laura Elkin, AEW UK REIT

- 0:01:42 - AEWU’s Q1 2025 results

- 0:02:57 - Valuations across the commercial property sector

- 0:04:55 - Asset management and adding value

- 0:12:32 - Raising more capital and issuing new equity

- 0:13:28 - Scope for consolidation in the sector

- 0:17:16 - Risks to continued strong performance

- 0:20:55 - Dividend policy

0:24:53 - A short break

- 0:25:59 - Talking to Maggie Fanari, RIT Capital Partners

- 0:26:18 - How Maggie became CEO of RCP

- 0:27:49 - Characterising RCP’s performance issues

- 0:29:46 - How the brand lost its luster

- 0:33:23 - Reasons for the significant discount

- 0:35:35 - The cost disclosure issue

- 0:38:46 - The driver for reducing private investments

- 0:39:30 - How the operating environment might develop

- 0:42:22 - Characterising performance

- 0:43:11 - The value of the dollar

- 0:44:22 - Lessons from managing a Canadian pension fund

- 0:47:22 - The buyback programme

- 0:49:13 - The RIT Capital offer

0:51:45 - 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.

This week, as well as the usual features, the Circle features a profile of Law Debenture Corporation (LWDB). Future profiles include European Opportunities (EOT) and J.P.Morgan US Smaller Companies (JUSC). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.

For more information 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 for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 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 - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Dan Higgins, fund manager for the Majedie Investment Trust (MAJE), a multi-asset vehicle that as of two years now pursues a "liquid endowment" strategy and comes with a promise that it will never blame external events for any underperformance of its inflation plus 4% minimum annualised return target. It is fair to say that while it is still early days performance since the mandate change has comfortably exceeded that target.

This discussion was recorded on 23 April 2025.

*** Out now: The 2025 Investment Trusts Handbook ***

The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.

***

Section Timestamps:

0:00:24 - Introduction

0:00:58 - Reaction to the Trump administration

0:04:40 - The problems built up by the US in recent years

0:07:16 - Reflecting on recent performance amidst the Trump turmoil

0:12:08 - The role of gold in Majedie’s strategy

0:19:38 - A short break

0:20:45 - Allocating opportunities to different strategies

0:26:58 - Analysis of correlations

0:28:51 - Bringing in the discount

0:34:04 - Resources to keep on top of the strategies

0:41:12 - 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.

This week, as well as the usual features, the Circle features a profile of HgCapital Trust (HGT). Future profiles include Law Debenture Corporation (LWDB) and European Opportunities (EOT). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.

For more information 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 for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 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 - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Dale Nicholls, manager of Fidelity China Special Situations (FCSS).

This discussion was recorded on Tuesday 22 April 2025.

*** Out now: The 2025 Investment Trusts Handbook ***

The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.

***

Section Timestamps:

0:00:24 - Introduction

0:00:53 - Reaction to the US-China trade war

0:03:35 - Managing and positioning the portfolio

0:06:40 - Gearing

0:08:54 - The mood in China

0:09:30 - Movements in the dollar

0:10:36 - The price of the Chinese equity market

0:12:08 - Shareholder response and behaviour

0:13:49 - A short break

0:14:44 - Unlisted holdings

0:16:24 - AI

0:19:37 - Biggest risks

0:20:44 - Looking forward and making the case for China

0:24:52 - 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.

This week, as well as the usual features, the Circle features a profile of HgCapital Trust (HGT). Future profiles include Law Debenture Corporation (LWDB) and European Opportunities (EOT). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.

For more information 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 for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 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 - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts newsletter.

This discussion was recorded on 17 April 2025.

*** Out now: The 2025 Investment Trusts Handbook ***

The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.

***

Section Timestamps:

0:00:24 - Introduction

0:01:09 - Thoughts on the fallout from Trump’s tariff regime

0:05:30 - The performance of battery storage and renewables trusts

0:07:18 - Sector news, consolidation and Urban Logistics (SHED)

0:10:07 - Life Science REIT (LABS)

0:12:04 - The European Smaller Companies Trust (ESCT) deal with Saba Capital

0:18:19 - Share price performance of the seven trusts targetted by Saba

0:21:30 - A short break

0:22:26 - Abrdn Diversified Income and Growth (ADIG)

0:24:47 - Fidelity Japanese Values (FJV)

0:28:38 - Polar Capital Financials (PCFT)

0:31:33 - Henderson Far East Income (HFEL)

0:34:49 - Third Point Offshore Investors (TPOU)

0:40:29 - 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.

This week, as well as the usual features, the Circle features a profile of RIT Capital Partners (RCP). Future profiles include HgCapital Trust (HGT) and Law Debenture (LWDB). Subscribers can also still see Jonathan's video looking at investment trust performance in the context of recent developments in the markets. Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.

For more information 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 for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 270 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 - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, sums up a dramatic ten days in the financial markets and is joined by Abbas Barkhordar, co-manager of Schroder Asia Pacific (SDP).

This discussion was recorded on Thursday 10 April 2025.

*** Out now: The 2025 Investment Trusts Handbook ***

The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.

***

Section Timestamps:

0:00:24 - A traumatic week

0:05:33 - This week’s guest

0:07:20 - Talking to Abbas Barkhordar

0:11:01 - Implications of the trade war on the trust

0:16:23 - Reacting to the developments

0:19:52 - A short break

0:20:47 - Objectives of the trust

0:27:19 - Portfolio valuation compared to the benchmark and peers

0:32:48 - The rating compared to other Schroder Asia trusts

0:34:49 - Differentiation between the different Asian return trusts

0:38:42 - Pitching the trust as an opportunity

0:41:41 - 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.

This week, as well as the usual features, the Circle features a profile of River UK Micro Cap (RMMC). Future profiles include RIT Capital Partners (RCP) and HgCapital Trust (HGT). Jonathan has also released a new video looking at investment trust performance in the context of what's happened in the markets. Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.

For more information 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 for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 270 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 - www.bgprofessional.co.uk