Money Makers Jonathan Davis

In this week's special edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and looks at the possible impact of a likely incoming Labour government in Thursday's coming election. Joining him to discuss this are three distinguished guests - Ed Balls, journalist and broadcaster, and former MP and minister; Nick Macpherson, Lord Macpherson of Earl's Court and former permanent secretary to the Treasury; and Sandy Nairn, executive director of Global Opportunities Trust (GOT).

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


Section Timestamps:
0:00:39 – This week’s guests
0:01:43 – Review of the week
0:02:54 – Corporate news and announcements
0:04:53 – Summary of results
0:06:14 – Money Makers Circle
0:06:53 – Q&A with Ed Balls, Nick Macpherson, and Sandy Nairn
0:07:28 – Recalling 1997
0:19:18 – The role of the civil service
0:22:16 – Reform of the Treasury
0:27:55 – Market reaction to a falling dept to GDP ratio
0:30:40 – Devolution and planning
0:38:50 – Ruling out tax rises
0:45:47 – Immigration
0:50:36 – Post-election hopes and worries
0:57:00 – Close



Trusts mentioned this week (with tickers): Witan Investment Trust (WTAN), Alliance Trust (ATST), SDCL Energy Efficiency Income Trust (SEIT), Triple Point Energy Transition (TENT), Harmony Energy Income Trust (HEIT), Augmentum Fintech (AUGM), Regional REIT (RGL), Rockwood Strategic (RKW).



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 usual features, the Circle features a profile of Premier Miton Global Renewables (PMGR). Future profiles include Schroder AsiaPacific (SDP) and Target Healthcare REIT (THRL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comrehensive summary of all the latest news. The content of that email is also available for subscribers via the website.

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 220 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, reviews the week in the markets and speaks to Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG), and Andrew McHattie, editor of the Investment Trust Newsletter.

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


Section Timestamps:
0:00:39 - Review of the week
0:01:33 - Corporate news and announcements
0:03:18 - This week's guests
0:03:47 - Money Makers Circle
0:04:53 - Q&A with Peter Hewitt and Andrew McHattie
0:05:17 - Winterflood Investment Trust Conference
0:07:52 - The general mood
0:12:25 - The behaviour of discounts
0:18:02 - The accuracy of NAVs
0:23:34 - New issues
0:33:10 - Improving the attractiveness of the UK
0:37:54 - Latest activities
0:43:07 - Close


Trusts mentioned this week (with tickers): Hansa (HAN), Ashoka WhiteOak Emerging Markets (AWEM), Cordiant Digital Infrastructure (CORD), Montenaro UK Smaller Companies (MTU), J.P.Morgan European Discovery (JEDT), J.P.Morgan Japan Small Cap Growth and Income (JSGI), JLEN Environmental Assets (JLEN), NextEnergy Solar Fund (NESF), Henderson Opportunities Trust (HOT), BlackRock Income and Growth (BRIG), BlackRock World Mining (BRWM), BH Macro (BHMG), Mercantile Investment Trust (MRC), Temple Bar (TMPL), 3i Infrastructure (3IN), BlackRock Frontiers (BRFI), Pershing Square Holdings (PSH), The Renewables Infrastructure Group (TRIG), Impact Healthcare (IHR), Aquila European Renewables (AERS), Digital 9 Infrastructure (DGI9), Special Opportunities REIT (SOR), CT Global Managed Portfolio Trust (CMPG/CMPI), Manchester and London (MNL), Allianz Technology (ATT), Polar Capital Technology (PCT), 3i Group (III), Scottish Mortgage (SMT), J.P.Morgan UK Small Cap Growth and Income (JUGI), Hipgnosis Songs Fund (SONG), HarbourVest Global Private Equity (HVPE).



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 usual features, the Circle features a profile of Aurora Investment Trust (ARR). Future profiles include Premier Miton Global Renewables (PMGR) and Schroder AsiaPacific (SDP). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comrehensive summary of all the latest news. The content of that email is also available for subscribers via the website. Finally, an Election Special is planned for release later this month, looking at the likely outcome of the vote and the impact for investors. More details will be announced in due course.

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 210 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, reviews the week in the markets and speaks to Marcus Phayre-Mudge, manager of TR Property (TRY), and James Dawes, finance director at 3i Infrastructure (3IN).

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


Section Timestamps:
0:00:39 - Review of the week
0:02:08 - This week's guests
0:02:39 - Summary of results
0:04:09 - Money Makers Circle
0:04:59 - Q&A with Marcus Phayre-Mudge
0:05:59 - Early comments on Special Opportunities REIT (SOR)
0:11:39 - TR Property, the trust
0:18:16 - Opportunities in the sector
0:24:40 - Consolidation
0:31:48 - Discounts
0:37:15 - Potential impacts from the upcoming UK election
0:40:19 - Q&A with James Dawes
0:40:44 - Why 3i Infrastructure?
0:42:22 - A change in strategy
0:46:49 - The market for infrastructure
0:49:03 - Trends in the portfolio
0:50:33 - The discount
0:54:10 - Incentives in the structure
0:55:49 - Looking to the future
0:58:11 - Close


Trusts mentioned this week (with tickers): TR Property (TRY), Abrdn New India (ANII), Lindell Train Investments (LTI), Baillie Gifford UK Growth Trust (BGUK), Odyssean Investment Trust (OIT), Fidelity China Special Situations (FCSS), Custodian REIT (CREI), Value and Indexed Property Income (VIP), Tritax Eurobox (EBOX), UK Commercial Property (UKCM), Tritax Big Box (BBOX), LondonMetric Property (LMP), Custodian RIET (CREI), Abrdn Property Income (API), Balanced Commercial Property Trust (BCPT), Picton Property Income (PCTN), Phoenix Spree Deutschland (PSDL).


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 usual features, the Circle features a profile of BlackRock Smaller Companies (BRSC). Future profiles include Aurora Investment Trust (ARR) and Premier Miton Global Renewables (PMGR). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comrehensive summary of all the latest news. The content of that email is also available for subscribers via the website. Finally, an Election Special is planned for release later this month, looking at the likely outcome of the vote and the impact for investors. More details will be announced in due course.

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 210 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, reviews the week in the markets and speaks to Ben Conway, head of fund management at Hawksmoor Investment Management, and Nick Greenwood, manager of the MIGO Opportunities Trust (MIGO).

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


Section Timestamps:
0:00:39 - Review of the week
0:03:18 - Summary of results
0:03:55 - Money Makers Circle
0:04:26 - Upcoming election special
0:05:12 - Q&A with Nick Greenwood and Ben Conway
0:05:33 - Reaction to the election
0:07:35 - Interest rate cuts
0:08:26 - Cost disclosure
0:12:04 - Fair value requirements
0:18:59 - Progress of the investment trusts sector
0:23:34 - A potential IPO
0:27:25 - Asia Dragon (DGN) developments
0:28:38 - The Indian market post-election
0:29:57 - Emerging markets in general
0:32:07 - Looking at Georgia
0:34:27 - Private equity and growth capital
0:39:34 - Biotech
0:42:50 - Future pension fund interest in the sector
0:47:32 - Close


Trusts mentioned this week (with tickers): Gresham House Energy Storage (GRID), Polar Capital Technology (PCT), Manchester and London (MNL), Pershing Square Holdings (PSH), Biotech Growth Trust (BIOG), Worldwide Healthcare (WWH), Templeton Emerging Markets (TEM), HICL Infrastructure Trust (HICL), Aquila European Renewables (AERS), Atrato Onsite Energy (ROOF), Cordiant Digital (CORD), Asia Dragon Trust (DGN), Oakley Capital Investments (OCI), NB Private Equity (NBPE), Literacy Capital (BOOK), HgCapital Trust (HGT), 3i Group (III), International Biotech Trust (IBT), RTW Biotech (RTW), HarbourVest Global Private Equity (HVPE), Odyssean Investment Trust (OIT), River & Mercantile UK Micro Cap (RMMC).


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 usual features, the Circle features a profile of Scottish Mortgage (SMT). Future profiles include BlackRock Smaller Companies (BRSC) and Aurora Investment Trust (ARR). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts including some of his most recent trust purchases, and includes a comrehensive summary of all the latest news. Jonathan has also recorded a video looking at the gilts market for any signs of imminent interest rate cuts. The content of that email is also available for subscribers via the website. Finally, an Election Special is planned for release later this month, looking at the likely outcome of the vote and the impact for investors. More details will be announced in due course.

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 210 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.

This week, Jonathan Davis, editor of the Investment Trusts Handbook, is away and cannot bring the usual summary of news and results. However, he was able to speak with Jim Strang, chairman of HgCapital. The normal format will return next Saturday, 08 June 2024.

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


Section Timestamps:
0:00:39 - A shorter podcast than normal
0:01:02 - Money Makers Circle
0:01:23 - This week's guest
0:01:56 - Q&A with Jim Strang
0:02:20 - The private equity sector over the past couple of years
0:05:00 - Performance of private equity vs listed markets
0:08:25 - The shift from public to private markets
0:11:13 - Supply and demand
0:13:28 - M&A activity
0:16:06 - HgCapital and the structural advantages of listed private equity trusts
0:19:03 - The last few years for HgCapital and its discount
0:28:43 - The ongoing strategy of the business
0:32:00 - Significant risks
0:33:32 - Close


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

This week, as well as the usual features, the Circle features a profile of CT Private Equity (CTPE). Future profiles include Scottish Mortgage (SMT) and BlackRock Smaller Companies (BRSC). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website.

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 210 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 Trust Handbook, reviews the week in the markets and speaks to Andrew McHattie, editor of the Investment Trusts Newsletter and Charlie Morris, CEO of ByteTree Research.

Next week’s podcast is likely to be shorter than normal while Jonathan is away, but you can still look forward to a discussion with HgCapital Trust (HGT) and the normal format will return on the following Saturday.

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


Section Timestamps:
0:00:39 - Review of the week
0:01:04 - This week's guests
0:03:21 - Summary of results
0:03:39 - Money Makers Circle
0:04:06 - Corporate news and announcements
0:06:47 - Q&A with Andrew McHattie
0:06:59 - Election announcement
0:09:50 - Performance of investment trusts this year
0:13:08 - Scottish Mortgage Trust (SMT)
0:17:49 - Asia Dragon
0:23:13 - HICL Infrastructure (HICL)
0:26:04 - Battery storage trusts
0:30:04 - Chrysalis (CHRY)
0:32:52 - Capital Gearing Trust (CGT)
0:35:57 - Looking ahead
0:38:05 - Q&A with Charlie Morris
0:38:22 - Fears and hopes for the election
0:41:15 - Thoughts on the investment trusts sector
0:43:16 - Commodities
0:47:02 - Outcomes from the year of elections
0:51:58 - Close


Trusts mentioned this week (with tickers): Rockwood Strategic (RKW), Odyssean Investment Trust (OIT), Montenaro UK Smaller Companies (MTU), Scottish Mortgage Trust (SMT), Capital Gearing Trust (CGT), STS Global Income and Growth (STS), HICL Infrastructure (HICL), Caledonia Investments (CLDN), Shires Income (SHRS), Abrdn European Logistics Income (ASLI), GCP Asset Backed Income (GABI), US Solar Fund (USF), Asia Dragon (DGN), Ashoka WhiteOak Emerging Markets (AWEM), Seraphim Space (SSIT), Baker Steel Resources Trust (BSRT), Gore Street Energy Storage (GSF), Gresham House Energy Storage (GRID), Chrysalis (CHRY), RIT Capital Partners (RCP), Pantheon International (PIN), BlackRock World Mining (BRWM).


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 usual features, the Circle features a profile of RTW Biotech Opportunities (RTW). Future profiles include CT Private Equity (CTPE) and Scottish Mortgage (SMT). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts including some of his most recent trust purchases, and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website.

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 210 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.