Money Makers Jonathan Davis

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 Dominic Scriven, founder and chairman of Dragon Capital, the investment advisor to Vietnam Enterprise Investments (VEIL), and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL).

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
0:01:48 - Review of the week
0:04:17 - Corporate news and summary of results
0:07:50 - Money Makers Circle
0:09:04 - Q&A with Dominic Scriven
0:09:32 - A history of VEIL
0:13:27 - Restrictions on foreign investment
0:16:30 - Transitioning to emerging market status
0:18:36 - Reasons to invest in Vietnam as a country
0:27:21 - Geopolitical risks
0:37:12 - Addressing VEIL's discount
0:43:25 - Q&A with Ian Lance
0:43:47 - UK equity market
0:48:43 - The trust's discount policy
0:49:20 - Mergers and acquisitions
0:54:26 - Share buybacks
0:59:49 - Sectoral headwinds
1:01:23 - The case for TMPL shares
1:03:39 - Close


Trusts mentioned this week (with tickers): Hipgnosis Songs Fund (SONG), Fair Oaks Income (FAIR), Schroder Japan (SJG), UK Commercial Property (UKCM), Hydrogenone (HGEN), Middlefield Canadian Income (MCT), Castelnau Group (CGL), Balanced Commercial Property Trust (BCPT), Alliance Trust (ATST), Home REIT (HOME), Harmony Energy Income (HEIT), Gresham House Energy Storage (GRID), Ashoka India Equity (AIE), Invesco Select (IVPU), Aquila Energy Efficiency (AEET), NextEnergy Solar (NESF), Vietnam Enterprise Investments (VEIL), Vietnam Holdings (VNH), VinaCapital Vietnam Opportunity Fund (VOF).

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 STS Global Income & Growth (STS). Future profiles include Artemis Alpha (ATS) and VH Global Sustainable Energy Opportunities (GSEO). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes all the regular features available in the Circle. 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 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 Paul ffolkes Davis, chairman of Rising Sun Management, the investment advisor to the Nippon Active Value Fund (NAVF), and Max King, the market and investment trust commentator and former Investec fund manager.

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
0:01:31 - Review of the week
0:04:38 - Summary of results
0:05:39 - Corporate news and announcements
0:06:08 - Money Makers Circle
0:06:48 - Q&A with Paul ffolkes Davis
0:06:59 - Looking back at the last year
0:08:43 - Rolling over of AJGF and AJIT
0:14:11 - Reflecting on the IPO
0:17:26 - Availability of potential partners
0:18:33 - The strategy
0:25:41 - The value of the yen
0:27:58 - Gearing
0:29:13 - Prospects for the year ahead
0:33:18 - Q&A with Max King
0:33:22 - Feel good versus feel bad
0:36:18 - The performance of gold
0:37:31 - The investment trust sector
0:38:35 - Cost disclosure, constraints, and the regulator
0:42:30 - Good investments
0:47:05 - Private equity
0:48:32 - Spotting the next target for consolidation
0:54:49 - Solving the housing market problem
0:57:58 - 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 Chrysalis Investments (CHRY). Future profiles include STS Global Income & Growth (STS), and Artemis Alpha (ATS). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes all the regular features available in the Circle. 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 more than 200 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 Richard Pindar, CEO of Book Asset Management, and Ewan Lovett-Turner, head of investment trust research at Deutsche Numis.

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
0:01:15 - Review of the week
0:02:59 - Corporate news and announcements
0:04:09 - Summary of results
0:05:35 - Money Makers Circle
0:07:12 - J.P.Morgan Global Growth and Income (JGGI)
0:07:49 - Q&A with Richard Pindar
0:08:11 - Reviewing the annual results
0:09:59 - Reducing the discount
0:12:40 - B share scheme
0:18:06 - Liquidity
0:19:37 - The private equity market in general
0:23:37 - Realising investments in the portfolio
0:27:36 - Portfolio concentration
0:30:53 - UK economy impacts on investments
0:37:16 - Q&E with Ewan Lovett-Turner
0:37:49 - Reviewing the annual results
0:39:37 - Reducing the discount
0:42:18 - B share scheme
0:47:44 - Liquidity
0:49:15 - The private equity market in general
0:53:15 - Realising investments in the portfolio
0:57:14 - Portfolio concentration
1:00:31 - UK economy impacts on investments
1:03:07 - 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, there is no profile due to the Easter break, but future profiles to look out for include Chrysalis Investments (CHRY),STS Global Income & Growth (STS), and Artemis Alpha (ATS). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle. 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 more than 200 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 Austin Forey, manager at J.P.Morgan Emerging Markets (JMG), and Lucy Walker, chair of the Aurora Investment Trust (ARR) and non-executive director at Henderson International Income (HINT).

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
0:02:02 - This week's guests
0:03:19 - Money Makers Circle
0:04:54 - Summary of results
0:06:22 - Corporate news and announcements
0:09:29 - Q&A with Austin Forey
0:10:24 - Changes in emerging markets
0:14:36 - The choice of index
0:15:52 - The case for a general emerging markets investment trust
0:17:06 - China and India
0:20:05 - Performance cycle in emerging markets
0:24:52 - The impact of currency
0:28:57 - Argentina
0:30:06 - Risk factors and ESG
0:34:23 - Portfolio examples
0:37:47 - Gearing
0:39:46 - The outlook for emerging markets
0:40:48 - Q&A with Lucy Walker
0:41:30 - Lucy's route to investment trusts
0:43:07 - AM Insights
0:48:00 - Marketing of investment trusts
0:50:03 - The challenge of explaining investment trusts
0:53:59 - Keeping marketing high on the agenda
0:56:33 - Monetary and time costs of marketing
01:00:18 - The role of sponsored research
01:01:40 - Visibility on investment platforms
01:02:38 - The discount dilemma
1:09:24 - 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 Rights and Issues (RIII). Future profiles include Chrysalis Investments (CHRY) and STS Global Income and Growth (STS). Jonathan has also added to his list of favourite funds. Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle. 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 more than 200 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 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:
00:39 - Review of the week
02:13 - This week's guest
02:26 - Summary of news and results
07:50 - Money Makers Circle
09:01 - Q&A with Andrew McHattie
09:20 - Making sense of recent developments
13:05 - Scottish Mortgage Trust (SMT)
18:45 - Witan Investment Trust (WTAN)
23:15 - J.P.Morgan American (JAM)
27:09 - Proposed Henderson merger
28:45 - Digital 9 Infrastructure (DGI9)
32:55 - Chrysalis (CHRY)
35:58 - SDCL Energy Efficiency Income Trust (SEIT)
38:45 - Literacy Capital (BOOK)
40:15 - End of the ISA season
47:38 - Close

Trusts mentioned this week (with tickers): 3i Group (III), Scottish Mortgage Trust (SMT), Hipgnosis Songs Fund (SONG), Tritax Big Box (BBOX), UK Commercial Property (UKCM), Urban Logistics (SHED), Abrdn Property Income (API), Custodian Property Income REIT (CREI), Home REIT (HOME), Fidelity European (FEV), Witan Investment Trust (WTAN), Literacy Capital (BOOK), J.P.Morgan Claverhouse (JCH), European Assets Trust (EAT), J.P.Morgan US Smaller Companies (JUSC), LMS Capital (LMS), Symphony International Holdings (SIHL), Tufton Oceanic Assets (SHIP), Baillie Gifford Japan (BGFD), Vietnam Holdings (VNH), PRS REIT (PRSR), Alliance Trust (ATST), J.P.Morgan Global Growth and Income (JGGI), J.P.Morgan American (JAM), Henderson Eurotrust (HNE), Henderson European Focus (HEFT), Digital 9 Infrastructure (DGI9), Hipgnosis Songs Fund (SONG), Chrysalis (CHRY), Schiehallion Fund (MNTN), Seraphim Space Investment Trust (SSIT), SDCL Energy Efficiency Income Trust (SEIT), Aberforth Smaller Companies Trust (ASL), BBGI Global Infrastructure (BBGI).


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 Brown Advisory US Smaller Companies (BASC). Future profiles include Rights and Issues (RIII) and Chrysalis Investments (CHRY). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle. 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 more than 200 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 Spiller, manager of Capital Gearing Trust (CGT).

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


Section Timestamps:
00:39 - This week's guest
01:41 - Review of the week
03:04 - Money Makers Circle
03:29 - Summary of results
04:37 - Corporate news and announcements
06:32 - Q&A with Peter Spiller
06:53 - Challenges in the investment trust sector
11:52 - The importance of boards
21:00 - The continuation vote mechanism
25:46 - The IPO process, board composition, and board governance
27:31 - Liquidity in alternative assets
34:08 - An opportunity for investors
36:38 - The UK market in general
37:53 - Grounds for optimism
38:43 - Close

Trusts mentioned this week (with tickers): Allianz Technology (ATT), Manchester and London (MNL), AVI Japan Opportunity (AJOT), Canadian General Investments (CGI), HgCapital (HGT), Schroder Asian Total Return (ATR), Henderson European Focus (HEFT), Henderson Eurotrust (HNE), Custodian Property Income REIT (CREI), Troy Income and Growth (TIGT), STS Global Income and Growth (STS), GCP Asset Backed Income (GABI), Scottish Mortgage (SMT), Capital Gearing Trust (CGT), Smithson (SSON), BH Macro (BHMG), NextEnergy Solar (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 usual features, the Circle features a profile of Majedie Investments (MAJE). Future profiles include Brown Advisory US Smaller Companies (BASC) and Rights and Issues (RIII). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts along with a new list of his favourite funds, and includes all the regular features available in the Circle.

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 more than 200 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.