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 Richard Hulf, co-founder and managing partner of HydrogenOne Capital, and Joseph Rowland, fund analyst at Investec Rathbones.

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
0:02:58 - This week's guests
0:03:51 - Summary of results
0:04:46 - Money Makers Circle
0:05:07 - Corporate news and announcements
0:09:08 - Q&A with Richard Hulf
0:09:30 - What is HydrogenOne
0:14:48 - Why hydrogen?
0:19:44 - Availability of funds
0:22:34 - ESG
0:24:17 - Share price volatility
0:26:23 - Choosing to list in the UK
0:29:28 - Q&A with Joseph Rowland
0:30:27 - The role of investment trusts for Investec Rathbones
0:33:04 - The impact of cost disclosure
0:35:42 - The size of the universe
0:39:34 - Factoring in discounts
0:42:41 - Sectors of interest
0:47:34 - Scottish Mortgage Trust (SMT)
0:49:23 - BH Macro (BHMG)
0:51:19 - Close


Trusts mentioned this week (with tickers): HydrogenOne Capital Growth (HGEN), 3i Infrastructure (3IN), ICG Enterprise (ICGT), 3i Group (III), North Atlantic Smaller Companies (NAS), ICG Longbow Senior Secured UK Property Debt (LBOW), Ashoka WhiteOak Emerging Markets (AWEM), Asia Dragon Trust (DGN), Hipgnosis Songs Fund (SONG), Aquila European Renewables (AERI), North American Income (NAIT), Rights and Issues Trust (RIII), Triple Point Social Housing (SOHO), Scottish Mortgage Trust (SMT), HgCapital Trust (HGT), Pantheon International (PIN), HarbourVest Global Private Equity (HVPE), Nippon Active Value Fund (NAVF), Baillie Gifford Shin Nippon (BGS), BH Macro (BHMG).


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 Henderson High Income (HHI). Future profiles include CQS Natural Resources Growth and Income (NCIM) and RTW Biotech Opportunities (RTW). 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 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 Tim Levene, CEO of Augmentum Fintech (AUGM), and Thomas McMahon, head of investment trust research at Kepler Partners.

Jonathan's conversation with Tim Levene was conducted from a cafe and is therefore noisier than normal.

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
0:02:03 - Review of the week
0:05:38 - Summary of results
0:07:08 - Money Makers Circle
0:07:40 - Corporate news and announcements
0:09:01 - Q&A with Tim Levene
0:09:11 - Progress over the past twelve months
0:12:45 - The impact of continuing wide discounts
0:16:41 - Share buybacks and cash reserves
0:19:43 - Suffering from the UK equity market 'disease'
0:26:15 - Exposure to AI
0:37:47 - Looking at the portfolio
0:41:20 - Q&A with Thomas McMahon
0:41:38 - BCPT and commercial property
0:50:14 - ASIT and split level trusts
0:58:50 - The UK micro cap sector
1:03:51 - Close


Trusts mentioned this week (with tickers): India Capital Growth Fund (ICG), J.P.Morgan China Growth and Income (JCGI), Hipgnosis Songs Fund (SONG), Phoenix Spree Deutschland (PSDL), Digital 9 Infrastructure (DGI9), Gresham House Energy Storage Fund (GRID), Black Rock Greater Europe (BRGE), Keystone Positive Change (KPC), Abrdn Private Equity Opportunities (APEO) / Patria Private Equity (PPET), Tritax Big Box (BBOX), UK Commercial Property (UKCM), European Assets Trust (EAT), Global Smaller Companies Trust (GSCT), Balanced Commercial Property Trust (BCPT), Custodian REIT (CREI), Picton Property Income (PCTN), Aberforth Split Level Income Trust (ASIT), Ashoka India Equity (AIE), Rockwood Strategic (RKW), J.P.Morgan Global Growth and Income (JGGI), Miton UK MicroCap Trust (MINI), River and 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 VH Global Sustainable Energy Opportunities (GSEO). Future profiles include Henderson High Income (HHI) and CQS Natural Resources Growth and Income (NCIM). 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 Andrew McHattie, editor of theInvestment 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
0:03:38 - This week's guests
0:03:53 - Money Makers Circle
0:04:24 - Summary of results
0:05:46 - Corporate news and announcements
0:07:38 - Q&A with Andrew McHattie
0:07:49 - Looking at the bigger picture
0:10:55 - Hipgnosis Songs Fund (SONG)
0:19:32 - Consolidation
0:21:31 - Battery storage trusts
0:28:04 - The renewable energy sector
0:36:53 - Private equity
0:40:38 - Alliance Trust (ATST) manager change
0:45:16 - Close



Trusts mentioned this week (with tickers): Gresham House Energy Storage (GRID), Hipgnosis Songs Fund (SONG), Menhaden Resource Efficiency (MHN), Martin Currie Global Portfolio (MNP), Henderson Far East Income (HFEL), Abrdn European Logistics Income (ASLI), VPC Specialty Lending (VSL), Riverstone Credit Opportunities (RCOI), Abrdn New India (ANII), Smithson (SSON), Greencoat UK Wind (UKW), US Solar Fund (USF), Hipgnosis Songs Fund (SONG), Digital 9 Infrastructure (DGI9), Regional REIT (RGL), Phoenix Spree Deutschland (PSDL), Triple Point Social Housing (SOHO), Gresham House Energy Storage (GRID), Harmony Energy Income Trust (HEIT), Gore Street Energy Storage (GSF), Greencoat UK Wind (UKW), US Solar Fund (USF), Riverstone Credit Opportunities (RCOI), Pantheon Internation (PIN), Oakley Capital Investments (OCI), HarbourVest Global Private Equity (HVPE), Abrdn Private Equity Opportunities (APEO), Alliance Trust (ATST).

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 Artemis Alpha (ATS). Future profiles include VH Global Sustainable Energy Opportunities (GSEO) and Henderson High Income (HHI). 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 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.