Money Makers

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.

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 Sandy Nairn, chief investment officer and at Global Opportunities Trust (GOT), alongside Alan Bartlett from specialist advisory firm Goodhart Partners; and Richard Watts, a co-manager of Chrysalis Investments Ltd (CHRY). 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 0:02:46 - Summary of results 0:03:52 - Corporate news and announcements 0:06:04 - This week's guests 0:07:55 - Money Makers Circle 0:08:37 - Q&A with Sandy Nairn and Alan Bartlett 0:09:09 - The situation with the market sell-off 0:12:15 - The shape of the portfolio 0:14:54 - The type of investor interested in the Trust 0:20:37 - Portfolio differences to other trusts 0:24:27 - Volunteer Park Capital Fund 0:28:40 - Portfolio performance 0:37:51 - Mispriced volatility 0:39:52 - Communication 0:43:04 - Potential for yield, and the use of gearing 0:44:57 - Q&A with Richard Watts 0:45:48 - The current position for Chrysalis 0:52:09 - Realising value 0:57:13 - Plans for the holdings 1:02:10 - The cash position 1:04:53 - The enhanced risk process 1:07:30 - Is Chrysalis a 'complex investment'? 1:09:08 - Ambitions for the next five years 1:12:14 - Close Trusts mentioned this week (with tickers): BlackRock Smaller Companies Trust (BRSC), Asian Energy Impact Trust (AEIT), Abrdn Equity Income (AEI), Polar Capital Global Healthcare (PCGH), Baillie Gifford European Growth (BGEU), Tritax Eurobox (EBOX), Henderson Euro Trust (HNE), Henderson European Focus (HEFT), UK Commercial Property (UKCM), Tritax Big Box (BBOX), Pantheon International (PIN), Chrysalis (CHRY). 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 CQS Natural Resources Growth and Income (CYN). Future profiles include  RTW Biotech Opportunities (RTW) and CT Private Equity (CTPE). 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 more than 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 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.

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.

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 Craig Baker, chair of the investment committee at the Alliance Trust, and James Carthew, director of QuotedData. 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 0:01:49 - Corporate news, announcements, and results 0:02:42 - This week's guests 0:06:49 - Money Makers Circle 0:07:29 - Q&A with Craig Baker 0:07:57 - Craig's management approach 0:10:10 - The annual results 0:14:25 - Exposure to the Magnificent Seven and contributors to outperformance 0:18:24 - Style bias in the portfolio 0:21:08 - Departure of Ben Whitmore 0:23:22 - The UK equity market 0:25:06 - Concentration in global equity markets 0:28:29 - The importance of private investors 0:29:41 - Gearing 0:32:06 - Cost disclosure 0:33:46 - The outlook for global equities 0:35:06 - Q&A with James Carthew 0:35:24 - The markets so far this year 0:36:23 - The Budget 0:38:10 - Alliance Trust (ATST) and F&C Investment Trust (FCIT) 0:40:58 - RIT Capital (RCP) 0:44:13 - The renewables sector 0:50:42 - Digital 9 Infrastructure (DGI9) 0:52:52 - Hipgnosis Songs Fund (SONG) 0:56:42 - Bids for Abrdn Property Income (API) 0:59:45 - The Master Investor Show 1:00:59 - Close Trusts mentioned this week (with tickers): BlackRock World Mining (BRWM), Premier Miton Global Renewables (PMGR), Bellevue Healthcare (BBH), Alliance Trust (ATST), F&C Investment Trust (FCIT), Mobius Investment Trust (MMIT), Tetragon Financial (TFG), APAX Global Alpha (APAX), Greencoat Renewables (GRP), RIT Capital (RCP), Asian Energy Impact Trust (AEIT), Hipgnosis Songs Fund (SONG), Digital 9 Infrastructure (DGI9), GCP Asset Backed Income (GABI), Triple Point Energy Transition (TENT), Smithson (SSON), Custodian Property Income REIT (CREI), Abrdn Property Income (API), Urban Logistics (SHED), UK Commercial Property (UKCM), Tritax Big Box (BBOX), Abrdn China (ACIC), Fidelity China Special Situations (FCSS), SDCL Energy Efficiency Income Trust (SDCL), NextEnergy Solar (NESF), Bluefield Solar Income Fund (BSIF). 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 CC Japan Income & Growth (CCJI). Future profiles include Majedie Investments (MAJE) and Brown Advisory US Smaller Companies (BASC) 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.

In this week's two-hundredth edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Simon Elliott, client director at J.P.Morgan Asset Management and former podcast co-host, and Mark Dampier, former head of research at Hargreaves Lansdown and non-executive director at Invesco Select (IVPU). 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 guests 01:38 - Review of the week 03:23 - Corporate news, announcements, and results 05:49 - Money Makers Circle 06:36 - Q&A with Simon Elliott and Mark Dampier 07:12 - Recalling the start of the podcast 10:22 - Fighting fires 14:01 - Cyclicality and the target market for investment trusts 16:41 - Investment trust advantages 21:39 - Issued raised by the performance of investment trusts 29:13 - Parallels between 2000 and today 34:26 - Alternatives 37:57 - Presentation of investment trusts in the media 43:03 - Solving the IPO problem 45:36 - The number of trusts 48:49 - Mark's investment trust holdings 49:54 - Master Investor Show 50:11 - Close Trusts mentioned this week (with tickers): Cordiant Digital (CORD), Regional REIT (RGL), J.P.Morgan Global Growth and Income (JGGI), Murray International (MYI), Midwynd (MWY), Smithson (SSON), European Opportunities (EOT), Law Debenture (LWDB), Abrdn UK Smaller Companies (AUSC), Tritax Big Box (BBOX), Greencoat UK WInd (UKW), The Renewables Infrastructure Group (TRIG), Bluefield Solar (BSIF), Aquila European Renewables (AERI), Digital 9 Infrastructure (DGI9), Abrdn Diversified Income and Growth (ADIG), Downing Strategic Micro-Cap (DSM), J.P.Morgan European Discovery (JEDT), Hipgnosis Songs Fund (SONG), Home REIT (HOME), CC Japan (CCJI), Greencoat UK Wind (UKW), Capital Gearing Trust (CGT), Personal Assets Trust (PNL), Ashoka India (AIE), City of London (CTY), Temple Bar (TMPL), Edinburgh Investment Trust (EDIN). 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 Bankers Investment Trust (BNKR). Future profiles include CC Japan Income & Growth (CCJI) and Majedie Investments (MAJE). 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 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 Ben Conway, head of fund management at Hawksmoor Investment Management, and Sachin Saggar, analyst at the broking firm, Stifel. 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 0:04:01 - Trust news and summary of results 0:05:55 - Money Makers Circle 0:06:10 - This week's guests 0:06:45 - Next week's podcast and the Annual Master Investor Show 0:07:29 - Q&A with Ben Conway 0:07:59 - Acronym alert! 0:08:49 - The situation with the cost disclosure issue 0:18:00 - A concession from the FCA 0:19:35 - Understanding what is going on 0:22:36 - Is the potential cost diclosure resolution factored into prices? 0:24:30 - Time needed for discounts to come in 0:26:20 - Corporate activity and supply and demand 0:31:18 - This year's approach 0:38:19 - Feedback from clients 0:40:29 - Q&A with Sachin Saggar 0:40:43 - An overview of alternatives 0:43:17 - Rationalisation 0:44:40 - Calculating value in struggling trusts 0:50:58 - The shipping sector 0:54:03 - Hipgnosis Songs Fund (SONG) 0:56:43 - The renewables and battery storage sectors 1:04:16 - Looking back at the alternative assets "revolution" 1:06:49 - Close Trusts mentioned this week (with tickers): Seraphim Space (SSIT), Abrdn Property Income (API), Urban Logistics (SHED), Custodian Property Income (CREI), Abrdn China (ACIC), Fidelity China Special Situations (FCSS), Gulf Investment Fund (GIF), Herald Investment Trust (HRI), J.P.Morgan Global Growth and Income (JGGI), Capital Gearing Trust (CGT), VH Global Sustainable Energy Opportunities (GSEO), Fidelity Emerging Markets (FEML), Riverstone Energy (RSE), Digital 9 Infrastructure (DGI9), Cordiant Digital Infrastructure (CORD), Tufton Oceanic Assets (SHIP), Taylor Maritime (TMI), Hipgnosis Songs Fund (SONG), Octopus Renewables Infrastructure (ORIT), Aquila European Renewables (AERI). 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 MIGO Opportunities (MIGO). Future profiles include the Bankers Investment Trust (BNKR) and CC Japan Income & Growth (CCJI). 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 nearly 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 the second part of the latest edition of the Weekly Investment Trust Podcast (released on Saturday 17 February), Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Laura Foll, co-manager to a number of Henderson trusts. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 00:29 - Q&A with Laura Foll 00:57 - Mergers and acquisitions and the state of the UK equity market 04:18 - The need for fundamental reform 11:17 - The AIM market 14:14 - The IPO drought 15:52 - Looking at the portfolios 20:11 - Companies to be cheerful about 23:52 - 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. This week, as well as the usual features, the Circle features a profile of J.P.Morgan Indian (JII). Future profiles include MIGO Opportunities (MIGO) and the Bankers Investment Trust (BNKR). 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 nearly 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. Look out for a bonus podcast early next week where our second guest, Laura Foll, co-manager to a number of Henderson trusts, will appear. Make sure you are subscribed to catch that episode on release. 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 02:57 - Summary of results 04:08 - Corporate news and announcements 05:31 - Money Makers Circle 05:53 - A bonus podcast next week 06:12 - Q&A with Andrew McHattie 06:12 - Characterising the year so far 08:31 - Proposed merger of UKCM and BBOX 13:47 - Fundraising 16:28 - Battery storage trusts 23:40 - Troubled trusts 32:26 - Pershing Square Holdings (PSH) 37:26 - Brunner Investment Trust (BUT) 41:54 - Close Trusts mentioned this week (with tickers): Brunner Investment Trust (BUT), City of London Investment Trust (CTY), Scottish American (SAIN), Polar Capital Global Financials (PCFT), Diverse Income Trust (DIVI), Brown Advisory US Smaller Companies (BASC), Tritax Big Box (BBOX), UK Commercial Property REIT (UKCM), J.P.Morgan Global Growth and Income (JGGI), Bluefield Solar Income Fund (BSIF), Custodian REIT (CREI), Invesco Bond Income Plus (BIPS), Henderson Diversified Income (HDIV), Gresham House Energy Storage (GRID), Harmony Energy Income Trust (HEIT), Gore Street Energy Storage (GSF), Home REIT (HOME), Digital 9 Infrastructure (DGI9), Hipgnosis Songs Fund (SONG), Pershing Square Holdings (PSH), AVI Global (AGT). 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 J.P.Morgan Indian (JII). Future profiles include MIGO Opportunities (MIGO) and the Bankers Investment Trust (BNKR). 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 nearly 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.