Money Makers

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Gavin Lumsden, reporter on investment trusts at Citywire, who recently announced his intention to take a step back. This discussion was recorded on Monday 16 December 2024. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. *** Section Timestamps: 0:00:24 - Introduction 0:00:38 - Taking a step back 0:01:59 - Changes to the investment trusts industry over 25 years 0:04:02 - Asking questions of investment trusts 0:06:18 - Highlights from the last ten years 0:08:10 - Lessons from the less positive stories 0:12:22 - Activism 0:16:24 - A short break 0:17:20 - Platforms and cost disclosure 0:24:55 - Investing rules for those in the media 0:26:04 - Gavin’s investments 0:29:46 - The outlook for the investment trusts sector 0:32:39 - 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 Murray Income (MUT). Future profiles include Schroder Oriental Income (SOI) and Rockwood Strategic (RKW). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 250 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 13 December 2024. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. The Handbook is an indispensable companion for anyone looking to invest in investment trusts. There is also a free e-book version you can read on a PC, tablet or smartphone. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. *** Section Timestamps: 0:00:24 - Introduction 0:00:50 - Developments this week 0:02:10 - Taylor Maritime (TMI) 0:06:23 - Greencoat UK Wind (UKW) and renewables 0:12:57 - Interim results 0:13:02 - Polar Capital Technology (PCT) 0:17:08 - MIGO Opportunities Trust (MIGO) 0:19:24 - A short break 0:20:19 - TwentyFour Select Monthly Income (SMIF) 0:23:16 - Third Point Investors (TPOU) 0:27:46 - Trust name changes 0:30:29 - The return of the Baillie Gifford style of investment 0:34:00 - Summarising the year 0:37:10 - 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 Baillie Gifford Shin Nippon (BGS). Future profiles include Murray Income (MUT) and Schroder Oriental Income (SOI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Marcus Phayre-Mudge, manager of TR Property (TRY). This discussion was recorded on 06 December 2024. Section Timestamps: 0:00:24 - Introduction 0:00:39 - Recent results for TR Property 0:05:20 - Valuations 0:10:21 - M&A and corporate activity 0:27:40 - A short break 0:28:36 - Sustainability of discounts 0:33:28 - Physical exposure of TR Property 0:39:42 - The trust’s dividend 0:42:56 - 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 Global Growth and Income (JGGI). Future profiles include Baillie Gifford Shin Nippon (BGS) and Murray Income (MUT). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Ryan Lightfoot-Aminoff, investment trust research analyst at Kepler Partners. This discussion was recorded on 03 December 2024. Section Timestamps: 0:00:24 - Introduction 0:00:33 - Enhanced dividend policies 0:07:27 - Cost disclosure 0:14:59 - A short break 0:15:54 - The result of the US election 0:23:21 - The impact of US tariffs on Asia 0:25:39 - 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 Baillie Gifford Shin Nippin (BGS). Future profiles include Murray Income (MUT) and Schroder Oriental Income (SOI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG). This discussion was recorded on 29 November 2024. Section Timestamps: 0:00:24 - Introduction 0:00:40 - Looking back over the past few weeks 0:10:42 - Cost disclosure reform 0:13:36 - Private equity trusts 0:18:14 - A short break 0:19:10 - Growth capital sector 0:22:32 - UK small cap 0:24:10 - UK equity sector 0:26:06 - Portfolio changes 0:28:16 - Outlook for 2025 0:34:30 - 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 BlackRock Latin American (BRLA). Future profiles include J.P.Morgan Global Growth and Income (JGGI) and Baillie Gifford Shin Nippon (BGS). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Elisabeth Stheeman, Chair of Edinburgh Investment Trust. This discussion was recorded on 07 November 2024. Section Timestamps: 0:00:24 - Introduction 0:01:00 - The route to becoming an investment trust director 0:02:28 - Impressions of investment trust boards 0:04:59 - The change of manager at Edinburgh Investment Trust 0:20:10 - A short break 0:21:05 - Edinburgh Investment Trust today 0:24:10 - The trust’s discount and share buy backs 0:28:56 - Gearing policies 0:32:09 - Feelings about the current position in the market cycle 0:34:38 - The UK equity income sector, consolidation, and differentiation 0:40:58 - 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 Schroder Japan (SJG). Future profiles include BlackRock Latin American (BRLA) and JPMorgan Global Growth and Income (JGGI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Gaurav Narain, lead manager at India Capital Growth Fund (IGC). This discussion was recorded on Monday 18 November 2024. Section Timestamps: 0:00:24 - Introduction 0:00:44 - The Indian economy since Modi’s re-election 0:03:06 - Implications from the US election result 0:04:12 - The bigger picture in India 0:06:12 - The interplay between the Indian and Chinese equity markets 0:11:12 - A short break 0:12:07 - Discussing the trust 0:14:18 - Debt, the portfolio criteria, and gearing 0:16:34 - A threat from passive funds? 0:18:52 - Retail investor sensitivity to volatility 0:20:04 - The size of the trust 0:21:04 - The change of ownership 0:22:45 - Why choose India Capital Growth? 0:25:24 - 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 Schroder Japan (SJG). Future profiles include BlackRock Latin American (BRLA) and JPMorgan Global Growth and Income (JGGI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 15 November 2024. Section Timestamps: 0:00:23 - Introduction 0:00:44 - Market reactions to big events of the past few weeks 0:05:22 - Scottish Mortgage Trust (SMT) 0:09:02 - Fidelity Special Values (FSV) 0:12:43 - 3i Infrastructure (3IN) 0:14:54 - Henderson Far East Income (HFEL) 0:18:19 - A short break 0:19:14 - Weiss Korea Opportunity Fund (WKOF) 0:20:51 - The collapse of HH2E, and the renewable energy sector 0:26:08 - J.P.Morgan Core Real Assets (JARA) 0:29:07 - GCP Asset Backed Income (GABI) / Blackstone Loan Financing (BGLF) 0:32:28 - Tritax Eurobox (EBOX) and consolidation in commercial property 0:34:29 - Baillie Gifford China Growth (BGCG) and the China trusts 0:39:37 - 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 Temple Bar (TMPL). Future profiles include Schroder Japan (SJG) and BlackRock Latin American (BRLA). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Jack Caffrey, co-portfolio manager at J.P.Morgan American Investment Trust (JAM). Section Timestamps: 0:00:24 - Introduction 0:00:54 - Reaction to the US election result 0:04:08 - The resilience of the US market 0:06:53 - Value as a style 0:09:03 - Tariffs 0:11:47 - The strength of the dollar 0:14:04 - A short break 0:15:00 - Risks from a changing Fed chairperson 0:16:45 - Thoughts on Tesla and Nvidia 0:20:52 - Berkshire Hathaway and Buffet’s decision to sell Apple 0:22:59 - The approach to portfolio management 0:24:45 - Sustainability of the annualised total return 0:26:30 - 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 Temple Bar (TMPL). Future profiles include Schroder Japan (SJG) and BlackRock Latin American (BRLA). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Martin Gilbert, original founder of Aberdeen Asset Management, and current chairman of AssetCo. Section Timestamps: 0:00:24 - Introduction 0:00:41 - An end in sight to the tough period of the last few years? 0:02:21 - Discounts and share buy backs 0:03:55 - The use of gearing 0:04:53 - Will consolidation continue? 0:07:18 - Being an active fund manager today 0:09:30 - Does an Asian investment trust still make sense? 0:12:12 - A short break 0:13:07 - The experience so far with AssetCo 0:14:48 - Developing AssetCo 0:18:15 - Is private a better model? 0:20:41 - Attracting private investors 0:21:50 - A time for optimism or pessimism 0:23:18 - 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 Manchester and London (MNL). Future profiles include Temple Bar (TMPL) and Schroder Japan (SJG). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Nick Hyett, investment manager at Wealth Club, and Robert Whitby-Smith, partner in Albion Capital. Section Timestamps: 0:00:24 - Introductions 0:01:32 - Reaction to the budget 0:04:31 - Performance of tax-efficient products so far this year 0:08:23 - Looking at the VCT market overall 0:11:37 - A short break 0:12:32 - Interest rates and the broader market environment 0:17:44 - Diversification of holdings 0:20:24 - Changes in an ideal world 0:22:31 - 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 Manchester and London (MNL). Future profiles include Temple Bar (TMPL) and Schroder Japan (SJG). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 240 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Peter Spiller, manager of Capital Gearing Trust (CGT). We apologise for the poor line quality in the call for this discussion. An edited transcript is available for those who would prefer to read this interview: https://money-makers.co/2024/11/04/podcast-transcript-peter-spiller-237/ Section Timestamps: 0:00:24 - Introduction 0:00:36 - The Budget in general 0:07:10 - Inheritance tax and the non-dom status 0:08:37 - Farming 0:11:32 - Tax changes for savings and investments 0:12:48 - A short break 0:13:44 - Overall picture for the UK market 0:17:17 - Gilts 0:19:30 - US Presidential election 0:22:19 - Context on what is seen around the world 0:24:36 - 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 CQS New City High Yield (NCYF). Future profiles include Manchester and London (MNL) and Temple Bar (TMPL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 230 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Prashant Khemka, manager of Ashoka WhiteOak Emerging Markets Trust (AWEM) and the Ashoka India Equity Trust (AIE). Section Timestamps: 0:00:24 - Introduction 0:01:13 - Thoughts on the Asia Dragon merger with Invesco Asia 0:04:28 - Emerging markets in general 0:11:37 - The significance of China in emerging markets 0:15:30 - Thc characterisation of value in India and China 0:19:33 - A short break 0:20:28 - Why own a global emerging markets trust over just an Indian trust? 0:22:00 - Volatility of the Indian and Chinese markets 0:27:12 - The US election 0:29:21 - How geopolitics might impact on India 0:31:18 - The impact of cost disclosure 0:32:58 - The case for investing in this trust over others in emerging markets 0:34:48 - 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 CQS New City High Yield (NCYF). Future profiles include Manchester and London (MNL) and Temple Bar (TMPL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 230 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Richard Shepherd-Cross, manager of the Custodian Property Income REIT (CREI) to discuss the trust. Section Timestamps: 0:00:23 - Introduction 0:00:51 - Looking back over ten years of CREI 0:03:14 - Pros and cons of managing a commercial property trust 0:08:12 - Capital growth 0:13:08 - Cost of ownership and cost disclosure 0:16:37 - Gearing 0:21:04 - A short break 0:21:59 - The discount 0:31:00 - The merger proposal with Abrdn Property Income (API) 0:34:35 - Are investment trusts really the best structure for commercial property? 0:39:03 - Risk of an undervalued takeover 0:42:59 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, 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 Mid Wynd International (MWY). Future profiles include CQS New City High Yield (NCYF) and Manchester and London (MNL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 230 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie to discuss the markets. Section Timestamps: 0:00:24 - Introduction 0:00:37 - An overview of the markets around the world 0:03:08 - Alliance Witan (ALW) 0:09:08 - Tetragon Financial (TFG) 0:13:28 - Digital 9 Infrastructure (DGI9) 0:17:22 - Crystal Amber Fund (CRS) 0:20:21 - A short break 0:21:16 - Redemption opportunities 0:22:00 - AVI Japan Opportunity Trust (AJOT) 0:24:56 - Bellevue Healthcare (BBH) 0:29:43 - Mercantile Investment Trust (MRC) 0:31:38 - Gearing 0:33:08 - Literacy Capital (BOOK) 0:37:18 - Battery storage trusts (GSF, HEIT) 0:42:38 - Thoughts on performance this year 0:44:02 - 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 will feature a profile of Mid Wynd International (MWY), due to publication on 23 October. Future profiles include CQS New City High Yield (NCYF) and Manchester and London (MNL). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 230 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by George Ensor, manager of the River UK Micro Cap Investment Trust (RMMC). Section Timestamps: 0:00:23 - Introducing this week’s guest 0:01:06 - The basic proposition 0:07:19 - Potential actions from the new government affecting the AIM IHT issue 0:09:30 - Exposure to trusts affected by potential budget changes 0:11:17 - The redemption facility 0:16:12 - Stockpicking philosophy 0:31:13 - A short break 0:32:08 - Selling stocks that are no longer defined as micro-cap 0:34:44 - Activism 0:36:09 - Reforming the UK equity market 0:40:28 - Why invest in the micro-cap trust 0:43:04 - 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 Henderson Opportunities (HOT). Future profiles include Mid Wynd International (MWY) and CQS New City High Yield (NCYF). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 230 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Evy Hambro, manager of the BlackRock World Mining Trust (BRWM). Section Timestamps: 0:00:23 - The overall macro position 0:06:12 - AI and commodities 0:10:04 - The impact of the dollar 0:11:38 - A short break 0:12:33 - M&A activity 0:17:51 - Talking about the Trust (BRWM) 0:19:19 - Assumptions over the past two years that didn’t work out 0:22:48 - The dividend 0:24:47 - The share price and the discount 0:25:37 - Valuations 0:27:44 - 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 Edinburgh Worldwide (EWI). Future profiles include Henderson Opportunities (HOT) and Mid Wynd International (MWY). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 230 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Ben Conway, head of fund management at Hawksmoor Investment Management, and Nick Greenwood, manager of the MIGO Opportunities Trust (MIGO). Section Timestamps: 0:01:14 - Introducing this edition’s guests 0:01:47 - A note on jargon 0:02:54 - Context of this week’s treasury announcement 0:11:29 - Good news for the investment trusts sector 0:14:20 - An unexpected announcement 0:18:34 - Correlation between interest rates and changing discounts 0:21:12 - A short break 0:22:08 - Assessing fees on market cap 0:26:51 - Looking for opportunities in discounts 0:27:38 - Consolidation, supply, and trust sizes 0:37:14 - The wider world 0:39:51 - Recent changes to the MIGO portfolio 0:41:35 - 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 Edinburgh Worldwide (EWI). Future profiles include Henderson Opportunities (HOT) and Mid Wynd International (MWY). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 230 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 edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, reviews the week in the markets and speaks to Simon Edelsten, former fund manager at Mid Wynd International, and Anthony Leatham, head of investment trust research at Peel Hunt. Section Timestamps: 0:00:25 - A discussion with Simon Edelsten and Anthony Leatham 0:00:51 - An overview of the global equities sector 0:01:46 - What is a global equity trust seeking to achieve? 0:06:17 - The proportion to invest in global equity trusts and the benchmark to use 0:14:14 - Passive funds as an alternative 0:22:31 - A short break 0:23:27 - Discount anomalies and buybacks 0:26:06 - Trusts investing in private assets 0:34:26 - Measures of risk 0:40:35 - Where we are in the market cycle 0:47:46 - 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 Bellevue Healthcare (BBH). Future profiles include Edinburgh Worldwide (EWI) and Henderson Opportunities (HOT). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 230 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 and winner of the 2024 AIC Best Broadcast Journalist Award, reviews the week in the markets and speaks to Sachin Saggar, alternatives investment trusts analyst at Stifel. Section Timestamps: 0:00:39 - This week’s guest 0:01:13 - Review of the week 0:03:08 - Results and the Money Makers Circle 0:04:58 - Changes to the podcast 0:06:17 - Q&A with Sachin Saggar 0:07:17 - Will the sector trade at a premium to NAV in the future? 0:09:02 - Reliability of NAVs 0:14:50 - The case for standardised disclosures 0:16:29 - Limited opportunity to raise new equity 0:20:57 - Reactions to proposals to buy into the alternative assets sector 0:24:15 - Evaluating the performance of alternative assets trusts 0:27:47 - Is there still value to be found across the sector? 0:28:21 - Looking at earnings multiples 0:29:44 - Cost disclosure 0:30:44 - 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 Global Opportunities Trust (GOT). Future profiles include Bellevue Healthcare (BBH) and Edinburgh Worldwide (EWI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month or £120 for one year. 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 230 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.