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 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.

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 Prashant Khemka, advisor to the Ashoka India Equity Investment Trust (AIE), and Dan Higgins, lead manager of Majadie Investments (MAJE). 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 0:01:10 - Looking ahead to Episode 200 0:01:38 - Review of the week 0:02:46 - Corporate news and announcements 0:04:17 - Money Makers Circle 0:04:55 - Q&A with Prashant Khemka 0:05:13 - Background leading up to the launch of the trust 0:06:02 - The investment style 0:09:53 - Reasons to invest in India 0:20:53 - Value in the Indian stock market 0:25:38 - Macro level risks 0:30:53 - The performance of the trust 0:33:17 - Looking ahead 0:35:24 - The launch of the second WhiteOak trust 0:37:47 - Q&A with Dan Higgins 0:38:22 - The change of management 0:40:58 - The approach 0:48:27 - The dividend policy 0:49:42 - Fees 0:54:57 - Objectives 0:59:54 - Outside shareholder perceptions 1:04:21 - Volatility 1:06:31 - The position in corporate credit 1:10:15 - The driver of excess returns 1:12:50 - Close Trusts mentioned this week (with tickers): Invesco Select Trust (IVPU), Invesco Bond Income Plus (BIPS), Hipgnosis Songs Fund (SONG), Digital 9 Infrastructure (DGI9), Riverstone Energy (RSE). 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 UK Mid Cap (SCP). Future profiles include J.P.Morgan Indian (JII) and MIGO Opportunities (MIGO). 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 Matt Hose, alternative assets analyst at Jeffries, and Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG). 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 04:02 - This week's guests 04:47 - Money Makers Circle 06:21 - Corporate news and announcements 08:05 - Q&A with Matt Hose 08:40 - The current direction and outlook 10:57 - Cost disclosure 11:46 - General infrastructure sector 18:28 - Renewable infrastructure sector 24:04 - Battery storage 26:32 - Listed private equity 30:46 - Growth capital 32:09 - Shipping 33:18 - Hipgnosis Songs Fund (SONG) 35:42 - Summing up 36:16 - Q&A with Peter Hewitt 36:32 - The current situation 40:38 - Ratings difference between equities and alternatives 42:13 - Commercial property vs infrastructure and renewables 43:46 - Concerns about dividend cuts 49:29 - Income portfolio yield 52:35 - Hipgnosis Songs Fund (SONG) 55:35 - Scotland in the Rugby 57:50 - 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 Gore Street Energy Storage (GSF). Future profiles include Schroder UK Mid Cap (SCP) and J.P.Morgan Indian (JII). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and 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 over 190 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 Duncan MacInnes, manager of the Ruffer Investment Company (RICA), and Richard Staveley, lead manager at Rockwood Strategic (RKW). 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 0:03:08 - This week's guests 0:04:07 - Corporate news and announcements 0:06:20 - Money Makers Circle 0:07:10 - Q&A with Duncan MacInnes 0:07:32 - Evaluating 2023 0:20:00 - The RICA portfolio 0:23:10 - Gold and bitcoin 0:26:58 - Japan and the yen 0:31:21 - China 0:33:22 - Weigting in US equities 0:37:34 - Looking to 2024 0:38:53 - Q&A with Richard Staveley 0:42:44 - Specific stock risk 0:46:39 - The issue of a lack of liquidity 0:50:50 - Reform of the UK equity market 0:58:03 - Biggest contributors 1:00:44 - Trust growth ambitions 1:05:18 - Risks in a concentrated portfolio 1:10:52 - Close Trusts mentioned this week (with tickers): CC Japan Income and Growth (CCJI), Troy Income and Growth (TIGT), Asian Energy Impact (AEIT), Oakley Capital Investments (OCI), ICG Enterprise Trust (ICGT), 3i Infrastructure (3IN), Taylor Maritime (TMI), J.P.Morgan Multi Asset Growth and Income (MATE), J.P.Morgan Global Growth and Income (JGGI), Hipgnosis Songs Fund (SONG). 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 Japanese (JFJ). Future profiles include Gore Street Energy Storage (GSF) and Schroder UK Mid Cap (SCP). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and 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 over 190 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, and John Singer, chairman of Pantheon International (PIN), in the first part of a longer conversation looking at the issues facing listed private equity trusts. 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 0:02:53 - Summary of results 0:04:25 - Money Makers Circle 0:05:11 - This week's guests 0:06:09 - Q&A with Marcus Phayre-Mudge 0:06:24 - Proposed merger between CREI and API 0:15:51 - The proposed LXi and LondonMetric deal 0:18:38 - Thoughts on the property sector 0:23:31 - TR Property 0:27:22 - Cost disclosure 0:29:27 - Close 0:29:44 - Q&A with John Singer (Part 1) 0:29:59 - Private equity experience 0:32:48 - Investment trusts and history 0:37:44 - The issue of discounts 0:43:39 - Perceptions of private equity 0:47:08 - Accuracy of net asset values 0:58:26 - Variations in different listed private equity vehicles 1:03:38 - Close Trusts mentioned this week (with tickers): Tufton Oceanic Assets (SHIP), Custodian Property Income REIT (CREI), Abrdn Property Income (API), Bankers Trust (BNKR), Edinburgh Worldwide (EWI), Home REIT (HOME), TR Property (TRY), LondonMetric (LMP), LXi REIT (LXI), UK Commercial Property (UKCM), Literacy Capital (BOOK), HgCapital (HGT). 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 the Sequoia Economic Infrastructure Income (SEQI). Future profiles include J.P.Morgan Japanese (JFJ) and Gore Street Energy Storage (GSF). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and all the regular features available in the Circle. Please note that the content of the email is also available if you are a subscriber and log in to the website. Some subscribers are temporarily not receiving the email, but this should be fixed shortly. 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 190 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 Alastair Laing, CEO of CG Asset Management, and Ken Wotton, manager of Strategic Equity Capital (SEC). 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 0:02:48 - Cost disclosure rules 0:04:00 - This week's guest 0:04:40 - Summary of results 0:05:49 - Money Makers Circle 0:06:28 - Q&A with Alastair Laing 0:06:37 - Characterising 2023 0:15:21 - Looking ahead and the impact of elections 0:19:46 - Portfolio changes 0:30:11 - General infrastructure sector 0:33:52 - Property sector 0:37:21 - Private equity sector 0:39:59 - Opportunities in 2024 0:41:46 - Q&A with Ken Wotton 0:42:11 - An overview of the strategy 0:50:45 - Differences to other similar trusts 0:55:26 - Ambitions for the trust 1:04:05 - Looking forward 1:05:55 - Close Trusts mentioned this week (with tickers): Seraphim Space Investment Trust (SSIT), Hydrogenone (HGEN), Biopharma Credit (BPCR), Geiger Counter (GCL), Digital 9 Infrastructure (DGI9), Henderson Diversified Income (HDIV), Pershing Square Holdings (PSH), Rockwood Strategic (RKW), Ashoka India Equity Investments (AIE), Abrdn New India (ANII), Invesco Select (IVPU), Abrdn Diversified Income and Growth (ADIG), Atrato Onsite Energy (ROOF), LXi REIT (LXI), LondonMetric (LMP), Gore Street Energy Storage (GSF), HOME REIT (HOME), Caledonia Investments (CLDN), Alliance Trust (ATST), Hipgnosis Songs Fund (SONG), BBGI Global Infrastructure (BBGI), 3i Infrastructure (3IN), International Public Partnerships (INPP), HICL Infrastructure (HICL), Greencoat UK Wind (UKW), Tritax Big Box (BBOX), PRS REIT (PRSR), Literacy Capital (BOOK), Oakley Capital (OCI), HgCapital Trust (HGT), Odyssean Investment Trust (OIT). 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 the Witan Investment Trust (WTAN). Future profiles include Sequoia Economic Infrastructure Income (SEQI) and J.P.Morgan Japanese (JFJ). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and 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 over 190 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 shorter than normal edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Tom Stevenson, investment director at Fidelity International, and looks ahead to some key events in 2024. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 00:55 - This week's guest 01:15 - Looking ahead to 2024 03:47 - Review of the week 05:24 - Corporate news and announcements 05:37 - Money Makers Circle 06:25 - Q&A with Tom Stevenson 07:01 - Looking back at 2023 08:46 - Expectations for 2024 14:49 - The best way to manage money 18:11 - Opportunities to add value 21:40 - Investment trusts in general 23:44 - Cost disclosure and consumer duty 25:59 - The investment trust rally 29:35 - Personal highlights in writing about investment trusts 33:23 - Close Trusts mentioned this week (with tickers): Biopharma Credit (BPCR), Hipgnosis Songs Fund (SONG), Seraphim Space Investment Trust (SSIT), Digital 9 Infrastructure (DGI9), Chrysalis (CHRY), Scottish Mortgage (SMT), Polar Capital Technology Trust (PCT), Allianz Technology Trust (ATT), Smithson (SSON), Edinburgh Worldwide (EWI), RIT Capital Partners (RCP), RTW Biotech Opportunities (RTW), Schroder Oriental Income Fund (SOI), Balanced Commercial Property Trust (BCPT), International Public Partnerships (INPP), Schroder Japan (SJG). 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 Schroder Asian Total Return (ATR). Future profiles include the Witan Investment Trust (WTAN) and Sequoia Economic Infrastructure Income (SEQI). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and 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 over 190 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, speaks to Richard Stone, chief executive of The Association of Investment Companies (The AIC). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 00:49 - Looking back at 2023 06:22 - This week's guest 08:03 - Corporate news, announcements, and results 08:49 - Money Makers Circle 09:14 - Q&A with Richard Stone 09:55 - The experience of heading the AIC in recent years 11:05 - Key member concerns 14:11 - Cost disclosure 25:47 - Consumer duty 31:59 - Quilter Cheviot shareholder engagement report 34:17 - Corporate governance 39:41 - Liquidity in investment trust shares 41:15 - ESG factors and disclosures 43:27 - Challenges and risks looking ahead 46:54 - Looking ahead and a Happy New Year 47:49 - Close Trusts mentioned this week (with tickers): ThomasLloyd Energy Impact (TLEI), Home REIT (HOME), Digital 9 Infrastructure (DGI9), Chenavari Toro Income Fund (TORO), Geiger Counter (GCL), Biopharma Credit (BPCR), Downing Strategic Micro-Cap (DSM), HgCapital (HGT), Scottish Mortgage (SMT). 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. There is no profile this week, but next week the Circle will feature Schroder Asian Total Return (ATR). Future profiles include the Witan Investment Trust (WTAN). Remember to look out for the latest edition of our new weekly email which summarises Jonathan's latest thoughts and 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 over 190 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.