Home of the free Money Makers Investment Trust Podcast with Jonathan Davis, covering the latest developments in investment trusts. Subscribe now on your favourite podcast app to make sure you catch every edition! Keep up-to-date with Money Makers via Twitter - @MoneyMakersITs - and visit the website for more details, including our premium service, the Money Makers Circle: www.money-makers.co.
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This week on the Money Makers podcast, Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined by Andrew McHattie, the editor of the Investment Trusts Newsletter, returns to the podcast with his comments on the latest developments in the sector.
This discussion was recorded on Fri 11 Sep 2026.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
*** OUT NOW: The 2026 Investment Trusts Handbook ***
Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358
The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.
***
Timestamps:
0:00:37 - Introduction
0:01:01 - Alternative Income REIT (AIRE)
0:08:39 - Aquila European Renewables (AERS)
0:11:51 - Achilles Investment Trust (AIC)
0:14:23 - Saba Capital and Gore Street Energy Storage (GSF)
0:23:04 - A short break
0:23:48 - BlackRock World Mining (BRWM)
0:30:49 - Murray Income Trust (MUT)
0:35:27 - VH Global Infrastructure (ENRG)
0:38:18 - Rights and Issues Investment Trust (RIII)
0:42:01 - Looking forward
0:43:57 - Close
If you enjoy the weekly podcast, why not also try 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 every week, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year, with a two week free trial available for new subscribers.
This week, as well as the usual features, the Circle features a profile of Ruffer Investment Company (RICA). Future profiles include Baillie Gifford UK Growth (BGUK) and Murray International (MYI). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.
For more information please visit https://money-makers.co/circle.
Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 350 podcasts since we launched in 2020.
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 - www.bgprofessional.co.uk
In this bonus edition of the Money Makers Investment Trusts podcast, Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined by Angus Gordon Lennox, chairman of Gore Street Energy Storage (GSF), who makes the case for voting down resolutions proposed by Saba Capital at the trust's upcoming AGM on 16 September.
This discussion was recorded on Fri 04 Sep 2026.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
*** OUT NOW: The 2026 Investment Trusts Handbook ***
Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358
The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.
***
Timestamps:
0:00:37 - Introduction
0:01:57 - Angus’s credentials
0:04:09 - Paying a dividend
0:08:26 - Shrink to grow
0:12:10 - Transaction transparency
0:15:40 - A short break
0:16:25 - The NAV
0:18:24 - Management fees
0:22:56 - The upcoming AGM
0:26:35 - Close
If you enjoy the weekly podcast, why not also try 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 every week, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year, with a two week free trial available for new subscribers.
This week, as well as the usual features, the Circle features a profile of HarbourVest Global Private Equity (HVPE). Future profiles include Ruffer Investment Company (RICA) and Baillie Gifford UK Growth (BGUK). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.
For more information please visit https://money-makers.co/circle.
Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 351 podcasts since we launched in 2020.
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 - www.bgprofessional.co.uk
This week on the Money Makers podcast, Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined by Omar Negyal, lead manager of the JPMorgan Emerging Markets Dividend Income Trust (JEMI), for a discussion covering the trust's dividend-centred investment approach, the impact of the AI boom on emerging market technology stocks, positioning across commodities, financials, China and India, and the trust's competitive standing.
This discussion was recorded on Thu 03 Sep 2026.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
*** OUT NOW: The 2026 Investment Trusts Handbook ***
Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358
The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.
***
Timestamps
0:00:37 - Introduction
0:01:07 - The JEMI mandate and difference with JMGI
0:07:10 - Increasing the dividend level
0:10:17 - Emerging markets performance and AI stocks
0:16:05 - AI bubble concerns?
0:20:40 - A short break
0:21:25 - Deviating from the benchmark
0:23:31 - Trump decisions and commodities
0:27:08 - Exposure to financials
0:30:46 - China and India
0:34:21 - The competitive landscape
0:37:18 - Close
If you enjoy the weekly podcast, why not also try 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 every week, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year, with a two week free trial available for new subscribers.
This week, as well as the usual features, the Circle features a profile of HarbourVest Global Private Equity (HVPE). Future profiles include Ruffer Investment Company (RICA) and Baillie Gifford UK Growth (BGUK). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.
For more information please visit https://money-makers.co/circle.
Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 350 podcasts since we launched in 2020.
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 - www.bgprofessional.co.uk
349: Money Makers Investment Trusts Podcast - Neil Rogan (IAD) (29 Aug 2026)
Saturday, August 29, 2026 • Duration 47:20
This week on the Money Makers Podcast, industry veteran Neil Rogan, chairman of Invesco Asia Dragon Trust (IAD) and Baillie Gifford UK Growth (BGUK), joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), for a discussion including making the case for investment trusts, sector governance, the AI bubble, and the performance of the two trusts.
This discussion was recorded on Tuesday 25 August 2026.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
*** OUT NOW: The 2026 Investment Trusts Handbook ***
Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358
The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.
***
Section Timestamps:
00:37 - Introduction
01:38 - Making the case for investment trusts
08:56 - Launching new trusts
12:44 - Targeting a younger generation
15:47 - Saba Capital
19:03 - A short break
19:48 - Invesco Asia Dragon
26:46 - The Invesco Asia Dragon template
27:55 - Baillie Gifford UK Growth (BGUK)
34:40 - Calling for patience
37:15 - Outlook for the UK economy
40:09 - Assessing Murray Income’s absorption of Perpetual Income and Growth
44:39 - JPMorgan Global Growth and Income (JGGI)
46:30 - Close
If you enjoy the weekly podcast, why not also try 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 every week, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year, with a two week free trial available for new subscribers.
As well as the usual features, the Circle currently features a profile of Utilico Emerging Markets (UEM). Future profiles coming soon include HarbourVest Global Private Equity (HPVE) and Ruffer Investment Company (RICA). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.
For more information please visit https://money-makers.co/circle.
Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 350 podcasts since we launched in 2020.
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 - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, fund manager and author Sandy Nairn, lead manager at Global Opportunities Trust (GOT), joins Jonathan Davis, (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) with a discussion focusing on artificial intelligence including the current stage of AI's development, historic parallels, and the impact on financial markets.
This discussion was recorded on Wed 19 August 2026.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
*** OUT NOW: The 2026 Investment Trusts Handbook ***
Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358
The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.
***
Section Timestamps:
0:00:37 - Introduction
0:01:41 - AI and the markets
0:09:38 - Agentic AI and genuine artificial intelligence
0:14:42 - A rapid growth story
0:20:35 - A short break
0:21:20 - The anticipated IPOs
0:24:33 - Global Opportunities Trust (GOT)
0:28:42 - Bringing in the discount
0:31:45 - AI and the trust’s holdings
0:35:03 - Debunking Bessembinder
0:41:08 - Close
If you enjoy the weekly podcast, why not also try 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 every week, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year, with a two week free trial available for new subscribers.
This week, as well as the usual features, the Circle features a profile of Utilico Emerging Markets (UEM). Future profiles coming soon include HarbourVest Global Private Equity (HPVE) and Ruffer Investment Company (RICA). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.
For more information please visit https://money-makers.co/circle.
Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 350 podcasts since we launched in 2020.
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 - www.bgprofessional.co.uk
347: Money Makers Podcast - Charlotte Cuthbertson and Tom Treanor (MIGO) (15 Aug 2026)
Saturday, August 15, 2026 • Duration 55:41
In this edition of the Money Makers Investment Trusts Podcast, the two co-managers of MIGO Opportunities Trust (MIGO), Charlotte Cuthbertson and Tom Treanor, join host Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) with a discussion that includes the trust's strategy, the sale of Asset Value Investors to Pacific Asset Management, and an analysis of specific holdings.
This discussion was recorded on 06 August 2026.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
*** OUT NOW: The 2026 Investment Trusts Handbook ***
Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358
The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.
***
Section Timestamps:
0:00:37 - Introduction
0:01:21 - Understanding the sale to Pacific Asset Management
0:04:28 - Moving to a concentrated portfolio
0:10:57 - Renewable energy holdings
0:27:48 - A short break
0:28:32 - Baker Steel Resources (BSRT)
0:31:40 - Seraphim Space Investment Trust (SSIT)
0:37:39 - Chrysalis Investment Trust (CHRY)
0:42:32 - Private equity holdings
0:48:46 - Home REIT (HOME)
0:51:26 - Risks
0:54:52 - Close
If you enjoy the weekly podcast, why not also try 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 every week, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year, with a two week free trial available for new subscribers.
As well as the usual features, the latest in a growing series of fund profiles features Ashoka India Equity (AIE), with future profiles arriving in the next few weeks including Utilico Emerging Markets (UEM) and HarbourVest Global Private Equity (HPVE). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.
For more information please visit https://money-makers.co/circle.
Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 340 podcasts since we launched in 2020.
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 - www.bgprofessional.co.uk
346: Money Makers Investment Trusts Podcast - Roddy Snell (PHI) and Nish Patel (GSCT) (08 Aug 2026)
Saturday, August 8, 2026 • Duration 01:02:37
Two guests join host Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) in this week's edition of the Money Makers Investment Trusts Podcast. First is Roddy Snell, lead manager of the Pacific Horizon Trust (PHI), followed by Nish Patel, lead manager of the Global Smaller Companies Trust (GSCT).
These discussions were recorded on Thursday 06 August 2026.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
*** OUT NOW: The 2026 Investment Trusts Handbook ***
Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358
***
Section Timestamps:
0:00:37 - Introduction
0:02:03 - Roddy Snell (PHI)
0:02:05 - The last eighteen months at PHI
0:04:35 - Comparing the open-ended fund to the investment trust
0:07:26 - Growth and AI
0:13:14 - The Korean market
0:16:08 - Trump’s impact
0:21:13 - Asia and EM susceptibility to Western crises
0:22:46 - The Chinese outlook
0:26:07 - The case for choosing PHI
0:27:51 - PHI’s discount
0:32:51 - A short break
0:33:36 - Nish Patel (GSCT)
0:35:25 - The pitch for GSCT
0:38:21 - Interest rates and inflation
0:41:04 - Tech and AI stocks
0:43:04 - Portfolio changes in light of Saba
0:46:53 - The performance of the trust
0:49:18 - Attracting retail investors
0:51:08 - Regional allocation of the trust
0:53:24 - The dividend
0:54:56 - Holding other funds
0:58:00 - The current environment
1:01:47 - Close
If you enjoy the weekly podcast, why not also try 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 every week, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year, with a two week free trial available for new subscribers.
This week, as well as the usual features, the Circle features a profile of Ashoka India Equity (AIE). Future profiles include Utilico Emerging Markets (UEM) and HarbourVest Global Private Equity (HVPE). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.
For more information please visit https://money-makers.co/circle.
Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 340 podcasts since we launched in 2020.
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 - www.bgprofessional.co.uk
345: Money Makers Investment Trusts Podcast - Emma Bird (01 Aug 2026)
Saturday, August 1, 2026 • Duration 40:36
In this edition of the Money Makers Investment Trusts Podcast, Emma Bird, head of investment trust research at Winterflood joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), in a discussion that includes the position of the sector in the current cycle, narrowing discounts, retail investor demand, and corporate activity.
This discussion was recorded on Thursday 30 July 2026.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
*** OUT NOW: The 2026 Investment Trusts Handbook ***
Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358
The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.
***
Section Timestamps:
0:00:37 - Introduction
0:00:56 - The state of the sector
0:07:11 - Retail investor demand
0:11:17 - Saba and the future of EWI and IEM
0:18:31 - A short break
0:19:16 - Herald Investment Trust (HRI)
0:22:10 - Brown Advisory US Smaller Companies
0:25:25 - Enhanced dividends
0:27:40 - Commercial property
0:32:52 - Top and bottom net buy-sell ratio trusts
0:36:19 - Discount opportunities
0:39:47 - Close
If you enjoy the weekly podcast, why not also try 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 every week, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year, with a two week free trial available for new subscribers.
This week, as well as the usual features, the Circle features a profile of TwentyFour Select Monthly Income (SMIF). Future profiles include Ashoka India Equity (AIE) and Utilico Emerging Markets (UEM). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.
For more information please visit https://money-makers.co/circle.
Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 340 podcasts since we launched in 2020.
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 - www.bgprofessional.co.uk
In this edition of the Money Makers Investment Trusts Podcast, Georgina Brittain, co-manager of the J.P.Morgan UK Smaller Companies Growth and Income Trust (JUGI), joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), discussing UK small caps, the impact of the change in government and political stability might impact the sector; valuations, investor sentiment, and M&A activity; and the investment strategy of the Trust.
This discussion was recorded on Friday 24 July 2026.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
*** OUT NOW: The 2026 Investment Trusts Handbook ***
Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358
The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. It is available through bookshops and extensively online. The next edition of the Handbook, an independent educational publication, is now in preparation. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.
***
Section Timestamps:
0:00:37 - Introduction
0:00:59 - Hopes for the new Prime Minister
0:04:25 - An unloved and cheap UK equity market
0:10:50 - Today’s portfolio compared to the trusts pre-merger
0:15:48 - Performance and volatility
0:19:00 - A short break
0:19:46 - M&A activity
0:26:39 - Gearing
0:28:18 - The style of approach
0:30:48 - Why choose the trust
0:33:58 - Close
If you enjoy the weekly podcast, why not also try 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 every week, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.
This week, as well as the usual features, the Circle features a profile of TwentyFour Select Monthly Income (SMIF). Future profiles include Ashoka India Equity (AIE) and Utilico Emerging Markets (UEM). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.
For more information please visit https://money-makers.co/circle.
Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 340 podcasts since we launched in 2020.
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 - www.bgprofessional.co.uk
Andrew McHattie, the editor of the Investment Trusts Newsletters, returns in this edition of the Money Makers Investment Trusts Podcast. With Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), their discussion includes the latest developments in the sector including the FCA's regulatory changes restricting activist investors; mergers, bids, and wind-downs in real estate; and valuation and discount concerns in renewable energy and battery storage.
This discussion was recorded on Friday 17 July 2026.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
*** OUT NOW: The 2026 Investment Trusts Handbook ***
Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358
The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.
***
Section Timestamps:
0:00:37 - Introduction
0:00:49 - Developments from the FCA
0:08:14 - Alternative Income REIT (AIRE)
0:12:02 - Schroder European Real Estate (SERE)
0:14:36 - Herald Investment Trust (HRI)
0:19:59 - Golden Prospect Precious Metals (GPM)
0:24:02 - A short break
0:24:46 - Brown Advisory US Smaller Companies (BASC)
0:28:04 - Gore Street Energy Storage (GSF)
0:33:55 - Next Energy Solar Fund (NESF)
0:38:54 - RIT Capital Partners
0:47:17 - Close
If you enjoy the weekly podcast, why not also try 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.
This week, as well as the usual features, the Circle features a profile of AVI Global Trust (AGT). Future profiles include TwentyFour Select Monthly Income (SMIF) and Ashoka India Equity (AIE). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.
For more information please visit https://money-makers.co/circle.
Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 340 podcasts since we launched in 2020.
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 - www.bgprofessional.co.uk
