Money Makers

Hosted by Jonathan Davis

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383

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Jun 2026

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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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60 recent

June 13, 202633 min

337: Money Makers Investment Trusts Podcast - David Barron (13 Jun 2026)

In this edition of the Money Makers Investment Trusts Podcast, David Barron, chairman of BlackRock American Income (BRAI) and Baillie Gifford European (BGEU), discusses the strategy shift at BRAI, the change of manager at BGEU, and sector challenges, with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). This discussion was recorded on Tuesday 09 June 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 0:01:17 - The change of strategy at BRAI 0:07:25 - Confidence in the approach to beat the index 0:10:56 - Describing the systematic approach 0:15:59 - The benchmark 0:18:57 - A short break 0:19:41 - Baillie Gifford European (BGEU) 0:20:35 - The change of manager at BGEU 0:25:44 - A sustainable future? 0:27:31 - Discount levels 0:28:45 - The future of the sector 0:31:26 - Government perception of investment trusts 0:32:58 - 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, 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 Artemis UK Future Leaders (AFL). Future profiles include 3i Group (III) and Aberdeen Equity Income (AEI). Our expanded 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 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

June 6, 202647 min

336: Money Makers Investment Trusts Podcast - Ben Conway (06 Jun 2026)

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), is joined once again by Ben Conway, head of fund management at Hawksmoor. Their discussion this time includes the health of the investment trusts sector, the role of activist investors and board responsibilities, and regulatory changes that might entice pension funds back to the sector. This discussion was recorded on Friday 05 June 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 0:01:22 - The health of the investment trusts sector 0:04:48 - Activists and boards 0:15:56 - The return of pension funds? 0:26:47 - A short break 0:27:33 - The equity market situation 0:37:00 - Quality growth investors 0:41:29 - Barriers to new investment trusts 0:45:02 - Reasons for optimism 0:46:35 - 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, 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 European Smaller Companies (ESCT). Future profiles include Artemis UK Future Leaders (AFL) and Aberdeen Equity Income (AEI). Our expanded 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 330 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

May 30, 202644 min

335: Money Makers Investment Trusts Podcast - Laurence Hulse (30 May 2026)

Laurence Hulse, manager of the Onward Opportunities Trust (ONWD) joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), for a discussion including the performance and strategy of the trust, some of the portfolio holdings, and macroeconomic and political risks. The trust is still tiny in terms of market capitalisation but has made some good progress in very challenging conditions since coming to the market three years ago with a UK small cap equities strategy, enabling it to issue some shares and move to the main market. A star of the future - who knows? Recorded on 26 May 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. *** Timestamps: 0:00:37 - Introduction 0:02:07 - Reflecting on the past three years 0:06:09 - Trading around par and issuing new shares 0:08:27 - The ONWD difference and interpreting the mandate 0:12:23 - Volatility 0:15:29 - Investment themes 0:17:46 - The UK government’s support for business 0:22:05 - A short break 0:22:50 - Springfield Properties 0:28:29 - AudioBoom 0:32:31 - RentGuarantor Holdings 0:36:32 - The cash strategy 0:43:32 - 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, Stuart Watson takes a look at infrastructure sector discounts, while the latest trust profile features Baker Steel Resources (BSRT). Future profiles include European Smaller Companies (ESCT) and Artemis UK Future Leaders (AFL). 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 330 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

May 23, 202638 min

334: Money Makers Investment Trusts Podcast - Evy Hambro (23 May 2026)

In this edition of the Money Makers Investment Trusts Podcast, Evy Hambro, manager of BlackRock World Mining (BRWM) discusses, amongst other things, the trust's exceptional performance, the impact of global factors, and the AI-driven commodity demand. With Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). This discussion was recorded on 12 May 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 0:02:35 - The strong performance of BRWM 0:06:30 - Gold 0:11:42 - Silver 0:13:40 - The effect of the Iran War on major commodity classes 0:16:25 - The impact of AI on commodities 0:19:58 - Capital discipline 0:22:07 - A short break 0:22:52 - The dollar 0:24:14 - BHP royalty transaction 0:27:00 - Reducing gearing 0:28:41 - Risks 0:33:21 - Managing the trust today compared to the past 0:37:14 - 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 Baker Steel Resources (BSRT). Future profiles include European Smaller Companies (ESCT) and Artemis UK Future Leaders (AFL). Our expanded 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 330 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

May 16, 202651 min

333: Money Makers Investment Trusts Podcast - Andrew McHattie (16 May 2026)

Andrew McHattie, editor of the Investment Trusts Newsletter, returns to the Money Makers Investment Trusts Podcast this week, discussing developments with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). This time, the focus includes commercial property sector consolidation, SpaceX and Saba Capital, and discounts in the private equity space. This discussion was recorded on Thursday 14 May 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 0:01:54 - Commercial property and a new proposed deal 0:07:27 - SpaceX 0:11:34 - Herald (HRI) and Saba 0:15:36 - The discounts in other Saba targets 0:17:52 - Pantheon International (PIN) 0:22:14 - HgCapital (HGT) 0:28:56 - A short break 0:29:41 - Chrysalis (CHRY) 0:35:45 - Aquila European Renewables (AERI) and Achilles Investment Company (AIC) 0:40:35 - Bluefield Solar Income Fund (BSIF) 0:42:58 - F&C Investment Trust (FCIT) 0:44:42 - Delivering on the investment trust promise 0:50:40 - 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 Invesco Global Equity Income (IGET). Future profiles include River UK Micro Cap (RMMC) and RIT Capital Partners (RCP). Our new expanded 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 330 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

May 9, 20261 hr 1 min

332: Money Makers Investment Trusts Podcast - Ben Rogoff (09 May 2026)

Almost exactly a year on from his last appearance, Ben Rogoff, manager of the Polar Capital Trust (PCT) joins this edition of the Money Makers Investment Trusts Podcast, with host Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025), discussing the latest developments in artificial intelligence including the transition to agentic AI, market dynamics including the potential for a natural monopoly, and trust performance. This discussion was recorded on Tuesday 28 April 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 0:01:02 - Significant developments in the investment trusts sector 0:04:08 - Ben Rogoff, Polar Capital Technology (PCT) 0:04:48 - The emergence of agentic AI 0:11:30 - User confidence in AI 0:18:26 - Mythos and AI scaling 0:23:19 - Potential IPOs, and a new natural monopoly? 0:32:37 - A short break 0:33:22 - Spotting tech losers 0:39:41 - The PCT portfolio 0:51:57 - Volatile technology cycles 0:55:40 - Continued trading at a discount 0:59:41 - Manchester United’s AI-supported plan for champions 1:00:46 - 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 Tetragon Financial (TFG). Future profiles include Invesco Asia Dragon (IAD) and Baker Steel Resources (BSRT). Our new expanded 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 330 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

May 2, 202637 min

331: Money Makers Investment Trusts Podcast - Ashley Thomas (02 May 2026)

In this edition of the Money Makers Investment Trusts Podcast, Ashley Thomas, renewables infrastructure analyst at Winterflood Securities, joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025) to discuss recent developments affecting the renewables sector. This discussion was recorded on 24 April 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 0:01:23 - The impact of the Iran War on the renewables sector 0:06:56 - Sector performance since the start of the conflict 0:08:35 - Government policy changes 0:23:03 - A short break 0:23:53 - Sector discounts 0:28:43 - Inflow and outflow trends 0:31:14 - Battery storage and specialists 0:34:51 - Forecasting the size of the sector 0:36:35 - 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, 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 Cordiant Digital Infrastructure (CORD). Future profiles include Tetragon Financial (TFG) and Invesco Asia Dragon (IAD). 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 330 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

April 29, 202641 min

330: Money Makers Investment Trusts Podcast - Master Investor Show with Peter Hewitt (29 Apr 2026)

In this special edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), is joined on stage at the Master Investor Show by Peter Hewitt, the former manager of the CT Global Managed Portfolio Trust, to discuss the performance of the sector during turbulent times. Slides accompanying this presentation will be available to subscribers of the Money Makers Circle in the upcoming newsletter. This discussion was recorded on Saturday 25 April 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 0:01:29 - The Master Investor Show 0:04:20 - Managing money in turbulent times 0:07:06 - Performance of the investment trusts sector 0:13:05 - Saba Capital 0:18:48 - A short break 0:19:38 - Interesting trusts 0:32:08 - Platform costs 0:34:58 - A shrinking sector but good performance 0:40:35 - 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, 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 Cordiant Digital Infrastructure (CORD). Future profiles include Tetragon Financial (TFG) and Invesco Asia Dragon (IAD). 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 330 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

April 25, 202639 min

329: Money Makers Investment Trusts Podcast - with Steven Marshall (25 Apr 2026)

Steven Marshall, the founder, chairman, and managing partner of Cordiant Digital joins this edition of the Money Makers Investment Trusts Podcast, to discuss Cordiant Digital Infrastructure (CORD) including its recent progress and performance, catalysts for growth, and strategies to reduce the NAV discount. With Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). Subscribers to the Circle will soon be able to read a profile of this trust, currently scheduled for publication next week. This discussion was recorded on Thursday 23 April. 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! Jonathan will be appearing alongside Peter Hewitt at the Master Investor Show on 25 April, where they'll discuss and answer questions about various aspects impacting the investment trust sector. If you wish to attend and you're a subscriber to the Money Makers Circle, you can receive a free ticket! This will be recorded and released as a special edition podcast in the following week, so subscribe to the podcast to make sure you don't miss it! Section Timestamps: 0:00:37 - Master Investor Show 0:00:55 - This week’s guest 0:02:43 - Steven Marshall 0:06:00 - Reasons for moving to the main market 0:09:43 - The desire to raise more money 0:11:12 - Valuation of assets 0:16:11 - Attracting a wider range of potential investors 0:19:50 - A short break 0:20:40 - Alternatives to the investment trust structure 0:23:44 - Demand induced by AI 0:30:55 - The bid for an EU gigafactory 0:33:15 - External factors 0:39:05 - 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 with a two week free trial for new subscribers. This week, as well as the usual features, the Circle features a profile of J.P.Morgan Claverhouse (JCH). Future profiles include Cordiant Digital Infrastructure (CORD) and Tetragon Financial (TFG). 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 330 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

April 18, 202643 min

328: Money Makers Investment Trusts Podcast - with Andrew McHattie (18 Apr 2026)

Andrew McHattie is back for his regular monthly appearance in this edition of the Money Makers Investment Trusts Podcast, where he and host with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), discuss the ongoing impact of the Iran War, Saba Capital and developments with Edinburgh Worldwide and Impax Environmental Markets, Seraphim Space Investment Trust, and more. This discussion was recorded on Friday 17 April 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! Jonathan will be appearing alongside Peter Hewitt at the Master Investor Show on Saturday 25 April, where they’ll discuss and answer questions relevant to private investors ranging from the Iran war and Trumponomics to Saba Capital and their own preferences in the investment trust sector. This will be recorded and released as a special edition in the following week, so subscribe to the podcast to make sure you don’t miss it! *** If you wish to attend and you’re a subscriber to the Money Makers Circle, look for the code in the Weekly Email for a free ticket! *** Show information, including a full programme and registration, can be found at www.masterinvestorshow.com. Section Timestamps: 0:00:37 - Introduction 0:02:09 - A surprise bounce back in the US 0:04:44 - Saba Capital and Edinburgh Worldwide (EWI) 0:12:32 - Impax Environmental Markets (IEM) 0:16:45 - Seraphim Space Investment Trust (SSIT) 0:23:01 - A short break 0:23:51 - Onward Opportunities Trust (ONW) 0:26:56 - Digital9 Infrastructure (DGI9) 0:29:27 - HarbourVest Private Equity (HPVE) 0:34:47 - Pershing Square Holdings (PSH) 0:37:29 - Uzbekistan, emerging markets, and Mark Mobius 0:41:39 - Coming soon: a podcast from the Master Investor Show 0:43:00 - 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 in the Circle, Stuart Watson takes a look at trusts that pay an enhanced divided. The latest profile is on Patria Private Equity (PPET), with future profiles including J.P.Morgan Claverhouse (JCH) and Cordiant Digital Infrastructure (CORD) coming soon. Our expanded 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 330 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