219: Weekly Investment Trusts Podcast - with Andrew Jones (13 Jul 2024)

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 Andrew Jones, CEO of LondonMetric Property which recently acquired two listed UK commercial property investment trusts - CT Property (CTPT) and LXi REIT (LXI). 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 0:01:37 - This week's guest 0:02:22 - Corporate news and announcements 0:04:00 - Summary of results 0:05:14 - Money Makers Circle 0:05:42 - AIC Annual Investment Trust Media Awards 0:06:29 - Q&A with Andrew Jones 0:07:06 - Origin of the CTPT and LXI deals 0:12:14 - Self-managed vs externally managed 0:13:44 - Justifying the deals 0:14:51 - Objectives of the company 0:16:31 - The property cycle 0:19:32 - Exposure to retail 0:21:46 - Interest in specific sectors 0:22:40 - Macro concerns 0:25:35 - Responding to the difficulties in the sector 0:27:34 - Limits on the size of the company 0:28:17 - The role of government 0:29:30 - Consideration of expansion outside of the UK 0:29:45 - The changing environment 0:35:02 - Close Trusts mentioned (with tickers) include: International Biotechnology Trust (IBT), Biotech Growth Trust (BIOG), Aberforth Smaller Companies (ASL), Abrdn UK Smaller Companies (AUSC), BlackRock Throgmorton (THRG), International Public Partnerships (INPP), BBGI Global Infrastructure (BBGI), TwentyFour Income Fund (TFIF), Miton UK Microcap (MINI), Chrysalis (CHRY), Schiehallion (MNTN), Edinburgh Worldwide (EWI), Schroder British Opportunities (SBO), Odyssean Investment Trust (OIT), CT Property Trust (CTPT), LXi REIT (LXI), Regional REIT (RGL). 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 Target Healthcare REIT (THRL). Future profiles include Fidelity China Special Situations (FCSS) and Henderson European Focus Trust (HEFT). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts including some of his most recent trust purchases, and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. The Circle also features portfolio performance reports from two regular contributors, and a column about stock market bubbles by financial historian, Edward Chancellor. 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 220 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.