199: Weekly Investment Trusts Podcast - with Ben Conway and Sachin Saggar (24 Feb 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 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.