Weekly Investment Trusts Podcast - with Joe Bauernfreund and Evy Hambro (30 Sep 2023)

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Joe Bauernfreund, manager of the AVI Global Trust (AGT), and Evy Hambro, manager of the BlackRock World Mining Trust (BRWM). We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

Section Timestamps:
00:44 - This week's guests
01:34 - Review of the week
03:27 - Money Makers Circle
04:03 - Corporate news and announcements
12:28 - Summary of results
21:20 - Q&A with Joe Bauernfreund
21:20 - Adding to holdings in the UK investment trust sector
26:03 - Enforced cost disclosures
26:47 - Reducing holdings in PSH and TPOU
30:17 - Increasing exposure to the investment trust universe
31:38 - AVI Global Trust (AGT) and discounts
34:54 - Q&A with Evy Hambro
34:54 - The commodities sector this year
38:42 - Industry changes over thirty years
40:45 - Valuations over the last year
44:02 - Incentives on commodity producers for good ESG
46:53 - Portfolio changes
49:47 - The dividend policy
51:18 - Gearing
52:52 - Looking forward
54:43 - Close

Trusts mentioned this week (with tickers): Digital 9 Infrastructure (DGI9), Downing Renewables and Infrastructure (DORE), Home REIT (HOME), ThomasLloyd Energy Impact (TLEI), Hipgnosis Songs Fund (SONG), HgCapital Trust (HGT), HICL Infrastructure Trust (HICL), Pantheon International (PIN), Gulf Investment Fund (GIF), JPMorgan Global Growth and Income (JGGI), Strategic Equity Capital (SEC), Schroder Japan Trust (SJG), Manchester and London (MNL), JPMorgan Emerging Markets (JMG), European Opportunities Trust (EOT), Tufton Oceanic Assets (SHIP), Henderson EuroTrust (HNE), Fair Oaks Income (FAIR), Martin Currie Global Portfolio (MNP), Blackstone Loan Financing (BGLF), Biopharma Credit (BPCR), Third Point Investors (TPOU), Merchants Trust (MRCH), Phoenix Spree Deutschland (PSDL), Baillie Gifford Shin Nippon (BGS), Schroders Capital Growth Innovation Trust (INOV), Bluefield Solar Income Fund (BSIF), US Solar Fund (USF), Gresham House Energy Storage (GRID), Aquila Energy Efficiency Trust (AEET), NB Private Equity (NBPE), Pantheon Infrastructure (PINT), GCP Asset Backed Income (GABI), UK Commercial Property Trust (UKCM), Abrdn Property Income (API), Princess Private Equity (PEY), Oakley Capital Investments (OCI), Pershing Square Holdings (PSH), AVI Global Trust (AGT).

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This week, as well as the regular features, the Circle features a profile of BlackRock World Mining Trust (BRWM). Next week's profile will feature Templeton Emerging Markets (TEM).

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 180 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.