195: Weekly Investment Trusts Podcast - with Duncan MacInnes and Richard Staveley (27 Jan 2024)
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 Duncan MacInnes, manager of the Ruffer Investment Company (RICA), and Richard Staveley, lead manager at Rockwood Strategic (RKW). 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 0:03:08 - This week's guests 0:04:07 - Corporate news and announcements 0:06:20 - Money Makers Circle 0:07:10 - Q&A with Duncan MacInnes 0:07:32 - Evaluating 2023 0:20:00 - The RICA portfolio 0:23:10 - Gold and bitcoin 0:26:58 - Japan and the yen 0:31:21 - China 0:33:22 - Weigting in US equities 0:37:34 - Looking to 2024 0:38:53 - Q&A with Richard Staveley 0:42:44 - Specific stock risk 0:46:39 - The issue of a lack of liquidity 0:50:50 - Reform of the UK equity market 0:58:03 - Biggest contributors 1:00:44 - Trust growth ambitions 1:05:18 - Risks in a concentrated portfolio 1:10:52 - Close Trusts mentioned this week (with tickers): CC Japan Income and Growth (CCJI), Troy Income and Growth (TIGT), Asian Energy Impact (AEIT), Oakley Capital Investments (OCI), ICG Enterprise Trust (ICGT), 3i Infrastructure (3IN), Taylor Maritime (TMI), J.P.Morgan Multi Asset Growth and Income (MATE), J.P.Morgan Global Growth and Income (JGGI), Hipgnosis Songs Fund (SONG). 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 J.P.Morgan Japanese (JFJ). Future profiles include Gore Street Energy Storage (GSF) and Schroder UK Mid Cap (SCP). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan's latest thoughts and all the regular features available in the Circle. The content of that email is also available for subscribers via the website. 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 over 190 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.