Weekly Investment Trusts Podcast - with Colm Walsh and Emma Bird (12 Aug 2023)
In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Colm Walsh, co-manager of the ICG Enterprise Trust (ICGT), and Emma Bird, head of investment trust research and specialist property analyst at Winterflood Securities. Please note that due to holidays, the next podcast will be released later than normal, but it can be expected by Monday 21 August 2023. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free. Section Timestamps: 0:01:26 - This week's guests 0:02:06 - Review of the week 0:04:53 - Corporate news and announcements 0:12:33 - Summary of results 0:15:51 - Money Makers Circle 0:16:48 - Q&A with Colm Walsh 0:16:56 - Are wide discounts about to turn? 0:18:28 - Putting shareholder interests first 0:19:19 - Mid-market private equity 0:21:27 - Why large discounts exist 0:24:02 - Fees in private equity 0:25:51 - Consequences of sharp interest rate rises 0:30:41 - The risk of recession 0:36:08 - The trust's dividend 0:41:36 - Q&A with Emma Bird 0:41:54 - The general picture in commercial property 0:44:24 - Relative dividend yields compared to gilts 0:45:45 - Likelihood of a recession 0:46:34 - Mergers and acquisitions 0:49:41 - Poor performers 0:51:03 - Dividend sustainability 0:53:31 - Five-year performance 0:55:12 - Warehouse REITs 0:57:11 - The role of asset management 0:58:58 - Share buybacks 01:00:24 - The potential for a recovery in share prices 01:01:24 - Healthcare REITs 01:03:55 - Long-lease REITs 01:05:16 - Commercial property sector discounts overall 1:06:08 - Close 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 regular features, the Circle features a profile of BlackRock Frontiers Trust (BRFI), and Jonathan has released his video review of the infrastructure sector. 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 more than 170 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.