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). 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 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.