224: Weekly Investment Trusts Podcast - with Elliott Hardy and Ian Lance (24 Aug 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 Elliott Hardy, private equity research analyst at Winterflood Securities, and Ian Lance, co-manager of the Temple Bar Investment Trust (TMPL). Due to technical issues, the audio quality for the discussion with Ian Lance is particularly poor for which we apologise. As a result, we have a transcript of this interview available for download from the website - money-makers.co/podcasts Section Timestamps: 0:00:39 - Review of the week 0:01:42 - This week's guests 0:02:29 - Money Makers Circle 0:03:16 - Summary of results 0:04:40 - Subscribe on YouTube, Spotify, Soundcloud and others 0:05:05 - Q&A with Elliott Hardy 0:05:18 - Development of the listed private equity market this year 0:07:16 - The global state of private equity 0:10:44 - Scepticism about reported NAVs 0:12:24 - The early August sharp market sell-off 0:13:30 - The underlying performance of portfolio companies 0:15:30 - The growth capital sector 0:16:43 - The outlook for fund of funds trusts 0:18:09 - Boards' responses to wide discounts 0:20:54 - Q&A with Ian Lance (transcript available at the website) 0:21:03 - Positives and negatives in the reporting period 0:24:54 - Reform in the UK stock market 0:25:59 - Outlook for the dividend 0:28:24 - A lower interest rate environment 0:29:35 - Investing outside of the UK market 0:31:16 - Gearing 0:32:31 - Close Trusts mentioned (with tickers) include: Temple Bar Investment Trust (TMPL), Baillie Gifford US Growth (USA), Partners Group Private Equity (PEY), Riverstone Energy (REL), Diverse Income Trust (DIVI), RM Infrastructure Income Trust (RMII), Regional RIET (RGL), Baillie Gifford Japan (BGFD), Gieger Counter (GCL), HgCapital Trust (HGT), 3i Group (III), ICG Enterprise Trust (ICGT), Seraphim Space Investment Trust (SSIT), Schiehallion Fund (MNTN), Chrysalis (CHRY), Pantheon International (PIN). 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 Ecofin Global Utilities and Infrastructure (EGL). Future profiles include abrdn Asia Focus (AAS) and Smithson Investment Trust (SSON). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes a comprehensive summary of all the latest news. 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 more than 220 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.