Weekly Investment Trust Podcast with Jonathan Davis (14 Jan 2023)

Money Makers

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Max King, former fund manager at Investec and columnist in MoneyWeek, and Andrew Rees, property investment trust analyst at Numis Securities. Section Timestamps: 00:13 - Review of the week 02:28 - Money Makers Circle 02:58 - Q&A with Max King 03:11 - Max's comments on the latest developments 05:57 - Will world markets do better than US markets? 07:31 - Chinese investment trusts 10:42 - Home REIT (HOME) and RIT Capital Partners (RIT) 17:49 - IPO announcement: AT85 Global Mid-market Infrastructure 18:33 - Aurora Investment Trust (ARR) 19:59 - Risks for the year 20:54 - Changes with Max's investments? 22:17 - Commercial property Q&A with Andrew Rees 22:58 - Summarising what happened to the shares of commercial property trusts in 2022 24:00 - What sectors were worst affected by the change in environment and why 24:57 - The scale of the change in share price performance and ratings 25:52 - Comparing discounts to previews periods of significant discount movements 27:49 - What will happen from here? 29:44 - Dividend yields and their sustainability 33:47 - Further valuation pressures on capitalisation rates 37:36 - Trusts with long-term inflation-linked leases 39:35 - Supermarket Income REIT (SUPR) and the Sainsbury's Supermarket portfolio 41:34 - LXI REIT (LXI) and refinancing 44:14 - Social housing sector 49:21 - Specialist healthcare trusts 53:14 - The trusts that Andrew is looking for 55:38 - Close Trusts mentioned (with tickers) Henderson Diversified Income (HDIV), AT85 Global Mid-market Infrastructure Income, Home REIT (HOME), RIT Capital Partners (RCP), Scottish Mortgage Investment Trust (SMT), Aurora Investment Trust (ARR), Rockwood Strategic (RKW), Odyssean Investment Trust (OIT), North Atlantic Smaller Companies, Temple Bar Investment Trust (TMPL), Edinburgh Investment Trust (EDIN), Regional REIT (RGL), Alternative Income REIT (AIRE), Ediston Property Investment Company (EPIC), AEW UK REIT (AEWU), LXI REIT (LXI), Value and indexed Property Income (VIP), Supermarket Income REIT (SUPR), Abrdn Property Income (API), Civitas Social Housing (CSH), Triple Point Social Housing (SOHO), Target Healthcare REIT (THRL), Impact Healthcare REIT (IHR). 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. In addition to the regular features, this week the Circle features a profile of SDCL Energy Efficiency Income Trust (SEIT) 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 140 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin.