Weekly Investment Trusts Podcast - featuring Marcus Phayre-Mudge and Jon Forster (15 April 2023)

Money Makers

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Marcus Phayre-Mudge, manager of TR Property Investment Trust (TRY), and Jon Forster, co-portfolio manager at Impax Environmental Markets (IEM) - a discussion available in full to subscribers to the Money Makers Circle. Section Timestamps: 0:00:29 - Review of the week 0:01:54 - This week's guests 0:02:55 - Summary of the week's results 0:05:39 - News and announcements 0:07:56 - Money Makers Circle 0:08:33 - Q&A with Marcus Phayre-Mudge 0:09:02 - Looking back at the 2022 sell-off 0:11:07 - Short-term worries 0:13:08 - The cost of money 0:15:38 - Has the market priced in all the bad things that might happen? 0:19:21 - Changes to the portfolio 0:25:25 - Ediston Property and consolidation 0:28:06 - Merger of LXi REIT (LXI) and Secure Income REIT (SIR), and smaller commercial property trusts 0:34:16 - Dividend cuts 0:41:23 - TR Property Trust and its dividend 0:45:30 - Gearing 0:47:21 - Why is TR Property unique? 0:49:12 - Q&A with Jon Forster (Extract) 0:49:38 - The early beginnings of the trust 0:53:42 - A lack of similar trusts 0:55:12 - The trust today 0:58:18 - The investment environment 1:02:12 - Close Trusts mentioned (with tickers): Martin Currie Global Portfolio (MNP), Ecofin US Renewables Infrastructure (RNEW), GCP Asset Backed Income (GABI), Marple Point Loan Financing (MPLF), Schroder Japan Growth (SJG), Literacy Capital (BOOK), Caledonia Investments (CLDN), Rockwood Strategic (RKW), Gulf Investment Fund (GIF), LXi REIT (LXI), Value and Indexed Property Income (VIP), Schroder European Real Estate (SERE), PRS REIT (PRSR), Ashoka WhiteOak Emerging Markets, Industrials REIT (MLI), Round Hill Music Royalty Fund (RHM), Ediston Property Investment Company (EPIC), Secure Income REIT (SIR), AEW UK REIT (AEWU), Regional REIT (RGL), Phoenix Spree Deutschland (PSDL), Target Healthcare REIT (THRL), LondonMetric Property (LMP), Tritax Big Box (BBOX), Supermarket Income REIT (SUPR). 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 Fidelity European Trust (FEV), with next week's profile being of Greencoat UK Wind (UKW). Jonathan is speaking at the Master Investor Show today (15 April), and will also be making available the slides of his presentation. Subscribers can also hear the full conversation with Jon Forster of Impax Environmental Markets. 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 150 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.