306: Money Makers Investment Trusts Podcast - with Jim Strang (22 Nov 2025)
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award for two years running (2024 and 2025), is joined by Jim Strang, chairman of HgCapital Trust (HGT), advisor to private equity firms, and teacher of private equity at the London Business School.
This discussion was recorded on Monday 17 November 2025.
*** COMING SOON: The 2026 Investment Trusts Handbook ***
Available for pre-order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358
The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by more than 20 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.
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Section Timestamps:
0:00:24 - Introduction
0:01:00 - Private equity in general
0:09:35 - Reliability of valuations
0:12:21 - Listed private equity discounts
0:18:55 - A short break
0:20:01 - Looking at HgCapital Trust (HGT)
0:22:24 - The level of concentration in the portfolio
0:25:14 - Commitments vs available finance
0:30:30 - Co-investments
0:33:44 - AI and software businesses
0:39:06 - A changing market and confidence going forward
0:44:29 - Close
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