Money Makers

• 303: Money Makers Investment Trusts Podcast - The biotech sector (01 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), takes a look at the biotech sector and speaks to Woody Stileman, London officer manager at RTW Biotech, managers of RTW Biotech Opportunities (RTW); Geoffrey Hsu, manager of Biotech Growth Trust (IBT); and Ailsa Craig, co-manager of International Biotechnology Trust (BIOG). These conversations were recorded on Thursday 30 October 2025. Section Timestamps: 0:00:24 - Introduction 0:02:47 - Woody Stileman - RTW Biotech (RTW) 0:03:13 - - Why have biotech trusts been out of favour? 0:08:39 - - The involvement of AI 0:10:45 - - Appointments to the US Health Department and FDA 0:13:44 - - Drug pricing 0:18:33 - - RTW’s private holdings and the IPO drought 0:22:13 - - The trust’s discount 0:29:24 - - Risks in biotech 0:31:16 - A short break 0:32:22 - Geoffrey Hsu - Biotech Growth Trust (BIOG) 0:32:37 - - Explaining the biotech resurgence 0:40:25 - - Risks from an accelerated pipeline 0:41:42 - - The selling points of BIOG 0:44:32 - - Investing in China 0:47:18 - - UK interest in the sector 0:48:34 - Ailsa Craig - International Biotechnology Trust (IBT) 0:48:56 - - Looking at the changing fortunes of the biotechnology sector 0:54:26 - - The IBT difference to other trusts in the sector 0:57:09 - - The impact of the US drive to reduce drug prices 0:59:31 - - New drugs originating from biotech 1:03:26 - - Playing the China theme 1:04:53 - - Best use of capital 1:06:01 - - Capability of returns and position in the cycle 1:07:44 - - The change of management house 1:09:08 - Close 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Seraphim Space Investment Trust (SSIT). Future profiles include Scottish American (SAIN) and Impax Environmental Markets (IEM). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 300 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 - www.bgprofessional.co.uk

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• 302: Money Makers Investment Trusts Podcast - with Jonathan Davis (25 Oct 2025)

  We apologise for the delay in publication of this edition via podcast channels, due to a technical issue beyond our control. -- In a break from the norm in this week's edition of the 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), takes his own look at the investment trusts sector over the year to date. This edition was recorded on Thursday 23 October 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:05:05 - Saba Capital 0:11:12 - The sector’s response to Saba Capital 0:16:20 - A short break 0:17:26 - Making the case for investment trusts 0:20:30 - Money Makers’ independent trust profiles 0:20:57 - The impact of global events 0:24:17 - Close 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Henderson Smaller Companies (HSL). Future profiles include Seraphim Space (SSIT) and Scottish American (SAIN). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 300 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 - www.bgprofessional.co.uk

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• 301: Money Makers Investment Trusts Podcast - with Andrew McHattie (18 Oct 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 Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Thursday 16 October 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:01:11 - M&A and the Biotech sector 0:06:56 - Manchester and London (MNL) 0:11:09 - Cordiant Digital Infrastructure (CORD) 0:14:35 - The commodities sector 0:19:09 - A short break 0:20:15 - Commercial property 0:24:08 - TwentyFour Income Fund (TFIF) 0:26:40 - Seraphim Space Investment Trust (SSIT) 0:29:46 - Saba Capital 0:33:47 - Some good results 0:40:09 - Close 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of the Mobius Investment Trust (MMIT). Future profiles include Henderson Smaller Companies (HSL) and Scottish American (SAIN). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 300 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 - www.bgprofessional.co.uk

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• 300: Money Makers Investment Trusts Podcast - with Anthony Lynch (11 Oct 2025)

  In the 300th 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 Anthony Lynch, portfolio manager at J.P.Morgan Claverhouse (JCH). This discussion was recorded on Wednesday 08 October 2025 *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Celebrating 300 episodes of the podcast! 0:02:55 - Introducing Anthony Lynch 0:03:21 - Modification of the trust’s strategy 0:06:05 - The Claverhouse USP 0:10:24 - Using the advantages of the investment trust structure 0:13:37 - Dividend yield 0:16:49 - The shape of the portfolio 0:23:18 - A short break 0:24:25 - The UK market 0:27:23 - The impact of the new UK government 0:31:15 - The portfolio 0:32:54 - Assessing risks 0:34:59 - M&A and IPOs 0:39:19 - On the name ‘Claverhouse’ 0:40:57 - Close 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Polar Capital Global Financials (PCFT). Future profiles include Mobius Investment Trust (MMIT) and Henderson Smaller Companies (HSL). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 300 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 - www.bgprofessional.co.uk

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• 299: Money Makers Investment Trusts Podcast - with Richard Staveley (08 Oct 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 Richard Staveley, lead manager at Rockwood Strategic (RKW). This discussion was recorded on Tuesday 07 October 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:01:06 - The impact of worldwide events on the RKW portfolio 0:10:18 - Argentex PLC 0:16:09 - RM PLC 0:21:34 - A short break 0:22:41 - Good news stories 0:25:49 - The trust’s capacity 0:30:54 - Looking ahead 0:38:27 - Close 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, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Polar Capital Global Financials (PCFT). Future profiles include Mobius Investment Trust (MMIT) and Henderson Smaller Companies (HSL). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 300 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 - www.bgprofessional.co.uk

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