Money Makers

Steven Marshall, the founder, chairman, and managing partner of Cordiant Digital joins this edition of the Money Makers Investment Trusts Podcast, to discuss Cordiant Digital Infrastructure (CORD) including its recent progress and performance, catalysts for growth, and strategies to reduce the NAV discount. With Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). Subscribers to the Circle will soon be able to read a profile of this trust, currently scheduled for publication next week.

This discussion was recorded on Thursday 23 April.

Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!

Jonathan will be appearing alongside Peter Hewitt at the Master Investor Show on 25 April, where they'll discuss and answer questions about various aspects impacting the investment trust sector. If you wish to attend and you're a subscriber to the Money Makers Circle, you can receive a free ticket! This will be recorded and released as a special edition podcast in the following week, so subscribe to the podcast to make sure you don't miss it!

Section Timestamps:
0:00:37 - Master Investor Show
0:00:55 - This week’s guest
0:02:43 - Steven Marshall
0:06:00 - Reasons for moving to the main market
0:09:43 - The desire to raise more money
0:11:12 - Valuation of assets
0:16:11 - Attracting a wider range of potential investors
0:19:50 - A short break
0:20:40 - Alternatives to the investment trust structure
0:23:44 - Demand induced by AI
0:30:55 - The bid for an EU gigafactory
0:33:15 - External factors
0:39:05 - Close

If you enjoy the weekly podcast, why not also try 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 with a two week free trial for new subscribers.

This week, as well as the usual features, the Circle features a profile of J.P.Morgan Claverhouse (JCH). Future profiles include Cordiant Digital Infrastructure (CORD) and Tetragon Financial (TFG). Our 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 330 podcasts since we launched in 2020.

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

Andrew McHattie is back for his regular monthly appearance in this edition of the Money Makers Investment Trusts Podcast, where he and host with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), discuss the ongoing impact of the Iran War, Saba Capital and developments with Edinburgh Worldwide and Impax Environmental Markets, Seraphim Space Investment Trust, and more.

This discussion was recorded on Friday 17 April 2026.

Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!

Jonathan will be appearing alongside Peter Hewitt at the Master Investor Show on Saturday 25 April, where they’ll discuss and answer questions relevant to private investors ranging from the Iran war and Trumponomics to Saba Capital and their own preferences in the investment trust sector. This will be recorded and released as a special edition in the following week, so subscribe to the podcast to make sure you don’t miss it! *** If you wish to attend and you’re a subscriber to the Money Makers Circle, look for the code in the Weekly Email for a free ticket! *** Show information, including a full programme and registration, can be found at www.masterinvestorshow.com.

Section Timestamps:
0:00:37 - Introduction
0:02:09 - A surprise bounce back in the US
0:04:44 - Saba Capital and Edinburgh Worldwide (EWI)
0:12:32 - Impax Environmental Markets (IEM)
0:16:45 - Seraphim Space Investment Trust (SSIT)
0:23:01 - A short break
0:23:51 - Onward Opportunities Trust (ONW)
0:26:56 - Digital9 Infrastructure (DGI9)
0:29:27 - HarbourVest Private Equity (HPVE)
0:34:47 - Pershing Square Holdings (PSH)
0:37:29 - Uzbekistan, emerging markets, and Mark Mobius
0:41:39 - Coming soon: a podcast from the Master Investor Show
0:43:00 - Close

If you enjoy the weekly podcast, why not also try 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 in the Circle, Stuart Watson takes a look at trusts that pay an enhanced divided. The latest profile is on Patria Private Equity (PPET), with future profiles including J.P.Morgan Claverhouse (JCH) and Cordiant Digital Infrastructure (CORD) coming soon. Our 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 330 podcasts since we launched in 2020.

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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025) takes a look back over the past six years and where the investment trusts sector is now, as the podcast moves into its seventh year. Then this week's guest, Stuart Widdowson, manager of the Odyssean Investment Trust (OIT) discusses the impact of the Middle East crisis on global markets, UK equities, and interest rate expectations; the Trust's performance, strategy, and portfolio management; and potential catalysts for the Trust.

This edition was recorded on Thursday 09 April (Interview) and Friday 10 April (Jonathan's comment).

Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!

Section Timestamps:
0:00:37 - Introduction
0:00:55 - Reflecting on six years
0:01:50 - The health of the sector today
0:04:35 - Where are we now?
0:08:51 - A short break
0:09:42 - Stuart Widdowson
0:09:47 - Looking at recent events
0:15:09 - The Trust’s track record since IPO
0:19:11 - Shareholder feedback
0:21:01 - Portfolio changes during the last 18 months
0:23:16 - Potential catalysts
0:32:30 - Ambitions for the Trust
0:34:20 - Close

If you enjoy the weekly podcast, why not also try 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, now with a two week free trial!

As well as the usual features, the Circle currently features a profile of Patria Private Equity (PPET), with future profiles including J.P.Morgan Claverhouse (JCH) and Cordiant Digital Infrastructure (CORD). Our 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 330 podcasts since we launched in 2020.

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

In this anniversary edition of the Money Makers Investment Trusts Podcast which has now been running for six years, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined first by Jasmine Yeo, manager of the Ruffer Investment Company (RICA), and then by Charlie Morris, founder of Bytetree Research.

These discussions were recorded on Thu 02 Apr 2026.

Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!

Section Timestamps:
0:00:37 - Introduction
0:01:22 - This week’s guests
0:02:08 - Performance of the markets
0:02:47 - Jasmine Yeo
0:03:12 - Summing up the last year
0:06:40 - The shape of the portfolio
0:11:42 - Higher inflation
0:13:43 - The allocation to bonds
0:18:38 - Monetary policy uncertainty
0:20:39 - Weighting towards UK equities
0:23:39 - Japan
0:25:34 - China
0:27:22 - The position on AI
0:30:04 - Buybacks
0:31:22 - Managing the trust
0:34:49 - Bitcoin and gold
0:39:12 - Reflecting on the first quarter this year
0:41:10 - A short break
0:41:55 - Charlie Morris
0:44:41 - Gold
0:47:08 - The relationship between oil and gold
0:48:51 - The role of commodities from here
0:50:42 - Changes to portfolios
0:53:30 - Investment trusts and the discounts
0:55:58 - No second guesses
1:00:55 - Close

If you enjoy the weekly podcast, why not also try 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 Patria Private Equity (PPET). Future profiles include J.P.Morgan Claverhouse (JCH) and Cordiant Digital Infrastructure (CORD). 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 330 podcasts since we launched in 2020.

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

In this extended edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award) is joined by two guests. First, Peter Hewitt, former manager at the CT Global Managed Portfolio Trust, and then Carlos Hardenberg, lead manager at the Mobius Investment Trust, to discuss - amongst other things - the ongoing impact of the Iran War on financial markets and the investment trusts sector.

These discussions were recorded on Wed 25 March (Carlos Hardenberg) and Fri 27 March (Peter Hewitt).

Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!

Section Timestamps:
0:00:24 - Introduction
0:00:44 - Peter Hewitt
0:00:49 - Looking at the markets
0:06:42 - Waiting for the dust to settle
0:12:43 - Discounts
0:17:58 - Baillie Gifford European Growth (BGEU)
0:22:36 - Diversified and defensive portfolios
0:25:01 - Pershing Square Holdings (PSH)
0:28:20 - Saba Capital
0:34:43 - A short break
0:35:47 - Carlos Hardenberg
0:36:56 - Reflecting on the last eight years
0:39:39 - The place for emerging markets in portfolios
0:45:09 - The argument to shareholders given the scale of the trust
0:48:12 - A shareholder opportunity presented by a wide discount
0:51:58 - Responding to current geopolitical issues
0:55:45 - A view on China
1:00:25 - Portfolio holdings
1:05:52 - The strategic impact of the new global order
1:08:01 - Close

If you enjoy the weekly podcast, why not also try 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, Stuart Watson takes a look at discounts across the renewable energy infrastructure sector. The latest trust profile features TwentyFour Income Fund (TFIF), and future profiles will include Patria Private Equity (PPET) and J.P.Morgan Claverhouse (JCH). Our 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 320 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