Money Makers

Japan's dramatic election: what it means for investors. In this edition of the Money Makers Investment Trust Podcast, Nicholas Wiendling, manager of J.P. Morgan Japanese (JFJ), discusses the landslide electoral win of Sanae Takaichi, the future of corporate governance reform and investment opportunities in the Japanese market, with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). This discussion was recorded on Tuesday 17 February 2026. 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 is also now writing market and other comments on Substack (jdinvestor.substack.com).  Section Timestamps: 0:00:24 - Introduction 0:01:06 - Reacting to the election result in Japan 0:06:01 - Japan's relationship with the US 0:07:25 - The Japanese bond market 0:09:05 - Corporate governance changes 0:13:33 - The yen 0:17:25 - A short break 0:18:28 - The Japanese corporate sector 0:20:47 - Performance of the Japanese investment trusts 0:23:15 - Style factors 0:26:37 - The sustainability of returns 0:27:41 - The portfolio and gearing 0:32:22 - Significant risks 0:33:52 - 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 Geiger Counter (GCL). Future profiles include CT Global Managed Portfolio (CMPI/CMPG) and BlackRock American Income (BRAI). 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 320 podcasts since launch. *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to 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 30 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. *** 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 and winner of the AIC Best Broadcast Journalist Award (2024 and 2025), is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on 12 February 2026. *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to 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 30 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. *** Section Timestamps: 0:00:24 - Introduction 0:00:42 - Japan 0:08:08 - Switching away from the US 0:10:03 - The new chairman of the Federal Reserve 0:12:34 - Artificial intelligence and HgCapital Trust (HGT) 0:22:26 - 3i Infrastructure (3IN) 0:26:39 - A short break 0:27:43 - Saba Capital 0:34:52 - Saba's US holdings 0:36:38 - Digital 9 Infrastructure (DGI9) 0:39:59 - Oryx International Growth (OIG) 0:43:35 - Baker Steel Resources Trust (BSRT) 0:48:07 - Investment trusts in the FTSE100 0:52:03 - Close 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! 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. As well as the usual features, the Circle currently features a profile of Aberforth Geared Value and Income (AGVI). Future profiles include Geiger Counter (GCL) and CT Global Managed Portfolio (CMPG/CMPI). 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 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

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 (2024 and 2025), is joined by Gabriel Sacks, lead manager at the Aberdeen Asia Focus Trust (AAS). This discussion was recorded on Friday 06 February 2026. *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to 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 30 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. *** Section Timestamps: 0:00:24 - Introduction 0:01:21 - The objective of Aberdeen Asia Focus (AAS) 0:06:51 - The quality growth style 0:09:23 - Navigating a turbulent 2025 0:16:59 - A short break 0:18:03 - How the AI phenomenon might play out 0:24:36 - Assessing geopolitical tensions 0:28:06 - The Chinese and Indian economies 0:34:37 - The trust, its discount, and gearing 0:38:17 - Future prospects 0:40:42 - 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 Aberforth Geared Value & Income (AGVI). Future profiles include Geiger Counter (GCL) and CT Global Managed Portfolio (CMPI). 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 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

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 (2024 and 2025), is joined by Jean Hugues de Lamaze, portfolio manager at Ecofin Global Utilities and Infrastructure (EGL), , to discuss the trust's investment themes, its portfolio management, and the energy transition alongside demand driven by AI. This discussion was recorded on Tuesday 27 January 2026. *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to 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 30 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. *** Section Timestamps: 0:00:24 - Introduction 0:00:47 - An overview of the trust 0:02:16 - Why is EGL unique? 0:03:50 - The increasing demand for electricity production 0:08:52 - The need to invest in energy transmission 0:10:55 - Why invest with EGL over directly with listed utilities 0:13:36 - How the NAV total return has been generated 0:17:03 - A short break 0:18:07 - Breaking down the investment theme split 0:21:02 - The impact of the interest rate environment 0:24:24 - The share price performance and discount 0:28:02 - The size of the trust 0:32:19 - Is the market wrong? 0:36:42 - Capability for a double-digit return over the coming decade 0:38:15 - Currency exposure 0:39:21 - 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. As well as the usual features, the Circle currently features a profile of the Achilles Investment Company (AIC), with future profiles including Aberforth Geared Value & Income (AGVI) and Geiger Counter (GCL). 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 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

Disclaimer: Money Makers has not had the opportunity to speak to the Chairman of Baillie Gifford Shin Nippon regarding the future of the investment trust, however it was deemed justified to publish this discussion on the ground of interest to shareholders with the proposal for a tender offer being put to a vote in mid-February. Money Makers remains neutral to the outcome for the trust. -- 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 (2024 and 2025), is joined by Edward Cartwright, CEO of Arcus Investment Management, to discuss the proposal to manage the Baillie Gifford Shin Nippon Trust (BGS). This discussion was recorded on Tuesday 27 January 2026. *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to 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 30 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. *** Section Timestamps: 0:00:24 - Introduction 0:00:32 - The proposition to the board of Baillie Gifford Shin Nippon (BGS) 0:03:35 - The tender offer from BGS 0:09:52 - A short break 0:10:55 - Objectives at the upcoming tender offer meeting 0:14:13 - Getting the message out to retail shareholders 0:16:30 - The Japanese small cap market 0:20:46 - 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. As well as the usual features, the Circle currently features a profile of the Achilles Investment Company (AIC), with future profiles including Aberforth Geared Value & Income (AGVI) and Geiger Counter (GCL). 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

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 (2024 and 2025), is joined by Peter Hewitt, former manager of the CT Global Managed Portfolio Trust (CMPI/CMPG). Names that feature include Scottish Mortgage (SMT), Templeton Emerging Markets (TEM), Edinburgh Worldwide (EWI), Herald (HRI) and several others in both the equity and alternatives subs-sectors. This discussion was recorded on Friday 23 January 2026. *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to 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 30 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. *** Section Timestamps: 0:00:24 - Introduction 0:01:05 - Learning to live with Donald Trump 0:06:41 - The rise of gold and concerns around the dollar 0:09:10 - Looking at the Asian markets 0:13:54 - Management Style 0:21:14 - A short break 0:22:19 - Saba Capital and Edinburgh Worldwide (EWI) 0:28:04 - Allowing Saba to take such large stakes 0:35:19 - The alternatives sector 0:41:11 - The Six Nations 0:44:27 - 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 Achilles Investment Company (AIC). Future profiles include Aberforth Geared Value & Income (AGVI) and Geiger Counter (GCL). 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

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 (2024 and 2025), is joined by Ashley Thomas, renewables infrastructure analyst at Winterflood Securities, to discuss the latest UK offshore wind auction and why the business model of the renewable energy investment trusts is broken This discussion was recorded on Friday 16 January 2026. *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to 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 30 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. *** Section Timestamps: 0:00:24 - Introduction 0:00:39 - The latest offshore wind auction 0:07:35 - The offshore wind industry in general 0:09:54 - The health of the renewables investment trusts sector 0:12:33 - The relationship with gilt yields 0:16:30 - Dealing with discounts and debt capacity 0:23:30 - A short break 0:24:33 - Consolidation clues from the abandoned HICL-TRIG merger? 0:26:49 - Bluefield Solar Income Fund (BSIF) 0:29:26 - Other elements of the renewable energy sector 0:39:31 - 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. The latest profile available to Circle subscribers is of BH Macro (BHMG/BHMU). Future profiles include Achilles Investment Company (AIC) and Aberforth Geared Value & Income (AGVI). 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 310 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

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 (2024 and 2025), is joined by Jonathan Simpson-Dent, chairman of Edinburgh Worldwide (EWI), a trust which is once again being targeted by Saba Capital. This discussion was recorded on Monday 05 January 2026. *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to 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 30 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. *** Section Timestamps: 0:00:24 - Introduction 0:00:54 - Saba's latest attempt to shake-up EWI's board 0:05:09 - Shareholder awareness of the need to vote 0:06:43 - Engagement with Saba throughout 2025 0:12:29 - Making the case for performance 0:15:58 - Recent events and SpaceX 0:20:34 - A short break 0:21:40 - The merger proposal 0:26:46 - The best outcome for EWI 0:28:48 - Saba's future involvement 0:30:39 - Saba's proposed non-executive directors 0:33:50 - Addressing allegations from Saba 0:36:30 - The core messages 0:37:55 - 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 BG Macro (BHMG/BHMU), which will be followed next week by Aberforth Geared Value & Income Trust (AGVI). 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 more than 310 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

In this special, end of year 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 (2024 and 2025), is joined by four guests for their comments on the year just gone and the outlook for 2026. Those guests are Ben Conway, James Carthew, Anthony Leatham, and Max King These discussions were recorded between 12-18 December 2025. *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to 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 30 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. *** Section Timestamps: 0:00:24 - Looking back at 2025 0:04:37 - Investment Trusts Handbook 2026 0:05:32 - Ben Conway 0:13:49 - James Carthew 0:23:58 - A short break 0:25:04 - Anthony Leatham 0:36:31 - Max King 0:47:18 - 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. 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 more than 310 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

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 (2024 and 2025), is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 19 December 2025. We would like to wish all of our listeners a very merry Christmas. Thank you for listening in 2025 and we hope you join us throughout 2026 as we continue to report on developments in the investment trusts sector. *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to 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 30 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. *** Section Timestamps: 0:00:24 - The investment trusts sector in 2025 0:02:44 - The FCA announcement on cost disclosure 0:07:05 - SpaceX developments 0:12:45 - Saba Capital and an EWI-USA merger 0:16:38 - Saba and Renewables 0:25:27 - A short break 0:26:33 - Chrysalis (CHRY) 0:31:26 - Private equity in general 0:36:25 - RTW Biotech Opportunities (RTW) 0:39:18 - Japanese investment trusts 0:44:04 - Three select results (PCT, FCSS, TEM) 0:48:00 - Looking towards 2026 0:49:14 - Investment Trusts Handbook 2026 0:50:32 - 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 Ashoka WhiteOak Emerging Markets (AWEM). 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 310 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

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 (2024 and 2025), is joined by Charlotte Cuthbertson and Tom Treanor, co-managers of MIGO Opportunities Trust (MIGO). This discussion was recorded on Tuesday 09 December 2025. *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to 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 30 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. *** Section Timestamps: 0:00:24 - Introduction 0:00:50 - Recent changes at MIGO 0:07:16 - Opportunities in smaller trusts 0:09:09 - The argument for MIGO 0:12:53 - Examples of successes 0:19:39 - Overlap with AGT 0:22:49 - A short break 0:23:56 - Alternatives trusts 0:27:50 - Renewables 0:33:55 - Consolidation 0:37:48 - Gresham House Energy Storage (GRID) 0:40:18 - Operational framework changes for the renewables sector 0:41:58 - MIGO Opportunities Trust itself 0:44:35 - 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 Onward Opportunities (ONWD), and next week's profile will feature Ashoka WhiteOak Emerging Markets (AWEM). 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 310 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

Due to a technical issue, the audio quality in this edition is a bit lower than normal, for which we apologise. -- 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 (2024 and 2025), is joined by Peter Spiller, manager of Capital Gearing Trust (CGT), for an in-depth review of investment trusts yesterday, today and tomorrow. Saba, Smithson, discount controls, private equity and the coming market crisis among the issues covered. This discussion was recorded on Thursday 04 December 2025. *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to 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 30 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. *** Section Timestamps: 0:00:24 - Introduction 0:01:02 - The historical context for discounts 0:05:41 - Consolidation and mergers 0:14:49 - Discount control and the measures available to boards 0:19:41 - A short break 0:20:48 - The now-abandoned HICL-TRIG merger and the renewables infrastructure sector 0:25:32 - Listed private equity in general 0:28:46 - Future perceptions of the alternatives sector 0:34:56 - The risk of a market crisis 0:39:25 - The chairman of the Federal Reserve 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, the Circle features a profile of Onward Opportunities (ONWD), and next week's profile will feature Ashoka WhiteOak Emerging Markets (AWEM). 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 310 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

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 Steven Tredget, partner at Oakley Capital, the management firm of Oakley Capital Investments (OCI). This discussion was recorded on Mon 01 December 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. *** Section Timestamps: 0:00:24 - Introduction 0:01:18 - About Oakley Capital Investments (OCI) 0:06:06 - The typical holding period and target returns 0:12:47 - NAV performance 0:19:17 - Funding commitments 0:24:39 - A short break 0:25:43 - Oakley's discount and capital allocation policy 0:34:03 - The share register 0:38:42 - Cost disclosure 0:40:55 - Volatility in valuations 0:44:35 - 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 Aberdeen Asian Income (AAIF). Future profiles include Onward Opportunities (ONWD) and Ashoka WhiteOak Emerging Markets (AWEM). 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 310 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

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 Joe Bauernfreund, lead manager at the AVI Global Trust (AGT). This discussion was recorded on Thursday 27 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. *** Section Timestamps: 0:00:24 - Introduction 0:01:05 - The Budget announcement 0:02:54 - The global outlook and prospects for interest rates 0:04:17 - The AI theme 0:05:15 - Alternative assets 0:21:32 - A short break 0:22:38 - The achievements of Saba Capital 0:24:39 - Consolidation 0:28:13 - Investing in Korea and Japan 0:35:18 - Holding companies 0:38:35 - News Corp 0:42:04 - The outlook for AVI Global 0:44:18 - 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 Allianz Technology (ATT). Future profiles include Aberdeen Asian Income (AAIF) and Onward Opportunities (ONWD). 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 310 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

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. *** 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 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 Baillie Gifford China Growth (BGCG). Future profiles include Allianz Technology (ATT) and Aberdeen Asian Income (AAIF). 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

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 Friday 14 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. *** Section Timestamps: 0:00:24 - Introduction 0:01:00 - Smithson Investment Trust (SSON) 0:10:35 - Franklin Global Trust (FRGT) merger with Invesco Global Equity Income (IGET) 0:12:26 - Pacific Assets Trust (PAC) 0:15:59 - Henderson Far East Income (HFEL) 0:18:26 - A short break 0:19:32 - 3i Group (III) and 3i Infrastructure (3IN) 0:26:21 - Scottish Mortgage (SMT) and Fidelity Special Values (FSV) 0:32:24 - Hydrogen Capital Growth (HGEN) 0:35:58 - Home REIT 0:37:42 - Money Makers Circle and the Investment Trusts Handbook 2026 0:38:21 - 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 Impax Environmental (IEM). Future profiles include Baillie Gifford China Growth (BGCG) and Allianz Technology (ATT). 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

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 Peter Hewitt, former manager of the CT Global Managed Portfolio Trust (CMPI/CMPG). This discussion was recorded on Friday 07 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. *** Section Timestamps: 0:00:24 - Introduction 0:01:00 - The big picture for global markets 0:04:43 - The mood in small caps 0:11:11 - Emerging markets 0:15:44 - The shrinking universe 0:18:07 - Saba Capital 0:24:19 - A short break 0:25:26 - The renewables sector 0:32:09 - Commercial property 0:34:04 - The rugby 0:37:12 - The Investment Trusts Handbook 2026 0:38:32 - 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 Scottish American (SAIN). Future profiles include Impax Environmental Markets (IEM) and Baillie Gifford China Growth (BGCG). 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

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

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

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

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

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

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 Keith Watson and Robert Crayfourd, co-portfolio managers for Golden Prospect Precious Metals. This discussion was recorded on 25 September 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 0:01:17 - A synopsis of Goldren Prospect Precious Metals (GPM) 0:03:53 - Price of miners vs price of gold 0:06:45 - Factors driving up the gold price 0:10:43 - The rally in mining stocks 0:20:09 - Managing currency exposure 0:21:52 - A short break 0:22:59 - The price of miners 0:27:03 - Silver 0:29:19 - Ambitions for the trust 0:32:20 - Comparing GPM to other vehicles under management 0:36:02 - The share register 0:36:58 - 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 Renewables Infrastructure Group (TRIG). Future profiles include Polar Capital Global Financials (PCFT) and Mobius Investment Trust (MMIT). 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Bronwyn Curtis, chairperson of TwentyFour Income Fund (TFIF) and Aza Teeuwen, a fund manager from the same trust. This discussion was recorded on Tue 23 September 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 0:01:28 - TwentyFour Income Fund (TFIF) 0:04:22 - The history behind the launch of the trust 0:07:12 - Asset-backed securities 0:10:19 - Underlying risk 0:15:54 - The offering to private investors 0:24:13 - A short break 0:25:19 - Differentiation from the competition 0:29:06 - Freedom from capacity restraints 0:33:36 - The realisation opportunity 0:36:24 - The investment trust structure 0:40:23 - 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 Montanaro UK Smaller Companies (MTU). Future profiles include the Renewables Infrastructure Group (TRIG) and Polar Capital Global Financials (PCFT). 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Peter Hewitt, the former manager of the CT Global Managed Portfolio Trust (CMPI/CMPG). This discussion was recorded on Friday 19 September 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 0:01:33 - The investment trust sector this year 0:06:37 - Tackling discounts 0:12:56 - The trend of a shrinking sector 0:16:44 - Reacting to underperformance 0:22:02 - The income component and yield 0:27:24 - A short break 0:28:31 - The performance of renewables 0:33:42 - Peter's portfolio 0:39:18 - Europe and Asia 0:43:01 - A quick word on rugby! 0:44:12 - 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 AEW UK REIT (AEWU). Future profiles include Montanaro UK Smaller Companies (MTU) and the Renewables Infrastructure Group (TRIG). 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 290 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 12 September 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 0:01:00 - Chrysalis (CHRY) 0:07:12 - Merger proposals in the European sector 0:11:32 - Golden Prospect Precious Metals (GPM) 0:15:15 - PRS Reit (PRSR) 0:18:50 - Third Point Investors (TPOU) 0:21:10 - A short break 0:22:16 - Saba Capital 0:27:11 - Baillie Gifford Shin Nippon (BGS) 0:32:55 - Dunedin Income and Growth (DIG) 0:37:51 - Long-term asset funds (LTAFs) 0:43:10 - 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 Herald Investment Trust (HRI). Future profiles include AEW UK REIT (AEWU) and Montanaro UK Smaller Companies (MTU). 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 290 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Alastair Laing, CEO of CG Asset Management. This discussion was recorded on Thursday 04 September 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 0:00:45 - The government bond markets 0:09:46 - Understanding duration and the effect on bond prices 0:12:21 - Nominal yields and real yields 0:17:06 - The equity markets 0:23:27 - The outlook for the dollar 0:26:11 - The price of gold 0:28:55 - A short break 0:30:01 - Investment trust exposure 0:33:17 - The alternatives sector 0:41:05 - Tackling discounts 0:44:29 - Performance of the trust 0:47:23 - 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 Lindsell Train Investment Trust (LTI). Future profiles include Herald Investment Trust (HRI) and AEW UK REIT (AEWU). 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 290 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Richard Pindar, co-founder and CEO of Literacy Capital (BOOK). This discussion was recorded on Wednesday 27 August 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 0:00:50 - A difficult period for private equity 0:05:55 - The BOOK difference 0:10:11 - The trust's re-rating and widening discount 0:14:31 - The Velociti deal 0:19:20 - A short break 0:20:26 - Rebalancing towards existing investments 0:22:39 - Increasing the management fee 0:24:59 - Return of capital 0:27:58 - The portfolio 0:33:01 - The UK as an economy 0:37:59 - Making the case for BOOK 0:42:40 - 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. There is no new profile this week, but subscribers can still read last week's profile of abrdn New India (AII). Future profiles include Lindsell Train Investment Trust (LTI) and Herald Investment Trust (HRI). 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 290 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Charlie Morris, founder and CEO of ByteTree Asset Management. This discussion was recorded on Wednesday 20 August 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 0:00:44 - Bitcoin and gold 0:08:31 - The reasons for gold's march ahead 0:10:42 - Gold alternatives 0:12:45 - Moving away from US exceptionalism? 0:19:25 - A short break 0:20:31 - Importance of the Trump administration's actions 0:22:06 - The role of investment trusts in multi-asset global portfolios 0:25:11 - Other instruments 0:27:20 - Stocks of interest 0:29:52 - The current UK administration 0:33:25 - 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 abrdn New India (ANII). Future profiles include Lindsell Train Investment Trust (LTI) and Herald Investment Trust (HRI). Subscribers will also be able to see Jonathan's latest video in the Trust of the Week series, this time covering Temple Bar (TMPL). 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 money-makers.co/membership-join. 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 290 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 15 August 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 0:00:35 - Third Point Offshore Investors (TPOU( 0:08:39 - Merger of AVI Japanese Opportunity Trust (AJOT) and Fidelity Japan Trust (FJV) 0:15:23 - The Japanese sector 0:18:11 - A short break 0:19:17 - Bellevue Healthcare (BBH) 0:23:31 - Baillie Gifford US Growth Trust (USA) 0:27:03 - Smithson (SSON) 0:32:00 - Renewables trusts 0:38:58 - BlackRock Throgmorton Trust (THRG) 0:45:05 - 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 Gresham House Energy Storage (GRID). Future profiles include abrdn New India (ANII) and Lindsell Train Investment Trust (LTI). While there is no new video this week, subscribers can still see the latest in the Trust of the Week series, looking at Utilico Emerging Markets (UEM). 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 money-makers.co/membership-join. 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 290 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Steven Marshall, co-founder, chair, and managing partner of Cordiant Digital Infrastructure (CORD). This discussion was recorded on Monday 04 August 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 0:01:14 - What digital infrastructure means 0:03:57 - The types of investors 0:06:31 - Competitive advantages for success with big infrastructure 0:09:44 - Debt and the underlying rate of return 0:10:57 - Experience as an investment trust 0:14:23 - Pension fund investments 0:17:30 - The risk of takeover 0:21:08 - A short break 0:22:13 - The AI arms race 0:23:42 - The drive into Europe 0:28:40 - A disappointing holding 0:31:57 - The dividend 0:33:22 - Lessons learnt from DGI9 0:36:21 - Risks 0:40:20 - 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 Odyssean Investment Trust (OIT). Future profiles include Gresham House Energy Storage (GRID) and abrdn New India (ANII). Subscribers can also see Jonathan's latest video in the Trust of the Week series, this time looking at Utilico Emerging Markets (UEM). 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 money-makers.co/membership-join. 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 290 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Sandy Nairn, executive director of Global Opportunities Trust (GOT), and Alan Bartlett from Goodhart Partners, sub-investment managers of the trust. This discussion was recorded on Tuesday 29 July 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 - A quick disclaimer 0:01:50 - Resetting the approach and organisation of GOT 0:04:53 - The role of Goodhart Partners 0:05:58 - The case for a flexible investment mandate 0:10:41 - Looking outside of equities, bonds, and cash 0:18:02 - Trust performance 0:21:52 - A short break 0:22:58 - The discount 0:26:57 - Gearing 0:29:26 - Opportunities for returns without excessive risk 0:32:12 - The Japanese reform theme 0:36:06 - US equities and AI 0:44:12 - The global macro situation 0:49:24 - The outlook for GOT 0:50:25 - 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 Fidelity Special Values (FSV). Future profiles include Odyssean Investment Trust (OIT) and Gresham House Energy Storage (GRID). 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 money-makers.co/membership-join. 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 290 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Matt Hose, alternative assets analyst at Jeffries. This discussion was recorded on Thursday 24 July 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 0:00:37 - General thoughts on the market 0:03:00 - A wake-up call from BBGI 0:03:54 - The funding of Sizewell C 0:05:33 - The water industry 0:07:35 - Renewables 0:11:17 - Corporate activity 0:15:45 - A short break 0:16:51 - Solar trusts 0:21:32 - Discount levels 0:27:35 - Digital infrastructure 0:30:16 - Overall thoughts looking ahead 0:32:14 - 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 Fidelity Special Values (FSV). Future profiles include Odyssean Investment Trust (OIT) and Gresham House Energy Storage (GRID). 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 money-makers.co/membership-join. 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 290 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, the editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 18 July 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 0:01:18 - Market reaction to Rachel Reeves' speech 0:03:55 - Developments in the investment trusts sector 0:12:04 - Commercial property - Warehouse REIT (WHR) 0:17:34 - PRS REIT (PRSR) 0:19:24 - Abrdn European Logistics Income (ASLI) 0:22:13 - A short break 0:23:20 - Tender offers - Polar Capital Global Financials (PCFT) 0:25:14 - Saba Capital 0:28:18 - MIGO Opportunities Trust (MIGO) 0:34:25 - Trusts with holdings in large private companies 0:38:51 - 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 Baillie Gifford European Growth (BGEU). Future profiles include Fidelity Special Values (FSV) and Odyssean Investment Trust (OIT). Subscribers can also see Jonathan's latest video, this week looking at corporate activity in the investment trusts sector over the first half of 2025, courtesy of research from Deutsche Numis. 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 money-makers.co/membership-join. 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 290 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Glen Suarez, current chairman of Impax Environmental Markets (IEM), former chairman of Edinburgh Investment Trust (EDIN), and non-executive director of Bluefield Solar Income Fund (BSIF). This discussion was recorded on Friday 04 July 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 0:02:42 - Reflections on changing the mandate of the Edinburgh Investment Trust (EDIN) 0:10:21 - Taking on Impax Environmental Markets (IEM) 0:12:13 - Cyclical performance 0:15:02 - The review process 0:18:46 - Evaluating the performance of the management company 0:20:36 - Dialogue with Saba Capital 0:22:56 - A short break 0:24:02 - An uncorrelated portfolio 0:32:09 - Is ESG a growth strategy in disguise? 0:36:48 - Long-term mindsets 0:39:51 - Responding to a weakening dollar 0:43:28 - Bluefield Solar Income Fund (BSIF) 0:45:32 - Making the case for Impax Environmental Markets (IEM) 0:47:09 - 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 Franklin Global Trust (FRGT). Future profiles include Baillie Gifford European Growth (BGEU) and Fidelity Special Values (FSV). 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. In the first of what is hoped to become a new regular feature, subscribers to the Circle can now also see the first in a series of videos where Jonathan takes a look at a topical trust - this week featuring MIGO Opportunities Trust. For more information 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 for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 280 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Alex Wright, manager of the Fidelity Special Values Investment Trust, and Fidelity Special Situations, the open-ended equivalent fund. This discussion was recorded on Tuesday 01 July 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 0:01:03 - The UK equity market 0:06:54 - Structural issues in the UK market 0:10:16 - The stock selection 0:11:50 - Getting the measure of Trump 0:15:35 - Domestic policy impact 0:17:38 - A short break 0:18:45 - The portfolio 0:29:38 - The small, mid, and large cap balance 0:33:42 - Discount and gearing 0:37:10 - Learnings from the last twelve years 0:39:38 - Active and passive management 0:43:01 - 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 HICL Infrastructure (HICL). Future profiles include Franklin Global Trust (FRGT) and Baillie Gifford European Growth (BGEU). 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 money-makers.co/membership-join. 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 280 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

The Money Makers Investment Trusts Podcast is taking a short break following this edition while Jonathan is away on holiday, but it will return in a week or two so keep those subscriptions active! ==== In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Marcus Phayre-Mudge, manager of TR Property (TRY). This discussion was recorded on Thursday 12 June 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 0:00:39 - Signs of green shoots 0:06:21 - Economic growth, interest rates, and commercial property valuations 0:12:16 - Activity and deals in the investment trusts sector 0:19:06 - A place for smaller trusts 0:24:34 - A short break 0:25:41 - Healthcare commercial property 0:28:40 - Other specialist property sectors 0:32:47 - Cost disclosure and discounts 0:37:57 - TR Property (TRY) 0:44:26 - Why invest in TRY over other REITs 0:47:00 - 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 VietNam Holding (VNH). Future profiles include Fidelity Emerging Markets (FEML) and HICL Infrastructure (HICL). 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 money-makers.co/membership-join. 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 280 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 13 June 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 0:00:38 - Global shocks 0:03:00 - Coming to terms with the Trump regime 0:05:06 - Investment trusts - commercial property 0:05:31 - PRS REIT (PRSR) 0:09:44 - Empiric (ESP) 0:13:28 - Property in general 0:15:21 - SDCL Energy Efficiency Trust (SEIT) 0:18:43 - Digital 9 Infrastructure (DGI9) 0:22:03 - A short break 0:23:10 - J.P.Morgan Indian Investment Trust (JII) 0:27:59 - Templeton Emerging Markets (TEM) 0:31:25 - Fidelity China Special Situations (FCSS) 0:34:39 - Worldwide Healthcare (WWH) and the healthcare and biotech sector 0:38:17 - Growth capital sector 0:41:59 - Schiehallion Fund (MNTN) 0:44:00 - 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 Pershing Square Holdings (PSH). Future profiles include VietNam Holdings (VNH) and Fidelity Emerging Markets (FEML). 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 money-makers.co/membership-join. 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 280 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Jim Mellon, businessman, investor, and entrepreneur. This discussion was recorded on Monday 09 June 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 0:00:49 - The Trump administration and volatility 0:07:36 - Reacting to a potential crisis 0:10:51 - The investment approach 0:16:31 - A short break 0:17:37 - Luck or skill in investment success 0:20:52 - Looking at Germany 0:24:46 - Reinforcing the UK stock market 0:26:36 - Other activities 0:31:01 - 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 Pershing Square Holdings (PSH). Future profiles include VietNam Holdings (VNH) and Fidelity Emerging Markets (FEML). 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 money-makers.co/membership-join. 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 280 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Chris Clothier, co-chief investment officer at CG Asset Management, the management company responsible for Capital Gearing Trust (CGT). This discussion was recorded on Thursday 05 June 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 0:00:41 - The Trump 2.0 approach to policy management 0:05:06 - The erosion of trust in US stability 0:08:18 - The 3-3-3 Plan and inflation 0:10:05 - The problem of global debt build-up 0:13:56 - Reducing exposure to the US 0:18:02 - Brief thoughts on gold 0:19:43 - A short break 0:20:49 - Investment trust performance 0:23:19 - The investment trusts sector, discounts, and the reaction to threats 0:25:37 - The competitive threat to investment trusts 0:26:50 - Activism 0:30:46 - The trust's potential for returns 0:36:35 - 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 Schiehallion Fund (MNTN). Future profiles include Pershing Square Holdings (PSH) and VietNam Holding (VNH). 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 money-makers.co/membership-join. 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 280 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Nick Brind, co-portfolio manager of Polar Capital Global Financials Trust (PCFT). This discussion was recorded on Tuesday 03 June 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 0:00:52 - Thoughts on the global financials sector 0:03:02 - Interest rates 0:07:37 - The weighting to banking 0:09:23 - Diversified financials and fintech 0:11:53 - Positives from the Trump administration and deregulation 0:16:14 - A short break 0:17:20 - Risks in the global financial system 0:21:25 - The price of the trust's investments 0:24:33 - The proposition to shareholders 0:29:43 - The investment trust structure 0:31:46 - A lack of competitors 0:33:22 - Gearing 0:34:41 - 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 Schiehallion Fund (MNTN). Future profiles include Pershing Square Holdings (PSH) and VietNam Holding (VNH). 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 money-makers.co/membership-join. 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 280 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG). This discussion was recorded on Wednesday 28 May 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 0:00:44 - Stepping back from the trust 0:01:40 - Impacts of the Trump administration 0:10:20 - The performance of small cap trusts 0:15:05 - The style factor 0:24:15 - A short break 0:25:20 - Thoughts on Saba Capital 0:30:40 - Private equity 0:34:53 - Finding new sources of income 0:38:31 - Changes to the growth portfolio 0:43:40 - 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. There is no new fund profile this week but last week's profile was of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). 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 money-makers.co/membership-join. 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 280 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Jonathan Brachle, co-portfolio manager at J.P.Morgan US Smaller Companies Trust (JUSC). This discussion was recorded on Tuesday 27 May 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 0:00:56 - The US markets and the Trump effect 0:02:54 - Managing the volatile environment 0:05:30 - Arguments for investing in the trust 0:10:55 - Currency 0:11:56 - Gearing 0:13:26 - A short break 0:14:32 - The continuation vote and viability of the trust 0:16:08 - Exciting holdings and disappointing holdings 0:20:17 - AI 0:23:04 - The argument for continuation 0:25:40 - 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. There is no new fund profile this week but last week's profile was of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). 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 money-makers.co/membership-join. 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 280 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Craig Baker, lead manager of Alliance Witan. This discussion was recorded on Monday 19 May 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 0:00:52 - Navigating the tricky waters of the Trump administration 0:05:21 - Has the tariff threat been overstated? 0:08:21 - A concentrated market and the dominance of Big Tech 0:15:17 - AI in the portfolio and as an investment theme 0:19:59 - A short break 0:21:04 - Comparing the portfolio today versus a year ago 0:26:01 - Gearing, the discount, and the dividend 0:30:51 - The impact of the Alliance-Witan merger 0:33:16 - The trust as a consolidator 0:34:24 - Communicating with retail investors 0:36:48 - The potential move away from the US 0:37:59 - 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 Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). 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 money-makers.co/membership-join. 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 270 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Monday 19 May 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 0:00:46 - Consolidation and Henderson European Trust (HET) 0:05:56 - A bid for Warehouse REIT (WHR) 0:08:24 - The strategic review outcome at J.P.Morgan Indian Investment Trust (JII) 0:13:33 - Bellevue Healthcare Trust's (BBH) shift to a zero discount policy 0:19:12 - A short break 0:20:18 - Middlefield Canadian Income's (MCT) response to Saba Capital 0:27:19 - Regional REIT (RGL) 0:30:11 - HydrogenOne Capital Growth (HGEN) 0:33:02 - Chelverton UK Dividend Trust (SDV) 0:36:06 - Chrysalis (CHRY) 0:40:31 - Harmony Energy Income Trust (HEIT) and the battery storage sector 0:46:11 - 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 Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). 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 money-makers.co/membership-join. 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 270 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Ben Rogoff of Polar Capital Technology Trust (PCT) to discuss the rapidly evolving landscape of artificial intelligence including the emergence of DeepSeek, its impact on Nvidia, and the promise of Agentic AI. This discussion was recorded on Thursday 08 May 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 0:00:40 - The reaction to DeepSeek 0:10:46 - Volatility in the share price 0:12:49 - Activity since January 0:19:04 - The impact of the US tariff regime 0:26:12 - A short break 0:27:18 - Shareholder reaction to the last few months 0:29:29 - Potential for growth 0:34:59 - The importance of Agentic AI 0:46:11 - 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 J.P.Morgan US Smaller Companies (JUSC). Future profiles include Tritax Big Box REIT (BBOX) and The Schiehallion Fund (MNTN). 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 money-makers.co/membership-join. 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 270 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Mark Boggett, CEO of Seraphim Space, the management firm for Seraphim Space Investment Trust (SSIT). The potential positives for this 2021 IPO trust are stacking up - not least the large projected boost to European defence spending - but the trust is caught in the sectoral trap of wide discounts. Could this nevertheless be its breakout year? Listen in for some good reasons why it mght. This discussion was recorded on Tuesday 06 May 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 0:00:44 - How Mark became involved in the space business 0:03:22 - How SSIT fits into the overall scope of space venture capital activities 0:08:43 - The share price experience 0:17:37 - Clearing up misunderstandings on the focus of space 0:27:39 - A short break 0:28:45 - Risks and challenges as companies scale up 0:31:41 - The current difficulties with private equity 0:34:38 - Drilling down into the positions and performance of portfolio companies 0:43:36 - Hoping for positive signs in the next twelve months 0:44:24 - The need to sell holdings to raise funds 0:48:20 - 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 European Opportunities (EOT). Future profiles include J.P.Morgan US Smaller Companies (JUSC) and Tritax Big Box REIT (BBOX). 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 money-makers.co/membership-join. 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 270 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Laura Elkin, lead manager of AEW UK REIT (AEWU), and Maggie Fanari, CEO of RIT Capital (RCP). These discussions were recorded on 01 May 2025 and 27 March 2025 respectively. *** 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 - 0:00:41 - Talking to Laura Elkin, AEW UK REIT - 0:01:42 - AEWU's Q1 2025 results - 0:02:57 - Valuations across the commercial property sector - 0:04:55 - Asset management and adding value - 0:12:32 - Raising more capital and issuing new equity - 0:13:28 - Scope for consolidation in the sector - 0:17:16 - Risks to continued strong performance - 0:20:55 - Dividend policy 0:24:53 - A short break - 0:25:59 - Talking to Maggie Fanari, RIT Capital Partners - 0:26:18 - How Maggie became CEO of RCP - 0:27:49 - Characterising RCP's performance issues - 0:29:46 - How the brand lost its luster - 0:33:23 - Reasons for the significant discount - 0:35:35 - The cost disclosure issue - 0:38:46 - The driver for reducing private investments - 0:39:30 - How the operating environment might develop - 0:42:22 - Characterising performance - 0:43:11 - The value of the dollar - 0:44:22 - Lessons from managing a Canadian pension fund - 0:47:22 - The buyback programme - 0:49:13 - The RIT Capital offer 0:51:45 - 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 Law Debenture Corporation (LWDB). Future profiles include European Opportunities (EOT) and J.P.Morgan US Smaller Companies (JUSC). 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 money-makers.co/membership-join. 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 270 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Dan Higgins, fund manager for the Majedie Investment Trust (MAJE), a multi-asset vehicle that as of two years now pursues a "liquid endowment" strategy and comes with a promise that it will never blame external events for any underperformance of its inflation plus 4% minimum annualised return target. It is fair to say that while it is still early days performance since the mandate change has comfortably exceeded that target. This discussion was recorded on 23 April 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 0:00:58 - Reaction to the Trump administration 0:04:40 - The problems built up by the US in recent years 0:07:16 - Reflecting on recent performance amidst the Trump turmoil 0:12:08 - The role of gold in Majedie's strategy 0:19:38 - A short break 0:20:45 - Allocating opportunities to different strategies 0:26:58 - Analysis of correlations 0:28:51 - Bringing in the discount 0:34:04 - Resources to keep on top of the strategies 0:41:12 - 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 HgCapital Trust (HGT). Future profiles include Law Debenture Corporation (LWDB) and European Opportunities (EOT). 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 money-makers.co/membership-join. 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 270 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Dale Nicholls, manager of Fidelity China Special Situations (FCSS). This discussion was recorded on Tuesday 22 April 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 0:00:53 - Reaction to the US-China trade war 0:03:35 - Managing and positioning the portfolio 0:06:40 - Gearing 0:08:54 - The mood in China 0:09:30 - Movements in the dollar 0:10:36 - The price of the Chinese equity market 0:12:08 - Shareholder response and behaviour 0:13:49 - A short break 0:14:44 - Unlisted holdings 0:16:24 - AI 0:19:37 - Biggest risks 0:20:44 - Looking forward and making the case for China 0:24:52 - 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 HgCapital Trust (HGT). Future profiles include Law Debenture Corporation (LWDB) and European Opportunities (EOT). 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 money-makers.co/membership-join. 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 270 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

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts newsletter. This discussion was recorded on 17 April 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 0:01:09 - Thoughts on the fallout from Trump's tariff regime 0:05:30 - The performance of battery storage and renewables trusts 0:07:18 - Sector news, consolidation and Urban Logistics (SHED) 0:10:07 - Life Science REIT (LABS) 0:12:04 - The European Smaller Companies Trust (ESCT) deal with Saba Capital 0:18:19 - Share price performance of the seven trusts targetted by Saba 0:21:30 - A short break 0:22:26 - Abrdn Diversified Income and Growth (ADIG) 0:24:47 - Fidelity Japanese Values (FJV) 0:28:38 - Polar Capital Financials (PCFT) 0:31:33 - Henderson Far East Income (HFEL) 0:34:49 - Third Point Offshore Investors (TPOU) 0:40:29 - 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 RIT Capital Partners (RCP). Future profiles include HgCapital Trust (HGT) and Law Debenture (LWDB). Subscribers can also still see Jonathan's video looking at investment trust performance in the context of recent developments in the markets. 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 money-makers.co/membership-join. 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 270 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