Podcasts about investment companies

Andrew McHattie, editor of the Investment Trusts Newsletter, returns to the Money Makers Investment Trusts Podcast this week, discussing developments with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). This time, the focus includes commercial property sector consolidation, SpaceX and Saba Capital, and discounts in the private equity space. This discussion was recorded on Thursday 14 May 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! *** 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: 0:00:37 - Introduction 0:01:54 - Commercial property and a new proposed deal 0:07:27 - SpaceX 0:11:34 - Herald (HRI) and Saba 0:15:36 - The discounts in other Saba targets 0:17:52 - Pantheon International (PIN) 0:22:14 - HgCapital (HGT) 0:28:56 - A short break 0:29:41 - Chrysalis (CHRY) 0:35:45 - Aquila European Renewables (AERI) and Achilles Investment Company (AIC) 0:40:35 - Bluefield Solar Income Fund (BSIF) 0:42:58 - F&C Investment Trust (FCIT) 0:44:42 - Delivering on the investment trust promise 0:50:40 - 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 Invesco Global Equity Income (IGET). Future profiles include River UK Micro Cap (RMMC) and RIT Capital Partners (RCP). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 330 podcasts since we launched in 2020. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

Almost exactly a year on from his last appearance, Ben Rogoff, manager of the Polar Capital Trust (PCT) joins this edition of the Money Makers Investment Trusts Podcast, with host Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025), discussing the latest developments in artificial intelligence including the transition to agentic AI, market dynamics including the potential for a natural monopoly, and trust performance. This discussion was recorded on Tuesday 28 April 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! *** 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: 0:00:37 - Introduction 0:01:02 - Significant developments in the investment trusts sector 0:04:08 - Ben Rogoff, Polar Capital Technology (PCT) 0:04:48 - The emergence of agentic AI 0:11:30 - User confidence in AI 0:18:26 - Mythos and AI scaling 0:23:19 - Potential IPOs, and a new natural monopoly? 0:32:37 - A short break 0:33:22 - Spotting tech losers 0:39:41 - The PCT portfolio 0:51:57 - Volatile technology cycles 0:55:40 - Continued trading at a discount 0:59:41 - Manchester United's AI-supported plan for champions 1:00:46 - 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. This week, as well as the usual features, the Circle features a profile of Tetragon Financial (TFG). Future profiles include Invesco Asia Dragon (IAD) and Baker Steel Resources (BSRT). 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 330 podcasts since we launched in 2020. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Ashley Thomas, renewables infrastructure analyst at Winterflood Securities, joins Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025) to discuss recent developments affecting the renewables sector. This discussion was recorded on 24 April 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! *** 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: 0:00:37 - Introduction 0:01:23 - The impact of the Iran War on the renewables sector 0:06:56 - Sector performance since the start of the conflict 0:08:35 - Government policy changes 0:23:03 - A short break 0:23:53 - Sector discounts 0:28:43 - Inflow and outflow trends 0:31:14 - Battery storage and specialists 0:34:51 - Forecasting the size of the sector 0:36:35 - 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 Cordiant Digital Infrastructure (CORD). Future profiles include Tetragon Financial (TFG) and Invesco Asia Dragon (IAD). 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 330 podcasts since we launched in 2020. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this special edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), is joined on stage at the Master Investor Show by Peter Hewitt, the former manager of the CT Global Managed Portfolio Trust, to discuss the performance of the sector during turbulent times. Slides accompanying this presentation will be available to subscribers of the Money Makers Circle in the upcoming newsletter. This discussion was recorded on Saturday 25 April 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! *** 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: 0:00:37 - Introduction 0:01:29 - The Master Investor Show 0:04:20 - Managing money in turbulent times 0:07:06 - Performance of the investment trusts sector 0:13:05 - Saba Capital 0:18:48 - A short break 0:19:38 - Interesting trusts 0:32:08 - Platform costs 0:34:58 - A shrinking sector but good performance 0:40:35 - 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 Cordiant Digital Infrastructure (CORD). Future profiles include Tetragon Financial (TFG) and Invesco Asia Dragon (IAD). 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 330 podcasts since we launched in 2020. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

Steven Marshall, the founder, chairman, and managing partner of Cordiant Digital joins this edition of the Money Makers Investment Trusts Podcast, to discuss Cordiant Digital Infrastructure (CORD) including its recent progress and performance, catalysts for growth, and strategies to reduce the NAV discount. With Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). Subscribers to the Circle will soon be able to read a profile of this trust, currently scheduled for publication next week. This discussion was recorded on Thursday 23 April. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! Jonathan will be appearing alongside Peter Hewitt at the Master Investor Show on 25 April, where they'll discuss and answer questions about various aspects impacting the investment trust sector. If you wish to attend and you're a subscriber to the Money Makers Circle, you can receive a free ticket! This will be recorded and released as a special edition podcast in the following week, so subscribe to the podcast to make sure you don't miss it! Section Timestamps: 0:00:37 - Master Investor Show 0:00:55 - This week's guest 0:02:43 - Steven Marshall 0:06:00 - Reasons for moving to the main market 0:09:43 - The desire to raise more money 0:11:12 - Valuation of assets 0:16:11 - Attracting a wider range of potential investors 0:19:50 - A short break 0:20:40 - Alternatives to the investment trust structure 0:23:44 - Demand induced by AI 0:30:55 - The bid for an EU gigafactory 0:33:15 - External factors 0:39:05 - Close If you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month, or £120 for one year with a two week free trial for new subscribers. This week, as well as the usual features, the Circle features a profile of J.P.Morgan Claverhouse (JCH). Future profiles include Cordiant Digital Infrastructure (CORD) and Tetragon Financial (TFG). Our weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 330 podcasts since we launched in 2020. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

Andrew McHattie is back for his regular monthly appearance in this edition of the Money Makers Investment Trusts Podcast, where he and host with Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025), discuss the ongoing impact of the Iran War, Saba Capital and developments with Edinburgh Worldwide and Impax Environmental Markets, Seraphim Space Investment Trust, and more. This discussion was recorded on Friday 17 April 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! Jonathan will be appearing alongside Peter Hewitt at the Master Investor Show on Saturday 25 April, where they'll discuss and answer questions relevant to private investors ranging from the Iran war and Trumponomics to Saba Capital and their own preferences in the investment trust sector. This will be recorded and released as a special edition in the following week, so subscribe to the podcast to make sure you don't miss it! *** If you wish to attend and you're a subscriber to the Money Makers Circle, look for the code in the Weekly Email for a free ticket! *** Show information, including a full programme and registration, can be found at www.masterinvestorshow.com. Section Timestamps: 0:00:37 - Introduction 0:02:09 - A surprise bounce back in the US 0:04:44 - Saba Capital and Edinburgh Worldwide (EWI) 0:12:32 - Impax Environmental Markets (IEM) 0:16:45 - Seraphim Space Investment Trust (SSIT) 0:23:01 - A short break 0:23:51 - Onward Opportunities Trust (ONW) 0:26:56 - Digital9 Infrastructure (DGI9) 0:29:27 - HarbourVest Private Equity (HPVE) 0:34:47 - Pershing Square Holdings (PSH) 0:37:29 - Uzbekistan, emerging markets, and Mark Mobius 0:41:39 - Coming soon: a podcast from the Master Investor Show 0:43:00 - Close If you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features in the Circle, Stuart Watson takes a look at trusts that pay an enhanced divided. The latest profile is on Patria Private Equity (PPET), with future profiles including J.P.Morgan Claverhouse (JCH) and Cordiant Digital Infrastructure (CORD) coming soon. Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 330 podcasts since we launched in 2020. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

The topics, stocks and shares mentions / discussed include:An Investment Trusts Investing Masterclass with AIC's Annabel Brodie-SmithSaba Capital Management / SABA activism against Investment TrustsEdinburgh Worldwide Investment Trust / EWI Baillie GiffordScottish Mortgage Investment Trust / SMTAllianz Technology Trust / ATTHarbourvest Global Private Equity Ltd / HVPE Impax Environmental Markets / IEMBenefactors of Spacex' IPOThe Schiehallion Fund Ltd / MNTN Baillie Gifford US Growth Trust / USA City of London Investment Group / CLIG Dividend HeroesMonks Investment Trust / MNKSJP Morgan Claverhouse Investment Trust / JCHForesight Environmental Infrastructure Ltd / FGEN The Renewables Infrastructure Group / TRIGShareholder engagement / Events / WebinarsBuybacks / MNA / Tenders / MergersVoting Rights / Nominee accountsCosts disclosureMaster Investor ShowThe AIC ShowcaseAnnabel's Investment portfolioBurberry / BRBYTritax Big Box REIT / BBOXCordiant Digital Infrastructure Ltd / CORDHG Capital Trust / HGTTempleton Emerging Markets Investment Trust / TEMRIT Capital Partners /RCP High Dividend Yield & RiskThe AIC's Compass NewsletterLong-term investingContrarian investingDividends / Dividend growth / Income seekers / Dividend yield / IncomeVisit The  Association of Investment Companies | Investment Trust Companies | Closed-End Funds websiteProperty / Infrastructure / RenewablesFinancial EducationInvesting in Investment Trusts & much moreMy friend Simon Higton is running the LondonMarathon. As his wife's cousin gave birth to twins last year, devastatingly one of the twins passed away from meningitis. The Skye High Foundation charity supports bereaved families hit by the loss of a baby part of a multiple birth. Please donate if you can. The Skye High Foundation: Simon's pageThe Twin Petes Investing 2026 Charity Just Giving Fundraising page in honour of Mark Bentley. PLEASE donate whatever you can to support The Financial Times, Financial Literacy & Inclusion Campaign via the link TWINPETES INVESTING PODCAST / PETER HIGGINS is fundraising for FT FINANCIAL LITERACY AND INCLUSION CAMPAIGNShareScope ShareScope landing page   special discount offer code : TwinPetesInvestors' Chronicle sponsor Special Trial Offers (investorschronicle.co.uk) the TwinPetesInvesting ChallengeHenry Viola-Heir's blog Home – The Ethical EntrepreneurPowder Monkey Brewing Co All Products – Powder Monkey Brewing Co 10% discount code : TWINPETESThe Twin Petes Investing podcasts will be linked to and written about on the Conkers3 website , on the Sharescope website and also on available via your favourite podcast and social media platforms. Thank you for reading this article and listening to this podcast, we hope you enjoyed it. Please share this article with others that you know will find it of interest. 

Lowland Investment Company (LON:LWI) co-fund manager James Henderson talked with Proactive's Stephen Gunnion about the trust's investment strategy, performance, and approach to balancing income with long-term capital growth. Henderson explained how the fund differentiates itself by blending large, medium, and small-cap companies to reduce volatility while capturing higher growth potential. Henderson highlighted that smaller companies have historically delivered stronger returns, noting: “Over that period the smaller companies have given the best returns, both in capital and income.” However, he emphasised that diversification across company sizes helps smooth performance and manage risk. He also outlined the trust's value-driven approach, focusing on out-of-favour companies with strong underlying businesses. He pointed to examples such as Rolls-Royce, where the fund invested before operational improvements materialised. The strategy centres on identifying companies with strong turnover potential that can improve margins over time. Discussing income, Henderson made clear that capital growth is the priority, stating that dividends are a natural outcome of growing businesses rather than the primary target. The trust currently offers a yield of around 4.2%. Henderson also addressed the trust's discount to NAV and recent performance, noting strong longer-term returns driven by takeover activity and recovery in undervalued UK stocks. Henderson expects improving sentiment toward UK equities and smaller companies to support future growth. For more insights like this, visit Proactive's YouTube channel, like this video, subscribe, and enable notifications so you never miss an update. #LowlandInvestmentCompany #JamesHenderson #UKEquities #ValueInvesting #IncomeInvesting #DividendGrowth #SmallCapStocks #InvestmentTrust #StockMarketUK #WealthManagement #FundManagement

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025) takes a look back over the past six years and where the investment trusts sector is now, as the podcast moves into its seventh year. Then this week's guest, Stuart Widdowson, manager of the Odyssean Investment Trust (OIT) discusses the impact of the Middle East crisis on global markets, UK equities, and interest rate expectations; the Trust's performance, strategy, and portfolio management; and potential catalysts for the Trust. This edition was recorded on Thursday 09 April (Interview) and Friday 10 April (Jonathan's comment). Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! Section Timestamps: 0:00:37 - Introduction 0:00:55 - Reflecting on six years 0:01:50 - The health of the sector today 0:04:35 - Where are we now? 0:08:51 - A short break 0:09:42 - Stuart Widdowson 0:09:47 - Looking at recent events 0:15:09 - The Trust's track record since IPO 0:19:11 - Shareholder feedback 0:21:01 - Portfolio changes during the last 18 months 0:23:16 - Potential catalysts 0:32:30 - Ambitions for the Trust 0:34:20 - Close If you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year, now with a two week free trial! As well as the usual features, the Circle currently features a profile of Patria Private Equity (PPET), with future profiles including J.P.Morgan Claverhouse (JCH) and Cordiant Digital Infrastructure (CORD). Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 330 podcasts since we launched in 2020. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this anniversary edition of the Money Makers Investment Trusts Podcast which has now been running for six years, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined first by Jasmine Yeo, manager of the Ruffer Investment Company (RICA), and then by Charlie Morris, founder of Bytetree Research. These discussions were recorded on Thu 02 Apr 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! Section Timestamps: 0:00:37 - Introduction 0:01:22 - This week's guests 0:02:08 - Performance of the markets 0:02:47 - Jasmine Yeo 0:03:12 - Summing up the last year 0:06:40 - The shape of the portfolio 0:11:42 - Higher inflation 0:13:43 - The allocation to bonds 0:18:38 - Monetary policy uncertainty 0:20:39 - Weighting towards UK equities 0:23:39 - Japan 0:25:34 - China 0:27:22 - The position on AI 0:30:04 - Buybacks 0:31:22 - Managing the trust 0:34:49 - Bitcoin and gold 0:39:12 - Reflecting on the first quarter this year 0:41:10 - A short break 0:41:55 - Charlie Morris 0:44:41 - Gold 0:47:08 - The relationship between oil and gold 0:48:51 - The role of commodities from here 0:50:42 - Changes to portfolios 0:53:30 - Investment trusts and the discounts 0:55:58 - No second guesses 1:00:55 - Close If you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Patria Private Equity (PPET). Future profiles include J.P.Morgan Claverhouse (JCH) and Cordiant Digital Infrastructure (CORD). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 330 podcasts since we launched in 2020. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this extended edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award) is joined by two guests. First, Peter Hewitt, former manager at the CT Global Managed Portfolio Trust, and then Carlos Hardenberg, lead manager at the Mobius Investment Trust, to discuss - amongst other things - the ongoing impact of the Iran War on financial markets and the investment trusts sector. These discussions were recorded on Wed 25 March (Carlos Hardenberg) and Fri 27 March (Peter Hewitt). Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! Section Timestamps: 0:00:24 - Introduction 0:00:44 - Peter Hewitt 0:00:49 - Looking at the markets 0:06:42 - Waiting for the dust to settle 0:12:43 - Discounts 0:17:58 - Baillie Gifford European Growth (BGEU) 0:22:36 - Diversified and defensive portfolios 0:25:01 - Pershing Square Holdings (PSH) 0:28:20 - Saba Capital 0:34:43 - A short break 0:35:47 - Carlos Hardenberg 0:36:56 - Reflecting on the last eight years 0:39:39 - The place for emerging markets in portfolios 0:45:09 - The argument to shareholders given the scale of the trust 0:48:12 - A shareholder opportunity presented by a wide discount 0:51:58 - Responding to current geopolitical issues 0:55:45 - A view on China 1:00:25 - Portfolio holdings 1:05:52 - The strategic impact of the new global order 1:08:01 - Close If you enjoy the weekly podcast, why not also try the Money Makers Circle? This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, Stuart Watson takes a look at discounts across the renewable energy infrastructure sector. The latest trust profile features TwentyFour Income Fund (TFIF), and future profiles will include Patria Private Equity (PPET) and J.P.Morgan Claverhouse (JCH). Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 320 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

This week we have two guests from BlackRock Energy Resources Income (BERI) joining the podcast: manager Tom Holl and chairman Adrian Brown. We discuss the impact of conflict in the Middle East and the trust's three-pronged approach ahead of its continuation vote next week. Hosted by Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025). Recorded on Thursday 19 March 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! *** 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 0:00:56 - The impact of the Iran War on the energy sector 0:03:53 - Vulnerabilities to the global economy 0:06:42 - The three investment “buckets” 0:13:50 - A short break 0:14:54 - The position of the trust as it approaches a continuation vote 0:17:47 - Making the case for the strategy within a small trust 0:19:24 - Saba Capital, activist investors, and discount control 0:22:46 - The enhanced income strategy and a reduction in gearing 0:30:35 - Reflecting on incorporating energy transition 0:31:51 - Renewable energy trusts 0:33:50 - The case made to shareholders 0:36:12 - Consequences of an escalating crisis in the Middle East 0:37:30 - Hedging currency 0:39:17 - 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 the Circle features a profile of TwentyFour Income Fund (TFIF). Future profiles include Patria Private Equity (PPET) and J.P.Morgan Claverhouse (JCH). Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 320 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

Does consistency and patience win in the end? Geoff Driver is General Manager at Australian Foundation Investment Company (AFIC), the century-old ASX mainstay managing $10B in assets. Amid an upcoming CEO transition and questions about performance, Geoff explains why he remains confident in AFIC’s philosophy of seeking resilient businesses with quality balance sheets. So, why does AFIC avoid “cyclical” sectors like gold and small-caps, even when they’re having a strong run? How does AFIC’s listed investment company (LIC) structure work, and how is it different from the “open-ended” structure of an ETF? We examine Australia’s obsession with dividends, the technicalities and the benefits for different tax brackets, the power of the franking credit system, and why Geoff believes it creates a fairer market for individual shareholders. Plus, why AFIC won’t be starting a big international portfolio anytime soon. For more places to follow Shared Lunch—check out http://linktr.ee/sharedlunchShared Lunch is brought to you by Sharesies Australia Limited (ABN 94 648 811 830; AFSL 529893) in Australia and Sharesies Limited (NZ) in New Zealand. It is not financial advice. Information provided is general only and current at the time it’s provided, and does not take into account your objectives, financial situation and needs. We do not provide recommendations and you should always read the disclosure documents available from the product issuer before making a financial decision. Our disclosure documents and terms and conditions—including a Target Market Determination and IDPS Guide for Sharesies Australian customers—can be found on our relevant Australian or NZ website. Investing involves risk. You might lose the money you start with. If you require financial advice, you should consider speaking with a qualified financial advisor. Past performance is not a guarantee of future performance. Appearance on Shared Lunch is not an endorsement by Sharesies of the views of the presenters, guests, or the entities they represent. Their views are their own.See omnystudio.com/listener for privacy information.

Regular guest Andrew McHattie, editor of the Investment Trusts Newsletter, returns to the Money Makers Investment Trusts Podcast this week, discussing, amongst other things, the impact of the Middle East crisis on the investment trusts sector, the latest Saba Capital developments, and resignations at fund management firm CQS - 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 Thursday 12 March 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! *** 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 0:00:48 - The impact of the Iran crisis on the investment trusts sector 0:07:42 - Saba Capital and Edinburgh Worldwide (EWI) 0:15:57 - CQS Resignations 0:19:49 - A short break 0:20:53 - Pershing Square Holdings (PSH) 0:24:57 - Hydrogen Capital Growth (HGEN) 0:28:54 - Next Energy Solar Fund (NESF) 0:32:45 - Seraphim Space Investment Trust (SSIT) 0:36:21 - Cordiant Digital Infrastructure (CORD) 0:38:34 - Alliance Witan (ALW) 0:44:48 - 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 Circle currently features a profile of BlackRock American Income (BRAI). Future profiles include TwentyFour Income Fund (TFIF) and Patria Private Equity (PPET). 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 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, Paul ffolkes Davis, chairman of Rising Sun Management - the company which manages the Nippon Active Value Fund (NAVF) - discusses the impact of Japan's political shift following the recent election, activist investing, and market consolidation, 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 Monday 02 March 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! *** 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 0:01:09 - What Sanae Takaichi's win means for Japan and investors 0:04:53 - The no-hedging policy 0:05:50 - Purchasing power parity between the US and Japan 0:11:05 - Is there a need for activists? 0:16:27 - A short break 0:17:31 - Developing situations 0:18:46 - Resistance to foreign corporate takeovers 0:21:06 - Private equity 0:24:03 - Gearing 0:26:56 - Consolidation with the investment trusts sector 0:28:56 - Potential risks 0:31:54 - 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 BlackRock American Income (BRAI), with TwentyFour Income Fund (TFIF) coming soon. 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 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

Baroness Sharon Bowles, Member of the House of Lords, talked with Proactive's Stephen Gunnion about mounting concerns surrounding the Pension Schemes Bill and its proposed exclusion of listed investment companies from qualifying assets for DC default pension schemes. Bowles explained that the issue is not about existing rules, but a clause currently progressing through Parliament that would require certain pension schemes to invest in private assets only through non-listed vehicles. She warned that this approach ignores how markets operate in practice and risks distorting investment behaviour. The exclusion could affect investment in infrastructure projects such as wind farms, nuclear facilities like Sizewell, hospitals and schools. Bowles highlighted that listed investment companies have historically provided access to such assets while allowing liquidity for investors. As she put it, “It's a route that is very important because retail investors can also get a slice of the action.” Addressing concerns about risk, Bowles argued that underlying asset risk exists regardless of structure, stating, “I wouldn't say that one is more risky than the other. You've got different risks, and that's why they're actually rather complementary.” She also warned that excluding listed investment companies could remove potential cornerstone investors from IPOs and follow-on fundraisings, potentially damaging broader UK capital markets. Bowles criticised the lack of consultation and described the policy approach as “a slogan” rather than a reflection of market realities. Watch the full interview for detailed insight into the debate surrounding the Pension Schemes Bill and its potential market impact. For more interviews and market insights, visit Proactive's YouTube channel, give this video a like, subscribe to the channel and enable notifications so you never miss future content. #Pension #PensionSchemesBill #BaronessSharonBowles #InvestmentTrusts #UKPensions #HouseOfLords #InfrastructureInvestment #RenewableEnergyInvestment #CapitalMarkets #DCpensions #UKPolitics

Battery storage's rollercoaster ride! In this edition of the Money Makers Investment Trust Podcast, Ben Guest, lead manager of Gresham House Energy Storage (GRID), discusses the challenges the trust has faced over the last couple of years and the need for a change in mindset by the UK's energy grid management, 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 16 February 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! *** 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. The Handbook 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 0:01:23 - A difficult couple of years 0:05:45 - Balancing the grid with batteries or gas 0:15:26 - Government actions and motivating change 0:16:29 - Waiting for the premise of the trust 0:20:09 - A short break 0:21:12 - Migration in the share register 0:23:37 - Is being in investment trust a benefit? 0:26:21 - Activist shareholders and the NAV 0:32:36 - Overcoming the block to using batteries 0:35:37 - Skip rates 0:37:54 - Government rejection of zonal pricing 0:41:47 - 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 the CT Global Managed Portfolio (CMPG/CMPI). Future profiles include BlackRock American Income (BRAI) and TwentyFour Income Fund (TFIF). Our expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 320 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

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

Clement Manyathela hosts Cynthia Pongweni, who is the Acting Chief Executive Officer of the Mineworkers Investment Company to discuss the work the company has done in the past 30 years and how it has benefitted mineworkers and communities. The Clement Manyathela Show is broadcast on 702, a Johannesburg based talk radio station, weekdays from 09:00 to 12:00 (SA Time). Clement Manyathela starts his show each weekday on 702 at 9 am taking your calls and voice notes on his Open Line. In the second hour of his show, he unpacks, explains, and makes sense of the news of the day. Clement has several features in his third hour from 11 am that provide you with information to help and guide you through your daily life. As your morning friend, he tackles the serious as well as the light-hearted, on your behalf. Thank you for listening to a podcast from The Clement Manyathela Show. Listen live on Primedia+ weekdays from 09:00 and 12:00 (SA Time) to The Clement Manyathela Show broadcast on 702 https://buff.ly/gk3y0Kj For more from the show go to https://buff.ly/XijPLtJ or find all the catch-up podcasts here https://buff.ly/p0gWuPE Subscribe to the 702 Daily and Weekly Newsletters https://buff.ly/v5mfetc Follow us on social media: 702 on Facebook https://www.facebook.com/TalkRadio702 702 on TikTok https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/Radio702 702 on YouTube: https://www.youtube.com/@radio702 See omnystudio.com/listener for privacy information.

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

Brent Schutte, Chief Investment Officer at Northwestern Mutual Wealth Management Co., sees "a lot of different parts of the U.S. economy that aren't working," and while the market and economy have overcome those concerns to this point — and may have the strength to keep that up — he is concerned about the potential for a fall and says investors need to be diversified properly to ride out the year ahead. "Diversification doesn't pay all the time," Schutte says, "but it often times makes up for all the costs that it has in periods where whatever you want to concentrate in actually doesn't work. And that's where I think diversification going forward is not only a risk management tool, but it's also a return enhancer." Schutte sees the market broadening out but delivering only modest gains, and says he is more concerned about recession than most experts, because many analysts and investors are so focused on the upside that they have missed warning signs. Alessandro Valentini, fundamental portfolio manager at Causeway Capital Management, says that the gains in foreign stock markets this year were not just about currency fluctuations and he believes there is more potential for growth in 2026 as concerns over tariffs continue to diminish, the dollar produces a smaller tailwind — or at least no resistance — and low valuations create more potential for upside. Richard Stone, chief executive officer for The Association of Investment Companies — the British equivalent to the Active Investment Company Alliance — discusses differences in the activist investor cultures in the United States and Great Britain, including how "venture capital trusts" — the British equivalent of business-development companies — have tax advantages that make private credit investing much more palatable, but also why interval funds (known in England as "long-term asset funds") are a model that has stirred some controversy with investors.

Richard Stone, Chief Executive Officer for The Association of Investment Companies (the British equivalent to the Active Investment Company Alliance), discusses differences in the activist investor cultures in the United States and Great Britain, noting that the British model is more about engagement with the board and a collaborative effort to improve the business, while the U.S. model has shifted towards an entrenched fight to make change and capture opportunities. With Saba Capital emerging as the leading activist on both sides of the pond, Stone discusses how he sees activism continuing to change. In addition, he discusses how interval funds are viewed in England, and whether "venture capital trusts" (the country's tax-advantaged alternative to business development companies) could work in private credit markets globally.

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

Brianna K Hunter transformed her life through courage, mentorship, and strategic investing, revealing an inspiring path toward personal freedom and long-term success. This one's for anyone willing to take bold action.See full article: https://www.unitedstatesrealestateinvestor.com/creating-your-path-to-rising-toward-a-bigger-life-with-brianna-k-hunter/(00:00) - Welcome Back to The REI Agent with Guest Brianna K. Hunter(00:09) - Warm Weather Banter and San Diego Backdrop(00:24) - Brianna Shares Her Current Focus in Multifamily Investing(00:47) - How Brianna Entered Real Estate and Bought Her First Property in College(03:03) - Growing Up in Connecticut and Early Success as an Agent(03:26) - House Hack Beginnings and Using FHA to Buy a Duplex(04:10) - Hands On Renovations and Learning Construction Skills(05:00) - Cash Flowing as a College Student During the COVID Market Shift(06:45) - Mindset, Risk, and Listening to Mentors Instead of Naysayers(07:43) - Appreciation of Duplex Cash Flow and Challenges of Today's Rates(08:16) - Dropping Out of College to Pursue Real Estate Full Time(09:36) - Transition from Neurobiology to Psychology and Human Development(10:02) - Mattias and Brianna Discuss College Value and ROI(11:06) - Education, Drive, and Why Degrees Don't Guarantee Success(12:38) - Scaling as an Agent and Working with Investors(13:54) - Outgrowing Connecticut and Preparing for the Next Big Life Move(15:12) - Brianna's Grandmother Inspires a Cross Country Leap to San Diego(16:21) - Moving to California with No Job and Starting Over Completely(16:31) - Selling Her First Investment Property and Leveraging the Equity(17:19) - Apartment Hunting Without a Job and Signs of Alignment(18:06) - Day One Hustle: Printing Resumes and Knocking Doors in San Diego(19:11) - Landing a Restaurant Job and Transitioning into an Investment Company(20:45) - Learning Fix and Flip, Acquisitions, and Leadership From Mentors(21:05) - Jumping Into Multifamily Syndication and Working for Herself(21:58) - Syndicating Across Multiple States and Market Differences(22:06) - Value Add Investing and Stabilizing Properties in Three to Five Years(23:00) - The Long Term Equity Play in High Value Markets Like San Diego(23:33) - Brianna's Role in Raising Capital and Managing Investor Relations(24:24) - Becoming a General Partner and Vetting Opportunities for Investors(24:46) - The Alignment Between Agents and Syndications Explained(26:37) - Mattias' Personal Example of Depreciation and Syndication Returns(28:19) - Compounding Wealth, Bonus Depreciation, and Using a Self Directed IRA(30:02) - Cap Rates, Forced Equity, and How Operators Add Value(31:17) - Market Risks, Bridge Loans, and Why Understanding the Deal Matters(33:50) - Accredited vs Sophisticated Investors and Understanding Risk(35:38) - Golden Nugget: Lean on Mentors and Ask Questions Relentlessly(36:23) - The Importance of Your Circle and Surrounding Yourself With the Right People(37:30) - Current Reads: Free a Lot of Power and Personal Growth(38:14) - Where Listeners Can Connect With Brianna Online(39:15) - Closing Thanks and Final Messages From Mattias and EricaContact Brianna K. Hunterhttps://www.facebook.com/briannaKhunter/https://www.instagram.com/briannakayh/https://www.linkedin.com/in/brianna-kay-hunter-598b71380/https://www.tiktok.com/@briannakayh https://www.zillow.com/profile/Brianna%20K%20HunterThank you for joining us today. Brianna's journey proves that your next level begins the moment you choose courage over comfort and take action toward the life you want. For more powerful stories and tools to grow your future, visit https://reiagent.com

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

Host Gary J. Ross discusses the Small Business Investment Company (SBIC) program with Christopher Rossi, a partner at Troutman Pepper. Chris explains how SBICs function as privately managed funds that access SBA-backed leverage. Chris walks listeners through how SBICs are structured, and how SBA-backed leverage can multiply a sponsor's private capital. He outlines the detailed and technical SBIC licensing process, and the ongoing oversight SBICs face. Chris also explains to Gary that “small business” does not necessarily mean mom-and pop stores. Chris closes by offering practical guidance for lawyers and fund sponsors considering the program.

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

We're back with December's episode of the investment trust show, an AJ Bell Money & Markets bonus episode. This month, Tom Sieber discuss some interesting manager changes on Murray Income Trust and Crystal Amber. [02:14] Dan Coatsworth talks to Fundsmith's Terry Smith about proposed changes to Smithson Investment Trust [09:45] and reveals more names being targeted by activist investor Saba [15:55]. Hannah Williford chats to Ashley Thomas from Winterflood about some potential changes that could hurt the renewable energy sector. [19:05] The gold has had a brilliant year, so Dan talks to commodities expert Evy Hambro from the BlackRock World Mining Trust about the prospects for the shiny metal in 2026 and why he is so bullish on copper. They also talk about takeover activity involving big mining companies and whether China is still as important as it was for commodities demand. [32:58] Finally, lots of people are asking what they should think about if financial markets go through a difficult period. Hannah spoke to Nick Britton from the Association of Investment Companies about a particular group of investment trusts that aim to preserve investors' wealth, and which have historically seen increased investor interest when markets fall. They discuss Capital Gearing Trust, Personal Assets Trust and Ruffer Investment Company. [51:19]

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

Title: When Real Estate Deals Go South: What to Do Next with Ted Patel Summary: In this podcast episode of “Decoding Cash Flow,” host Ted Patel interviews Seth Bradley, a securities attorney and real estate syndicator. They discuss the intricacies of raising capital for real estate investments and delve into the legal considerations that come into play, especially regarding compliance with SEC regulations. Seth shares his journey from a blue-collar background to becoming a successful attorney and real estate investor, providing a detailed account of his experiences in syndication and capital raising. The conversation covers topics such as the importance of being an active partner in syndications, the evolution of his investment strategy from small multifamily properties to larger syndications, and the rise of fund of funds models. Seth emphasizes the necessity for investors to understand legal documents and outlines key strategies for successful capital raising. This episode serves as a valuable resource for both passive and active investors looking to navigate the complex world of real estate investment. Links to listen and subscribe: https://www.buzzsprout.com/2104713/episodes/15911080-ep-153-leveraging-legal-expertise-for-investment-success-with-seth-bradley Links to watch and subscribe: https://www.youtube.com/watch?v=a4xTU9T6CVA&t=375s Bullet Point Highlights: Securities Compliance: Understanding the legal framework is crucial when raising capital to avoid issues with the SEC. Transitioning to Syndication: Seth discusses moving from small investments to syndication, emphasizing a progressive approach. Legal Documents: The importance of reviewing legal documents and understanding what to look for to avoid pitfalls. Network Importance: Leveraging existing networks can significantly boost initial capital raising efforts. Fund of Funds: Exploring how the fund of funds model offers a structured way to raise capital while adhering to regulations. Investor Communication: Maintaining regular communication with investors leads to referrals and sustained relationships. Future Trends: Insights into potential changes in the real estate syndication market depending on political climate and economic factors.   Transcript: you can certainly partner with other partners and buy a property together and raise Capital together and it's perfectly fine but as you know all you all need to be active partners and as you also know many times people put these things together not everybody's an active partner some people are just coming into the deal just to raise capital and then they don't have anything to do with the operations or the decision-making or anything like that and that's where you get yourself into trouble with the SEC and the state   commission are you looking to achieve massive success in your life without dealing with costly investment nightmares if yes then this is the podcast for you here we provide engineers and busy professionals all the secrets and strategies to create multiple streams of income build generational wealth and live a meaningful Life by Design here's your host Ted Patel welcome back to another episode of decoding cash fla podcast and today we have a very special guest Seth Bradley who is a Securities attorney and   a real estate syndicator he's a chief legal officer at tribe West and a managing partner at rise law and law Capital Partners uh Seth is also a host of passive income attorney podcast and uh today we'll like to you know get his perspective on as an attorney I would say uh on the ways different ways to raise capitals and you know what to look into or where to be careful why is why rais Capital Etc so we'll dive deep into those aspect as well as touch based upon uh the pros and cons of passive income   so uh Seth welcome to decoding cash flow it's a pleasure having you on the show Absolutely Ted really appreciate you having me on man looking forward to it all right great so said before we uh dive deep into your Niche uh can you give our listeners a little bit background about yourself what do you do and how did you get started in the real estate for sure man I I'll give you the expedited version but um you know I grew up in West Virginia grew up blue collar my dad was a coal miner he's a retired   coal miner my mom's a retired school teacher so you know I didn't come from a an entrepreneurship or a real estate background uh blue collar background and you know that kind of sent me into a path of you know full-time W2 and trying to figure out what the best job I can get because I didn't really think of you know entrepreneurship and owning assets and things like that were really an option um so I went into med school um hated it I went for about a year and a half uh dropped out on my own valtion um   ended up actually getting my MBA after that and then into law school where I really started to thrive I really liked law school a lot I liked you know I never wanted to litigate but I was always interested in business and transactions and real estate and those sorts of things so um getting that that legal background gave me kind of that really solid foundation to you know honestly at a young age getting myself into into doors uh where I probably didn't belong you know when you say you're an attorney you're a real estate   attorney or Securities attorney um you know when you're younger it's like oh really that's really cool um and you kind of you know eat your foot in the door so that's really how I got started um I worked in big law for about six six almost seven years um worked at most recently uh one of the top three law firms in the world um uh you know it it was a great experience gave me a really good background and foundation on Securities Law and kind of that that highest level of sophistication and transactions um and you know allowed me   to you know save a little bit of money and really kind of start going out on my own and start purchasing real estate and start investing in syndications passively and then actively um and then eventually start my own firm uh my own Boutique Securities Law Firm that's awesome I love it so you know a lot of people uh you know they they start their investment journey by maybe at at the initial level they buy a small multif family or do a Fix and Flip you know uh how how did you manage to get into syndication directly or what   what what was the path that you took you know what inspired you to get into syndication directly while being an attorney in sort of going through through the normal route of you know starting small and then getting into multi family syndication yeah well I'll tell you what Ted I actually took a I took the traditional route man I started you know like a lot of people do I started really small I started listening to Bigger Pockets right you listen to Bigger Pockets you started thinking oh I've got to uh own rental property so um   as soon as I got my first big Law Firm job I actually house hacked into a duplex lived in one half uh my wife was flexible enough with me to be able to do that so she didn't mind living in a duplex and living in one half renting the other half out and having them pay the mortgage and that was kind of the beginning and then I just started um like a lot of people uh you know doing fix and flips and doing fixing buy and holds and wholesaling a little bit here and there and then moving your way up to   uh you know small multif family and then as I got more sophisticated as an investor and more sophisticated as an attorney and started looking at the clients that I have because I'm working at Big law firms and you know these clients are the folks like like us now right like they're taking down you know $20 million properties hundred million funds things like that um and you just start thinking man I'm I'm not thinking big enough um I need to go bigger how do I do that um you know having that attorney background in real estate   Securities really helped me out um but I was still kind of you know a little bit hesitant I didn't really know that side of the business I knew the legal side I knew the closing side but I didn't know the business side um so I started investing passively first and that was after I spoke to some people and they said that's probably the best thing to do you know I had a good job so I I was able to afford it so I invested passively in some deals kind of got my feet wet that way started to understand   from you know the investor standpoint what that looked like to invest in a in a syndication or a fund and then at that point I realized hey I I can do this um so I actually started leveraging my Securities background um to partner with other operators um and get an equity position in the company um you know bringing in investors I'm doing the due diligence doing the uh some of the underwriting and and then also you know bringing my Securities uh Securities skills of the table which everybody needs when they're raising   capital okay all right that sounds great man so so you did take a traditional route as you mentioned right you yeah maybe maybe didn't uh you know stay in that U uh field for quite long time you just jump to syndication yeah pretty quick hacking yeah pretty quick yeah yeah I mean I built a small portfolio and like I said went into some smaller multifamilies maybe took about three or four years and I started investing passively and then you know by the time I started investing passively I was already looking to go to   the active side within you know a couple of months so are you an attorney do you still practice law I do um kind of as a you know it's not like a a full-time gig but I do have my own Boutique Law Firm raise law where you know I I you know if it's down the middle I'll take on the work um you know if it's a real estate syndication if it's a real estate fund or it's a fund of fund I put those together for people U you know I've been doing that for you know over a decade now so it's like breaking sticks at this   point but I've really been able to leverage my uh Securities attorney background to um some of these other positions with uh startups so startups are really exciting for me um you know they've those are home run swings right like real estate is kind of like singles like let's let's hit singles let's keep that batting average High um you know these are you know a little bit safer they're secure um when you get into the startup world it's like your chance of failure is pretty high whereas real estate your chance of failure is on the   low side um but with with startups it's pretty high but you know that that kind of appeases my risk appetite um to get involved with these startups and I've been able to to like I said leverage my security skills and my background as a a syndicator and a fund manager um to become Chief legal officer for trib bestest so trib bestest um traditionally was a group investing platform and uh you know I was speaking at a conference in the bvis with uh Travis Smith who is the CEO and we really just hit it off   and our wives hit it off and you know they were trying to Pivot from this group investing platform to um you know try to try to enter the Securities and the syndication market and I and they were looking at like a cgp model and I said look Travis this this is going to fun funds right like you know this was this was about a year and a half ago um some things were going on in background with the SEC uh doing some investigations and things like that for some well-known folks and you know the market was starting to to see hey we   need to we need to start paying more attention to these Securities regulations and maybe get away from the cgp model and the solution all along has always been fund of funds it's just fund of funds is expensive it's hard to put together it's you know all those different things um but what we've done to try best is be able to kind of package that into a fun fun in a box all right yeah we'll we'll speak um get more uh into that fun of fund models you know but before we dive deep into that I just wanted to che check few   things like you you mentioned uh startups so in addition to the real estate you also do raise capital for the startups is that so so I'm not raising capital for the startups I'm actually uh fractional clo for not only tribe vest but two other startups one called clavis which is also a real estate uh technology software platform um and then stack rck battery which is a battery manufacturing company so think um you know Tesla power wall it's similar to that it's actually a newer technology that we use a more powerful   technology um but it's very similar in nature where you pair that with solar so we're we're a solar manufacturing or a battery Manufacturing Company um and again these are you know these are I would call them somewhat mature startups in in that world I mean um you know we're well over a million and a half in revenue of a stack rack and um we just went live with a fully automated software with with clavis and then triest is of is is really headed towards series a right now so you know all three of them are progressing really   well um and looking forward to seeing how I can help help ignite that okay sounds good man all right so now moving on to this uh triest right tell me something about uh a little bit more about what do you do at Tri like you said you have a fund in the Box model yeah now uh so so any any group of investors they can come together create their own fund and they can invest in a operators fund is is that though how it works with triest yeah to a certain extent I mean I think it it helps to think about kind of   the history of group investing so traditionally tested what they called group investing it's more similar what you described let's say me you and three buddies put in 100,000 bucks and we've got 500,000 bucks now to get over maybe an investment minimum to invest in a syndication or a fund um and that's it so we just we leveraged each other's Capital to um you know get into a deal at maybe a a large minimum or maybe that uh you know we got a bet we got better financial terms because we put together   half a million instead of investing 50,000 bucks or something um the the ISS is there is is no one gets paid right like we're all just putting our money together investing together and it's really set up like a joint venture we all have equal voting rights based on how much money we put in um you know we we make decisions together we all decided to invest in that one deal and we could all decide together to invest in a different deal if we actually want to um but nobody's getting paid um because when you start getting paid now   you're talking about Securities laws when you start getting paid you should be licensed or find an exemption so um you know you need a broker's dealer license or be in raia under certain circumstances so that's where you start getting into that um a lot more complicated when that starts to happen and that's what tribe vest pivoted to last year is hey we still have the group investing option but a lot of times what happens is one of those people in the group is the one doing all the work right like one of the person is the one   that found tribe vest and is like hey I found this platform I'm gonna let's all put our money together and then you know he's the one collecting the money and badgering people to you know do the distributions and the taxes and all those sorts of things there's somebody putting in some time and effort for that and they at some point they're like hey if I do this next time like I want to get paid for it but how can I do that um you have to find the right uh Capital raising vehicle to be able to legally   pay yourself and we've created that with trivest and that kind of coincided with what I mentioned earlier which was kind of the industry pivot away from the cgp model um when I say CP model I mean I mean the abuse of the cgp model you can certainly partner with other partners and buy a property together and raise Capital together and it's perfectly fine but as you know all you all need to be active partners and as you also know many times people put these things together not everybody's an active   partner some people are just coming into the deal just to raise capital and then they don't have anything to do with the operations or the decision-making or anything like that and that's where you get yourself into trouble with the SEC and the state commissions and the solution to that is is well first of all just don't do it but the solution to it if you still want to raise capital is to create a fund of funds um but the problem with the fund of funds model is now these former cgps have all these new   responsibilities they have to find a Securities attorney they have to put together offering documents they have to find a CPA they have to start a business they have to get a business banking account they have to manage their investors they have to find a portal they have to do all the things that a a real active GP would normally have to do um but typically you know the the active partner is the one doing it for them now they have to do it all themselves so it's a lot more work so in short um it as you mentioned right cgps um they   need to be active in the syndication you know if you're Co GP and know any of the property you need to be active and I I also seen and you might have also seen uh there are certain projects where there are 10 or 15 different C GPS and only five or six takes responsibilities other are just you know raising fund for that uh particular property so this helps uh this model uh you know helps the inactive coach I would say Partners to get the fees that they need as well as raise Capital without getting into   Crosshair of s that's right that's right and the only reason that it's it's been going on for so long now and I'll say since like I'll say 2012 because that's when the jobs Act pass and you were starting to be able to advertise for um these syndication deals and things like that um is because real estate's been so fantastic right like it's been going up up up since the crash in 2008 um and nobody's nobody's suing anyone for the most part because their Investments are great right up until let's say that   little blip in 2020 from but then last year when the interest rates started going up some of these projects started to fail and that's when investors start getting angry because they're not getting you know their distributions and they start asking questions and that's when you're seeing people you know they're getting Capital calls and and they're starting to you know get sued by passive investors that's when these things start to fall apart because if if everybody's happy there's there's you know nobody's going   to get caught so to speak you know what I mean like nobody's going to find out that you raised Capital illegally unless somebody's upset and starting last year that's when people started getting upset and that's when you're starting to see some people um you know get exposed for raising capital in the wrong way what what are the fees that uh you can charge in this fund of fund model what kind of fees because as a cgp there are many different venues right you you can charge the finding fees operations   management fees uh at the end you can also take a part of the profit uh you know yeah so a lot of comes down to how you structure it right like these are these are very complicated Securities regulations that have a lot of layers on top of them because when you get into a fund of funds you're not just dealing with um what people are familiar with 506 C and 506b exemptions which are the 1930s acts you also get into the 1940s acts when you start dealing with fund of funds um and those are uh the invest the   investment advisor Act and the Investment Company act so there are lots of nuances to that and how you can get paid but if you're structured correctly you can get paid the same way so you can get paid an upfront fee you can get paid a um you know an ongoing annual fee percentage and you can get paid a profit split like basically all the same types of fees that you would collect as a cgp you can also collect as a fund manager but again there's a lot of nuances to that okay all right so um for for the new investors right   uh uh when when they start into this passive invest investment world you know uh they are you know they get a little intimidated by seeing all the different uh documents that the operator sends them uh the ppms and all the other legal documents right um and so based on your perspective like you know you're an attorney right so what what are the things that the investor needs to checking these legal documents to make sure there are no red flags or to be cautious of something what what are those things that you would like to   tell to our listeners for sure and it's tough right like these are not short documents I mean you know the the subscription booklet so to speak that includes let's say the subscription agreement the operating agreement and the the PPM it can be minimum 100 Pages it's probably going to be closer to 200 pages in totality and that's in intimidating I mean that's intimidating for myself who is an attorney let alone you know a passive investor that says hey I I thought I was just going to invest passively like this reading a   200-page legal document is not passive to me so you do need to be educated on kind of the things to look for and you know you should read the whole thing unfortunately I you should at least skim it over and the more you do it the more you'll get comfortable with it and the more when you see that see it the next time and the time after that you'll be able to get through it quicker and quicker because they all look you know they all have the the same basic parts but I you know I would say some things   to look for you know first of all make sure that everything matches so let's say the what call the offering memorandum or the pitch deck that the the marketing piece that the operator puts out you know they're going to have their projected returns their fees the proforma they're going to have some other information in there make sure that those numbers match the numbers in the PPM and the PPM is is a Disclosure document so it's a legal document but it's not it's not the final legal document the final document is going to   be the operating agreement so you really want to make sure that the the marketing piece or the pitch deck matches the PPM and the PPM matches what the operating agreement says and ultimately whatever the operating agreement says is what goes so if you take the time to read anything it should be the operating agreement even though that will probably be the hardest um hardest document to read because it will be completely in legal ease but that's the controlling document so if if the pitch deck says   something um and then the op agreement says another thing the operating agreement is what controls um so you know some big things to look out for are are voting rights you know typically as a passive investor you're not going to have a lot of voting rights but there should be some sort of a mechanism to remove the manager in very extreme circumstances so if there's you know some sort of gross negligence or fraud or misrepresentation or you know things like that then there should be a mechanism to um remove the manager and   that's usually done through some sort of a majority vote or super majority vote Plus you know proving that they did commit those actions um again it should be a pretty extreme case but there should be a mechanism there for that um obviously you know make sure that your Fe you know what the fees are going to be you need to know what fees you're paying you need to know um what that waterfall looks like meaning you need to know how you're going to get paid as the passive investor make sure you understand that and make sure it matches   your understanding and if you have questions about it make sure you ask the fund manager or ask the operator um to explain it to you in in um you know in non-legal e language so that you can understand it um and then on top of that you know another important thing that you're seeing nowadays is capital calls make sure you know what the capital call language is so if there's some sort of a a demand for Capital from the operator or from the fund manager what triggers that is it mandatory is it discretionary   um is it up to a vote it could be up to a vote um just make sure you know the mechanism for that and that you're comfortable with it yeah and if uh if your share gets diluted if you don't contribute to the capital call that's right that's right and it's perfectly fine to get diluted if you don't contribute I mean that's typical like if you don't contribute um you should get diluted right but what you need to look out for is if you get deluded Pro uh based on how much you didn't contribute which is fine um it's   typical but you'll see some uh penalty Provisions where you get diluted even more so than than prata and that's where it can be a problem um so just look out for those types of provisions and um in in these documents right the legal documents what if if you take fun of fund model if you take like separate 506b or C right what what are the extra documents in each of these sections that uh uh any any person who wants to start uh raising Capital uh needs to be aware of yeah so if you do a fund of fund you   you just have to think of it like it's your own syndication it's your own fund so you're going to have your own separate set of offering documents or subscription booklet whatever you want to call it so there's going to be two sets and looking at it from the passive investor standpoint if you're the passive investor that's going to be investing in the fun of fund there's going to be two of documents you're going to have to look at you're going to have to look at the fund of fund documents um which is going to have the   PPM the operating agreement and the subscription agreement and then you're also going to have to look at the offering documents for the um for the Target deal that the fun of fund is investing in so there's going to be two set so uh double the work um but you know there there are some benefits to that and obviously if you're investing in a fund of fund then you have a certain level of trust with that particular fund manager which is you know probably why you're investing with them anyways and sometimes you can get a   better deal I mean not all the time but every once in a while you can um so there you know you'll have to review two sets of offering documents but at the end of the day you know it's like I said you'll get better and better at as time goes by as a syndicator uh what what are the different uh assets that you are involved with I know multif family is there anything else that you do syndication for yeah I've done I've done a lot of different things um multif family I've done industrial I've done ret shopping   centers um RV parks um different funds right now um I'm actually doing a California U fund so accessory dwelling units so we're doing those in Riverside County it's a $20 million fund um and we're buying single family houses and turning it into a basically a three or four Plex um and sometimes you split the lot and you end up with six to eight units on that thing and they're incredible um it's it it's really the only thing you can get done here in California um with you know Little Resistance because everybody knows   California is the king of Regulation so but for some reason they think the adus are the the solution for the housing crisis out here so they let these things get permitted pretty quickly and it's an excellent opportunity it may be might be a short window but right now it's it's a fantastic uh fantastic asset right and uh so you only invest in California you're only focused or are you look at the other properties on out of state also oh I look out of state for sure this is actually the first thing   that I've done outside of you know a few single families and condos um in California generally I was I was one of those people that always said hey you can't really invest in California doesn't cash flow it never makees sense um I've actually came around quite a bit to that you know now that I'm I'm a more mature investor and you know you're in you're in New Jersey so you see like you know that big appreciation play as well um I just remember like bigger Pockets used to be they used to preach oh it's   all about cash flow right like you know all cash flow don't don't invest for appreciation but you need to invest for both I mean I think you need to invest for cash flow because you need to cover your bases I mean you don't want a negatively cash flowing asset that's for sure you don't want something that's going to cost you money but when you invest in places like New York and Coastal California and you know Beach areas things like that um City centers over the long run they're going to appreciate and they're going to   appreciate a lot I mean you might have you know more of a up and down um but at the end of the day it's going to be much higher whereas you know when you invest in which I do I invest in the midwest I invest in the South um those places a little bit more um you know subtle and they're going to increase in in price as well and in appreciation but it's just you know it's a lot more slow um and you might get a little bit more cash flow so you know I like to have a good mix but you know if if you're not strapped for   cash um and you're really trying to build long long-term wealth um that appreciation play is is really important absolutely I can't agree with you Mora because it's all about numbers right first of all yeah you don't don't have to have a negative cash as you mentioned uh the other thing is regardless of which state it is like California New Jersey New York uh of course you know there are some landlord friendly States some are not but as long as you know how to navigate those Waters you'll be fine for sure for sure and   then and you know obviously Force appreciation in everything I mean I don't buy anything that doesn't have some some upside from rolling up your sleeves for sure so um now you you are an ATT Securities attorney do you see in in in next few years do you see any uh any changes upcoming changes with regards to real estate indication like there are you know some more uh rules or you know coming in you know I I I don't want to get political but I I do think that politics have a a pretty big influence   on this um you know I I vote for policy um I don't vote for the the uh person I vote for the policy and I'm in business I'm in real estate so I like to vote for people that are going to be favorable for me so you know this recently proposed massive capital gains tax is absolutely insane to me so things like that really tough to tough to judge right but like you know if it let's say it does go towards um the Republican side let's just say that it it's known that there they want less government oversight um including the SEC um   because you've seen the SEC pick up in the last four years um with oversight you've seen it o you know increased um employees with the IRS things like that so that does influence things um especially with the SEC right because we're talking about syndications we're talking about funds it'll make people a little bit more uh trepid to do anything right um if if people if it's more of a free market and you know they're not too worried about the SEC you're going to see more business you're going to see   more funds you're going to see more syndications um you know looming is the capital gains thing that is huge that will that will be massive for the real estate market whichever way that goes now even if it even if it goes towards uh the left it's not to say that those laws are going to pass I mean that's that's going to be a really difficult thing to pass anyway ways but if it does that can that can dramatically influence it um and there are other things that are out of control as well I mean things   like um you know world wars like things like that you can't predict control you cannot predict those things so you really just you can't focus on politics you can't focus on things that are out of control you have to do what what you can do to to make yourself better and to better your business um but you know I I see the the Securities um the Securities industry um you know funds fun to funds raising capital for Real Estate those sorts of things I can only see it going up I mean there even even with some headwinds from   different things from different regulations or different things that are happening around the world um you know just there's a massive there's there there's a massive movement towards it so I think it'll continue to to go up over time okay all right so um before we get to the final round of questions I had one topic that I want to touch based upon you know you being a syndicator if you like to give a listeners a little bit uh overview on the strategies that you use to raise Capital sure sure man   um you know and I actually have a really good perspective working at tribe vest now because we deal with so many different uh Capital raisers and fund managers and Lead sponsors and we're getting to see who raises a lot of capital who doesn't who's able to perform who can't and you know you start to see the people that are successful and the people that are not and you know what we're trends that we're seeing are people that already have an existing Network are usually successful out of the gate right like if you're a doctor a   lawyer an engineer um maybe even a software engineer someone like that that already has a a wealthy Network those people are generally very successful at raising Capital because they have wealthy friends and it's easy for them to raise uh you know half a million bucks a million bucks out of the gate um that's number one but that only lasts for so long I mean number two once you kind of exhaust those resources you really need to focus on um referrals from those people that invested with you and hopefully you did a good job and you   keep your Communications up um which is really important too I should say that keeping those investor Communications are super important and hardly anybody does it you would you've got once they invest with you you got to fall up on regular basis that's right man provide the reports you wouldn't believe it I mean you would think that that that would be one of the easiest things but it's not because everybody has shiny object syndrome and as soon as you close a deal you're moving on to the next one   and you're not worried about those other investors well that's your best source of new investors are your current ones for referrals because if they give you a referral that's that's golden that's your easiest way um and then secondarily you're going to have to figure out a way to get in front of strangers and new investors so whatever that looks like if that looks like um going on other people's podcasts or starting your own podcast or speaking at events or um you know if you're a doctor start going to   conferences and just talking about um you know what you're investing in and what you're doing and the deals you're deals you're doing things like that you you've got to network you've got to get out there and you've got to figure out a way to get in front of of new people and and new potential investors any any specific uh um tools or you know softwares you recommend um you know me personally I I just use active campaign for my CRM um I've seen a bunch of people use different ones um go high level is great   as well because it's all in one so you can create your your emails your funnels CRM your courses if you have one you can manage a mastermind on there you can do it all on there um it doesn't do anything exceptional but it does everything pretty good so that's that's kind of the knock on it but yeah those are the two big ones that that I use same here I'm also good uh I'm I'm also into active campaign oh cool yep yeah yep that's a good tool yeah all right uh so uh Seth loving this conversation you know but uh I also need   to be mindful of your time so I would like to move on to the final round of questions uh is there anything else that you like to tell to a list us before we move to the final questions um I would just say you know I've seen this journey before I know a lot of your in your a lot of your listeners are passive investors and a lot of times when I give a keynote when I'm speaking it's a it's two passive investors so and I talk about the journey from passive investing to raising Capital um because that's kind   of the the natural progression it's like you invest passively for a while then your friends ask you about that deal and oh man where do you find these Investments blah blah blah and you know eventually you're like man maybe I can raise some Capital but you know doing that transition from passive investor to Capital razor um has never been easier right and especially with um you know I'm going to plug tribe here because it's a done for you product so when you have your five wealthy friends or your   10 wealthy friends that want to invest in a deal but you want to figure out how you can actually get paid for it legally triest does all the stuff that I was talking about doing before that's just a pain like getting your CPA getting a Securities attorney doing your offering documents starting a business we do all that for you we onboard your investors we do everything I mean it's it's a white glove service so you that didn't exist a few years ago um so it's it's easier than ever to make that transition   from passive investor to raising capital for somebody like you Ted that's awesome man uh you know it's always good to uh see like you know people simplifying the things less time less money less energy to put in and you get the same kind of returns and uh you know for sure yep uh let's move on to the final round of questions are you ready let's do it all right pretty easy ones okay so all right man I'll take your word for it better not stop me here so uh what are the main source of information main source of information   to learn and grow um you know I listen to a lot of podcasts I I do a lot of audio um if it's and especially like Audible for books and then podcast obviously for shorter content um and then if if I think it's a really good audible book then I'll actually buy the hard copy and and try to read it I won't say that I always get to it because I just don't have time but I like to listen to stuff while I'm working out and running and doing stuff like that um but mainly podcasts to just stay up up to date on   things and you know I've kind of actually gotten away from Real Estate specific podcast and more into like business things like um you know Alex horos and and those types of guys that talk about business generally I think it's a good flavor um to mix it up with awesome uh what is the one book that you'll recommend would had the most impact on your life or on your business yeah I mean you know it's Rich Dad Poor Dad I mean that's for sure I I'll say another one though because I would say everybody probably says that I   mean It Rich Dad Poor Dad definitely had the the most impact I mean it's I think it has that influence on a lot of people when they read that book they're like it's so simple but it just flips the light and it just changes the way that you look at kind of Life generally um but I would say this one it's a little flu flu but Miracle equation by Hal Hal Elrod um who did the miracle morning um this one came after that but it it's great because it's it just the the main line which is unwavering Faith plus   extraordinary effort equals Miracles I mean if you just kind of I use that as a mantra because it's like you know gets tough right like and you've got to be consistent and you've got to do it over and over again and when you're an entrepreneur or you're a business owner or even if you're an investor and you're trying to get out of your W2 you're 9 to5 like you don't know if it's going to have a happy ending so you have to have unwavering faith and if you do have that faith and you do keep putting in the   consistent effort it's going to work out in the end yeah absolutely I have read that book too it's one of my favorite also and all right so what is the one advice that you like to give to at least any business or investment advice yeah um pay for help pay for Speed um you know you can you can sit here and um figure it out yourself you can go to YouTube University you can go to chat GPT um you can listen to all the podcasts and read the books but nothing's going to accelerate your time like getting a coach or a mentor that's   already doing the things that you want to do um and don't be if you can't get them on board for free then pay them to do it um make sure you know what you're doing because a lot of people out there you know call themselves coaches and they're they're not they don't know what they're doing so be careful but if you find a good one don't be afraid to to pay money for that it it just blows my mind that you know people pay 40 50 $60,000 a year for a college education but then for you know a fourth of that   they could get direct Hands-On mentorship from somebody that's already doing exactly what they want to do and people don't want to do it it's you know they don't be afraid to pay for Speed don't be afraid to pay for help yeah just check out in detail what the coach has done for you know what exactly he's doing and what what he has done for different people yeah of course if it fits your yeah all right uh SE uh it was a pleasure talking to you and thanks a lot for all the details and information that   you provided to thanks Ted really appreciate it man oh before that I just missed one part how can decoding cash FL listeners get in touch with you for sure man I usually update my Links at Seth Paul bradley.com you can find all my social media links there and you can find links to tribe vest and and other things that I'm involved in if I'm raising capital for anything in particular but that's that's the best place to find all my links South paa bradley.com awesome man all right thanks a lot for   coming on the show my friend all right Ted appreciate it man thanks all right take it thanks for listening to decoding cash flow brought to you by Aster Capital if you found value in this episode then please share it with someone who you think could benefit from it and make sure to ask on what you've learned if you want Ted Patel to personally help you reach your goals then feel free to set up a one-on-one call with him also visit us at Aster capital.com for more free resources content of this podcast is for   informational purposes only as always please consult your own adviser before making any investment decisions or setting a course of action thanks again for joining us on this episode of decoding cash flow and we'll catch you in the next episode Links from the Show and Guest Info and Links: https://www.youtube.com/watch?v=a4xTU9T6CVA&t=375s https://www.linkedin.com/posts/astre-capital_astrecapital-podcast-finance-activity-7250610044331769857-4KgJ?utm_source=share&utm_medium=member_desktop&rcm=ACoAAFY-6nMBbbX5J6KeuEtIMcA9tcRG4F_1ItE https://www.instagram.com/p/DA_3q-BOWJm/ https://x.com/AstreCapital/status/1844844972295741635 https://fb.watch/zpTx6laLaU/ https://www.linkedin.com/company/astre-capital/ https://www.facebook.com/AstreCapital/ https://x.com/AstreCapital https://www.instagram.com/astrecapital/ Seth Bradley's Links: https://x.com/sethbradleyesq https://www.youtube.com/@sethbradleyesq www.facebook.com/sethbradleyesq https://www.threads.com/@sethbradleyesq https://www.instagram.com/sethbradleyesq/ https://www.linkedin.com/in/sethbradleyesq/ https://passiveincomeattorney.com/seth-bradley/ https://www.biggerpockets.com/users/sethbradleyesq https://medium.com/@sethbradleyesq https://www.tiktok.com/@sethbradleyesq?lang=en