Weekly Investment Trusts Podcast - featuring James de Uphaugh and Stuart Widdowson (28 April 2023)

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to James de Uphaugh, lead manager of the Edinburgh Investment Trust (EDIN), and Stuart Widdowson, manager of the Odyssean Investment Trust (OIT). Section Timestamps: 0:00:29 - This week's guests 0:01:35 - The markets this week 0:03:03 - Money Makers Circle 0:03:47 - News and announcements 0:08:03 - Annual results 0:16:46 - Interim results 0:20:21 - Q&A with James de Uphaugh 0:20:56 - Taking on the Edinburgh Investment Trust 0:22:47 - Immediate reactions and changes due to the then-developing pandemic 0:25:24 - Factors influencing good performance to date 0:27:34 - The gearing strategy 0:30:16 - Advantages of managing an investment trust 0:32:15 - The UK market performance 0:34:38 - Investment style 0:37:36 - What is the trust's "special sauce"? 0:39:46 - Portfolio weightings and changes 0:45:11 - The discount and ambitions for the trust 0:46:56 - The UK as a place to invest and the impact of the pound 0:49:41 - Close 0:51:10 - Q&A with Stuart Widdowson 0:50:26 - Market developments in 2023 so far 0:52:33 - Sentiment to the UK market 0:55:34 - Specific issues with the UK equity market 0:59:07 - Company valuations 1:02:03 - Odyssean's rating and share buy backs 1:02:46 - Close Trusts mentioned (with tickers): Thomas Lloyd Energy Impact (TLEI), Urban Logistics REIT (SHED), Next Energy Solar (NESF), Ashoka White Oak Emerging Markets (AWEM), Global Smaller Companies Trust (GSCT), Ceiba Investments (CBA), Third Point Investors (TPOU), Round Hill Music Royalty (RHM), Baker Steel Resources (BSRT), Aquila European Renewables (AERS), NB Private Equity (NBPE), Dunedin Enterprise (DNE), RM Infrastructure Income (RMII), Abrdn Property Income (API), Vietnam Enterprise Investments (VEIL), M&G Credit Income (MGCI), Fidelity special values (FSV), Henderson Far East Income (HFEL), Asia Dragon Trust (DGN), Literacy Capital (BOOK), Pantheon (PIN), AEW UK REIT (AEWU), CT Property Trust (CTPT), Impact Healthcare REIT (IHR). 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, market/portfolio reviews and regular extracts from the editor's notebook. This week, as well as the regular features, the Circle features a profile of BioPharma Credit (BPCR), as well as taking a look at the thirty year performance of thirty-six surviving trusts that pre-date the birth of King Charles III. For more information about the Money Makers circle, please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free. We are very grateful for your continued support and the enthusiastic response to our over 150 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.