293: Money Makers Investment Trusts Podcast - with Richard Pindar (30 August 2025)

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Richard Pindar, co-founder and CEO of Literacy Capital (BOOK). This discussion was recorded on Wednesday 27 August 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:50 - A difficult period for private equity 0:05:55 - The BOOK difference 0:10:11 - The trust’s re-rating and widening discount 0:14:31 - The Velociti deal 0:19:20 - A short break 0:20:26 - Rebalancing towards existing investments 0:22:39 - Increasing the management fee 0:24:59 - Return of capital 0:27:58 - The portfolio 0:33:01 - The UK as an economy 0:37:59 - Making the case for BOOK 0:42:40 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. There is no new profile this week, but subscribers can still read last week's profile of abrdn New India (AII). Future profiles include Lindsell Train Investment Trust (LTI) and Herald Investment Trust (HRI). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 290 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk