Weekly Investment Trusts Podcast - featuring Ewan Lovett-Turner and Laura Elkin (05 May 2023)

In this week's edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Ewan Lovett-Turner, head of investment trust research at Numis Securities, and Laura Elkin, portfolio manager of AEW UK REIT (AEWU). Section Timestamps: 00:29 - This week's guests 02:59 - Money Makers Circle 03:32 - The markets this week 05:26 - Highlights from the week's results 08:05 - Q&A with Ewan Lovett-Turner 08:53 - Looking back over 2023 so far 12:41 - Perceptions of the current market outlook 14:47 - Key news items this week 14:51 - IPOs and Fundraising 20:17 - Private equity 25:23 - Boards and buy backs 27:35 - The alternatives sector 29:55 - International Biotechnology Trust (IBT) 32:07 - Q&A with Laura Elkin 32:36 - The strategy of AEWU, and its portfolio weightings 35:59 - Target return as a value investor 38:31 - The gearing policy 40:39 - The re-rating of commercial property 44:35 - Investing in retail 48:09 - Alternative use 50:55 - Valuation and the dividend 54:40 - Where the market is going 56:08 - Close Trusts mentioned (with tickers): Keystone Positive Change Trust (KPC), Scottish Mortgage Trust (SMT), International Biotechnology Trust (IBT), Aquila Energy Efficiency Trust (AEET), Bluefield Solar Income Fund (BSIF), Foresight Solar Fund (FSFL), Chrysalis (CHRY), Ediston Property Income Trust (EPIC), Apax Global Alpha (APAX), Manchester and London (MNL), Martin Currie Global (MNP), Polar Capital Technology Trust (PCT), Smithson Investment Trust (SSON), Finsbury Growth and Income (FGT), Edinburgh Worldwide Investment Trust (EWI), Biotech Growth Trust (BIOG), CT Private Equity (CTPE), Princess Private Equity Holdings (PEY), Oakley Capital Investments (OCI), HarbourVest Global Private Equity (HVPE), ICG Enterprise Trust (ICGT), Schiehallion Fund (MNTN), Molten Ventures (GROW), Ashoka White Oak Emerging Markets Trust (AWEM), TwentyFour Income Fund (TFIF), BH Macro (BHMG), 3i Infrastructure (3IN), US Solar Fund (USF), ThomasLloyd Energy Impact (TLEI), HG Capital Trust (HGT), RIT Capital Partners (RCP), NextEnergy Solar Fund (NESF). 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 BlackRock Energy and Resources (BERI). Coming up, the Circle will feature profiles of Octopus Renewables Infrastructure Trust (ORIT) and JPMorgan American (JAM). 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 nearly 160 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.