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
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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
303: Money Makers Investment Trusts Podcast - The biotech sector (01 Nov 2025)
Money Makers
1 hour 9 minutes 39 seconds
3 weeks ago
303: Money Makers Investment Trusts Podcast - The biotech sector (01 Nov 2025)
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
Money Makers
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
