Peter Hewitt, a seasoned manager with 17 years at the helm of the CT Global Managed Portfolio Trust, shares insights on the investment trust landscape. He delves into tackling discounts and evolving board responses amid market volatility. Hewitt discusses the shrinking sector and the rising demand for high dividend yields. The conversation also covers the underperformance of renewables while offering a glimpse into his personal portfolio strategy, including tech and emerging markets. Plus, a lighthearted mention of rugby makes for a charming wrap-up!
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volunteer_activism ADVICE
Use Meaningful Buybacks
Actively tackle wide discounts rather than treating buybacks as token gestures.
Use material buybacks and other tactics to signal seriousness and stimulate market interest.
insights INSIGHT
Sector Consolidation Continues
The sector is shrinking due to prolonged wide discounts, with numbers falling from ~330 to ~290 and possibly to ~250.
Mergers, liquidations and reconstructions will continue where discounts remain wide.
insights INSIGHT
Style Versus Performance Dilemma
Several large UK growth/value-style trusts lagged because their style has been out of favour.
Boards face the dilemma of sticking with stated style or changing mandate amid prolonged underperformance.
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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 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
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