326: Money Makers Investment Trusts Podcast - with Jasmine Yeo and Charlie Morris (04 Apr 2026)

In this anniversary edition of the Money Makers Investment Trusts Podcast which has now been running for six years, Jonathan Davis, editor of the Investment Trusts Handbook (winner of the AIC Best Broadcast Journalist Award 2024 and 2025) is joined first by Jasmine Yeo, manager of the Ruffer Investment Company (RICA), and then by Charlie Morris, founder of Bytetree Research. These discussions were recorded on Thu 02 Apr 2026. Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow! Section Timestamps: 0:00:37 - Introduction 0:01:22 - This week’s guests 0:02:08 - Performance of the markets 0:02:47 - Jasmine Yeo 0:03:12 - Summing up the last year 0:06:40 - The shape of the portfolio 0:11:42 - Higher inflation 0:13:43 - The allocation to bonds 0:18:38 - Monetary policy uncertainty 0:20:39 - Weighting towards UK equities 0:23:39 - Japan 0:25:34 - China 0:27:22 - The position on AI 0:30:04 - Buybacks 0:31:22 - Managing the trust 0:34:49 - Bitcoin and gold 0:39:12 - Reflecting on the first quarter this year 0:41:10 - A short break 0:41:55 - Charlie Morris 0:44:41 - Gold 0:47:08 - The relationship between oil and gold 0:48:51 - The role of commodities from here 0:50:42 - Changes to portfolios 0:53:30 - Investment trusts and the discounts 0:55:58 - No second guesses 1:00:55 - Close If you enjoy the weekly podcast, why not also try 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 Patria Private Equity (PPET). Future profiles include J.P.Morgan Claverhouse (JCH) and Cordiant Digital Infrastructure (CORD). 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 nearly 330 podcasts since we launched in 2020. 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