ITHB 2023

The Investment Trusts Handbook 2023

Today sees the publication of the sixth edition of The Investment Trusts Handbook, the essential sector guide. I have contributed again, this time with a profile of BH Macro, the hedge fund trust that has thrived in this year’s volatile market conditions.

The eBook/Kindle edition is free as usual however the hardcover edition costs £29.99. You can order either them via Amazon (referral link) or Harriman House.

This year’s edition starts with Jonathan Davis’s detailed thoughts on the past year, where there is a lot to cover of course, plus his views on how long the current bear market might last and how investors can respond. There is also the usual month-by-month summary of major share issuance and corporate activity.

Max King, a regular contributor to both Moneyweek and Money Makers, also provides his views on where the sector stands right now while Alex Davies of Wealth Club suggests the last year could be seen as the best ever for VCTs.

Quoted Data’s James Carthew looks at how trusts are responding to the threat of higher inflation while John Baron reviews how his Winter Portfolio is set up to deal with current market conditions.

Kepler’s William Heathcoat Amory provides a detailed analysis of the private equity sector where very wide discounts to NAVs have opened up this year.

The AIC’s Annabel Brodie-Smith examines how trusts are progressing when it comes to gender diversity.

There are a number of Q&As with sector specialists and fund managers:

  • Numis’s Ewan Lovett-Turner on the year just gone and what’s to come;
  • Simon Gergel of Merchants and Alex Wright of Fidelity Special Values review the prospects for the UK equity market;
  • Mike Seidenberg of Allianz Technology provides his view on the technology sector;
  • James Dow of Scottish American on the Baillie Gifford approach to income investing;
  • Evy Hambro of BlackRock World Mining discusses the outlook for mining and precious metals;
  • Emma Bird, Winterflood’s new Head of Research, explains how to think about trust discounts; and
  • there’s an investor forum with Peter Hewitt of CT Global Managed Portfolio, Alastair Laing of Capital Gearing, Jupiter’s Richard Curling, Nick Greenwood of MIGO Global Opportunities, and Investec’s Alan Brierley.

Jonathan reviews the latest developments at Aberdeen Diversified Income & Growth and Alliance Trust, two veteran trusts that have reinvented themselves in the last few years. My contribution is an updated and edited profile of BH Macro, which originally appeared on the Money Makers site a few months ago.

The book closes with a detailed look at how to analyse investment trusts and Jonathan’s detailed guide on how to create an income portfolio. There are the usual tables covering the oldest trusts, best long-term performers over 10, 20 & 30 years, longest-serving managers, managers with the most ‘skin in the game’, lists of those trusts with specific discount control policies, those who pay out enhanced dividends, and much more.

In short, there’s something for everyone who has an interest in investment trusts, whether you’re just starting out or have been picking and choosing your own investments for decades. The previous editions of the Handbook have been bought or downloaded over 45,000 times but given the year we’ve just had, I suspect the 2023 version could be the most popular so far.

You can order a copy now at Amazon (referral link), Harriman House, and all good booksellers.



Please note that I may own some of the investments mentioned above -- you can see my current holdings on my portfolio page.

Nothing on this website should be regarded as a buy or sell recommendation as I'm just a random person writing a blog in his spare time and I am not authorised to give financial advice. Always do your own research and seek financial advice if necessary!

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