We’re back with December’s episode of the investment trust show, an AJ Bell Money & Markets bonus episode. This month, Tom Sieber discuss some interesting manager changes on Murray Income Trust and Crystal Amber. [02:14]

Dan Coatsworth talks to Fundsmith’s Terry Smith about proposed changes to Smithson Investment Trust [09:45] and reveals more names being targeted by activist investor Saba [15:55].

Hannah Williford chats to Ashley Thomas from Winterflood about some potential changes that could hurt the renewable energy sector, and a surprising merger proposal between HICL Infrastructure and TRIG (The Renewables Infrastructure Group), which is already receiving pushback from certain shareholders. [19:05]

The gold has had a brilliant year, so Dan talks to commodities expert Evy Hambro from the BlackRock World Mining Trust about the prospects for the shiny metal in 2026 and why he is so bullish on copper. They also talk about takeover activity involving big mining companies and whether China is still as important as it was for commodities demand. [32:58]

Finally, lots of people are asking what they should think about if financial markets go through a difficult period. Hannah spoke to Nick Britton from the Association of Investment Companies about a particular group of investment trusts that aim to preserve investors’ wealth, and which have historically seen increased investor interest when markets fall. They discuss Capital Gearing Trust, Personal Assets Trust and Ruffer Investment Company. [51:19]