346: Money Makers Investment Trusts Podcast - Roddy Snell (PHI) and Nish Patel (GSCT) (08 Aug 2026)

Two guests join host Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025) in this week's edition of the Money Makers Investment Trusts Podcast. First is Roddy Snell, lead manager of the Pacific Horizons Trust (PHI), followed by Nish Patel, lead manager of the Global Smaller Companies Trust (GSCT). These discussions were recorded on Thursday 06 August 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! *** OUT NOW: The 2026 Investment Trusts Handbook *** Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358 *** Section Timestamps: 0:00:37 - Introduction 0:02:03 - Roddy Snell (PHI) 0:02:05 - The last eighteen months at PHI 0:04:35 - Comparing the open-ended fund to the investment trust 0:07:26 - Growth and AI 0:13:14 - The Korean market 0:16:08 - Trump’s impact 0:21:13 - Asia and EM susceptibility to Western crises 0:22:46 - The Chinese outlook 0:26:07 - The case for choosing PHI 0:27:51 - PHI’s discount 0:32:51 - A short break 0:33:36 - Nish Patel (GSCT) 0:35:25 - The pitch for GSCT 0:38:21 - Interest rates and inflation 0:41:04 - Tech and AI stocks 0:43:04 - Portfolio changes in light of Saba 0:46:53 - The performance of the trust 0:49:18 - Attracting retail investors 0:51:08 - Regional allocation of the trust 0:53:24 - The dividend 0:54:56 - Holding other funds 0:58:00 - The current environment 1:01:47 - 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 every week, 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, with a two week free trial available for new subscribers. This week, as well as the usual features, the Circle features a profile of Ashoka India Equity (AIE). Future profiles include Utilico Emerging Markets (UEM) and HarbourVest Global Private Equity (HVPE). Our 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 340 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