Jonathan Davis is the editor of the Investment TrustsHandbook, host of the Money Makers podcast and editor of the Money Makers newsletter (www.money-makers.co). 

Founded in 1889 Law Debenture is a unique combination of an award-winning UK Income Investment Trust underpinned by a leading Independent Professional Services (IPS) business.

The investment portfolio is managed by James Henderson and Laura Foll of Janus Henderson Investors. Their objective is to achieve long-term capital growth in real terms and steadily increasing income. The Company has grown or maintained its dividend for each of the last 46 years through a value driven, diversified investment portfolio.

Law Debenture has outperformed the FTSE Actuaries All-Share Index by 51.2% over 10 years (29.6% over five years and 6.1% over three years). The ongoing charges ratio is 0.51% compared to an industry average of 1.05.

The IPS business provides governance and transaction services including corporate trusteeship and escrows, pensions trusteeship, corporate secretarial, entity management and service of process. Law Denture has offices in the UK, Ireland, USA and Hong Kong and a 300+ strong workforce.

Denis Jackson has been CEO of Law Debenture, a FTSE-listed investment trust and independent professional services business, since 2018. He joined Law Debenture from Capita plc where he was director of new business enterprise, having been a director at Throgmorton UK Limited (which Capita acquired). Prior to that, he was regional general manager - Europe and the United States - for Tibra Trading Europe Limited, a FCA regulated proprietary trading company, which he joined from Citigroup (formerly Salomon Brothers). He spent almost 20 years there in a variety of roles including in Treasury (both in New York and London), as Head of the Finance Desk in Hong Kong, Head of Fixed Income Prime Brokerage in New York and ultimately, Head of EMEA Prime Brokerage Sales.

James Henderson is a Portfolio Manager on the Global Equity Income Team at Janus Henderson Investors, a position he has held since 2003. He also co-manages the UK equity income portfolio of the Law Debenture Corporation plc. He joined Henderson in 1983 as a trainee fund manager and has successfully managed a number of investment trusts since 1990. Prior to this, he was an accountant trainee at Binder Hamlyn. James graduated with an MA (Hons) in economics from Cambridge University. He has 43 years of financial industry experience.

Capital Gearing Trust plc is a London-listed FTSE 250 investment trust focused on preserving shareholders’ real wealth and delivering steady long-term returns. Managed by CG Asset Management, it follows a disciplined, risk-aware multi-asset strategy across equities, bonds, closed-ended funds, cash, and gold, avoiding leverage and short-selling to maintain a balanced, defensive approach.

Led by Peter Spiller since 1982, alongside Alastair Laing and Chris Clothier, the Trust has built a strong reputation for consistency and resilience. With a proven record of delivering inflation-beating returns while limiting risk, Capital Gearing Trust is recognised as a dependable choice for investors seeking sustainable value and long-term growth.

Chris Clothier, Co-Chief Investment Officer

Chris joined CGAM in 2015 and has co-managed the funds since that date. Prior to that he was a director at IPGL Limited, a private investment vehicle with a range of public and private interests predominantly in the financial services industry, where he worked for six years. Before that he worked at MMC Ventures, an early-stage venture capital firm. Chris studied Chemistry at New College, Oxford.

JPMorgan Indian Investment Trust plc (‘JII’) aims to provide capital growth from Indian investments. The Company will invest in a diversified portfolio of quoted Indian companies and companies that earn a material part of their revenues from India. The Company makes quarterly distributions, totalling at least 4% of the NAV, that are set at the end of the preceding financial year. JII is the largest London-listed Indian equity fund focusing purely on Indian companies and provides expertly managed exposure to the long-term growth potential of the Indian market. Its portfolio includes many companies well positioned to capitalise on the mega trends that will drive the Indian economy for decades to come.

Claire Peck, Managing Director

Claire Peck, Managing Director is an Investment Specialist within the Emerging Markets and Asia Pacific (EMAP) Equities team, based in London. An employee since 2003, Claire previously worked within the Risk Management Group. Claire obtained a B.Sc in Geography from the University of Bristol and is a CFA Charterholder

Smithson Investment Trust aims to deliver long-term capital growth from a concentrated portfolio of the world's best small and mid-sized companies. The manager, Simon Barnard, follows the Fundsmith strategy of seeking to buy good companies – those with strong and sustainable competitive advantages, high returns on invested capital, capable management, low debt, and the ability to grow. The aim is to invest at reasonable valuations and be a long-term shareholder.

www.smithson.co.uk

Simon Barnard, Portfolio Manager

Simon Barnard joined Fundsmith LLP in September 2017. He started his career at Goldman Sachs Asset Management in 2003 as a research analyst on the technology and industrial sectors. He moved to the consumer sector in 2008 and became the Global Lead Portfolio Manager for the consumer discretionary sector in 2012. In 2014 he was named Portfolio Manager of the "Global Income Builder Fund", a multi-asset strategy. Upon its launch in 2016 he became Portfolio Manager of the "Global Millennials Fund", a concentrated global equity growth fund. Simon has a First Class degree in Economics from Cambridge University and is a CFA charter holder.

HarbourVest Global Private Equity (HVPE) is a listed investment company that provides investors with access to private company investments. Listed on the Main Market of the London Stock Exchange, HVPE sits in the FTSE 250 and has net assets of $3.9 billion and a market capitalisation of approximately £2.0 billion as at 31 January 2025. HVPE invests exclusively in HarbourVest managed funds. HarbourVest Partners is an independent, global private markets asset manager with over 43 years of experience.

Richard Hickman:

Richard Hickman joined HarbourVest in 2014 to focus on the activities of HarbourVest Global Private Equity Limited (HVPE), a closed-end investment company that invests in and alongside HarbourVest-managed funds. Richard is responsible for the day-to-day management of the company.

He joined HarbourVest after seven years with 3i plc, where he progressed through a number of roles, latterly serving as a manager in the business planning and analysis group.