Company summary
Capital Gearing Trust is a defensive multi-asset investment trust focused on preserving and growing shareholders' real wealth over time. Its portfolio combines bonds, equities, investment trusts and cash-like assets.
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CGT
Capital Gearing Trust
Investment Trusts
- Index
- FTSE 250
- ISIN
- Not specified
- Book status
- 2026 edition — current
Key activities
Investment in index-linked government bonds, conventional bonds, cash, equities and other investment trusts, with active asset allocation and discount-management activity.
Key markets
Global financial markets, with substantial exposure to UK and international government bonds and a diversified range of equity and investment-trust holdings.
Key drivers
Inflation, bond yields, equity markets, asset allocation, discount opportunities in other trusts, interest rates and the manager's ability to protect capital during volatile markets.
Key risks
Bond-price falls, unexpected inflation or interest-rate changes, equity-market weakness, asset-allocation errors, currency movements and the trust trading below NAV.
Recent Developments
23 July 2026: a ten-for-one share split took effect after shareholder approval. FY2026 results had reported a 5.8% NAV return versus 3.3% CPI inflation, while continued buybacks kept the average discount close to 2%.
Dividend notes
Pays an annual distribution rather than targeting a fixed income level. The FY2026 distribution was 66p per pre-split share, ex-dividend on 11 June 2026 and paid on 15 July; 43p was designated as interest and 23p as dividend income.
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