Investment Trusts
Personal Assets Trust is a capital-preservation investment trust managed by Troy Asset Management. Rather than following an equity benchmark, it holds a mix of high-quality global shares, index-linked government bonds, gold and cash to protect and grow shareholders' real wealth.
Investment in defensive global equities, short- and medium-dated government securities, index-linked bonds, gold-related assets and cash, with active issuance and buybacks to control the share-price discount.
Global liquid financial markets, particularly large developed-market equities, UK and US government bonds, inflation-linked securities and gold.
Equity quality and valuations, inflation and real interest rates, gold prices, government-bond yields, currency movements and the manager's allocation between defensive assets.
Underperformance in strong equity bull markets, bond-duration and inflation risk, gold-price volatility, currency movements, concentrated stock selection and changes in correlations between defensive assets.
16 June 2026: the annual report for the year to 30 April showed NAV per share up 6.3%, consistent with the trust's emphasis on capital preservation rather than benchmark chasing. Through the rest of 2026 the portfolio's mix of quality equities, index-linked bonds, gold and liquidity remains positioned for uncertain inflation, rates and market valuations.
Regular quarterly dividend is 1.4p per share, with occasional specials when revenue permits. The FY2027 first interim went ex-dividend 25 June 2026 and was paid 31 July; the second interim is also 1.4p, ex-dividend 20 August and payable 2 October. The normal annual rate is 5.6p.
The complete 350 Trade Book — 350 leading UK-listed companies, presented in one consistent working reference.