Personal Assets Trust | Winterflood Research

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Proven ability to preserve capital with low volatility

Personal Assets Trust has an absolute return mandate, with an objective “to protect and increase (in that order) the value of shareholders' funds per share over the long term.” The fund invests in equities and fixed income securities and may also hold cash, cash equivalents and gold. As at 30 June 2022, 34% of assets were exposed to equities, with 35% in index-linked bonds, 15% in UK T-Bills, 12% in gold related investments and 4% in cash.

Troy Asset Management was appointed as investment adviser on 3 March 2009 and as investment manager on 1 May 2020. The fund is managed by Sebastian Lyon, Investment Manager, and Charlotte Yonge, Assistant Manager, who are supported by Troy’s wider investment team. The fund has a longstanding zero discount policy which has seen regular issuance and occasional buybacks.

Since Troy’s appointment in March 2009, Personal Assets Trust has generated a NAV total return of +180%, equivalent to an annualised return of +8.0%. During the 12 full calendar years under Troy’s management, the fund has outperformed the FTSE All Share Index in five of them in NAV terms, including the three years when the index declined.

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