Winning by not losing
We prioritise preserving your capital, because avoiding losses is the first step toward long-term success. By focusing on risk management today, we create the conditions for your investment to grow steadily over time.
Why Personal Assets?
Personal Assets Trust provides you with a solution to the challenges of making choices in a market which is crowded by products and conflicting marketing messages.
We take the decisions on your behalf, whether to have more risk by buying more equities, or less risk by having more cash and bonds. We analyse the economic and market news for you, and constantly review and if necessary change your exposure to different types of assets.
Quarterly Report
In our latest Quarterly Report, we reflect on a year that delivered strong headline returns for stock markets overall amid significant underlying volatility. We explore the ongoing de-dollarisation trend and its implications for US Treasury Bonds, assess whether the AI infrastructure boom represents a bubble of unknown proportions, and explain why we remain defensively positioned with substantial liquidity as market concentration risks reach historic extremes.
Latest Insights
Why capital preservation matters more than ever
Today’s markets are shaped by forces that feel both familiar and unsettling. Equity indices, particularly in the United States, have become ever more concentrated in a narrow group of companies.
Read morePersonal Assets Trust January Factsheet & Commentary
View the latest Personal Assets Trust Factsheet
Read moreQuarterly Report Q1 2026
Beneath the surface of a buoyant market, there were strongly divergent performances by company. Of particular note was the underperformance of so-called ‘quality’ equities, which experienced their worst period of underperformance versus the market since the dot-com boom.
Read more
Annual Report
Find our latest Annual Report to year ending 30 April 2025.
The net asset value per share of Personal Assets Trust rose by +7.5% while the UK Retail Price rose by +4.5%.
Our Team
Sebastian is Troy’s Chief Investment Officer and is responsible for Troy’s Multi-Asset Strategy. He is the Co-Manager of the Trojan Fund and Personal Assets Trust.
Sebastian began his career in 1989 at Singer & Friedlander Investment Management. Joining Stanhope Investment Management (the management company for the GEC Pension Fund) in 1995, he jointly managed the £2 billion equity portfolio and the Fund’s asset allocation. He was appointed Director in 1999, and in 2000 he left to establish Troy. Gaining his BSc in Politics from Southampton University, Sebastian holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.
Charlotte is the Co-Manager of the Trojan Fund and Personal Assets Trust and Fund Manager of the Trojan Ethical Fund.
She joined Troy in 2013 from Ruffer Investment Management, where she worked as an Investment Associate. She graduated from the University of Cambridge with an MA in Modern Languages, and holds the CISI Diploma. Charlotte is also a CFA Charterholder.
Charlotte is also a Co-Founder of GAIN (Girls Are INvestors), a charity established to inform and inspire the next generation of young women to enter the investment management industry in the UK.