9th October 2025 marked 25 years since the establishment of Troy. It has been quite a journey, beginning in the shadow of the dotcom boom and the ensuing equity bear market from 2001-2003. Remarkably, a quarter of a century on, markets appear once again suspended between promise and speculation.
10 minsn the world of financial markets, where a tendency towards complexity and intellectual cartwheels often obfuscates simple truths, it can be clarifying to speak to someone who is one step removed.
12 minsSo-called ‘Liberation Day’ on 2nd April saw a continuation of the predictable unpredictability characteristic of Donald Trump. This has been exhausting to many, irritating to some and pleasing to others, who had hoped and expected this administration to follow through with his trade policies.
10 minsAs events unfold, it can be difficult to parse out what will make it into the history books and what will be consigned to the ash heap. Only with the benefit of time do things become clear and sometimes, even with the benefit of centuries, it can be ‘too early to say’.
10 minsThe late, great Paul Volcker, the towering former Federal Reserve chair, said in 2009 that “the ATM has been the only useful innovation in banking for the past 20 years”. As the Investment Manager of Personal Assets Trust ‘PAT’, we agree with the sentiment that most complex investment bank products are not good for customers.
9 minsAs a politics graduate, I have a disproportionate interest in the subject. I also recognise the distraction that political outcomes pose to investors, often adding mere noise, to be ignored, if we are to succeed.
8 minsThere is nothing wrong with admitting that you don’t know something. What makes investing so fascinating and sometimes frustrating is not knowing all the answers.
9 minsAfter a very different sort of year in 2022, much of the market was caught off guard in 2023 by a showstopping performance from the share prices of a handful of technology companies.
9 minsIn September, the yield on the 10-year US Treasury bond reached 4.8%, its highest level since 2007. This coincided with, or rather precipitated, weakness across asset classes.
12 minsThis terms of use (together with the documents referred to in it) tells you the terms of use on which you may make use of our website https://www.patplc.co.uk (“our site”). Use of our site includes accessing and browsing on our site.
Please read these terms of use carefully before you start to use our site, as these will apply to your use of our site. By accessing and continuing to use our site, you are deemed to have read, understood, and accepted these terms of use and to have agreed to comply with them.
OTHER IMPORTANT TERMS
These terms are to be read by you together with any other terms, conditions or disclaimers provided in the pages of our site. These terms incorporate the following additional terms, which also apply to your use of our site:
If you do not agree to these terms of use, you must not use our site.
INFORMATION ABOUT US
https://www.patplc.co.uk is a site operated by Personal Assets Trust Public Limited Company (“Personal Assets Trust” or “We”). Personal Assets Trust is registered in Scotland under company number SC074582 and our registered office is at 28 Walker Street, Edinburgh EH3 7HR. Personal Assets Trust is an Investment Company within the meaning of Section 833 of the Companies Act 2006.
If you have any questions about these terms of use, please contact us in writing and address this to the Company at c/o Juniper Partners Limited, 28 Walker Street, Edinburgh EH3 7HR.
CHANGES TO THESE TERMS
We may revise or replace these terms of use at any time (without notice to you) by amending this page.
Please check these terms each time you use our site to ensure that you understand the terms that apply at that time. By continuing to use and access our site following such changes, you agree to be bound by any variation made by us. It is your responsibility to check these terms from time to time so as to be aware of any such variations. This version was last updated in February 2023.
CHANGES TO OUR SITE
We may update our site from time to time, and may change, remove or replace the content and information at any time. However, please note that any of the content or information on our site may be out of date at any given time, and we are under no obligation to update it.
We do not guarantee that our site, or any content or information on it, will be free from errors or omissions.
YOUR USE OF OUR SITE
Your access to and use of our site (for which we shall not be liable) is at your own initiative and risk, and you are solely responsible for your use of our site, the use to which you put information contained on it and any decisions you make regarding any investments. It shall be your own responsibility to ensure that any products, services or information available through our site meet your specific requirements.
ACCESSING OUR SITE
We try to make sure that our site is accurate, up-to-date and free from bugs, but we cannot promise that it will be. Furthermore, we do not guarantee that our site will be fit or suitable for any purpose. Any reliance that you may place on the information on our site is at your own risk.
We do not guarantee that our site, or any content on it, will always be available or be uninterrupted. Access to our site is permitted on a temporary basis.
We may suspend, withdraw, discontinue or change the availability of all or any part of our site without notice at any time that we see fit. We will not be liable to you if for any reason our site is unavailable at any time or for any period.
You are responsible for making all arrangements necessary for you to have access to our site.
You are also responsible for ensuring that all persons who access our site through your internet connection are aware of these terms of use and other applicable terms and conditions, and that they comply with them.
We try to make our site as accessible as possible. If you have any difficulties using our site, please contact us using the contact details in the ‘Information About Us’ section above.
INTELLECTUAL PROPERTY RIGHTS
We are the owner or the licensee of all intellectual property rights including without limitation copyright and related rights, trade marks, domain names, database rights, and any and all other intellectual property rights of any kind whether registered or unregistered anywhere in the world in our site, and in any text, images, video, audio or other content, software or other information or material submitted to, contained on or accessible from our site (“Works”). The Works are protected by copyright laws and treaties around the world and all other applicable intellectual property laws. All such rights are reserved. This means that we or our licensors (as applicable) remain the owner of them and are free to use them as they see fit.
Certain words, phrases, names, designs, icons, graphics or logos used on our site may constitute trade marks, service marks or trade names of Personal Assets Trust or other entities. The display of any trade marks on our site does not imply that a licence has been granted for any further use by you. Any unauthorised downloading, re-transmission or other copying or modification of trade marks that occurs without our prior written consent is strictly prohibited and may be a violation of statutory or common law and/or trade mark law and could be subject to legal action.
You may view, print off one copy, and may download extracts, of any page(s) from our site for your own personal non-commercial use and you may draw the attention of others within your organisation to content posted on our site. Any other use of the Works is prohibited unless you have received an appropriate licence for that use from us or our licensors. You may not use or export or re-export the Works in violation of applicable laws. Nothing in these terms, or on our site, grants you any rights in our site or the Works other than as necessary for you to use our site in accordance with these terms.
You must not modify the paper or digital copies of any materials you have printed off or downloaded in any way, and you must not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text.
Our status (and that of any identified contributors) as the authors of the Works must always be acknowledged.
You must not use any part of the Works for commercial purposes without obtaining a licence to do so from us or our licensors.
If you print off, copy or download any part of our site in breach of these terms of use, your right to use our site will cease immediately and you must, at our option, return or destroy any copies of the materials you have made.
SUBMITTING INFORMATION TO OUR SITE AND/OR US
While we try to make sure that our site is secure, we do not actively monitor or check whether information supplied to us through our site is confidential, commercially sensitive or valuable.
Any unencrypted or otherwise unprotected e-mail communication over the internet is, as with communication via any other medium, not confidential, subject to possible interception or loss, and is also subject to possible alteration. We are not responsible for and will not be liable to you or anyone else for any damages in connection with an e-mail sent by you to us or an e-mail sent by us to you at your request. We cannot accept any responsibility for unauthorised access by a third party or the corruption of data sent to it.
Other than any personal information which will be dealt with in accordance with our Privacy Policy and Cookies Policy, we do not guarantee that information supplied to us through our site will be kept confidential and we may use it on an unrestricted and free-of-charge basis as we reasonably see fit.
NO RELIANCE ON INFORMATION
The content on our site is provided for general information purposes only. It is not intended to amount to advice on which you should rely and nothing on our site is intended to constitute an invitation or inducement to engage in investment activity in any jurisdiction. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. For the avoidance of doubt, any investment decisions relating to Personal Assets Trust should be made on the basis of the final terms of such investment/opportunity and not on the basis of the content on our site. Should you undertake any investment activity based on the content on our site, you do so entirely at your own risk and Personal Assets Trust shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result.
Whilst prepared in good faith, the content on our site does not purport to be comprehensive nor has it been verified. Personal Assets Trust and its affiliates, partners, associated businesses, licensors and their respective officers, directors, employees and agents disclaim all representation or warranty as to the accuracy, completeness, currency, correctness, reliability, integrity, quality, fitness for purpose or originality of any Information and, to the fullest extent permitted by law, all implied warranties, conditions or other terms of any kind are hereby excluded. To the fullest extent permitted by law, we accept no liability for any loss or damage of any kind incurred as a result of you or anyone else using our site or relying on any of the content on our site.
Past performance is not an indicator of future performance. Market and currency movements may cause the value of investments and the income and other returns from them to go down as well as up and you may get back less than you invested.
LIMITATION OF OUR LIABILITY
Nothing in these terms of use excludes or limits our liability for death or personal injury arising from our negligence, or our fraud or fraudulent misrepresentation, or any other liability that cannot be excluded or limited by law.
To the extent permitted by law, we exclude all conditions, warranties, representations or other terms which may apply to our site or any content on it, whether express or implied.
We will not be liable to any user for any loss or damage, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, even if foreseeable, arising under or in connection with:
We will not be liable for any loss arising as a result of a cause which is beyond our control, including failure of electronic or mechanical equipment of any kind, failure of communication systems (including telephone, cable or internet), unauthorised access, theft, operator error or any similar event.
If you are a business user, we will not be liable for:
If you are a consumer, you may only access our site for domestic and private use. You agree not to use our site for any commercial or business purposes.
YOUR CONDUCT
As a condition of your use of our site, you agree not to attempt to gain unauthorised access to our site, the server on which our site is stored or any server, computer or database connected to our site.
We may prevent or suspend your access to our site if you do not comply with anything contained in these terms or any applicable law.
VIRUSES
We do not guarantee that our site will be secure or free from bugs or viruses. You are responsible for configuring your information technology and computer programmes in order to access our site and you should use your own virus protection software when accessing our site.
You must not misuse our site by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to our site, the server on which our site is stored or any server, computer or database connected to our site. You must not attack our site via a denial-of-service attack or a distributed denial-of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our site will cease immediately.
LINKING TO OUR SITE
You may link to our home page, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it and the website you link from does not contain any content that is unlawful, threatening, abusive, libellous, pornographic, obscene, vulgar, indecent, offensive or which infringes on the intellectual property rights or other rights of any third party.
You must not establish a link in such a way as to suggest any form of association, approval or endorsement on our part where none exists.
Our site must not be framed on any other site, nor may you create a link to any part of our site other than the home page.
We reserve the right to withdraw linking permission without notice.
THIRD PARTY LINKS AND RESOURCES IN OUR SITE
Where our site contains links to other sites and resources provided by third parties, these links are provided for your information only. We have no control over the contents of those sites or resources and are not responsible for the content of these sites or for anything provided by them. We do not guarantee that these sites or resources will be continuously available. The fact that we include links to such external sites does not imply any endorsement of, or association with, their operators. We will not be liable for any loss or damage that may arise from your use of any such links. Please note that your use of a third party website may be governed by the terms and conditions of that third party website.
APPLICABLE LAW
These terms of use, its subject matter and its formation, are governed by Scottish law provided that, if you are a consumer and resident elsewhere, you will retain the benefit of any mandatory protections given to you by the law of that country.
If you are a business, you hereby submit to the exclusive jurisdiction of the courts of Scotland to finally adjudicate or determine any suit, action or proceeding arising in connection with any disputes, controversies or claims arising out of or in connection with our site (Dispute) If you are a consumer, you agree to submit to the non-exclusive jurisdiction of the Scottish courts in respect of any Dispute provided that nothing in these terms shall prevent a consumer from taking proceedings in respect of a Dispute in any other courts with jurisdiction.
Nothing shall prevent us from bringing proceedings to protect our intellectual property rights before any competent court.
CONTACT US
To be sent more information on the Trust, please register using the link below.
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