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Quarterly Report•February 2, 2026• 10 mins

Quarterly 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.

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Newsletter / Special paper•January 30, 2026• 11 mins

Special Paper No.13 – Private credit: canary in the coal mine?

Over the past two decades, a growing share of corporate ownership and financing has moved outside public markets, beyond the daily visibility of exchange prices and regulatory scrutiny. In the 1990s there were over 8,000 US-listed companies; today there are roughly 4,000.

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Video & Podcast•January 7, 2026• 17 mins

The Trust Show with Charlotte Yonge

Personal Assets’ newest manager looks back on a busy 2025 in a conversation spanning stickier-than-expected inflation, Yen exposure and why the trust won’t be investing alongside crypto’s ‘nefarious actors’.

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Quarterly Report•October 31, 2025• 10 mins

Quarterly Report Q4 2025

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.

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