Trust information

Troy

Share Price

465.50p
As at 04 Dec 2023

Net Asset Value

470.96p

Premium/(Discount)

-1.2%

Market Cap (£m)

1,689m

Yield

1.2%

Overview

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Emphasising capital preservation and absolute returns, Personal Assets Trust is conservatively managed, with concentrated equity holdings and low turnover. The Trust is long-only and has the flexibility to invest across a broad range of asset classes.

What does the Trust do?

An investment trust with the ability to invest globally. Its policy is first to protect, then increase (in that order) the value of shareholders’ funds per share over the long-term.

Why this Trust?

Aimed at investors who seek a multi-asset portfolio with an emphasis on capital preservation. Through high-quality security selection, it aims to deliver protection for investors’ capital.

Troy Asset Management Limited was appointed investment adviser to Personal Assets Trust on 3 March 2009 and investment manager to the Trust on 1 May 2020.

Investment Managers

Sebastian Lyon

Investment Manager

Bio

Sebastian Lyon

Investment Manager

Sebastian is Troy’s Chief Investment Officer and is responsible for Troy’s Multi-Asset Strategy. He is the Senior Fund Manager for the Trojan Fund and Investment Manager to Personal Assets Trust. Sebastian is supported by Troy’s wider investment team.

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.

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Charlotte Yonge

Assistant Manager

Bio

Charlotte Yonge

Assistant Manager

Charlotte is the Assistant Fund Manager of Personal Assets Trust and the Trojan Fund and Fund Manager of the Trojan Ethical Fund.

Charlotte joined Troy in 2013 from Ruffer Investment Management, where she worked as an Investment Associate. Graduating from Cambridge with an MA in Modern Languages, Charlotte holds the CISI Diploma and is a CFA Charterholder.

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Literature

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Key Information Document – UK

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Key Information Document – EU

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Past Performance Scenarios

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10 Year Performance Chart

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Annual Reports     All documents Hide All documents
Interim Reports     All documents Hide All documents

Investor Disclosure Document

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Voting Records     All documents Hide All documents
Currency Exposure     All documents Hide All documents

Performance

Total Return (%)Since Troy
Appointment*		10 years 7 years 5 years 3 years1 year
Personal Assets Trust Share Price169.858.628.123.79.5-1.1
Personal Assets Trust NAV180.961.730.726.811.31.1
UK Retail Price Index79.050.242.933.028.66.2

Source: Lipper, Since 3 March 2009 to 31 October 2023.

*Since Troy Appointment 3 March 2009.

Past performance is not a guide to future performance.

The value of the Trust, and any income from it, may go down as well as up and investors may get back less than they invested. Returns may increase or decrease as a result of currency fluctuations. This data is provided for information only and should not be reproduced, published or disseminated in any manner. Although we consider the data to be reliable, no warranty is given as to its accuracy or completeness. Any comparisons against indices are for illustrative purposes only.

Risk analysis

Risk AnalysisPersonal Assets Trust
Total Return169.8
Max Drawdown-11.9
Best Month5.1
Worst Month-5.4
Positive Months63.4
Annualised Volatility6.8

Past performance is not a guide to future performance.

Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns.

The value of the Trust, and any income from it, may go down as well as up and investors may get back less than they invested. Returns may increase or decrease as a result of currency fluctuations. This data is provided for information only and should not be reproduced, published or disseminated in any manner. Although we consider the data to be reliable, no warranty is given as to its accuracy or completeness. Any comparisons against indices are for illustrative purposes only.

Source: Lipper, Since 3 March 2009 to 31 October 2023.

Discount control

Personal Assets Trust has had a successful Discount Control Mechanism (“DCM”) in place since November 1999 and it has not traded at a material discount to Net Asset Value (“NAV”) since. Excess supply/demand of shares in the market is met by PAT, which is committed to buying back/issuing stock in order to prevent PAT’s shares from trading at anything more than a minimal discount/premium to NAV. We believe that no investor should be forced to buy at a material premium or sell at a discount to NAV.
This discount and premium control policy is enshrined in the Articles of Association of the Trust.

Trust announcements

How to invest

Find more information on how to invest in this trust and where it is available.

How to invest

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Welcome to the Personal Assets Trust website

This 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.

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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.

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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.

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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.

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We reserve the right to withdraw linking permission without notice.

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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.

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