Fund information

Troy

Share Price

494.00p
As at 19 Nov 2024

Net Asset Value

499p

Premium/(Discount)

-1%

Market Cap (£m)

1,591m

Yield

1.1%

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 this fund 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 Fund?

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.

Trust Ratings

© 2024 Morningstar, Inc. All Rights Reserved.

Investment Managers

Commentary

Commentary

Your Fund returned -2.5% during the month, compared to -1.6% for the FTSE All-Share Index (TR).

Macro events dominated the market narrative in October: the new UK government announced its first budget, there was growing hype around the upcoming US presidential election, and tensions in the Middle East continued to escalate. Of note from a financial markets perspective was a rise in government bond yields, with the yield on 10-year UK and US government debt both rising c. 50 basis points in the month from +4.0% to +4.4% and +3.8% to +4.3% respectively. From your Fund’s perspective, it was this move, much more so than any stock-specific news flow, that impacted returns over the month with higher bond yields putting short-term pressure on equity valuations.

The UK budget had been eagerly anticipated, with an unusually long lag between Labour regaining power on the 5th of July and Chancellor Rachel Reeves announcing her fiscal plan on the 30th of October. The reality is that with over 80% of the Fund’s aggregate revenues derived from outside the UK, the impact of domestic politics on portfolio companies is always relatively limited. We are pleased however that it is now behind us, allowing investors to look forward with more certainty as to the shape of policy under this government.

When we look across global markets, we continue to find valuations for UK companies to be particularly attractive. The UK’s is the most international of all stock markets, home to many world-class companies, providing rich opportunities for stock pickers. In the month, we started a new holding in a high-quality UK company. We look forward to sharing more details in an upcoming factsheet.

Performance

Total Return (%)Since Troy
Appointment*		10 years 7 years 5 years 3 years1 year
Personal Assets Trust Share Price192.566.433.526.14.78.1
Personal Assets Trust NAV204.868.337.328.96.68.2
UK Retail Price Index83.950.841.233.824.62.9

Source: Lipper, Since 3 March 2009 to 31 October 2024.

*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 Return192.5
Max Drawdown-11.9
Best Month5.1
Worst Month-5.4
Positive Months64.2
Annualised Volatility6.6

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 2024.

Dividends

Literature

Document name Date Open/download All documents
Factsheets     All documents Hide All documents

Circulars

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Quarterly Reports     All documents Hide All documents
Special Paper     All documents Hide All documents

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

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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