Trust 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 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.

Trust Ratings

© 2024 Morningstar, Inc. All Rights Reserved.

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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Circulars

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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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Investor Disclosure Document

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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.

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

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.

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:

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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.

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.

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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.

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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.

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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.

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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.

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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:

  • loss of profits, sales, business, contracts, income or revenue;
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YOUR CONDUCT

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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.

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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.

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