Our policy is to protect and increase (in that order) the value of shareholders’ funds per share over the long term.
Personal Assets Trust is what its name implies. It is an investment trust run for private investors, who may often have committed to it a substantial proportion of their personal wealth. Established in Edinburgh in 1983, the Trust’s logo bears the image of its first address. From its inception, Personal Assets Trust has sought to emphasise capital preservation and absolute returns. The Trust is conservatively managed, with concentrated equity holdings and low turnover. It takes a long-term, long-only approach, and has the flexibility to invest in a broad range of asset classes – primarily developed market equities and bonds, gold-related investments, and also cash and short-dated Treasury bills.
Today, Personal Assets Trust has grown to be a constituent of the FTSE 250 index. The Trust is still based in Edinburgh, while our manager, Troy Asset Management Limited, is based in London. The Trust is managed by Sebastian Lyon with the assistance of Charlotte Yonge and with the help of Troy’s wider investment team. It has a large investor base including private individuals, who are located throughout the UK, and who range from first-time savers to experienced investors who have entrusted a significant part of their portfolio to the Trust.
All our board members and manager are significant shareholders in the Trust.
Investment philosophy
Since its foundation in 1983, Personal Assets Trust has specialised in a distinctive method of investing. We prioritise the avoidance of permanent capital losses through cautious asset allocation and the careful selection of high-quality companies.
How we investRisk management
We consider risk management to be the avoidance of permanent capital loss.
Long-term horizon
We invest for the long term.
Stock selection
We only invest in those companies that we believe have enduring qualities. These characteristics help allow an investment to compound in value over the long term
Valuation
The valuation at which assets are bought plays a crucial role in determining their subsequent returns.
About the manager
Troy Asset Management Limited was appointed Investment Adviser to Personal Assets Trust on 3 March 2009 and Investment Manager of the Trust on 1 May 2020.
Troy is a privately owned, independent investment boutique whose aim is to protect and grow its investors’ capital over the long term. It was established in 2000 by the late Lord Weinstock and Sebastian Lyon to serve investors who shared the objective of long-term absolute returns, whilst ignoring the distraction of short-term market noise and benchmarks.
Troy’s strengths come from its independent structure, strong governance, its culture and alignment of interest with investors. It is focused on:
- A distinctive, cautious and disciplined investment approach.
- In-depth primary research.
Troy is passionately committed to investment trusts and currently manages Personal Assets Trust and STS Global Income and Growth Trust.
