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# PATPLC

Personal Assets Trust - PATPLC

## Sitemaps

- [XML Sitemap](https://www.patplc.co.uk/sitemap.xml): Contains all public & indexable URLs for this website.

## Insights

- [Personal Assets Trust June Factsheet & Commentary](https://www.patplc.co.uk/personal-assets-trust-june-factsheet-commentary/) - View the latest Personal Assets Trust Factsheet
- [Personal Assets Trust - Annual Report 2026](https://www.patplc.co.uk/personal-assets-trust-annual-report-2026/) - Over the year to 30 April 2026, the net asset value total return per share of Personal Assets Trust (‘PAT’) rose by 6.3% while our traditional comparator, the FTSE All-Share Index total return was 25.2%.
- [Personal Assets Trust May Factsheet & Commentary](https://www.patplc.co.uk/personal-assets-trust-may-factsheet-commentary/) - View the latest Personal Assets Trust Factsheet
- [Multi-Asset Insights - Fixed Income](https://www.patplc.co.uk/fixed-income/) - Our approach to multi-asset investing is grounded in an ‘equities first’ approach.
- [Special Paper No.13 – Private credit: canary in the coal mine?](https://www.patplc.co.uk/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.
- [Personal Assets Trust April Factsheet & Commentary](https://www.patplc.co.uk/personal-assets-trust-april-factsheet-commentary/) - View the latest Personal Assets Trust Factsheet
- [Quarterly Report Q2 2026](https://www.patplc.co.uk/quarterly-report-q2-2026/) - In the first quarter of 2026, investors could be forgiven for being driven to distraction. Stock markets are always noisy, buffeted by a cocktail of macroeconomics, geopolitics and company-specific news. Yet it is hard to recall a period of prices being impacted to such a large extent by such differing factors.
- [Personal Assets Trust March Factsheet & Commentary](https://www.patplc.co.uk/personal-assets-trust-march-factsheet-commentary/) - View the latest Personal Assets Trust Factsheet
- [Personal Assets Trust February Factsheet & Commentary](https://www.patplc.co.uk/personal-assets-trust-february-factsheet-commentary/) - View the latest Personal Assets Trust Factsheet
- [Why capital preservation matters more than ever](https://www.patplc.co.uk/why-capital-preservation-matters-more-than-ever/) - Capital preservation strategies protect against market concentration and speculation. Learn why downside protection is crucial in today's markets.
- [Personal Assets Trust January Factsheet & Commentary](https://www.patplc.co.uk/personal-assets-trust-january-factsheet-commentary/) - View the latest Personal Assets Trust Factsheet
- [Quarterly Report Q1 2026](https://www.patplc.co.uk/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.
- [The Trust Show with Charlotte Yonge](https://www.patplc.co.uk/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’.
- [Personal Assets Trust December Factsheet & Commentary](https://www.patplc.co.uk/personal-assets-trust-december-factsheet-commentary/) - View the latest Personal Assets Trust Factsheet
- [Personal Assets Trust November Factsheet & Commentary](https://www.patplc.co.uk/personal-assets-trust-november-factsheet-commentary/) - View the latest Personal Assets Trust Factsheet
- [Personal Assets Trust October Factsheet & Commentary](https://www.patplc.co.uk/personal-assets-trust-october-factsheet-commentary/) - View the latest Personal Assets Trust Factsheet
- [Quarterly Report Q4 2025](https://www.patplc.co.uk/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.
- [Personal Assets Trust September Factsheet & Commentary](https://www.patplc.co.uk/personal-assets-trust-september-factsheet-commentary/) - View the latest Personal Assets Trust Factsheet
- [Personal Assets Trust August Factsheet & Commentary](https://www.patplc.co.uk/personal-asset-trust-august-factsheet-commentary/) - View the latest Personal Assets Trust Factsheet
- [Personal Assets Trust - Annual Report 2025](https://www.patplc.co.uk/personal-assets-trust-annual-report-2025/) - Read the latest annual report for Personal Assets Trust at year ending 30 April 2025.
- [Market Matters with Charlotte Yonge](https://www.patplc.co.uk/market-matters-with-charlotte-yonge/) - Charlotte Yonge, Co-manager of Personal Assets Trusts joins David Brenchley on the latest episode of Kepler’s Trust Intelligence Market Matters.
- [Multi-Asset Strategy Insights - Dynamic Asset Allocation](https://www.patplc.co.uk/multi-asset-strategy-insights-dynamic-asset-allocation/) - Troy’s Multi-Asset Strategy seeks to protect our investors’ capital and increase its value over the long term.
- [Quarterly Report Q3 2025](https://www.patplc.co.uk/quarterly-report-q3-2025/) - n the world of financial markets, where a tendency towards complexity and intellectual cartwheels often obfuscates simple truths, it can be clarifying to speak to someone who is one step removed.
- [Responsible Investment Report No.17](https://www.patplc.co.uk/responsible-investment-report-no-17/) - This past quarter was marked by ‘proxy season’, the time of year when companies open their doors to shareholder scrutiny through Annual General Meetings (AGMs). Troy’s Investment Team has cast 100 votes at 68 company meetings so far, weighing in on a wide range of proposals.
- [Quarterly Report Q2 2025](https://www.patplc.co.uk/quarterly-report-q2-2025/) - So-called ‘Liberation Day’ on 2nd April saw a continuation of the predictable unpredictability characteristic of Donald Trump. This has been exhausting to many, irritating to some and pleasing to others, who had hoped and expected this administration to follow through with his trade policies.
- [Multi-Asset Insights - Equity](https://www.patplc.co.uk/multi-asset-insights-equity/) - Troy’s Multi-Asset Strategy seeks to protect our investors’ capital and increase its value over the long term.
- [Quarterly Report Q1 2025](https://www.patplc.co.uk/quarterly-report-q1-2025/) - As events unfold, it can be difficult to parse out what will make it into the history books and what will be consigned to the ash heap. Only with the benefit of time do things become clear and sometimes, even with the benefit of centuries, it can be ‘too early to say’.
- [Quarterly Report Q4 2024](https://www.patplc.co.uk/quarterly-report-q4-2024/) - The late, great Paul Volcker, the towering former Federal Reserve chair, said in 2009 that “the ATM has been the only useful innovation in banking for the past 20 years”. As the Investment Manager of Personal Assets Trust ‘PAT’, we agree with the sentiment that most complex investment bank products are not good for customers.
- [Quarterly Report Q3 2024](https://www.patplc.co.uk/quarterly-report-q3-2024/) - As a politics graduate, I have a disproportionate interest in the subject. I also recognise the distraction that political outcomes pose to investors, often adding mere noise, to be ignored, if we are to succeed.
- [Gold - a store of value](https://www.patplc.co.uk/gold-a-store-of-value/) - Our aim at Troy has always been to preserve our investors’ hard-earned capital and increase its value in real terms over the long term.
- [Quarterly Report Q2 2024](https://www.patplc.co.uk/quarterly-report-q2-2024/) - There is nothing wrong with admitting that you don’t know something. What makes investing so fascinating and sometimes frustrating is not knowing all the answers.
- [Far From the Finishing Post – Robbie Robertson (Personal Assets Trust)](https://www.patplc.co.uk/far-from-the-finishing-post-robbie-robertson-personal-assets-trust/) - Sebastian Lyon explains the asset allocation of Personal Assets Trust.
- [Quarterly Report Q1 2024](https://www.patplc.co.uk/quarterly-report-q1-2024/) - After a very different sort of year in 2022, much of the market was caught off guard in 2023 by a showstopping performance from the share prices of a handful of technology companies.
- [Quarterly Report Q4 2023](https://www.patplc.co.uk/quarterly-report-q4-2023/) - In September, the yield on the 10-year US Treasury bond reached 4.8%, its highest level since 2007. This coincided with, or rather precipitated, weakness across asset classes.
- [Special Paper No.11](https://www.patplc.co.uk/special-paper-no-11/) - Discount Control Mechanisms
- [Quarterly Report - Q2 2022](https://www.patplc.co.uk/quarterly-report-q2-2022/) - The Greater Russian agenda
- [Extracts from Personal Assets Trust quarterly Reports 1994-2021](https://www.patplc.co.uk/extracts-from-personal-assets-trust-quarterly-reports-1994-2021/) - We would like to share with you Robin Angus’ Anthology of the Quarterlies drawing on material which he had written over a period of nearly 40 years.
- [Video Insights](https://www.patplc.co.uk/video-insights-2/) - Sebastian Lyon explains the asset allocation of Personal Assets Trust.
- [Video Insights](https://www.patplc.co.uk/video-insights/) - Sebastian Lyon explains the asset allocation of Personal Assets Trust.
- [Personal Assets Trust Kepler Research](https://www.patplc.co.uk/personal-assets-trust-kepler-research/) - #The latest Kepler Research note on Personal Assets Trust.
- [Quarterly Report Q3 2023](https://www.patplc.co.uk/quarterly-report-q3-2023/) - We are slowly emerging from a prolonged period of distortion born of zero interest rates. The process of unwinding the excess will take time and require patience on the part of investors.
- [Personal Assets Trust AGM Shareholder Update](https://www.patplc.co.uk/personal-assets-trust-agm-shareholder-update/)
- [Sebastian Lyon interview: my top hunting ground and a star stock](https://www.patplc.co.uk/sebastian-lyon-interview-my-top-hunting-ground-and-a-star-stock/)
- [Charlotte Yonge: two ways to protect your money from inflation](https://www.patplc.co.uk/charlotte-yonge-two-ways-to-protect-your-money-from-inflation/) - Merryn talks to Charlotte Yonge of Troy Asset Management about the long-term inflationary risks the world is facing, and the two best ways to protect your wealth as central banks lose control.
- [QuotedData: Interview with Sebastian Lyon of Personal Assets Trust](https://www.patplc.co.uk/quoteddata-interview-with-sebastian-lyon-of-personal-assets-trust/)
- [Quarterly Report - Q1 2022](https://www.patplc.co.uk/quarterly-report-q1-2022/) - The Rear View Mirror “When people begin anticipating inflation, it doesn’t do you any good anymore, because any benefit of inflation comes from the fact that you do better than you thought you were going to do.” Paul A. Volcker, Former Chair of US Federal Reserve.
- [Special Paper No.9](https://www.patplc.co.uk/special-paper-no-9/) - Currency - Last But Not Least
- [Sebastian Lyon: I think we’re in a regime change vis-à-vis inflation](https://www.patplc.co.uk/sebastian-lyon-i-think-were-in-a-regime-change-vis-a-vis-inflation/) - Personal Assets Trust manager explains how he’s positioned for wealth preservation
- [Special Paper No.10](https://www.patplc.co.uk/special-paper-no-10/) - Inflation – Stealing from savers
- [Quarterly Report - Q4 2022](https://www.patplc.co.uk/troy-uk-equity-income-newsletter-no-4/) - T.I.N.A. R.I.P
- [Quarterly Report - Q3 2022](https://www.patplc.co.uk/quarterly-report-july-2022/) - Nowhere to run to, nowhere to hide
- [Far From the Finishing Post – Charlotte Yonge (Troy Asset Management)](https://www.patplc.co.uk/far-from-the-finishing-post-charlotte-yonge-troy-asset-management/) - Charlotte Yonge manages the Trojan Ethical Fund and is assistant fund manager of the Trojan Fund and Personal Assets Trust. We discuss the risks of higher inflation and ways to preserve and grow the real value of investors’ capital.
- [Weekly Investment Trust Podcast with Jonathan Davis](https://www.patplc.co.uk/weekly-investment-trust-podcast-with-jonathan-davis/) - Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Sebastian Lyon, manager of the Personal Assets Trust (PNL), and CEO of Troy Asset Management.
- [Quarterly Report - Q1 2023](https://www.patplc.co.uk/quarterly-report-q1-2023/) - A down year
- [Quarterly Report Q2 2023](https://www.patplc.co.uk/quarterly-report-q2-2023/) - The past few weeks are confirmation, if any was needed, that there are consequences of rapidly raising interest rates from a base of zero. But even as the evidence appears stacked to the downside, the jury remains out when it comes to many asset prices.

## Pages

- [Home](https://www.patplc.co.uk/) - Personal Assets Trust provides you with a solution to the challenges of making choices in a market which is crowded by products and conflicting marketing messages. We take the decisions on your behalf, whether to have more risk by buying more equities, or less risk by having more cash and bonds. We analyse the economic
- [Responsible investing](https://www.patplc.co.uk/responsible-investing/)
- [Newsletter Subscribe](https://www.patplc.co.uk/newsletter-subscribe/)
- [Modern slavery & human trafficking statement](https://www.patplc.co.uk/modern-slavery-and-human-trafficking-statement/) - Our Modern Slavery & Human Trafficking Statement sets out our policies to protect human rights and ensure ethical operations.
- [Podcasts](https://www.patplc.co.uk/podcasts/) - Listen to recent podcasts featuring the Personal Assets Trust team, sharing insights on wealth preservation, markets, and long-term investing.
- [Trust information](https://www.patplc.co.uk/trust-information/) - Sustainable Investment Labels Statement Sustainable investment labels help investors find products that have a specific sustainability goal. This trust does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective. Despite not having a sustainable investment objective, when investing in companies, Troy integrates the
- [Contact us](https://www.patplc.co.uk/contact-us/)
- [Glossary](https://www.patplc.co.uk/glossary/)
- [Disclosures](https://www.patplc.co.uk/disclosures/) - Read Personal Assets Trust disclosures and statements.
- [Why Personal Assets Trust?](https://www.patplc.co.uk/why-personal-assets-trust/) - Understand why Personal Asset Trust is designed for investors who prioritise stability and capital protection.
- [Our story](https://www.patplc.co.uk/our-story/) - Learn about the history and purpose of Personal Assets Trust, founded to preserve capital, protect wealth, and support long-term investors
- [How to invest](https://www.patplc.co.uk/how-to-invest-2/) - Find out how to invest in Personal Assets Trust and access the key information and resources you need to get started.
- [Events](https://www.patplc.co.uk/events/) - Register her for Personal Assets Trust's upcoming events and webinars. You can also access past talks and webinar recordings.
- [In the press](https://www.patplc.co.uk/in-the-press/) - See where Personal Assets Trust has been featured in the media, with press coverage, interviews, and expert commentary.
- [Insights](https://www.patplc.co.uk/insights/)
- [Our team](https://www.patplc.co.uk/our-team/) - Meet the experienced team behind Personal Assets Trust, dedicated to preserving capital and delivering long-term investment results.
- [Terms & conditions](https://www.patplc.co.uk/terms-conditions/) - Access the Terms & Conditions for this website, including important details on usage, responsibilities, and legal compliance.
- [How we invest](https://www.patplc.co.uk/our-story-2/) - Discover how the team at invest. Explore the investment approach of the team, dedicated to protecting capital and building long-term value.
- [Privacy and complaints policy](https://www.patplc.co.uk/privacy-and-complaints-policy-2/) - Read the privacy and complaints policy for Personal Assets Trust.
- [Fraud alerts](https://www.patplc.co.uk/fraud-alerts/) - Be alert to fraud: protect yourself from phishing, scams, and impersonation. Learn the red flags and keep your investments safe.
- [How to invest](https://www.patplc.co.uk/how-to-invest/) - PAT is a quoted investment trust, and can be purchased via most UK brokers, wealth managers and fund platforms. Prior to investing in the Trust’s shares we strongly recommend you read the Key Information Document (KID), which provides you with key information about the Trust. It is not marketing material. The information is required by law
- [Contact us - TEST for MS Dynamics](https://www.patplc.co.uk/contact-us-test-for-ms-dynamics/)

## Press

- [The trust picks to combat AI bubble concerns](https://www.patplc.co.uk/press-post/the-trust-picks-to-combat-ai-bubble-concerns/) - The AIC asks wealth managers for their trust picks for strategies that can diversify away from high-tech markets
- [Personal Assets Trust keeps portfolio defensive amid market highs](https://www.patplc.co.uk/press-post/personal-assets-trust-keeps-portfolio-defensive-amid-market-highs/) - Personal Assets Trust PLC on Wednesday reported a total return in its recent financial year that beat UK inflation but was below the year before.
- [Personal Assets develops a yen for JGBs](https://www.patplc.co.uk/press-post/personal-assets-develops-a-yen-for-jgbs/) - Investment trust Personal Assets (LON:PNL) has revealed it shifted around 10% of its portfolio into short-dated JGBs (Japanese government bonds) last year. The move, a first for the company, adds exposure to the Yen, which is ‘the cheapest it has been for four decades’ according to the managers.
- [Why Personal Assets Trust is betting on the yen at a 40-year low](https://www.patplc.co.uk/press-post/why-personal-assets-trust-is-betting-on-the-yen-at-a-40-year-low/) - Troy's managers explain why a currency most investors avoid could be the portfolio's strongest diversifier.
- [Defensive Personal Assets makes first foray into cheap yen](https://www.patplc.co.uk/press-post/defensive-personal-assets-makes-first-foray-into-cheap-yen/) - The defensive trust has added yen for the first time in a bid to offset a falling dollar and troubled equity markets.
- [Six steps I've taken to protect my pension from the AI bubble](https://www.patplc.co.uk/press-post/six-steps-ive-taken-to-protect-my-pension-from-the-ai-bubble/) - Are we in a market bubble? It depends on what you're reading or whom you ask. Some valuation measures suggest the US market is more expensive than at almost any other point in history, perhaps beginning to match levels seen during the dotcom boom or before the 1929 crash.
- [Investment funds for beginners: how to choose an investment fund that works for you](https://www.patplc.co.uk/press-post/investment-funds-for-beginners-how-to-choose-an-investment-fund-that-works-for-you/) - Beginner investors can use funds to start building their portfolio, making it easy to access global trends while managing their risk level. Here are six funds for beginner investors to consider.
- [How to make your first investment in the stock market](https://www.patplc.co.uk/press-post/how-to-make-your-first-investment-in-the-stock-market/) - People are often nervous about investing in the stock market, or don’t know where to start.
- [Personal Assets Trust is a safe port in a storm](https://www.patplc.co.uk/press-post/personal-assets-trust-is-a-safe-port-in-a-storm/) - Investment trust Personal Assets is a safe port in a storm. Its mission is to protect shareholders from the full brunt of falling stock markets – while providing them with long-term positive returns.
- [The perfect portfolio to navigate sticky inflation](https://www.patplc.co.uk/press-post/the-perfect-portfolio-to-navigate-sticky-inflation/) - Although UK inflation held steady at 3% in February 2026, there are concerns it could spike following conflict between the US, Israel and Iran, which shut the Strait of Hormuz and pushed energy prices higher.
- [I’ve been an investor for decades. Here are my top fund tips](https://www.patplc.co.uk/press-post/ive-been-an-investor-for-decades-here-are-my-top-fund-tips/) - Extreme uncertainty about wars in the Middle East and Ukraine make this an unusually difficult time for investment decisions.
- [Five investment trusts for your stocks and shares ISA](https://www.patplc.co.uk/press-post/five-investment-trusts-for-your-stocks-and-shares-isa/) - As the deadline to max out your stocks and shares ISA allowance approaches, here are five expertly-recommended investment trusts you could consider.
- [Cautious fund and trust picks for your ISA](https://www.patplc.co.uk/press-post/cautious-fund-and-trust-picks-for-your-isa/) - Market volatility may leave investors feeling more hesitant this ISA season, with geopolitical tensions, stubborn inflation and shifting interest-rate expectations clouding the outlook.
- [Inflation Isn’t Done: Why the Next Shock Could Be Worse](https://www.patplc.co.uk/press-post/inflation-isnt-done-why-the-next-shock-could-be-worse/) - Merryn Somerset Webb sits down with Troy Asset Management founder and chief investment officer Sebastian Lyon to unpack why markets look eerily calm despite mounting geopolitical shocks—and why investors should be far more focused on protecting wealth than chasing returns.
- [Strengthening the roots](https://www.patplc.co.uk/press-post/strengthening-the-roots/) - How are capital preservation trusts positioned for a more uncertain market environment? We examine four high-conviction defensive strategies.
- [Where best to invest your bonus and avoid the 60% tax trap](https://www.patplc.co.uk/press-post/where-best-to-invest-your-bonus-and-avoid-the-60-tax-trap/) - It’s bonus season for millions of UK workers, but there’s a sting in the tail for a record 750,000 people who will see all or part of their bonuses taxed at rates of up to 60% - potentially losing more than half of their payout to HMRC.
- [ISA deadline looms: experts reveal the investment trusts they favour](https://www.patplc.co.uk/press-post/isa-deadline-looms-experts-reveal-the-investment-trusts-they-favour/) - With less than a month left before the deadline for savers to use their Individual Savings Account (ISA) allowance on 5 April, financial analysts and commentators have been recommending a focus on long-term strategies to cope with the sort of geopolitical tensions and volatile markets seen recently.
- [How to build a defensive Isa](https://www.patplc.co.uk/press-post/how-to-build-a-defensive-isa/) - As markets reel from the war in the Middle East, some UK investors are seeking a path to safety.
- [Experts reveal their favourite investment trusts for an ISA](https://www.patplc.co.uk/press-post/experts-reveal-their-favourite-investment-trusts-for-an-isa/) - Time is running out for investors to fill their ISAs before the end of the tax year on 5 April. That means there is less than a month to use your £20,000 annual ISA allowance.
- [Eight funds and trusts for ISA season](https://www.patplc.co.uk/press-post/eight-funds-and-trusts-for-isa-season/) - Remaining diversified and being patient with investments continues to be a valuable approach for investors of all experience levels.
- [Personal Assets Trust: Winning by not losing](https://www.patplc.co.uk/press-post/personal-assets-trust-winning-by-not-losing/) - PNL continues to trade at around par and has delivered a three-year annualised NAV TR of 6.2%.
- [The MoneyWeek investment trust portfolio – early 2026 update](https://www.patplc.co.uk/press-post/the-moneyweek-investment-trust-portfolio-early-2026-update/) - The MoneyWeek investment trust portfolio had a solid year in 2025. Scottish Mortgage and Law Debenture were the star performers, with very different strategies
- [Eight funds and trusts for 2026](https://www.patplc.co.uk/press-post/eight-funds-and-trusts-for-2026/) - With 2026 well and truly under way, and already a series of events that will have focused investor attention on their portfolios, many will be looking ahead to ensure they’re well positioned for the next 12 months.
- [5 investment trusts to watch for 2026](https://www.patplc.co.uk/press-post/5-investment-trusts-to-watch-for-2026/) - Our fund experts pick five Investment Trusts for investors to watch in 2026 and beyond.
- [The most popular funds and trusts among retail investors in 2025](https://www.patplc.co.uk/press-post/the-most-popular-funds-and-trusts-among-retail-investors-in-2025/) - Interest in passive products tracking certain parts of the market soared in 2025, judging by what’s been in favour with AJ Bell DIY investors.
- [How wealth preservation trusts are positioning for 2026](https://www.patplc.co.uk/press-post/how-wealth-preservation-trusts-are-positioning-for-2026/) - Wealth preservation trusts focus on protecting investors’ money during market downturns, as well as growing it over the long term to beat inflation.
- [My stock market tips for savers about to lose their Isa allowance](https://www.patplc.co.uk/press-post/my-stock-market-tips-for-savers-about-to-lose-their-isa-allowance-2/) - With £8,000 of the allowance to be restricted to investments, here are some ideas for the risk-averse newbie.
- [Personal Assets Trust net asset value rises amid gold and equity gains](https://www.patplc.co.uk/press-post/personal-assets-trust-net-asset-value-rises-amid-gold-and-equity-gains/) - Personal Assets Trust PLC on Tuesday reported a rise in its net asset value and a strengthened bottom-line as gold and equities boosted its portfolio.
- [Personal Assets buddies up to 'friendless' stocks to face bubble fallout](https://www.patplc.co.uk/press-post/personal-assets-buddies-up-to-friendless-stocks-to-face-bubble-fallout/) - Defensive stocks are at their 'most friendless since 2000', yet Personal Assets is using the slump as an opportunity to ramp up its equity exposure.
- [Personal Assets Trust reports positive first half.](https://www.patplc.co.uk/press-post/personal-assets-trust-reports-positive-first-half/) - Personal Assets Trust delivered a positive first half, recording a 5.6% net asset value total return in the six months to 31 October, although it significantly lagged the broader UK equity market as defensive positioning tempered gains during a strong rally for risk assets.
- [Personal Assets takes some profits on gold and swoops on quality stocks like LSE as AI bubble burst looms](https://www.patplc.co.uk/press-post/personal-assets-takes-some-profits-on-gold-and-swoops-on-quality-stocks-like-lse-as-ai-bubble-burst-looms/) - Half-year results from Personal Assets (PNL), the £1.7bn absolute return fund, show its fund managers hiked the amount invested in equities by more than four percentage points in the half-year to 30 October, even as they prepared the defensive portfolio for a bursting in the US stock market bubble.
- [Citywire Investment Trust Awards 2025: The winners and Best Board revealed!](https://www.patplc.co.uk/press-post/citywire-investment-trust-awards-2025-the-winners-and-best-board-revealed/) - Best Global Multi-Asset trust: Personal Assets! Against the backdrop of three years of strong equity market performance, the Global Multi-Asset category had just one nominee managing to achieve a positive information ratio versus an appropriate benchmark selected by our judges. Troy fund managers Sebastian Lyon and Charlotte Yonge picked up the award for defensively positioned stalwart Personal Assets (PNL).
- [Should you invest in Personal Assets Trust? The 'sleep-at-night' fund that protects your wealth AND makes a profit](https://www.patplc.co.uk/press-post/should-you-invest-in-personal-assets-trust-the-sleep-at-night-fund-that-protects-your-wealth-and-makes-a-profit/) - Stock market listed fund Personal Assets Trust is an unusual investment vehicle in that its focus is on preserving the wealth of those who buy its shares.
- [My stock market tips for savers about to lose their Isa allowance](https://www.patplc.co.uk/press-post/my-stock-market-tips-for-savers-about-to-lose-their-isa-allowance/) - With £8,000 of the allowance to be restricted to investments, here are some ideas for the risk-averse newbie.
- [Protect and Grow](https://www.patplc.co.uk/press-post/protect-and-growth/) - Sebastian Lyon of Troy Asset Management describes his equity-first approach to managing a multi-asset portfolio, why he focuses more on the durability of a company’s growth than its pace, how he thinks about making mistakes, how he’s managing his exposure to gold, and what he thinks the market is missing today in Hubbell, Diageo, Chubb
- [Seven alternatives to diversify your 60/40 portfolio](https://www.patplc.co.uk/press-post/seven-alternatives-to-diversify-your-60-40-portfolio/) - Long/short strategies, Personal Assets Trust, gold and infrastructure would all slot into a traditional 60/40 portfolio and provide diversification during these volatile times, according to experts.
- [A golden opportunity?](https://www.patplc.co.uk/press-post/a-golden-opportunity/) - This week, following recent results announcements from trusts such as
- [Back to (investing) school: Six tips to sort out your portfolio](https://www.patplc.co.uk/press-post/back-to-investing-school-six-tips-to-sort-out-your-portfolio/) - These are the funds and trusts that aim to supply long-term appreciation potential, plus a measure of peace of mind
- [The only two trusts run by Alpha Managers with top Crown ratings](https://www.patplc.co.uk/press-post/the-only-two-trusts-run-by-alpha-managers-with-top-crown-ratings/) - Just two trusts in the entire Association of Investment Companies (AIC) universe has paired an FE fundinfo Alpha Manager with the highest FE fundinfo Crown Rating of five, according to Trustnet research.
- [How multi-asset trusts can help you deal with volatility](https://www.patplc.co.uk/press-post/how-multi-asset-trusts-can-help-you-deal-with-volatility/) - Multi-asset trusts help navigate global uncertainty and provide investors with an added layer of protection through diversification
- [The best investment trusts for beginners](https://www.patplc.co.uk/press-post/the-best-investment-trusts-for-beginners/) - Experts highlight their picks for the best investment trusts that beginner investors could consider for their portfolios.
- [Financial advisers give their ISA recommendations for young, middle-aged and retired investors](https://www.patplc.co.uk/press-post/financial-advisers-give-their-isa-recommendations-for-young-middle-aged-and-retired-investors/) - The AIC asked independent financial advisers and wealth managers for their favourite trusts for specific age groups.
- [Can our £2.5mn portfolio provide £60,000 a year?](https://www.patplc.co.uk/press-post/can-our-2-5mn-portfolio-provide-60000-a-year-2/) - Early retirement is a common financial goal. Escaping the rat race and extending the time spent enjoying life is an appealing prospect, but doing so requires a rock-solid financial plan. Given the unpredictability of life, running out of money in retirement is a real worry.
- [Funds to size up when taking first steps out of cash](https://www.patplc.co.uk/press-post/funds-to-size-up-when-taking-first-steps-out-of-cash/) - Not only are cash returns shrinking, but the purchasing power of those returns is also declining. Faith Glasgow examines funds investing in both shares and bonds that offer a low-risk route in an attempt to grow money ahead of inflation.
- [Investors’ Chronicle ‘My daughter’s 18 – how should she invest her £70,000 Isa?’](https://www.patplc.co.uk/press-post/investors-chronicle-my-daughters-18-how-should-she-invest-her-70000-isa/) - Junior Isas are an excellent way to give your children a good start in life, but many parents worry about what happens when their children turn 18 and take control of the account.
- [The best investment trusts for first-time investors](https://www.patplc.co.uk/press-post/the-best-investment-trusts-for-first-time-investors/) - Choosing where to invest for the first time can be daunting. With thousands of open-ended funds and closed-ended investment trusts to choose from, knowing where to start can be difficult.
- [Can our £2.5mn portfolio provide £60,000 a year?](https://www.patplc.co.uk/press-post/can-our-2-5mn-portfolio-provide-60000-a-year/)
- [How capital preservation funds have fared in 2025](https://www.patplc.co.uk/press-post/how-capital-preservation-funds-have-fared-in-2025/) - In December 2024, with the risks for equity markets piling up in our minds, Shares put the spotlight on capital preservation funds. As it turns out, stocks are higher now than they were then, but obviously that does not tell the whole story, with investors facing significant volatility in the intervening period.
- [Capital protection trusts: The perfect vehicle for nervous investors](https://www.patplc.co.uk/press-post/capital-protection-trusts-the-perfect-vehicle-for-nervous-investors/) - Annabel Brodie-Smith looks at the historic performance of these low-risk trusts. Are they really as good as they sound?
- [Sebastian and Charlotte regain their AA Citywire rating](https://www.patplc.co.uk/press-post/sebastian-and-charlotte-regain-their-aa-citywire-rating/) - The all-weather approach of Personal Assets (PNL) has won managers Sebastian Lyon and Charlotte Yonge an AA rating.
- [PAT: An antidote to Trumpism?](https://www.patplc.co.uk/press-post/pat-an-antidote-to-trumpism/) - The world has become even more unpredictable following the election of President Trump in November 2025 and his assumption of office in January 2025. President Trump has dominated the geo-political and economic agenda challenging and disrupting long-standing relationships throughout the world while conducting his own ‘brand’ of diplomacy and negotiation in a blaze of highly
- [Investors should recall Churchill's wise words](https://www.patplc.co.uk/press-post/investors-should-recall-churchills-wise-words/) - In the face of today's erratic news agenda, you've got to 'keep buggering on' IF SOMEONE had said in January what the frst six months of 2025 would bring, I don't think we would have expected stock markets to be firting with another record level at the half-year stage. We live in strange times when
- [Personal Assets Results: Equities exposure increases](https://www.patplc.co.uk/press-post/personal-assets-results-equities-exposure-increases/) - Personal Assets' (PNL) results to 30 April show NAV total returns of 7.5%, in line with the FTSE All Share index, whilst UK RPI, which is also used as a comparator index was 4.5%.
- [Personal Assets maintains steady course through turbulent year](https://www.patplc.co.uk/press-post/personal-assets-maintains-steady-course-through-turbulent-year/) - Personal Assets Trust (PNL) has released its annual results for the year ended 30 April 2025, reporting a NAV total return of 7.5%, which it says is in line with the All-Share Index. Shareholders saw a total return of 7.4%, with the share price ending the year at 511p. Despite elevated volatility across global markets, PNL’s discount control mechanism ensured the share price
- [Gold and bonds pay off for Personal Assets Trust](https://www.patplc.co.uk/press-post/gold-and-bonds-pay-off-for-personal-assets-trust/) - Alex Watts, fund analyst at interactive investor, reports on and highlights key facts from Personal Asset Trust’s annual results.
- [Personal Assets: ‘Dollar is no longer the world’s reserve currency](https://www.patplc.co.uk/press-post/personal-assets-dollar-is-no-longer-the-worlds-reserve-currency/) - Personal Assets Trust's Charlotte Yonge and Sebastian Lyon explain what they have been buying during the tariff-induced volatility and why they are positive on the yen.
- [Charlotte Yonge to become Co-Manager of Personal Assets Trust plc ("PAT")](https://www.patplc.co.uk/press-post/charlotte-yonge-to-become-co-manager-of-personal-assets-trust-plc-pat/) - The Board of Directors of Personal Assets Trust ("PAT") is pleased to announce that Charlotte Yonge will become Co-Manager of the Trust, alongside Sebastian Lyon, with effect from 1st May 2025. Iain Ferguson Chairman of Personal Assets Trust said "Charlotte has demonstrated to the Board her expertise over the last few years and is committed
- [Six ISA trust picks for all tastes](https://www.patplc.co.uk/press-post/six-isa-trust-picks-for-all-tastes/) - Fund pickers select trusts in different sectors to suit a variety of investors.
- [The Market Made You Rich. Now Stay That Way](https://www.patplc.co.uk/press-post/the-market-made-you-rich-now-stay-that-way/) - You got rich. Now stay rich.
- [Build a stocks and shares Isa for uncertain times with these five Ds](https://www.patplc.co.uk/press-post/build-a-stocks-and-shares-isa-for-uncertain-times-with-these-five-ds/)
- [John Baron: The case for wealth preservation trusts](https://www.patplc.co.uk/press-post/john-baron-the-case-for-wealth-preservation-trusts/) - Expert Portfolio: Our investment trust expert extols the virtues of four gems in this sometimes overlooked sector.
- [Insider Interview: Why soaring gold is not yet a bubble](https://www.patplc.co.uk/press-post/insider-interview-why-soaring-gold-is-not-yet-a-bubble/) - In the latest Insider Interview, Kyle Caldwell puts the questions to Sebastian Lyon, manager of Trojan Fund and Personal Assets, which both adopt a capital preservation approach. Lyon names four key areas the fund and investment trust invest in to both grow and protect investor returns. Among the defensive armory is gold. Lyon explains why
- [Insider Interview - Owning Microsoft over Nvidia, and backing Diageo to recover](https://www.patplc.co.uk/press-post/insider-interview-owning-microsoft-over-nvidia-and-backing-diageo-to-recover/) - Sebastian Lyon, manager of Troy Trojan Fund and Personal Assets, an investment trust, explains why he owns two of the Magnificent Seven technology stocks, Microsoft and Alphabet, but is steering clear of Nvidia as he wants to keep a lid on risk. Lyon also discloses two new holdings, and two stocks that have been sold.
- [Babcock advances on all fronts as defence spending rises](https://www.patplc.co.uk/press-post/babcock-advances-on-all-fronts-as-defence-spending-rises/) - The military contractor’s turnaround plan is showing results and there is more to come.
- [Bond Watch: why Personal Assets prefers short bonds](https://www.patplc.co.uk/press-post/bond-watch-why-personal-assets-prefers-short-bonds/) - Bonds come with different risk and return profiles. One key thing to be aware of is a bond’s “duration”, which is its sensitivity to interest rates.
- [Nine multi-asset fund ideas for retired investors](https://www.patplc.co.uk/press-post/nine-multi-asset-fund-ideas-for-retired-investors/) - Morgan – like Cook – rates Troy Asset Management’s Lyon but prefers his Personal Assets Trust, which focuses on preserving capital.
- [Investor Insights with Gordon Smith](https://www.patplc.co.uk/press-post/investor-insights-with-gordon-smith/) - In Episode #13 we spoke to Sebastian Lyon the co-founder & Chief Investment Officer of Troy Asset Management.
- [Gold’s hitting new highs – why it’s rising and how to invest in it](https://www.patplc.co.uk/press-post/golds-hitting-new-highs-why-its-rising-and-how-to-invest-in-it/) - Despite rising bond yields, gold is one of the top-performing investments this year.
- [AJ Bell’s six ISA funds for investors of all risk tolerances](https://www.patplc.co.uk/press-post/aj-bells-six-isa-funds-for-investors-of-all-risk-tolerances/) - The platform highlights funds worth considering before the ISA deadline next week.
- [Last-minute picks: Eight trusts and funds for ISAs](https://www.patplc.co.uk/press-post/last-minute-picks-eight-trusts-and-funds-for-isas/) - Personal Assets Trust is a defensively managed multi-asset investment trust where the experienced manager, Sebastian Lyon, puts a high degree of emphasis on capital preservation.
- [Where to save and when: our guide to investing through the ages](https://www.patplc.co.uk/press-post/where-to-save-and-when-our-guide-to-investing-through-the-ages/) - Whether you are just starting your first savings account, or working out how to make your pension stretch, Holly Thomas has tips to suit your stage of life
- [Our Pick Of The Best ISA Funds](https://www.patplc.co.uk/press-post/our-pick-of-the-best-isa-funds/) - ISA funds are a tax-efficient way for individuals to hold a diversified portfolio of investments, with the aim of making a profit if they rise in value.
- [Personal Assets Trust: Equities are not priced for a recession](https://www.patplc.co.uk/press-post/personal-assets-trust-equities-are-not-priced-for-a-recession/) - Manager Charlotte Yonge is bearish on equities but bullish on bonds.
- [Morningstar 'Gold' rating retained](https://www.patplc.co.uk/press-post/morningstar-gold-rating-retained/) - This distinguished multi-asset vehicle has achieved long-term success through a cautious approach.
- [Five cautious fund picks for 2024](https://www.patplc.co.uk/press-post/five-cautious-fund-picks-for-2024/) - There is more than one reason to be cautious about 2024, with a plethora of events that bearish investors could be worrying about, including a hard landing, a recession or a possible return of inflation.
- [Five investment trusts to watch for 2024](https://www.patplc.co.uk/press-post/five-investment-trusts-to-watch-for-2024/) - HL’s experts have picked five investment trusts for investors to watch in 2024 and beyond.
- [Defensive Personal Assets orders UK ‘linkers’ and a round of Heineken](https://www.patplc.co.uk/press-post/defensive-personal-assets-orders-uk-linkers-and-a-round-of-heineken/) - Wealth preservation fund Personal Assets has added UK index-linked bonds to the fund for the first time since 2019 and made an exception to its equity scepticism by buying into Heineken.
- [Equity valuations still too high for bearish Personal Assets](https://www.patplc.co.uk/press-post/citywire-investment-trust-awards-2023-best-performers-best-board/) - Charlotte Yonge of Personal Assets, which won in the multi-asset sector at Citywire’s awards, says equity market valuations must drop before it raises its record-low stake.
- [‘Unrealistic’ equity prices are keeping Personal Assets’ Yonge away from markets](https://www.patplc.co.uk/press-post/unrealistic-equity-prices-are-keeping-personal-assets-yonge-away-from-markets/) - A recent article from Matteo Annelli in Trustnet references arguments made by Charlotte Yonge, assistant fund manager of Personal Assets Trust, about lofty company valuations despite the recessionary threat.
- [How to invest in case of a recession](https://www.patplc.co.uk/press-post/how-to-invest-in-case-of-a-recession/) - Charlotte Yonge recently spoke to David Brenchley at The Times about the possibility of a recession in the UK and US, and how the Personal Assets Trust is defensively positioned to protect capital if the lagged effects of monetary tightening eventually kick in.
- [Why GARS shouldn’t spell the end of absolute return – and three funds to consider](https://www.patplc.co.uk/press-post/why-gars-shouldnt-spell-the-end-of-absolute-return-and-three-funds-to-consider/) - There is still a place for the right kind of absolute return fund despite the merging away of abrdn’s Global Absolute Return Strategies fund.
- [Funds to hold alongside Vanguard LifeStrategy 20% Equity](https://www.patplc.co.uk/press-post/funds-to-hold-alongside-vanguard-lifestrategy-20-equity/) - Experts reveal three funds that would pair well with this passive vehicle.
- [These investment trusts look cheap - is now the time to buy?](https://www.patplc.co.uk/press-post/these-investment-trusts-look-cheap-is-now-the-time-to-buy/) - Investors don’t often get the chance to buy assets for less than their market value - yet one popular type of investment offers that potential.
- [Benstead on Bonds: what pros who think inflation is here to stay are buying](https://www.patplc.co.uk/press-post/benstead-on-bonds-what-pros-who-think-inflation-is-here-to-stay-are-buying/) - These three wealth preservation trusts have high weightings to this type of bond amid concerns that inflation has become embedded. Sam Benstead explains how these bonds work, and whether they would be a good fit for your portfolio.
- [The secrets of investing when inflation is high](https://www.patplc.co.uk/press-post/the-secrets-of-investing-when-inflation-is-high/)
- [Capital had its day. Now it's labor's turn, Troy's Lyon says](https://www.patplc.co.uk/press-post/capital-had-its-day-now-its-labors-turn-troys-lyon-says/)
- [Personal Assets Trust bunkers down to protect and defend](https://www.patplc.co.uk/press-post/personal-assets-trust-bunkers-down-to-protect-and-defend/)
- [The best 25 funds for your Isa – picked by our experts](https://www.patplc.co.uk/press-post/the-best-25-funds-for-your-isa-picked-by-our-experts/)
- [The trust that analysts overwhelmingly back for capital protection](https://www.patplc.co.uk/press-post/the-trust-that-analysts-overwhelmingly-back-for-capital-protection/)
- [AJ Bell’s five trusts for every kind of investor this ISA season](https://www.patplc.co.uk/press-post/aj-bells-five-trusts-for-every-kind-of-investor-this-isa-season/)
- [3 investment trust ideas for a Stocks and Shares ISA](https://www.patplc.co.uk/press-post/3-investment-trust-ideas-for-a-stocks-and-shares-isa-2/)
- [Eight noteworthy trusts and funds for 2023](https://www.patplc.co.uk/press-post/eight-noteworthy-trusts-and-funds-for-2023/)
- [Five investment trusts to watch 2023](https://www.patplc.co.uk/press-post/five-investment-trusts-to-watch-2023/)
- [Weekly Investment Trust Podcast with Jonathan Davis](https://www.patplc.co.uk/press-post/weekly-investment-trust-podcast-with-jonathan-davis/)
- [Personal Assets Trust: July 2020 update](https://www.patplc.co.uk/press-post/personal-assets-trust-july-2020-update/) - We like the simple philosophy behind this trust, with the potential for long-term growth and a focus on preserving wealth in weaker markets Manager Sebastian Lyon is part-owner of Troy so we think he's incentivised to perform He also has a good team of analysts around him to provide support on this trust How it
- [What's on your January shopping list? AJ Bell's eight fund and trust picks for 2021](https://www.patplc.co.uk/press-post/whats-on-your-january-shopping-list-aj-bells-eight-fund-and-trust-picks-for-2021/)
- [Personal Assets profits in 2020 by avoiding cyclicals](https://www.patplc.co.uk/press-post/personal-assets-profits-in-2020-by-avoiding-cyclicals/)
- [Top 50 Funds 2021: Wealth preservation](https://www.patplc.co.uk/press-post/top-50-funds-2021-wealth-preservation/)
- [Three funds to hold alongside Vanguard LifeStrategy 60% Equity](https://www.patplc.co.uk/press-post/three-funds-to-hold-alongside-vanguard-lifestrategy-60-equity/)
- [Most-bought investments: December 2021](https://www.patplc.co.uk/press-post/most-bought-investments-december-2021/)
- [Five investment trusts to watch in 2022](https://www.patplc.co.uk/press-post/five-investment-trusts-to-watch-in-2022/)
- [Inflation is stripping savings bare...](https://www.patplc.co.uk/press-post/inflation-is-stripping-savings-bare/)
- [Investors split between tech and travel going into 2022](https://www.patplc.co.uk/press-post/investors-split-between-tech-and-travel-going-into-2022/)
- ['Where should I invest £120,000 for my grandchildren?'](https://www.patplc.co.uk/press-post/where-should-i-invest-120000-for-my-grandchildren/)
- [How investing in construction can help you to beat inflation](https://www.patplc.co.uk/press-post/how-investing-in-construction-can-help-you-to-beat-inflation/)
- [Five multi-asset funds to consider for your ISA](https://www.patplc.co.uk/press-post/five-multi-asset-funds-to-consider-for-your-isa/)
- [How to increase your pension when you hit 50 and start planning for retirement](https://www.patplc.co.uk/press-post/how-to-increase-your-pension-when-you-hit-50-and-start-planning-for-retirement/)
- [How I’d start investing with £100k today](https://www.patplc.co.uk/press-post/how-id-start-investing-with-100k-today/)
- [Oil now the best pandemic investment as Ukraine woes push up price](https://www.patplc.co.uk/press-post/oil-now-the-best-pandemic-investment-as-ukraine-woes-push-up-price/)
- [The low-risk funds to buy, hold and forget about](https://www.patplc.co.uk/press-post/the-low-risk-funds-to-buy-hold-and-forget-about/)
- [Hold your nerve! says JEFF PRESTRIDGE: The biggest danger Putin poses investors is scaring them into selling out now](https://www.patplc.co.uk/press-post/hold-your-nerve-says-jeff-prestridge-the-biggest-danger-putin-poses-investors-is-scaring-them-into-selling-out-now/)
- [Savers in frozen Russia funds hit by 'unfair' fees](https://www.patplc.co.uk/press-post/savers-in-frozen-russia-funds-hit-by-unfair-fees/)
- [The FTSE has dipped below 7,000 in its worst week since Covid struck but this safe haven is on the rise... is it time to fortify your portfolio with gold?](https://www.patplc.co.uk/press-post/the-ftse-has-dipped-below-7000-in-its-worst-week-since-covid-struck-but-this-safe-haven-is-on-the-rise-is-it-time-to-fortify-your-portfolio-with-gold/)
- [Investment trusts go on sale](https://www.patplc.co.uk/press-post/investment-trusts-go-on-sale/)
- [3 investment trust ideas for a Stocks and Shares ISA](https://www.patplc.co.uk/press-post/3-investment-trust-ideas-for-a-stocks-and-shares-isa/)
- [An energy shock and high inflation: are the 1970s reborn?](https://www.patplc.co.uk/press-post/an-energy-shock-and-high-inflation-are-the-1970s-reborn/)
- [I'm no stockpicker. I put faith in those who are](https://www.patplc.co.uk/press-post/im-no-stockpicker-i-put-faith-in-those-who-are/)
- [Investment tips for a Stocks and Shares ISA](https://www.patplc.co.uk/press-post/investment-tips-for-a-stocks-and-shares-isa/)
- [The investment trusts that aim to beat inflation AND keep your money safe: We run the rule over Ruffer, Personal Assets, RIT and Capital Gearing](https://www.patplc.co.uk/press-post/the-investment-trusts-that-aim-to-beat-inflation-and-keep-your-money-safe-we-run-the-rule-over-ruffer-personal-assets-rit-and-capital-gearing/)
- [The ‘one-stop-shops’ to help navigate any market environment](https://www.patplc.co.uk/press-post/the-one-stop-shops-to-help-navigate-any-market-environment/)
- [Death of Former Executive Director](https://www.patplc.co.uk/press-post/death-of-former-executive-director/)
- [Listed funds have a big flaw. This one offers a way around it](https://www.patplc.co.uk/press-post/listed-funds-have-a-big-flaw-this-one-offers-a-way-around-it/)
- [The shares to buy if you're 18...or 56](https://www.patplc.co.uk/press-post/the-shares-to-buy-if-youre-18-or-56/)
- [Capital preservation with a Personal touch](https://www.patplc.co.uk/press-post/capital-preservation-with-a-personal-touch/)
- [The ultimate ‘no surprises’ investment trust](https://www.patplc.co.uk/press-post/the-ultimate-no-surprises-investment-trust/)
- [Why the Personal Assets trust has its lowest equity weighting since 2008](https://www.patplc.co.uk/press-post/why-the-personal-assets-trust-has-its-lowest-equity-weighting-since-2008/)
- [Personal Assets Trust sells shares as ‘bear market has room to run’](https://www.patplc.co.uk/press-post/personal-assets-trust-sells-shares-as-bear-market-has-room-to-run/)
- [Personal Assets Trust cuts equity exposure to lowest level since 2008 as manager Sebastian Lyon warns the bear market has ‘room to run’](https://www.patplc.co.uk/press-post/personal-assets-trust-cuts-equity-exposure-to-lowest-level-since-2008-as-manager-sebastian-lyon-warns-the-bear-market-has-room-to-run/)
- [Personal Assets Trust: September 2022 Update](https://www.patplc.co.uk/press-post/personal-assets-trust-september-2022-update/)

## Events

- [Investment Trust Seminar 2026](https://www.patplc.co.uk/event/investment-trust-seminar-2026/) - The Directors of Troy Asset Management hosted the annual Troy Investment Trust Seminar on Tuesday 30th June at The Royal Institution of Great Britain. If you were unable to attend the event, a recording of the presentation is available below.
- [Troy Multi-Asset Strategy Webinar](https://www.patplc.co.uk/event/troy-multi-asset-strategy-webinar-2-2/)
- [Personal Assets Trust Annual General Meeting 2025](https://www.patplc.co.uk/event/personal-assets-trust-annual-general-meeting-2025/) - We would like to share with you a recording of the Personal Assets Trust Annual General Meeting which took place on 18th July 2025. Please refer to Troy’s Glossary of Investment terms here. Performance data relating to the NAV is calculated net of fees with income reinvested unless stated otherwise. Past performance is not a
- [Investment Trust Seminar 2025](https://www.patplc.co.uk/event/investment-trust-seminar-2025-2/) - The Directors of Troy Asset Management hosted the annual Troy Investment Trust Seminar on Tuesday 24th June at The Royal Institution of Great Britain. If you were unable to attend the event, a recording of the presentation is available below.
- [Investment Trust Seminar 2025](https://www.patplc.co.uk/event/investment-trust-seminar-2025/) - The Directors of Troy Asset Management hosted the annual Troy Investment Trust Seminar on Tuesday 24th June at The Royal Institution of Great Britain. If you were unable to attend the event, a recording of the presentation is available below.
- [Troy Multi-Asset Strategy Webinar](https://www.patplc.co.uk/event/troy-multi-asset-strategy-webinar-2/) - Q&A on the Troy Multi-Asset Strategy with Sebastian Lyon and Charlotte Yonge. Please note that the webinar is for UK investors and professional investors only in Ireland.
- [Personal Assets Trust Annual General Meeting 2024](https://www.patplc.co.uk/event/personal-assets-trust-annual-general-meeting-2024/) - We would like to share with you a recording of the Personal Assets Trust Annual General Meeting which took place on 19th July 2024. Please refer to Troy’s Glossary of Investment terms here. Performance data provided relating to the NAV is calculated net of fees with income reinvested unless stated otherwise. Overseas investments may be
- [Troy Asset Management Investment Trust Seminar 2024](https://www.patplc.co.uk/event/troy-asset-management-investment-trust-seminar-2024/) - The Directors of Troy Asset Management hosted the annual Troy Investment Trust Seminar on Tuesday 25th June at The Royal Institution of Great Britain. If you were unable to attend the event, a recording of the Personal Assets Trust presentation is available below. Disclaimer Performance data provided relating to the NAV is calculated net
- [Troy Multi-Asset Strategy Webinar](https://www.patplc.co.uk/event/troy-multi-asset-strategy-webinar/) - Sebastian Lyon and Charlotte Yonge, managers of Troy's Multi-Asset Strategy, give an update on the performance, current asset allocation and outlook of Personal Assets Trust, the Trojan Fund and the Trojan Ethical Fund. Please note that the webinar is for UK investors and professional investors only in Ireland. Please refer to Troy’s Glossary of Investment

## People

- [Gordon Neilly](https://www.patplc.co.uk/people/gordon-neilly/) - Gordon joined the Board as a non-executive Director in 1997 and has considerable experience and knowledge of investment trusts. Gordon is Head of European Credit, Clearlake Credit, a Director of Clearlake Capital Group UK Limited and Chairman of Montanaro European Smaller Companies Trust plc. He was previously Chief of Staff at Standard Life Aberdeen. Prior
- [Mandy Clements](https://www.patplc.co.uk/people/mandy-clements/) - Mandy Clements (nee Pike) joined the Board in 2020. Until December 2019 Mandy was CEO of legal entities responsible for £300 billion of assets at Aberdeen Standard Investments, having worked at the group for 19 years. She also oversaw the dealing function globally for over 14 years and has held dealing roles at F&C Asset Management
- [Sharon Brown](https://www.patplc.co.uk/people/sharon-brown/) - Sharon Brown joined the Board as a non-executive Director in July 2025. Sharon is a non-executive director and chair of the audit committees of The Baillie Gifford Japan Trust PLC, European Opportunities Trust PLC and Celtic PLC. Between 1998 and 2013 she was finance director of Dobbies Garden Centres PLC and previously served as a
- [Robbie Robertson](https://www.patplc.co.uk/people/robbie-robertson/) - Robbie Robertson joined the Board in 2020. During a 37 year career in investment trust broking, Robbie gained extensive experience of investment trust sales, research and corporate advisory services. He worked as an investment trust analyst for Laurence Prust and Wood Mackenzie, and then headed the investment companies teams at Dresdner Kleinwort Wasserstein, and Canaccord
- [Paul Read](https://www.patplc.co.uk/people/paul-read/) - Paul joined the Board as a non-executive Director in 2017. Until his retirement in December 2021, Paul Read co-lead Invesco’s Henley based fixed income team. He began his investment career in 1986 in investment banking fixed income sales and trading, first with UBS (Securities) Ltd and later with Merrill Lynch International. He holds a BA
- [Jennifer Thomas](https://www.patplc.co.uk/people/jennifer-thomas/) - Jennifer joined the Board as a non-executive Director in 2024. Jennifer is a prominent diversity and inclusion and communications specialist with over 25 years’ experience in leading external and internal communications strategies within various organisations. She is currently the Global Head of Equality, Diversity and Inclusion (EDI), leading the EDI strategy and agenda for the
- [Iain Ferguson CBE](https://www.patplc.co.uk/people/iain-ferguson-cbe/) - Iain joined the Board as a non-executive Director in 2017 and became Chairman in 2020. Iain is also Chairman of Crest Nicholson Holdings plc and Genus plc. He was previously Chairman of Berendesn plc, Stobart Group Limited and Senior Independent Director and Chairman of the Remuneration Committee at Balfour Beatty plc. Until 2009 he was
- [Charlotte Yonge](https://www.patplc.co.uk/people/charlotte-yonge/) - Charlotte is the Co-Manager of the Trojan Fund and Personal Assets Trust 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.
- [Sebastian Lyon](https://www.patplc.co.uk/people/sebastian-lyon/) - Sebastian is Troy’s Chief Investment Officer and is responsible for Troy’s Multi-Asset Strategy. He is the Co-Manager for the Trojan Fund and 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

## Categories

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## Tags

- [Trojan Income Fund](https://www.patplc.co.uk/tag/trojan-income-fund/)
- [Multi-Asset](https://www.patplc.co.uk/tag/multi-asset/)
- [Trojan Fund](https://www.patplc.co.uk/tag/trojan-fund/)
- [Responsible Investment](https://www.patplc.co.uk/tag/responsible-investment/)