The principal objective of the Company is to provide shareholders with an attractive income yield and the prospect of income and capital growth through investing in a portfolio of predominantly UK equities.
FSA Share Fraud Warning
Fraudsters use persuasive and high-pressure tactics to lure investors into scams. They may offer to sell shares that turn out to be worthless or non-existent, or to buy shares at an inflated price in return for an upfront payment.
While high profits are promised, if you buy or sell shares in this way you will probably lose your money.
Please click here to access a copy of the new FCA Share Fraud Warning leaflet, published August 2013
The Company have now appointed Equiniti, to offer ISA and Investment Account schemes for individuals. Application forms can be requested from Personal Assets Trust Administration Company on 0131 538 6610 or you can apply online. Please click here to be directed to the relevant website at Equiniti.
Manager's Monthly Report
During the month the Trust delivered a Net Asset Value total return of -0.6% and share price total return of +1.6%. This compares with a –2.6% return for the FTSE All Share Index.
We rarely enjoy seeing the names of the companies in which we invest making headlines so it was with mixed feelings that we heard that Inmarsat has been playing a critical role in the tragic search for flight MH370. Inmarsat is the owner of a constellation of geostationary satellite assets through which it provides communication capability to users in far flung geographies. These customers include the military, global oil companies and much of the world’s merchant fleet. It is the superior global coverage of this satellite network that enabled Inmarsat to direct the multinational search efforts to the Southern Indian Ocean and which compelled us to invest in mid 2011.
Since that time Inmarsat has overcome the risks of new satellite launches to further strengthen its constellation and therefore increase the barriers to competition. Over the same period the shares have delivered a return twice that of the market. Despite this strong historic performance we continue to hold the stock and expect the demand for communications to continue to drive earnings and dividend growth. The stock currently yields an attractive 4%.
Elsewhere growth expectations are becoming more accurately reflected in prices. As a result we reduced the Trust’s holdings in AstraZeneca and Sage, and added to still attractively valued positions in stocks such as Lloyds (when the government sold down a further tranche of its stake) and Centrica.