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.
FCA 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 has 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 period the Trust delivered a Net Asset Value (NAV) total return of -2.0% and share price total return of -3.0%. The FTSE All Share Index returned -2.8%.
At the end of the month close to a quarter of the Trust’s assets were invested in financial sector stocks. This apparently concentrated allocation of assets belies the reality of a hugely diversified and heterogeneous pool of prospective risks and returns. It is also a sector in which we are often more able to find a combination of diversifying economic exposures and management who understand the importance of capital allocation.
Such investments are few and far between but we have seen increasing evidence that Land Securities, who own and develop property within the UK retail and London office markets, meets our criteria. The company’s decision to curtail the development of new office space in London shows a disciplined approach to investment and a focus on return on investor’s capital. The management team believe a glut of new space is due to reach the market in the next few years and will reduce profits for those completing projects beyond 2017. The innumerable cranes punctuating the City’s skyline would support this view! By contrast Land Securities’ early cycle development projects are now nearing completion. Assets such as 20 Gresham Street (the Walkie Talkie), which is now 87% let at attractive rents, look well positioned to make returns well above the cost of capital.
Land Securities currently trades at less than the book value of its assets (0.9x) and has a dividend yield of over 3%.