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 period the Trust delivered a Net Asset Value (NAV) total return of -0.9% and share price total return of -0.7%. The FTSE All Share Index returned -0.3%. The month end also marks the fifth anniversary of Troy’s appointment to manage the Trust. Over that period the Trust has delivered a NAV total return of +98.1% and a price total return of +114.7%, compared to a return from the FTSE All Share of +80.7%.
Since July 2009 we have pursued an investment strategy that has delivered stable growth of both capital and income. Over the last five years the Trust has demonstrated the lowest volatility of returns in its sector, shielding investors from the worst of the market’s mood swings.
The Board and Troy have also implemented several changes to the Trust’s structure in order to deliver additional benefits to shareholders. A discount control mechanism was put in place to ensure that investors will always be able to buy or sell at, or close to, Net Asset Value. This has also dramatically increased the proportional liquidity of the Trust’s shares. With the shares trading at NAV,demand from new investors can be met with issuance of shares without diluting existing owners. As a result of this and strong markets your Trust has grown substantially from below £50m to over £150m. This has reduced the per share costs borne by investors by about a quarter.
Importantly, as we pass this milestone we believe your Trust remains well positioned to continue to deliver strong capital and income growth whilst insulating investors from the worst vagaries of the stock market cycle.