UPDATE: CGT produced a rare -3% fall in its NAV for the year to March 2022, followed by gains of 1%, 3%, 4%, and 6% over the years ended March 2023 to March 2026. A 10-for-1 share split took place in July 2026. The shares have traded at a discount since early 2023, so the trust has bought back around 40% of its shares in accordance with its zero discount policy. In 2025, CGT was a public objector to the proposed merger of HICL and TRIG, both run by InfraRed, and a deal was soon abandoned.

Capital Gearing Trust (ticker: CGT) is one of a handful of defensive investment trusts that sit in the AI...