Capital Gearing Trust (ticker: CGT) is one of a handful of defensive investment trusts that sit in the AIC's Flexible sector. It has been listed since 1973 and managed by Peter Spiller since 1982 although the trust's investment team has been broadened in recent years with Alastair Laing joining in 2011 and Chris Clothier in 2015. Famously, Capital Gearing has only had one down year since Spiller took charge -- a 2% loss in 2013/14. Since the turn of the century, it has held a reduced proportion of its portfolio in risk assets such as equities preferring index-linked bonds to protect against in...