UPDATE (Nov 2026): Like Capital Gearing Trust and Ruffer, PNL has continued with its defensive portfolio positioning -- its September 2026 factsheet showed 42% in equities, 30% in US and UK inflation-linked bonds, 9% in gold, and 18% in short-dated Japanese and UK government bonds. In the year to March 2025, the trust returned +7.5% versus +7.5% for the FTSE All-Share, followed by +6.3% versus +25.2% to March 2026. Charlotte Yonge became co-manager alongside Sebastian Lyon in May 2026, and the fee on assets above £1.5bn was reduced from 0.45% to 0.35%.

Personal Assets Trust (PNL) says its "pr...