Personal Assets Trust (PNL) says its "primary objective is to protect and increase (in that order) the value of shareholders’ funds per share over the long term" and it is the largest of the three wealth preservation trusts in the Flexible sector (the other two being Capital Gearing and Ruffer). PNL was launched in 1983, became self-managed in 1990, and was run by Ian Rushbrook from 1990 until he died after a short illness in 2008. Troy Asset Management was appointed as the management firm in early 2009 and Sebastian Lyon has been the lead manager for the last decade and a half. PNL currently ...