Personal Assets Trust aims to shield investors from the worst of falling stock markets while delivering steady long-term returns. Managed by Troy Asset Management since 2009, the trust has achieved average annual returns of 7 per cent, with a focus on capital preservation and smoother performance during market turbulence.

The trust has historically fallen less than the broader market during sharp downturns, including during the 2020 lockdown and recent volatility linked to conflict in the Middle East. Its defensive positioning has helped limit losses compared with the wider United Kingdom stock market, though this caution can mean weaker performance when equities surge.

Around a third of the portfolio is invested in equities, with the remainder in gold and government bonds. The managers have trimmed holdings in high-growth technology companies such as Alphabet and instead favour more defensive businesses like Heineken. Despite recent pressure from a weaker gold price, the trust maintains a meaningful allocation to the metal, citing long-term demand and inflation concerns.

With annual charges of 0.67 per cent and shares trading at a small premium to asset value, the trust remains popular among investors seeking stability. Its dividend yield stands at about 1 per cent annually, reflecting its primary focus on capital protection rather than income.