The Personal Assets Trust (LON:PNL) is one of the best defensively orientated investment trusts on the market and it has just released its annual results for the year ended 30th April. Over the course of the financial year the fund's net asset value (NAV) increased by 10.2% on a total return basis, or 8.6% if you exclude the dividends.
PNL has a cautious approach as its investment policy is "to protect and increase (in that order) the value of shareholders' funds per share over the long term". At the end of April its equity exposure was just 45.7%, which explains why the 12-month gain was well behind the 20.1% total return achieved by the FTSE All Share.
The fund is managed by Sebastian Lyon of Troy Asset Management. Troy was created in the year 2000 and is unusual in that it prioritises the avoidance of permanent capital losses. It does this by cautious asset allocation and by only investing in 'high quality' companies.
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