Personal Assets Trust - Troy Asset Management was appointed investment adviser in 2009 and then investment manager of this fund in 2020. It is a flexible, long-term, long-only multi-asset fund, and there are no derivatives. Brierley notes how, in the last quarterly for the fund, the manager noted how we have witnessed a 40-year bull market in bonds, a high equity market and record low interest rates, and that “nothing lasts forever”.
RIT Capital Partners - This trust is a long-standing member of Investec’s flexible model portfolio, and Brierley said he has been particularly impressed with the performance in recent years. He said given the blend of conviction and diversification, the portfolio is well placed to shield capital in much more challenging conditions.
Ruffer Investment Company - Brierley said even before the Ukraine invasion, the manager believed the economy was transitioning to a new regime of higher inflation and volatility. The trust is invested across index-linked investments with a bias towards the UK, providing protection against low yields, and has an “unconventional toolkit” of payer swaptions, gold, equity put options, and credit protections.
sally.hickey@ft.com
