Trust
FACT BOX
MANAGERS : Sebastian Lyon & Charlotte Yonge / LAUNCHED : 22 / 07 / 1983 / DISCOUNT / PREMIUM : + 0.7 % / OCF : 0.67 %
CROWN RATING
positions and reduced exposure to equities – this weighting finished 2022 at about 25 %, its lowest since 2008 . In the trust ’ s half-year report , released in November , Lyon said it is now apparent that the equity rally of 2020 and 2021 was a bubble that has burst . “ The current bear market is similar , but not identical , to the three-year stock market fall from 2000-2003 ,” he said . “ In contrast to that period , there have been few attractive alternatives to protect and grow capital in 2022 .” On the plus side , he said that rising bond yields mean investors now have an alternative to equities . However , he said “ this bear market has room to run ”.
Performance of trust vs sector and index over 10yrs
FTSE All Share ( 84.9 %)
Personal Assets Trust ( 56.8 %)
IT Flexible Investment ( 52.3 %)
100 % |
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80 % |
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60 % |
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40 % |
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20 % |
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0 % |
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-20 % |
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Feb13 |
Feb14 |
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Feb18 |
Feb19 |
Feb20 |
Feb21 |
Feb22 |
Source : FE Analytics
Issue 92 - February 2023 / 53 /