REG - Personal Assets Tst. - Half-year Financial Report
02/12/2025 07:00
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RNS Number : 7807J Personal Assets Trust PLC 02 December 2025
From: Personal Assets Trust plc
LEI: 213800Z7ABM7RLQ41516
Date: 2 December 2025
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 OCTOBER 2025 (UNAUDITED)
SUMMARY
• Personal Assets Trust ('PAT' or the 'Company') is an investment trust with the
investment policy to protect and increase (in that order) the value of
shareholders' funds per share over the long term.
• Net asset value ('NAV') total return over the six months to 31 October 2025
was 5.6%, with the NAV per share at the period end being 540.24 pence.
• Share price total return over the six months to 31 October 2025 was 6.0%, with
the share price closing the period at 537.00 pence
• The share price discount to the Company's NAV at 31 October 2025 was 0.6%.
Over the six months PAT's shares continued to trade close to NAV under the
Company's discount and premium control policy. The Company bought back 7.1
million Ordinary shares, at a small discount at a cost of £36.5 million, and
issued 1.5 million Ordinary shares from Treasury, at a small premium for
proceeds of £7.9 million.
• The first interim dividend of 1.4 pence per Ordinary share, was paid to
shareholders on 31 July 2025 and the second interim dividend of 1.4 pence was
paid on 3 October 2025. A third interim dividend of 1.4 pence per Ordinary
share will be paid to shareholders on 23 January 2026 and it is the Board's
intention, barring unforeseen circumstances, that a fourth interim dividend of
1.4 pence per Ordinary share will be paid in April 2026, making a total for
the year of 5.6 pence per Ordinary share.
Key Features
As at As at
31 October 30 April
2025 2025
Market Capitalisation £1,671.5m £1,619.0m
Shareholders' Funds £1,681.6m £1,632.4m
Shares Outstanding 311,259,372 316,838,372
Share Price 537.00p 511.00p
NAV per Share 540.24p 515.22p
FTSE All-Share Index 5,240.21 4,594.05
Consumer Price Index ('CPI') 139.82 138.18
Discount to NAV 0.6% 0.8%
Earnings per Share 3.06p((2)) 8.92p((3))
Dividend per Share 2.80p((2)) 5.60p((1)(3))
((1)) A special dividend equivalent to 1.6 pence per Ordinary share was also
paid in July 2025 in relation to the year ended 30 April 2025. Further details
on the dividends paid for the year ended 30 April 2025 are set out in Note 3
below.
((2)) For the six month period to 31 October 2025.
((3)) Full Year.
Investment Manager's Report
Over the half year to 31 October 2025, the net asset value ('NAV') total
return of Personal Assets Trust ('PAT') rose by 5.6% while the FTSE All-Share
Index ('FTSE') rose by 16.0%. These returns include reinvested dividends.
Inflation over the six months rose by 1.2%.
The largest contributors to returns were equities and gold, adding 3.0% and
2.6% respectively. The only negative contributor was currency, costing 0.1%.
The past six months have seen markets rebound strongly from their April lows,
with AI-related gains continuing to fuel optimism. Two of the best performing
cohorts of stocks in the US in 2025 fall under the categories of 'Nasdaq
listed with no revenues' and 'unprofitable small/mid 00caps'. Meanwhile,
traditionally more defensive sectors, many of which contain high quality,
large cap companies, have not looked more friendless since 2000. With the
action elsewhere, and more conservative investing habits shunned by the fear
of missing out, there are an increasing number of opportunities in the types
of companies we favour. Somewhat paradoxically, our equity allocation has
risen this year as a valuation divergence has emerged. This may continue while
there appears little reason to hold on to stocks with consistent, if somewhat
dull, profit growth. Companies that fall within sectors like consumer staples
and healthcare often look dullest near the top of strong bull runs. When a
reappraisal comes, they are likely to defend and perform well.
Gold has continued its bull market into 2025, rising c.21% in US dollar terms
and c.23% in sterling for the six months in question. For the calendar year to
end October, the price had appreciated 53% in dollar terms and 45% in
sterling. We accept that there are some short-term risks to the price after
such a strong run and we have taken profits to keep the holding to a low teens
percentage of the portfolio. We believe the immediate threats to the price
include an unexpected rally in the US dollar or a sell off in wider markets
which may see a dash for liquidity. One such instance was in March 2020 when,
in a rush for liquidity during the pandemic, gold fell 15% as financial
conditions deteriorated. Bullion recovered quickly as central banks turned the
liquidity taps back on. History is consistent: across the last six S&P 500
drawdowns of 15% or more, gold typically fell alongside equities at first, but
by the trough had outperformed by roughly 40% on average, with positive
absolute returns in four of the six episodes. The diversification benefits of
gold are real, but they can require a little patience.
Within the equity component of the portfolio, we added to Agilent
Technologies, Canadian National Railway and Experian, and established three
new holdings in Hubbell, London Stock Exchange Group (LSEG) and Alcon.
Alphabet, Microsoft and Verisign were all reduced following strong share price
performances. Moody's, American Express and LVMH, arguably the most
economically sensitive holdings in the portfolio, were sold during the period.
These stocks have contributed positively to PAT's returns but are now trading
on multiples of earnings which we do not believe leave sufficient room for
disappointment. American Express, the longest standing of the three, was
bought for the portfolio in January 2014. The shares delivered a total return
of 334% from that initial purchase to the date of their sale in October this
year.
We started a holding in Hubbell during the weeks following 'Liberation Day'.
Hubbell manufactures equipment for the transmission and distribution of
electricity across the US grid. The company has grown its revenues at 5-6%
compound over the last 5, 10 and 20 years and has a tangible return on
invested capital of just under 50%. We can see both characteristics sustaining
into the future. Hubbell's market share (estimated at 20% and twice the size
of the nearest competitor) is stable and steadily growing, reflecting its
position as the leading supplier of essential parts. Going forward, the
necessity of investing in the grid is only likely to intensify, whether on
account of demand from data centers or electric vehicles or the need to harden
the grid against climate change. The International Energy Agency estimates
that the global grid needs to expand 2-3x to support growth in demand, with
electricity moving from 20% of global energy consumption today to 50% by 2050.
The company does not give guidance beyond the current financial year, but we
suspect that the rate and durability of its returns are underappreciated.
On the last day of July, we initiated a holding in LSEG. This is a company
that we have followed for over a decade. Since acquiring Refinitiv in 2021,
LSEG's business has transformed from a company dominated by its exchange and
clearing operations, to a business centered around the sale of data and
analytics, where most revenues are subscription based. Owing to the lumpiness
of some of its subscription sales, the company's shares de-rated to just over
20x earnings on the day of its results, even as it reported sales growth of
8.7% for H1 2025. We think sales from the business's unmatched range of high
quality, deeply integrated financial data sets, from FTSE Russell Indices to
tick level trade data, will continue to grow and command pricing power for
years to come.
Alcon is the largest eye care device company in the world with its surgical
and vision care products (contact lenses and lens care products) touching the
lives of people in over 140 countries with conditions such as cataracts or
glaucoma. With more than 75 years of history in the ophthalmic industry, Alcon
has established itself as the number one company by global market share in
both the ophthalmic surgical and vision care market. The company invests
heavily in R&D ($900m in 2024 alone) to deliver a steady cadence of new
products and innovation. We took the opportunity in August, following a
cyclical de-rating in the shares, to start a new holding in this high-quality
business.
Autumn 2025 brought with it several indications that we may be in a stock
market bubble. Open AI raised capital, reportedly valuing the company at
$500bn at a time when its annual revenue run-rate is around $13bn. The Shiller
Price-to-Earnings Ratio on the S&P 500 index reached 40x earnings, a level
not seen since the dot-com boom. And whilst the hyperscalers have largely been
funding their AI infrastructure spend from free cash flow, the amount of debt
being issued across various parts of the market is on the rise. We continue to
hold defensive assets in the portfolio, namely Japanese yen, gold, liquidity
and short-dated index-linked bonds. And across our equity holdings, we remain
valuation sensitive, leaning into companies where we believe earnings growth
can sustain but where the valuations encompass some margin of safety. With
around 40% of the Company's value in stocks today, we retain ample liquidity
to lean into market opportunities when they arise.
Sebastian Lyon and Charlotte Yonge, Investment Managers
Troy Asset Management
1 December 2025
For further information, contact:
Sebastian Lyon and Charlotte Yonge
Investment Manager
Tel: 0207 499 4030
Carron Dobson
Juniper Partners Limited, Company Secretary
Tel: 0131 378 0500
Portfolio as at 31 October 2025
Shareholders' Funds Valuation
31 October 2025
Security Country Equity Sector % £'000
Equities
Alphabet USA Technology 5.2 86,935
Unilever UK Food Producer 4.4 74,823
Visa USA Financial Services 3.3 55,729
Agilent Technologies USA Healthcare 2.9 48,031
Diageo UK Beverages 2.8 46,885
Nestlé Switzerland Food Producer 2.3 38,198
London Stock Exchange Group UK Financial Services 2.2 36,672
Microsoft USA Technology 2.1 36,161
Canadian National Railway Canada Industrial 1.9 32,126
Chubb USA Financial Services 1.9 32,351
Hubbell USA Industrial 1.9 32,240
Verisign USA Technology 1.7 27,925
Experian UK Industrial 1.6 26,589
Heineken Netherlands Beverages 1.5 25,969
Alcon Switzerland Healthcare 1.4 23,386
L'Oréal France Personal Goods 1.1 18,008
Adobe USA Technology 1.1 18,626
Pernod-Ricard France Beverages 0.9 15,083
Heineken Holding Netherlands Beverages 0.8 13,625
Total Equities 41.0 689,362
Other Investments
US TIPS USA 16.3 274,408
Gold Bullion 11.5 192,951
UK Index-Linked Bonds UK 11.4 192,065
UK Gilts/ T-Bills UK 10.7 179,966
Japanese Government Bonds Japan 7.8 131,686
Property 0.1 1,730
Total Other Investments 57.8 972,806
Total Investments 98.8 1,662,168
UK cash 2.2 36,222
Overseas cash 0.1 2,229
Net current liabilities (1.1) (19,064)
TOTAL PORTFOLIO 100.0 1,681,555
Geographic Analysis of Investments and Currency Exposure As At 31 October 2025
UK USA France Switzerland Netherlands Canada Japan Total
% % % % % % % %
Equities 11.0 20.1 2.0 3.7 2.3 1.9 - 41.0
Index-Linked Bonds 11.4 16.3 - - - - - 27.7
Gold Bullion - 11.5 - - - - - 11.5
Gilts/ T-Bills 10.7 - - - - - - 10.7
Government Bonds - - - - - - 7.8 7.8
Property 0.1 - - - - - - 0.1
Cash 2.2 0.1 - - - - - 2.3
Net current liabilities (1.1) - - - - - - (1.1)
Total 34.3 48.0 2.0 3.7 2.3 1.9 7.8 100.0
Net currency exposure 62.7((1)) 21.5((1)(2)) 2.0 3.7 2.3 -((2)) 7.8 100.0
(1) The Company's exposure to US dollar denominated assets was protected by
forward currency contracts.
(2) The Canadian equity is denominated in US dollars and therefore the
currency exposure is included under USA above.
Statement of Principal Risks and Uncertainties
The Board believes that the principal risks to shareholders, which it seeks to
mitigate through continual review of its investments and through engagement
with the Investment Manager, are events or developments which can affect the
general level of share prices and other financial assets, including, for
instance, inflation or deflation, economic recessions and movements in
interest rates and currencies.
The Board acknowledges that the continuing uncertainties for global economies
and financial markets, with higher levels of inflation and volatility in
markets and heightened geopolitical tensions, create risks and uncertainties
for the Company. The Board continues to work with the Investment Manager, the
Company Secretary and its other advisers to manage these risks as far as
possible.
The Board has established and maintains, with the assistance of the Company
Secretary, a risk matrix which identifies the key risks facing the Company.
This register is formally reviewed on a regular basis. Emerging risks that
could impact the Company are considered and discussed at each Board meeting,
or on an ad hoc basis as required, along with any proposed controls and
mitigating actions.
The principal risks and uncertainties faced, and the way in which they are
managed, are described in more detail under the heading Principal Risks and
Risk Management within the Strategic Report in the Company's Annual Report for
the year ended 30 April 2025.
The Company's principal risks and uncertainties have not changed since the
date of the Annual Report and are not expected to change for the remaining six
months of the Company's financial year.
Going Concern
The Directors believe, in the light of the controls and review processes noted
above and bearing in mind the nature of the Company's business and assets,
which are considered readily realisable if required, that the Company has
adequate resources to continue operating for the foreseeable future. For this
reason, they continue to adopt the going concern basis in preparing the
financial statements.
Directors' Responsibility Statement in Respect of the Interim Report
We confirm that to the best of our knowledge:
· the condensed set of financial statements has been prepared in
accordance with IAS 34 'Interim Financial Reporting';
· the Investment Manager's Report includes a fair review of the
information required by the Disclosure Guidance and Transparency Rules ("DTR")
4.2.7R, being an indication of important events that have occurred during the
first six months of the financial year and their impact on the condensed set
of financial statements;
· the Statement of Principal Risks and Uncertainties is a fair review of
the information required by DTR 4.2.7R; and
· the condensed financial statements include a fair review of the
information required by DTR 4.2.8R, being related party transactions that have
taken place in the first six months of the current financial year and that
have materially affected the financial position or performance of the Company
during the period, and any changes in the related party transactions described
in the last Annual Report that could do so.
On behalf of the Board,
Iain Ferguson, Chairman
1 December 2025
Condensed Income Statement
For the six months ended 31 October 2025
(Unaudited)
Six months ended
31 October 2025
Revenue Capital
Return Return Total
£'000 £'000 £'000
Investment income 13,654 - 13,654
Other operating income 203 - 203
Gains on investments - 92,083 92,083
Foreign exchange (losses)/gains - (7,813) (7,813)
Total income 13,857 84,270 98,127
Expenses (2,520) (3,072) (5,592)
Return before taxation 11,337 81,198 92,535
Taxation (1,699) 768 (931)
Return for the period 9,638 81,966 91,604
Return per share (pence) 3.06 26.05 29.11
The 'Return for the period' is also the 'Total comprehensive income for the
period', as defined in IAS1 (revised), and no separate statement of
comprehensive income has been presented.
The 'Total' column of this statement represents the Company's income
statement, and the 'Revenue return' and 'Capital return' columns are
supplementary to this and are prepared under guidance published by the
Association of Investment Companies.
Return per share is calculated on the weighted average number of shares in
issue (excluding Treasury shares) during the period. See Note 2 below.
All items in the above statement derive from continuing operations.
Condensed Income Statement
For the six months ended 31 October 2024
(Unaudited)
Six months ended
31 October 2024
Revenue Capital
Return Return Total
£'000 £'000 £'000
Investment income 21,060 - 21,060
Other operating income 426 - 426
Losses on investments - 21,026 21,026
Foreign exchange (losses)/gains - 19,258 19,258
Total income/(loss) 21,486 40,284 61,770
Expenses (2,654) (2,973) (5,627)
Return before taxation 18,832 37,311 56,143
Taxation (3,278) 743 (2,535)
Return for the period 15,554 38,054 53,608
Return per share (pence) 4.67 11.42 16.09
Condensed Income Statement
For the year ended 30 April 2025
(Audited)
Year ended
30 April 2025
Revenue Capital
Return Return Total
£'000 £'000 £'000
Investment income 41,406 - 41,406
Other operating income 1,101 - 1,101
Gains on investments held - 48,658 48,658
Foreign exchange (losses)/gains - 41,049 41,049
Total income 42,507 89,707 123,214
Expenses (4,974) (5,935) (10,909)
Return before taxation 37,533 83,772 121,305
Taxation (7,871) 1,484 (6,387)
Return for the period 29,662 82,256 114,918
Return per share (pence) 8.92 25.64 34.56
Condensed Statement of Financial Position
As at 31 October 2025
(Unaudited) (Unaudited) (Audited)
31 October 31 October 30 April
2025 2024 2025
£'000 £'000 £'000
Non-current assets
Investments 1,660,438 1,545,878 1,462,968
Property 1,730 1,730 1,730
Total non-current assets 1,662,168 1,547,608 1,464,698
Net current assets 19,387 63,679 167,706
Net assets 1,681,555 1,611,287 1,632,404
Total equity 1,681,555 1,611,287 1,632,404
Net asset value per Ordinary share (pence) 540.24 498.80 515.22
Condensed Statement of Changes in Equity
For the six months ended 31 October 2025
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2025 2024 2025
£'000 £'000 £'000
Opening equity shareholders' funds 1,632,404 1,667,281 1,667,281
Return for the period 91,604 53,608 114,918
Ordinary dividends paid (13,834) (14,735) (23,712)
Buy back of Ordinary shares (36,481) (94,874) (129,179)
Issue of Ordinary shares 7,862 - 3,096
Cost of reduction and reclassification of share premium account - 7 -
Closing equity shareholders' funds 1,681,555 1,611,287 1,632,404
Condensed Cash Flow Statement
For the six months ended 31 October 2025
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2025 2024 2025
£'000 £'000 £'000
Net cash (outflow)/inflow from operating activities
(24,856) 4,750 38,384
Net cash (outflow)/inflow from investing
activities (59,739) 138,387 251,020
Net cash (outflow)/inflow before financing
activities (84,595) 143,137 289,404
Net cash outflow from financing
activities (42,453) (108,870) (150,279)
Net (decrease)/increase in cash and
cash equivalents (127,048) 34,267 139,125
Cash and cash equivalents at the start of
the period 168,362 29,475 29,475
Effect of exchange rate changes (2,863) (50) (238)
Cash and cash equivalents at the end of
the period 38,451 63,692 168,362
NOTES
1. The condensed financial statements have been prepared in accordance
with International Financial Reporting Standard ('IFRS') IAS 34 'Interim
Financial Reporting' and the accounting policies set out in the statutory
accounts of the Company for the year ended 30 April 2025. The condensed
financial statements do not include all of the information required for a
complete set of IFRS financial statements and should be read in conjunction
with the financial statements of the Company for the year ended 30 April 2025,
which were prepared under full IFRS requirements.
2. The return per Ordinary share figure is based on the net gain for the
six months of £91,604,000 (six months ended 31 October 2024: net gain of
£53,608,000; year ended 30 April 2025: net gain of £114,918,000) and on
314,651,796 (six months ended 31 October 2024: 333,282,921; year ended 30
April 2025: 332,542,668) Ordinary shares, being the weighted average number of
Ordinary shares in issue during the respective periods.
3. In respect of the year ending 30 April 2026 the Board has declared a
first interim dividend of 1.4 pence per Ordinary share, which was paid on 31
July 2025 and a second interim dividend of 1.4 pence per Ordinary share, which
was paid on 3 October 2025. A third interim dividend of 1.4 pence per Ordinary
share will be paid to shareholders on 23 January 2026 and it is the Board's
intention, barring unforeseen circumstances, that a fourth interim dividend of
1.4 pence per Ordinary share will be paid in April 2026, making a total for
the year of 5.6 pence per Ordinary share. In respect of the year ended 30
April 2025 the Board declared four interim dividends of 1.4 pence per Ordinary
share and a special dividend of 1.6 pence per Ordinary share. This gave a
total dividend for the year ended 30 April 2025 of 7.2 pence per Ordinary
share.
4. At 31 October 2025 there were 311,259,372 Ordinary shares in issue
(31 October 2024: 323,033,372; 30 April 2025: 316,838,372). During the six
months ended 31 October 2025 the Company bought back 7,054,000 Ordinary shares
and issued 1,475,000 Ordinary shares from Treasury.
5. The Board has considered the requirements of IFRS 8 'Operating
Segments'. The Board is of the view that the Company is engaged in a single
segment of business, being that of investing in equity shares, fixed interest
securities and other investments, and that therefore the Company has only a
single operating segment.
6. The Company held the following categories of financial instruments as
at 31 October 2025:
Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Investments 1,660,438 - - 1,660,438
Current liabilities - (12,203) - (12,203)
Total 1,660,438 (12,203) - 1,648,235
The above table provides an analysis of investments based on the fair value
hierarchy described below and which reflects the reliability and significance
of the information used to measure their fair value. The levels are determined
by the lowest (that is, the least reliable or least independently observable)
level of impact that is significant to the fair value measurement for the
individual investment in its entirety as follows:
Level 1 reflects financial instruments quoted in an active market. The
Company's investment in gold bullion has been included in this level.
Level 2 reflects financial instruments the fair value of which is evidenced by
comparison with other observable current market transactions in the same
instrument or based on a valuation technique the variables of which include
only data from observable markets. The Company's forward currency contracts
have been included in this level as fair value is achieved using the foreign
exchange spot rate and forward points which vary depending on the duration of
the contract.
Level 3 reflects financial instruments the fair value of which is determined
in whole or in part using a valuation technique based on assumptions that are
not supported by prices from observable market transactions in the same
instrument and not based on available observable market data.
There were no transfers of investments between levels in the period ended 31
October 2025.
The following table summarises the Company's Level 1 investments that were
accounted for at fair value in the period to 31 October 2025.
£'000
Opening book cost 1,252,664
Opening fair value adjustment 210,304
Opening valuation 1,462,968
Movement in the period:
Purchases at cost 467,177
Effective yield adjustment 4,782
Sales - proceeds (366,572)
- gains on sales 35,456
Unrealised gains on the fair value of investments during the period 56,627
Closing valuation at 31 October 2025 1,660,438
Closing book cost 1,393,507
Closing unrealised appreciation 266,931
Closing valuation at 31 October 2025 1,660,438
Other aspects of the Company's financial risk management objectives and
policies are consistent with those disclosed in the consolidated financial
statements as at and for the year ended 30 April 2025.
The fair value of the Company's financial assets and liabilities as at 31
October 2025 was not materially different from their carrying values in the
financial statements.
7. Details of related party transactions are contained in the Annual
Report for the year ended 30 April 2025. There have been no material changes
in the nature and type of the related party transactions as stated within the
Annual Report.
8. These are not full statutory accounts in terms of section 434 of the
Companies Act 2006 and are unaudited. Statutory accounts for the year ended 30
April 2025, which received an unqualified audit report and which did not
contain a statement under section 498 of the Companies Act 2006, have been
lodged with the Registrar of Companies. No full statutory accounts in respect
of any period after 30 April 2025 have been reported on by the Company's
auditors or delivered to the Registrar of Companies.
9. A copy of the Interim Report is available on the Company's website at
www.patplc.co.uk (http://www.patplc.co.uk) . Shareholders are encouraged to
visit the website for further information on the Company.
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