Manager firm
CG Asset Management Limited
Manager(s)
Peter Spiller, Chris Clothier, Alastair Laing, Emma Moriarty, Hassan Raza, Jock Henderson
Structure
investment_trust
AIC sector
Flexible Investment
Domicile
United Kingdom
Base currency
GBP
Launched
1973-02-09
Latest factsheet
2026-06-30
Snapshot date
2025-08-31
Share price
523.00p
NAV / share
4924.80p2025-03-31
Premium / discount
-89.38%
Fund size
£812m
OCF
0.58%
Performance fee
—
Gearing
—
Dividend yield
3.00%
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 1m | -0.1% | — | — |
| 3m | 3.4% | — | — |
| ytd | 4.6% | — | — |
| ytd | 5.4% | — | — |
| ytd | 4.0% | — | — |
| ytd | -3.3% | — | — |
| ytd | -4.2% | — | — |
| ytd | 10.8% | — | — |
| 6m | 4.6% | — | — |
| 1y | 7.7% | — | — |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Vanguard FTSE 100 ETF | — | — | 2.8% |
| 2 | North Atlantic Small Companies | — | — | 2.3% |
| 3 | UBS MSCI World ETF | — | — | 1.9% |
| 4 | JPMorgan Japan ETF | — | — | 1.8% |
| 5 | HICL Infrastructure | — | — | 1.4% |
| Index Linked Govt. Bonds | 48.0% | |
| Funds / Equities | 23.0% | |
| Nominal Govt. Bonds | 16.0% | |
| Corporate Credit | 10.0% | |
| Cash | 3.0% | |
| Gold | 0.0% |
| GBP | 61.0% | |
| USD | 30.0% | |
| EUR | 3.0% | |
| JPY | 3.0% | |
| Other | 3.0% | |
| SEK | 0.0% |
| Equities | 15.0% | |
| Infrastructure | 5.0% | |
| Property | 2.0% | |
| Loans | 1.0% |
| Portfolio yield | 3.42% |
| Unlisted holdings | — |
| Cash & equivalents | 2.67% |
| Total assets | £832.0m |
| Revenue reserves | £0 |
| Net gearing | 0.00% |
| Gross gearing | 0.00% |
| Net cash | £0 |
| Gearing range (from) | — |
| Gearing range (to) | — |
| Shares in issue | 16,840,441 |
| Shares issued | 0 |
| Shares purchased | 233,654 |
| Treasury shares | 9,739,822 |
During June, Capital Gearing Trust remained defensively positioned with a focus on inflation protection. Concerns remain around the outlook for increasing deficits, stretched equity valuations and elevated inflation. The portfolio returned 0.6% over the month. Key allocations are 23% to risk assets, 48% to inflation-linked bonds, and 29% to the managed liquidity reserve (cash, treasury bills and corporate credit). Risk assets made the largest positive contribution (0.4%) to performance during the course of the month.
Manager firm
CG Asset Management Limited
Manager(s)
Peter Spiller, Chris Clothier, Alastair Laing, Emma Moriarty, Hassan Raza, Jock Henderson
Structure
investment_trust
AIC sector
Flexible Investment
Domicile
United Kingdom
Base currency
GBP
Launched
1973-02-09
Latest factsheet
2026-06-30
Snapshot date
2025-08-31
Share price
523.00p
NAV / share
4924.80p2025-03-31
Premium / discount
-89.38%
Fund size
£812m
OCF
0.58%
Performance fee
—
Gearing
—
Dividend yield
3.00%
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 1m | -0.1% | — | — |
| 3m | 3.4% | — | — |
| ytd | 4.6% | — | — |
| ytd | 5.4% | — | — |
| ytd | 4.0% | — | — |
| ytd | -3.3% | — | — |
| ytd | -4.2% | — | — |
| ytd | 10.8% | — | — |
| 6m | 4.6% | — | — |
| 1y | 7.7% | — | — |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Vanguard FTSE 100 ETF | — | — | 2.8% |
| 2 | North Atlantic Small Companies | — | — | 2.3% |
| 3 | UBS MSCI World ETF | — | — | 1.9% |
| 4 | JPMorgan Japan ETF | — | — | 1.8% |
| 5 | HICL Infrastructure | — | — | 1.4% |
| Index Linked Govt. Bonds | 48.0% | |
| Funds / Equities | 23.0% | |
| Nominal Govt. Bonds | 16.0% | |
| Corporate Credit | 10.0% | |
| Cash | 3.0% | |
| Gold | 0.0% |
| GBP | 61.0% | |
| USD | 30.0% | |
| EUR | 3.0% | |
| JPY | 3.0% | |
| Other | 3.0% | |
| SEK | 0.0% |
| Equities | 15.0% | |
| Infrastructure | 5.0% | |
| Property | 2.0% | |
| Loans | 1.0% |
| Portfolio yield | 3.42% |
| Unlisted holdings | — |
| Cash & equivalents | 2.67% |
| Total assets | £832.0m |
| Revenue reserves | £0 |
| Net gearing | 0.00% |
| Gross gearing | 0.00% |
| Net cash | £0 |
| Gearing range (from) | — |
| Gearing range (to) | — |
| Shares in issue | 16,840,441 |
| Shares issued | 0 |
| Shares purchased | 233,654 |
| Treasury shares | 9,739,822 |
During June, Capital Gearing Trust remained defensively positioned with a focus on inflation protection. Concerns remain around the outlook for increasing deficits, stretched equity valuations and elevated inflation. The portfolio returned 0.6% over the month. Key allocations are 23% to risk assets, 48% to inflation-linked bonds, and 29% to the managed liquidity reserve (cash, treasury bills and corporate credit). Risk assets made the largest positive contribution (0.4%) to performance during the course of the month.
