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The managers of Capital Gearing Trust reduced the trust's exposure to risk assets to 25% by the end of November 2025 and increased holdings in UK inflation-linked bonds. In November 2025, the managers also led a campaign group of HICL Infrastructure shareholders against a proposed merger for HICL Infrastructure, which was subsequently stopped.
Capital Gearing Trust - Update from QuotedData
7 January 2026
Defensively positioned, cautious on inflation
The managers of Capital Gearing Trust (CGT) remain cautious about market and inflation risks, and have adjusted the trust's portfolio to reflect this. Exposure to risk assets was reduced to 25% by the end of November 2025, while holdings in UK inflation-linked bonds were increased.
Last November, the managers opposed a proposed merger for HICL Infrastructure (one of the holdings in the risk assets part of CGT's portfolio), leading a campaign group of HICL shareholders against it. The deal was stopped, and HICL's share price has since recovered. This highlights the behind-the-scenes work CG Asset Management (CGAM) does to reduce discounts across UK-listed investment companies.
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