Personal Assets still expanding despite losing money – Over the year to 30 April 2018 Personal Asset Trust’s net asset value per share fell by 2.6%. This compares to a rise of 4.2% in the All-Share Index. Personal Assets’ share price fell by GBP13.40 during the year and at 30 April 2018 was GBP392.00. Barring unforeseen circumstances, they intend to pay dividends totalling GBP5.60. The company’s shares continued to trade close to NAV and they issued 252,306 Ordinary shares. At 30 April 2018, liquidity was 61.6%. This included 26.4% in UK T-Bills, UK cash, overseas cash, and net current liabilities and 35.2% in various classes of non-equity risk assets: 20.0% in US TIPS; 2.7% in US Treasuries; 8.9% in Gold Bullion; and 3.6% in UK Index-Linked Gilts.
The strengthening of sterling had a negative effect on performance. Equity exposure within the portfolio has been reduced from 46% to 38% (the lowest since 2008). They reduced longstanding holdings in British American Tobacco, Philip Morris and Microsoft on valuation grounds following periods of strong performance and before their recent price falls. They also sold two longstanding US holdings in their entirety.
PNL : Personal Assets still expanding despite losing money