Personal Assets Trust has published its results covering the year ended 30 April 2014. Over the year the company’s net asset value fell by 5.1%. Over the past three years Personal Assets Trust has underperformed both inflation and the FTSE All-Share Index. The problem, says Sebastian Lyon – the fund manager, has been the funds holdings in index-linked securities (which fell in response to the tapering of Quantitative Easing), gold bullion and mining stocks and lack of exposure to cyclical stocks.
