Title: URL Source: https://is.gd/TSoM1s Published Time: Tue, 10 Jun 2025 10:43:21 GMT Markdown Content: > 1 PERCENTAGE GROWTH FROM 03/03/2009* TO 31/05/2025 > UK Retail Price Index Personal Assets Trust Share Price 050 100 150 200 250 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 The Trust’s policy is to protect and increase (in that order) the value of shareholders’ funds per share over the long term. Total Return to 31 May 2025 03/03/09 Troy Appt. 31/05/15 10 years 31/05/18 7 years 31/05/20 5 years 31/05/22 3 years 31/05/24 1 year > Personal Assets Trust Share Price +206.7% +65.8% +42.3% +24.8% +9.2% +7.5% Personal Assets Trust NAV +218.6% +66.7% +45.6% +27.2% +11.8% +7.4% UK Retail Price Index +90.3% +55.6% +43.3% +37.6% +19.3% +4.1% May Commentary The Trust produced a Net Asset Value total return of +0.5% during the month and a price total return of +0.6%, compared to a return of +4.1% for the FTSE All-Share Index (TR). At the end of the month we attended a conference in New York, which enabled us to take the temperature of corporate America. The speakers were predominantly from finance and payments-related companies, including the Fund’s holdings Visa and American Express (“Amex”). The payments companies were reassuring regarding their potential for future growth. Amex has been going for 175 years and has evolved from ‘a FedEx model with horses’ to travellers’ cheques, to credit cards. Under current management, Amex has made strides to attract millennials and Gen Z. Since 2019, these younger customers have grown from 19% of card holders to 35% today. Similarly Visa, a somewhat younger payments company established in 1958, has built a truly global platform linking 14,500 financial institutions with 150 million merchants worldwide. While in many countries payments systems are well developed, even the most mature markets, including the Netherlands and Norway, are still growing well ahead of inflation. Less developed payments markets like Japan and Germany have a long journey to shift from cash to card. Visa believe that there remains $23 trillion in annual payment volume (including cash and cheque) that would be better off served by card. The key takeaways from the conference were fourfold. First, the consensus was for higher inflation (thanks to tariffs) and lower growth. Stubbornly higher inflation explains why the Federal Reserve has been reluctant to cut interest rates. Second, the very high level of investment in technology by larger companies is increasing barriers to entry and scale-benefits, while increasing efficiency and reducing costs. Perhaps this is the reason smaller companies continue to underperform their larger brethren. How can a small regional bank compete with JP Morgan spending $13bn on tech in 2025? Thirdly, private equity and private credit are peaking after a prolonged cycle since the Global Financial Crisis as there are too many highly leveraged assets looking for a home. Finally, while there was plenty of criticism of inconsistent and unpredictable economic policymaking, no one was prepared to criticise President Trump by name. > All data as at 31 May 2025 www.patplc.co.uk PRICE NAV PREMIUM/ DISCOUNT MARKET CAP # 515.00p 516.25p -0.8% £1.6bn SHARE PRICE DISCOUNT/PREMIUM TO NAV Past performance is not a guide to future performance. *Since Troy Appointment 3 March 2009 Source: Lipper Source: Lipper Source: Thomson Reuters Datastream > -25 -20 -15 -10 -5 0510 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 PAT Premium/(Discount) AIC Flexible Investment Sector Premium/(Discount) Discrete Calendar Annual Returns 2009* 2010 2011 2012 2013 2014 2015 2016 2017 > Personal Assets Trust Share Price +32.7% +14.4% +8.3% +4.2% -4.8% +10.3% +1.7% +14.2% +5.7% 2018 2019 2020 2021 2022 2023 2024 2025 YTD -3.0% +10.2% +7.9% +12.0% -3.5% +0.7% +6.6% +3.7% > Source: Troy Asset Management Limited, Lipper & Bloomberg. 2 Structure London Listed Investment Trust Investment Manager Troy Asset Management Limited 33 Davies Street London W1K 4BP Tel: 020 7499 4030 Fax: 020 7491 2445 email: busdev@taml.co.uk Board Chairman Iain Ferguson CBE Independent Non-Exec Director Mandy Clements Independent Non-Exec Director Gordon Neilly Senior Independent Director Paul Read Independent Non-Exec Director Robbie Robertson Independent Non-Exec Director Jean Sharp Independent Non-Exec Director Jennifer Thomas Co-Manager Sebastian Lyon Co-Manager Charlotte Yonge Currency £ Sterling AIFM Juniper Partners Limited Capital Structure Shares with voting rights 317,047,372 Shares held in treasury 75,757,828 Net Assets £1,629,623,492 Ongoing Charges 0.65% (30 April 2024) Management Fee 0.65% on first £750m 0.50% on £750m-£1bn 0.45% on £1bn plus Allocation of Expense and Interest Capital 65% Revenue 35% Established 22 July 1983 Year End 30 April Premium (Discount) -0.84% Gearing Nil Fund Manager Awards Pricing Share price is listed daily in the FT and Scotsman Dividend Payments January, April, July, October Historic Dividend Yield 1.40% Market Makers PEEL, VHL, NUMS, JPMS, WINS, STFL, INV Bloomberg/Reuters Code PNL.L / PNL.LN ISIN GB00BM8B5H06 Sedol BM8B5H0 Auditor PricewaterhouseCoopers LLP RISK ANALYSIS Risk analysis since 03/03/2009 Personal Assets Trust Share Price Total Return +206.7% Max Drawdown 1 -11.9% Best Month +5.1% Worst Month -5.4% Positive Months +64.4% Annualised Volatility 2 +6.6% Past performance is not a guide to future performance . Source: Lipper > 1 Measures the worst investment period 2 Measured by standard deviation of annual returns. RETURN VS VOLATILITY SINCE 03/03/2009 Personal Assets Trust Share Price UK Retail Price Index 040 80 120 160 200 240 0 1 2 3 4 5 6 7Total Return (%) Annualised Volatility (%) Gold Bullion (Bars) 10.6% Unilever 4.7% Alphabet 3.8% Visa 3.5% Diageo 3.3% Heineken 2.7% Nestlé 2.5% Microsoft 2.5% VeriSign 2.2% Agilent Technologies 2.2% Total Top 10 38.0% 9 Other Equity holdings 11.0% US TIPS 26.2% Short-dated Gilts 8.7% Japanese Government Bonds 8.4% Short-dated US Treasuries 3.0% UK Inflation-linked 1.7% Cash 3.0% TOTAL 100.0% Source: Factset. Holdings subject to change. TOP 10 HOLDINGS TRUST INFORMATION ASSET ALLOCATION HISTORIC ONGOING CHARGES RATIO > Equities 38% > US TIPS 26% > UK Inflation-linked 2% > Gold-related investments 11% > Japanese Government Bonds 8% > Short-dated Gilts 9% > Short-dated US Treasuries 3% > Cash 3% Source: Factset, Asset Allocation and holdings subject to change. Source:Juniper Partners Limited £0m £200m £400m £600m £800m £1,000m £1,200m £1,400m £1,600m £1,800m £2,000m 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 OCR (%) Net Assets Past performance is not a guide to future performance. 3 Important Information Please refer to Troy’s Glossary of Investment terms here. Performance data relating to the NAV is calculated net of fees with income reinvested unless stated otherwise. Past performance is not a guide to future performance. Overseas investments may be affected by movements in currency exchange rates. The value of an investment and any income from it may fall as well as rise and investors may get back less than they invested. The historic yield reflects distributions declared over the past twelve months as a percentage of the Trust’s price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions. Tax legislation and the levels of relief from taxation can change at any time. The yield is not guaranteed and will fluctuate. There is no guarantee that the objective of the investments will be met. Shares in an Investment Trust are listed on the London Stock Exchange and their price is affected by supply and demand. This means that the share price may be different from the NAV. Information on the risks of an investment in the fund can be found in the Prospectus. Neither the views nor the information contained within this document constitute investment advice or an offer to invest or to provide discretionary investment management services and should not be used as the basis of any investment decision. Any decision to invest should be based on information contained within the Investor disclosure document the relevant key information document and the latest report and accounts. The investment policy and process of the Trust(s) may not be suitable for all investors. If you are in doubt about whether the Trust(s) is/are suitable for you, please contact a professional adviser. References to specific securities are included for the purposes of illustration only and should not be construed as a recommendation to buy or sell these securities. Although Troy Asset Management Limited considers the information included in this document to be reliable, no warranty is given as to its accuracy or completeness. The opinions expressed are expressed at the date of this document and, whilst the opinions stated are honestly held, they are not guarantees and should not be relied upon and may be subject to change without notice. Third party data is provided without warranty or liability and may belong to a third party. Ratings from independent rating agencies should not be taken as a recommendation. Please note that the Personal Assets Trust is registered for distribution to the public in the UK and to Professional investors only in Ireland. All references to FTSE indices or data used in this presentation is © FTSE International Limited (“FTSE”) 2025. ‘FTSE ®’ is a trademark of the London Stock Exchange Group companies and is used by FTSE under licence. Issued by Troy Asset Management Limited (registered in England & Wales No. 3930846). Registered office: 33 Davies Street, London W1K 4BP . 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