Capital Gearing Trust

What Capital Gearing Trust does

Capital Gearing Trust P.L.C. is a London-listed, FTSE 250 investment trust (LON:CGT) founded in Belfast in 1963 and admitted to the London Stock Exchange in 1973. The trust pursues a multi-asset investment strategy across equities, bonds (with a strong emphasis on index-linked government bonds), commodities, and cash, managed by CG Asset Management (CGAM), an independent firm established by Peter Spiller in 2000, with Spiller having managed the trust since 1982. The strategy is benchmark-unconstrained, long-only, with no gearing and no short selling, structured around three investment buckets — a Managed Liquidity Reserve, Inflation-Linked Bonds, and Risk Assets — and driven by a five-input asset allocation framework (valuations, macroeconomic beliefs, business cycle, monetary environment, investor behaviour) with active duration management. A Discount Control Mechanism introduced in 2015 keeps the share price closely aligned with NAV, producing one of the narrowest trading ranges in the UK investment trust sector.

Name

Capital Gearing Trust

Legal name

Capital Gearing Trust P.L.C.

Website

https://capitalgearingtrust.com

Company type

Public

Founded year

1963

Operating status

Operating

Headcount range

1–10 employees

Short description

Capital Gearing Trust is a London-listed FTSE 250 investment trust that pursues a multi-asset, capital-preservation strategy across equities, bonds, commodities and index-linked securities, serving conservative, long-term UK investors seeking inflation-beating real returns.

Ownership category

akta.pro rank

Product category

Multi-Asset Investment Trust

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Target-Risk / Risk-Managed Allocation Funds (FSAAAEAG)

Keywords

• Investment trust management
• Multi-asset portfolios
• Index-linked bonds
• Capital preservation strategies
• Equity portfolio management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Others

Revenue model

1. Management Fees: Capital Gearing Trust generates revenue through management fees charged on assets under management. The fee structure is tiered: 0.60% on net assets below £120m, 0.45% on net assets above £120m, and 0.30% on net assets above £500m. There is no performance fee.
2. Annual Dividend: CGT pays a single annual dividend in July. While not the primary focus, it forms part of the Trust's total return strategy. The dividend per share is adjusted to reflect any share splits.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Capital Gearing Trust plc is a London Stock Exchange-listed FTSE 250 investment trust (ticker: CGT) that invests in a diversified global portfolio of equities, index-linked and conventional government bonds, commodities, and cash to preserve and grow shareholders' real wealth over time. Managed by CG Asset Management since 1982, the trust follows a low-cost, long-only approach with no gearing and no short selling, employing a Discount Control Mechanism to keep the share price aligned with NAV and charging a tiered management fee with no performance fee.

Product overview

Capital Gearing Trust operates as a single investment trust product focused on capital preservation and long-term real wealth growth. The company's core offering is Capital Gearing Trust plc, a FTSE 250-listed investment trust managed by CG Asset Management since 1982. The trust employs a multi-asset strategy across equities, bonds, commodities, and index-linked securities, with no gearing or short selling. Key product features include the Discount Control Mechanism (which actively manages share price alignment with NAV), a 0.41% management fee structure with no performance fee, and an annual dividend policy. The trust targets returns exceeding inflation over the long term while minimizing volatility and drawdowns.

Differentiator

Problem solved

Functional benefit

Products and services

• Capital Gearing Trust plc Capital Gearing Trust plc is a publicly listed FTSE 250 investment trust (London Stock Exchange ticker: CGT) pursuing a multi-asset strategy across equities, index-linked and conventional government bonds, commodities and cash to preserve and grow shareholders' real wealth over time, managed by CG Asset Management with no gearing and no short selling.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Frostrow Capital LLPcoreImplementation/ SI/ Consulting PartnerFrostrow Capital LLP serves as Company Secretary for Capital Gearing Trust. Located at 25 Southampton Buildings, London WC2A 1AL. Provides company secretarial services and shareholder communication support.
• ComputersharecoreOthersComputershare Investor Services Plc serves as the Registrar for Capital Gearing Trust, managing the share register at The Pavilions, Bridgewater Rd, Bristol BS13 8AE.
• Northern TrustcoreOthersNorthern Trust serves as Custodian for Capital Gearing Trust, providing custody and asset servicing functions.
• BDO LLPcoreOthersBDO LLP serves as Auditor for Capital Gearing Trust, located at City Point, 65 Haymarket Terrace, Edinburgh EH12 5HD.
• J.P. Morgan CazenovecoreChannel Partner/ Reseller/ DistributorJ.P. Morgan Cazenove serves as Corporate Broker for Capital Gearing Trust, located at 25 Bank Street, Canary Wharf, London E14 5JP. Provides corporate broking and capital markets services.
• SEC NewgateminorGTM or Marketing PartnerSEC Newgate UK serves as financial communications PR provider for Capital Gearing Trust, handling press enquiries and media relations.
• Investment PlatformscoreChannel Partner/ Reseller/ DistributorMultiple investment platforms distribute CGT shares including Hargreaves Lansdown, Interactive Investor, AJ Bell Youinvest, Charles Stanley Direct, and others, offering ISAs, Junior ISAs, and SIPPs for investment.

Scale indicators8 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Personal Assets Trust: FTSE 250-listed multi-asset investment trust focused on capital preservation and inflation-beating returns; closest UK peer to CGT with a comparable flexible mandate and conservative long-term profile.
• RIT Capital Partners: Large London-listed multi-asset investment trust employing a global, flexible mandate across equities, bonds, gold and alternatives; directly comparable to CGT on mandate, structure, and conservative wealth-preservation positioning.
• Ruffer Investment Company: Closed-end fund managed by Ruffer with a defensive, multi-asset approach designed to protect and grow real capital; directly comparable defensive strategy and client base to CGT.
• Hansa Investment Company: Small, London-listed investment trust focused on long-term capital growth and preservation via a global, benchmark-unconstrained portfolio; comparable in size and approach to CGT.

Broad incumbents

• Caledonia Investments: Larger FTSE 250-listed investment trust running a diversified pool of public and private investments; overlaps with CGT on UK multi-asset wealth preservation but operates at meaningfully greater scale and with private equity exposure.
• City of London Investment Trust: Large, long-established UK equity income investment trust; comparable as a UK-listed wealth-preservation vehicle but with a narrower UK equity income mandate versus CGT's multi-asset approach.
• Scottish Mortgage Investment Trust: Large FTSE 100 investment trust with a global, long-term mandate; comparable as a flagship UK investment trust platform but with a growth-oriented, higher-risk profile rather than CGT's defensive mandate.
• Troy Income & Growth Trust: UK investment trust pursuing capital preservation and modest growth via global equities; comparable in its capital-preservation ethos but with a narrower equity-only mandate than CGT.

Regional players

• J.P. Morgan Global Growth & Income: Larger London-listed global investment trust with a multi-cap mandate; comparable as a UK-listed multi-asset-style product but with stronger equity bias and a different risk profile than CGT.

Others

• Schroder Income Growth Fund: UK multi-asset / balanced fund offered by a major institutional manager; not a direct competitor but a benchmark for UK adviser-platform distribution and pricing of multi-asset wealth preservation products adjacent to CGT.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/capital-gearing-trust-p.l.c.

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capital Gearing Trust