Capital Gearing Trust PLC GBP · LSE:CGT
Capital Gearing Trust PLC GBP — Capital Gearing Trust — Investor Presentation (April 2025)
21 slides from Capital Gearing Trust PLC GBP's investor presentation, April 2025
Slide 1: CG Asset Management 1Q 2025 Webinar
CG Asset Management 1Q 2025 Webinar October 2024
Slide 2: Disclaimer
Disclaimer CG Asset Management Limited (“CGAM”) is authorised and regulated by the Financial Conduct Authority to carry on regulated activities in the United Kingdom. The information contained in this Document has been prepared by and is the sole copyright of CGAM. No representation is being made th
Slide 3: Funds Summary
Overview Funds Summary Dealing Strategy Fund ISIN Launched AUM6 AMC Fee TER Frequency Capital Gearing Trust GB0001738615 19821 £911m Listed 0.40%3 0.55% Absolute Return Long only investments CG Absolute Return in a portfolio of bonds, (EUR Hedged, USD Hedged available) IE00BYQ69B30 2016 £785m Daily
Slide 4: CG insights - Quarterly perspectives from the CG team
New Reporting CG insights - Quarterly perspectives from the CG team Source: Office of United States Trade Representative Past performance is not indicative of future results. CG Asset Management Limited is authorised and regulated by the Financial Conduct Authority FRN:195763 © 2025 4
Slide 5: Outlook
Outlook CGAM Q1 2025 Webinar cgam
Slide 6: Tariffs were well flagged, so why were they such a shock?
Outlook Tariffs were well flagged, so why were they such a shock? “To me, the most “Trump is proposing an at least beautiful word in the 10% blanket tariff on all dictionary is tariffs.” imports, with tariffs as high as 60% on goods from China.” Donald Trump, Economic Club of Chicago Guardian Covera
Slide 7: Nice formula but where is the off ramp?
Outlook Nice formula but where is the off ramp? Source: Office of United States Trade Representative Past performance is not indicative of future results. CG Asset Management Limited is authorised and regulated by the Financial Conduct Authority FRN:195763 © 2025 7
Slide 8: Economic data was notably weakening ahead of the announcement
Outlook Economic data was notably weakening ahead of the announcement US Consumer Confidence Indicators US Inflation Expectations (%) 6 80 70.5 70 5 5 60 57 4 50 40 3 2.7 30 2 20 1 10 0 0 Oct 24 Mar 25 Oct 24 Mar 25 University of Michigan UMich - next yr Source: Bloomberg LP, Conference Board, Unive
Slide 9: Mean reversion always finds a way in the end
Outlook Mean reversion always finds a way in the end S&P 500 Current Year PE Multiple 35 30 25 20 15 10 5 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Source: Bloomberg Past performance is not indicative of future results. CG Asset Management Li
Slide 10: Investment trust discounts appear to be at cyclical troughs
Outlook Investment trust discounts appear to be at cyclical troughs Investment Trust Discounts by Asset Class 10 5 Premium(+) / Discount (-) % 0 -5 -10 -15 -20 -25 -30 2016 2017 2018 2019 2020 2021 2022 2023 2024 Equity Alternative Source: Robert Shiller online dataset, Bloomberg Finance LP. Past pe
Slide 11: Yield curves have steepened with short rates falling whilst long rates rise
Outlook Yield curves have steepened with short rates falling whilst long rates rise US vs. UK 20 Year Real Yields (%) 3 2 1 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 -1 -2 -3 US 20Y UK 20Y Past performance is not indicative of future results. CG Asset Management Limited is authorised and r
Slide 12: Changes to multi-asset portfolios in the last quarter
Outlook Changes to multi-asset portfolios in the last quarter Portfolio Asset Classes Changes in Portfolio Positioning Category Dry Powder Cash & Treasury Bills • Highest holding of dry powder in recent history (32%)1 Short IG credit Index Linked UK, US inflation linked bonds Bonds and other develop
Slide 13: Positioning and Returns
Positioning and Returns CGAM Q1 2025 Webinar
Slide 14: We protected capital and are deploying dry powder selectively
Positioning and Returns We protected capital and are deploying dry powder selectively YTD Performance to 8th April 2025 -0.8% CGT -22.4% Nasdaq -16.7% S&P -16.6% MSCI World -11.7% Topix -9.7% Investment Trusts -3.4% UK All Share NAV performance shown net of fees, includes topix session as of 9th Apr
Slide 15: Positioning is defensive, with a focus on inflation protection
Positioning and Returns Positioning is defensive, with a focus on inflation protection CGT Asset Allocation March 2025 Contribution by Asset Class QTR March 2025 100% CGT 1.2% Cash & Tbills, 23% Dry Powder, 32% 80% Index Linked Bonds 0.3% Credit,9% UK I/L, 9% 60% Risk Assets 0.2% Index Linked Bonds,
Slide 16: Both equity and bond portfolios have contributed to outperformance
Positioning and Returns Both equity and bond portfolios have contributed to outperformance CGT Risk Assets Returns Performance to March 20251 CGT Bonds Only Returns Performance to March 20251 60 160 140 50 120 40 100 30 80 20 60 40 10 20 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 201
Slide 17: Our geographic overweight to the UK contributed to outperformance
Positioning and Returns Our geographic overweight to the UK contributed to outperformance Temple Bar: Share Price (GBp)1 TMPL: Discount (GBp): Premium (+) / Discount (-) %1 2 300 0 Mar 22 Mar 23 Mar 24 Mar 25 280 -2 260 -4 240 -6 220 -8 -10 200 -12 180 Mar 22 Mar 23 Mar 24 Mar 25 -14 Source: Bloombe
Slide 18: Our stock selection within the US contributed to outperformance
Positioning and Returns Our stock selection within the US contributed to outperformance Polar Capital Global Financials: Share Price (GBp) PCFT: Premium (+) / Discount (-) %1 220 6 4 200 2 180 0 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25 -2 160 -4 140 -6 120 -8 -10 100 -12 80 -14 Mar 19 Mar 20
Slide 19: Our sector allocation to the infrastructure contributed to outperformance
Positioning and Returns Our sector allocation to the infrastructure contributed to outperformance BBGI Infrastructure: Share Price (GBp)1 BBGI: Share Price (GBp): Premium (+) / Discount (-) %1 180 40 170 30 160 20 150 10 140 0 130 Mar 20 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25 120 -10 110 -20 100 Mar 22
Slide 20: Since 1982 the CGT share price total return has been >274x
Positioning and Returns Since 1982 the CGT share price total return has been >274x1 NAV Total Return History (Rebased) Mar 1982 to Mar 2025 20,000 18,000 16,000 14,000 MSCI UK NAV Total Return 12,000 10,000 8,000 6,000 4,000 2,000 0 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 19
Slide 21: Contact details
IR@cgasset.com +44 (0)203 906 1649 20 King Street, London, EC2V 8EG www.cgasset.com
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