28 slides from Capital Gearing Trust PLC GBP's investor presentation, October 2026
Slide 1: Capital Gearing Trust
CG Asset Management Capital Gearing Trust October 2026
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: Capital Gearing Trust Overview
Capital Gearing Trust Overview
Slide 4: Capital Gearing Trust Overview
Overview Capital Gearing Trust Overview Investment Objective • The Company’s objective is to preserve and grow shareholders’ real wealth over time • The Company seeks cost-effective, long-term absolute returns via a global portfolio of equities, bonds and commodities • It follows a trusted approach
Slide 5: CG Asset Management Overview
Overview CG Asset Management Overview 2001 Founded in 2001 by Peter Spiller, former Chief Investment Officer and Chief Strategist of Cazenove Founded £2.1bn £2.1bn in assets under management AUM 2 Manages two strategies, absolute return and real return, across six funds Strategies 10 Team of 10, bas
Slide 6: CGAM in partnership with our clients
Overview CGAM in partnership with our clients What makes us different? What does that mean for our clients? 1. The client comes first The firm’s founding 2. Don’t be greedy principles 3. Have fun In turn these principles mean that: • We have and will close funds to protect investors • We continuousl
Slide 7: Funds Summary
Overview Funds Summary Dealing Strategy Fund ISIN Launched AUM6 AMC Fee TER Frequency2 Capital Gearing Trust GB00BT66KP92 19821 £809m Listed 0.41%3 0.58% Absolute Return Long only investments CG Absolute Return in a portfolio of bonds, (EUR Hedged, USD Hedged available) IE00BYQ69B30 2016 £573m Daily
Slide 8: CGAM Team
Overview CGAM Team Investments Corporate Leadership Operations Peter Spiller Chris Clothier Emma Moriarty Alastair Laing Chris Taylor Jason Barlow Co - Chief Investment Co - Chief Investment Fund Manager Chief Executive Officer Chief Risk and Head of Investment Officer Officer Compliance Officer Ope
Slide 9: Since 1982 the CGT share price total return has been >301x
Positioning and Returns Since 1982 the CGT share price total return has been >301x1 NAV Total Return History (Rebased) Mar 1982 to Mar 2026 20,000 18,000 16,000 14,000 12,000 UK Equities 10,000 NAV Total Return 8,000 6,000 4,000 2,000 0 2002 2006 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 199
Slide 10: Investment Process
Investment Process Capital Gearing Trust
Slide 11: Principles
Investment Process Principles What are we trying to do? How do we do it? Portfolio Construction Keep It Simple ⇔ Asset Selection No gearing, no short selling, Diversified portfolio no reaching for yield construction focusing on negatively correlated assets Short Term: Low Cost Driven by Value Capita
Slide 12: 5 inputs drive our asset allocation, underpinned by a focus on duration
Investment Process 5 inputs drive our asset allocation, underpinned by a focus on duration Valuations All major asset classes Absolute / Relative / Relative to own history Investor Behaviour Core Macroeconomic Beliefs Degree of risk taking / speculative Guiding long-term asset allocation Asset behav
Slide 13: Dynamic asset allocation that responds to the business cycle
Investment Process Dynamic asset allocation that responds to the business cycle High Growth Expansion Inflationary Boom ✓ Equities Commodities & Gold ✓ Inflation-linked bonds Equities ≈ Inflation-linked bonds ≈ Low High Inflation Inflation Recession Stagflation ✓ Nominal bonds Inflation-linked bon
Slide 14: 3 Core Asset Allocation Pillars
Investment Process 3 Core Asset Allocation Pillars Risk Assets Equities / Funds Property Infrastructure Alpha generation by exploiting discounts Efficient diversified equity exposure Managed Liquidity Reserve Inflation-Linked Bonds Cash & Treasury Bills US TIPS Short Dated Government Bonds UK Linker
Slide 15: Inflation-linked bonds are a fundamental component of a diversified portfolio
Why inflation-linked? Inflation-linked bonds are a fundamental component of a diversified portfolio Inflation as greatest risk to investor wealth Sharpe Ratio Differentials by Macroeconomic Environment (1972 – 2022) Against which equities are only a partial hedge. 0.5 0.3 0.3 Significant risk of inf
Slide 16: Capital Gearing Trust
Capital Gearing Trust Positioning and Returns
Slide 17: The portfolio has continued to perform ahead of inflation
Positioning and Returns The portfolio has continued to perform ahead of inflation CGT Asset Allocation September 2026 Contribution by Asset Class LTM 100% Cash & CGT 5.6% Managed Nominal Govt Liquidity Bonds, 17% 80% Reserve, 29% Credit,12% Inflation-Linked 0.7% Bonds 60% UK I/L, 20% Risk Assets 3.7
Slide 18: Changes to asset allocation tend to be modest over the short term
Positioning and Returns Changes to asset allocation tend to be modest over the short term but can be fundamental over the long term CGT Asset Allocation – 2011 to 2026 100% 80% 60% 40% 20% 0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Cash Gold Index Linked Govt.
Slide 19: Positioning is defensive relative to history
Positioning and Returns Positioning is defensive relative to history, owing to concerns around the outlook for government debt and stretched equity valuations CGT Asset Allocation: 2011-2026 Current Maximum 51% 49% 50% Mininum Average 37% 33% 28% 25% 25% 22% 17% 16% 14% 12% 5% 4% Nominal Corporate I
Slide 20: 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 September 20261 CGT Bonds Only Returns Performance to September 20261 250 60 50 200 40 150 30 100 20 50 10 0 0 2022 2015 2016 2017 2018 2019 2020 2021 2023 2024 2025 2026
Slide 21: CGT has outperformed comparators on an absolute and risk adjusted basis
Positioning and Returns CGT has outperformed comparators on an absolute and risk adjusted basis CGT vs. Comparators: Total Returns to September 20261 90 80 70 60 50 40 30 20 10 0 Dec-17 Jun-23 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-24 Jun-25 Jun-26 Dec-15 Dec-16 Dec-18 Dec-19 Dec-20 De
Slide 22: Returns have come with low volatility and low correlation to equity & bond markets
Positioning and Returns Returns have come with low volatility, and low correlation to equity & bond markets, and excellent risk adjusted performance Sharpe Ratio & Volatility (%) vs. Major Indices 1.0 12.2% 12.1% 0.9 4.6% Volatility 0.8 0.7 CGT MSCI UK MSCI World 0.6 25.2% Equity Beta 0.5 consistent
Slide 23: Duration, currency and liquidity are actively managed
Positioning and Returns Duration, currency and liquidity are actively managed Currency Exposure1 Time to Liquidation (days)2 13% 2% 100% 100% Other 3% 3% 1% 1% JPY 3% 80% 90% Other 80% USD 31% 70% JPY EUR 2% 60% 50% USD <1 day 1-3 days 3-5 days 5-7 days 7-30 days >30 days Total 40% Duration and Yiel
Slide 24: Top Equity and Bond Holdings
Positioning and Returns Top Equity and Bond Holdings Top 10 Equity Holdings Top 10 Bond Holdings Asset Weight Asset Weight Vanguard FTSE 100 ETF 3.0% UKTI 0.125% 10/08/31 8.7% North Atlantic Small Companies 2.3% US I/L 0.125% 15/01/31 7.6% UBS MSCI World ETF 2.1% US I/L 0.125% 15/01/32 5.9% JPMorgan
Slide 25: Considerations Within Our Investment Approach
Capital Gearing Trust Considerations Within Our Investment Approach
Slide 26: Considerations for individual asset classes
Investment Approach Considerations for individual asset classes 1. Direct Government Securities 2. Direct Corporate Credit and Preference Shares The majority of the assets held by the funds are invested in direct holdings of The funds hold small quantities of direct credit and preference share holdi
Slide 27: Considerations for individual asset classes
Investment Approach Considerations for individual asset classes 3. Listed Closed-Ended Funds, Investment Trust, REITs and Activist Engagement Technique Frequency of Employment Property Companies Management Engagement Continuous CGAM has a long history of active engagement in the London market for li
Slide 28: www.cgasset.com
IR@cgasset.com +44 20 3906 1649 20 King Street, London, EC2V 8EG www.cgasset.com