Capital Gearing Trust

Partnership is in our DNA

About us

Building sustainable value

for the future

At Capital Gearing Trust, we are dedicated to preserving and steadily growing our shareholders’ wealth over the long term. Our straightforward focus is underpinned by prudent investment decisions and a commitment to excellence, ensuring sustainable value for our investors.

We take a disciplined, risk-aware approach, balancing assets carefully to navigate changing market conditions with confidence. Founded in 1963, we’ve built a strong reputation for consistency and resilience.

Peter Spiller has led the Trust since 1982, making him the longest-serving fund manager in the UK investment trust sector. He is joined by Alastair Laing and Chris Clothier, ensuring a well-rounded and experienced team at the helm.

We don’t chase trends or take unnecessary risks. Instead, we focus on protecting capital while delivering sustainable growth, through a diversified portfolio designed to perform across different market environments.

If you’re looking for a steady, proven approach to long-term investing, we invite you to learn more about our strategy and performance.

Go to CGT team

Our people & Leadership

Meet the team
committed to your future

Our Board
Manager

Icon 1 Established

Founded in 1963 in Belfast as a family-controlled investment fund

Icon 3 Listing

Listed on the London Stock Exchange in 1973

Icon 2 Manager

Peter Spiller has led the trust since 1982

Icon 3 Performance

Only two down years in 40 years

Icon 1 Three core pillars

We invest across three core pillars: risk assets, index-linked bonds, and dry powder, providing flexibility to adapt to changing market conditions.

Icon 2 Engagement strategy

We actively engage with closed-ended funds and REITs to improve governance

Icon 3 Adaptability

We evolve our strategies to stay resilient through changing markets

Our history
1 7

Who we are and how we create value

Measuring our success: Annual Results Key Highlights 2025

+4.1%

NAV Total Return

+3.6%

Share Price Total Return

+30.8%

Dividend Increase

The company

Capital Gearing Trust in a nutshell

We take the view that a commitment is a commitment and one you can’t just row back on

Peter Spiller,
explaining why he targets trusts that fail to implement their discount policies

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 simple, low-cost approach, no gearing, no short selling
  • The Trust is actively managed, without reference to a benchmark

Investment
objective

Fees and Structure

Management Fee: 0.41%

Ongoing Charge Figure: 0.55%

FTSE 250 Listed Investment Trust

Discount Control Mechanism: The Company aims to purchase or issue shares to ensure that, under normal market conditions, the share price closely tracks the underlying Net Asset Value per share

Fees and
Structure

Investor
 Profile

The fund has a broad range of investors who typically exhibit the following characteristics:

  • A long-term investment horizon
  • An aversion to significant short-term losses
  • A desire to generate returns that outpace inflation over the long term
  • A focus on GBP-denominated returns

Investor

Profile

Our investment approach
celebrating 50 years

Our Approach to Sustainability

Responsible strategies, long-term impact

Find out more

Invest with confidence today

Our goal is simple: to protect and steadily grow your wealth over time, helping you stay ahead of inflation.

Find out more
Newsletter
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