The managers of Capital Gearing Trust (CGT) remain cautious about market and inflation risks, and have adjusted the trust’s portfolio to reflect this. Exposure to risk assets was reduced to 25% by the end of November 2025, while holdings in UK inflation-linked bonds were increased. Last November, the managers opposed a proposed merger for HICL Infrastructure (one of the holdings in the risk assets part of CGT’s portfolio), leading a campaign group of HICL shareholders against it. The deal was ....