Market Matters is a monthly podcast from Kepler Trust Intelligence that delivers big-picture insights from leading investment specialists, exploring the opportunities, challenges, and risks shaping investors’ portfolios.
This month, we are joined by Charlotte Yonge from Troy Asset Management. Charlotte is co-manager of the Trojan fund and Personal Assets Trust, as well as being fund manager of the Trojan Ethical fund.
In this episode, Charlotte discusses the work she does as co-founder of the charity Girls Are Investors (GAIN), why Personal Assets increased its equity weighting earlier this year and the trust’s exposure to US TIPS and gold bullion, as well as thoughts on bitcoin.
GAIN was established to inform and inspire the next generation of young women to enter the investment management industry in the UK. You can find more information here: https://www.gainuk.org/
00:00 Introduction
01:10 Background to becoming a fund manager
02:59 What does Girls Are Investors do and why was it founded?
07:00 How much more progress do we need to see with regards to diversity in investment management?
09:36 What’s surprised you most about stock markets over the past year?
11:43 Are we in a new investment environment and how does this impact portfolios?
13:55 What are the biggest risks moving forward?
16:03 What Personal Assets’ capital preservation mandate means
18:30 On Personal Assets’ low equity weighting
20:15 What do you look for in the companies you invest in?
24:03 Which stocks did you buy earlier this year and what would make you more constructive on equities?
26:11 Why do you hold US TIPS and how much of a risk is the weakening US dollar?
31:10 Do you expect gold’s price appreciation to continue?
33:37 Would you ever own bitcoin or any other cryptocurrency asset?
35:57 Where do you see the best opportunities today?
37:27 Further information
37:56 Risk warning
Please note that this podcast was recorded on 24 July 2025.
