![f022-02.jpg](https://article-imgs.scribdassets.com/5sviwnwtkwbywetd/images/fileU54ZS5UV.jpg)
![f022-01.jpg](https://article-imgs.scribdassets.com/5sviwnwtkwbywetd/images/file5WNFLJ33.jpg)
and call themselves wealth-protection trusts. They both aim to protect and grow shareholders’ capital – in that order. However, last year was a painful one for investors in both, with Personal Assets returning 0.7%, or 3% on a net asset value (NAV) basis and Capital Gearing returning -3.3%, or 1.3% on a NAV basis. Both trusts suffered from a decline in investors’ confidence, which led