Portfolio Update

CAPITAL GEARING TRUST P.L.C. (the 'Company')

LEI: 213800T2PJTPVF1UGW53

Quarterly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 5 January 2020, it held the following investments in other listed closed-ended investment funds, which do not have a stated investment policy to invest no more than 15% of their total assets in other listed closed-ended investment funds:

Name Percentage of net assets
Pershing Square 5.5% 2022 0.97%
Residential Secure Income 0.85%
Utilico Finance Ltd Zero Div Pref 2020 0.47%
Pershing Square Holdings 0.40%
Acorn Income Fund Zero Div Pref 2022 0.33%
Pollen Street Secured Lending 0.09%
Total 3.11%

Capital Gearing Trust P.l.c. also announces that, as at 5 January 2020, the ten largest investments were as follows:

Name Percentage of net assets
iShares Core FTSE 100 ETF 4.80%
UK Treasury 0.125% Index-Linked 2024 3.12%        
Vanguard FTSE Japan UCITS ETF 2.46%
North Atlantic Smaller Companies 2.22%
Grainger 2.15%
USA Treasury 2.0% Index-Linked 2026 2.05%        
Investor B 1.80%
UK Treasury 11/05/2020 1.49%
USA Treasury 0.75% Index-Linked 2045 1.43%
USA Treasury 1.375% Index-Linked 2044 1.42%        
Total 22.94%

There were no additional investments with a value greater than 5% of the Company's portfolio.

It should be noted that the above percentages are calculated using 'bid' prices.

Enquiries:
PATAC Limited, Company Secretary
Email: company.secretary@capitalgearingtrust.com

UK 100