Capital Gearing Trust shares were quoted around 517p on AJ Bell's latest data, against 4,985p in March, a level consistent with the proposed ten-for-one split having taken effect. The trust stood at a discount of 1.37% to estimated NAV, close to its 12-month average of 1.17%.

What happened

The results for the year to 31 March 2026 proposed the split, with the aim of making the shares more accessible. A notice confirming its completion was not retrieved. However, the current price and the 521.01p NAV are about one-tenth of the 31 March figures of 4,985p and 5,104.5p. The latest Dividend on AJ Bell, at 6.60p, is also one-tenth of the 66p final set out in those results.

The most recent NAV notice for the trust (LSE:CGT), issued on 2 November, gave 521.01p including income at the close on 30 October, according to an AI-generated summary on. A Total Voting Rights notice was issued the same day, and Transaction in Own Shares notices appeared on 26 and 30 October and 2 November.

CGT (LSE:CGT) is a constituent of the FTSE All-Share index and sits in the Investment trust sector.

Why it matters for investors

A split does not alter the value of a holding, but it does affect how the LSE:CGT shares are read. Historic price data that has not been adjusted may appear to show a fall of about 90%, when no such loss has occurred. Per-share dividends need the same treatment.

The narrow discount is the trust's other notable feature. AJ Bell showed 1.37%, against an average of 1.17% over the year, while Market Capitalisation was £805.89m. The results summary showed net Assets of £801.3m at the March year end, down from £885.0m even though NAV per share rose. That implies a lower share count over that year.

The 2 October portfolio update, covering holdings at 30 September, shows how defensively the money is placed. Inflation-linked Government Bonds Fill eight of the top ten positions, led by a UK Treasury 2031 linker at 8.65% of net assets and a US Treasury 2031 issue at 7.59%.

The only Equity vehicle in the top ten was the Vanguard FTSE 100 UCITS ETF at 3.04%, and the other non-linker was a Japanese government bond at 2.53%. The top ten made up 48.81% of net assets. The update gave no commentary or full Asset Class breakdown.

How the shares have performed

AJ Bell's delayed page, retrieved on 3 November, showed a sell price of 516p and a buy price of 519p, up 5p or 0.97% from a previous close of 514p. The most recent trade listed was dated 2 November, at 519p. The 52-week range was only 484p to 536p.

The page's NAV figures were 521.72p at 29 October and an estimated 521.15p. The Yield was shown at 1.27%. The latest dividend went ex on 11 June and was paid on 15 July, after 10.20p the year before on the same adjusted basis.

For the last full year, the results summary gave a NAV total return of 5.8% and a share price total return of 6.4%, while consumer price Inflation was 3.3%.

What to watch next

Half-year results are the next scheduled item. Last year's report for the six months to 30 September was published on 18 November 2025, so a similar timetable would suggest an update later this month, although no date was confirmed.

That report should give asset allocation, returns and the first post-split per-share figures in a full statement. The own-share and voting rights notices will show how the board is managing the share count at this narrow discount.