Inflation is making real returns harder to come by, eroding the value of cash and creating a tougher outlook for equities, particularly ‘growth’ stocks which are valued according to future earnings. How can investors protect themselves? In this interview, Sebastian Lyon, founder and chief investment officer at Troy Asset Management, tells Mary McDougall how his multi asset funds are positioned to protect and grow money (in that order) over time. They discuss his outlook for inflation, current equity positioning, where he sees value in bonds and the role of gold. Lyon manages Personal Assets Trust (PNL) and is the senior fund manager of Troy’s Trojan Fund (GB00BZ6CNS31). Hosted on Acast. See acast.com/privacy for more information.