This site uses some unobtrusive cookies to store information on your computer. These cookies are essential, as the site won't work as expected without them. These cookies are set when you submit a form, login or interact with the site by doing something that goes beyond clicking on simple links. 

We also use some non-essential cookies to anonymously track visitors or enhance your experience of the site. If you're not happy with this, we can disable these these cookies but some features of the site may not work. By using our site you accept the terms of our Privacy Policy.

Close

Trojan Global Equity Fund

The investment objective of the Trojan Global Equity Fund is to provide capital growth over the longer term. The investment policy is to invest substantially in UK and overseas equities but the Fund may also invest in collective investment schemes and money market instruments. 

In addition to the O share class referred to on this page, I & S Classes are also available. Please contact us for more information.

'O' Share Class Price 24/05/2018
306.93p
Accumulation Shares
Income Shares
256.78p
Fund Size
£205M (30/04/18)

April 2018

Your Fund returned +3.2% during the month compared to +3.0% for the MSCI World Index NR (£).

The rebound in the Fund’s monthly performance was led by large holdings in American Express, Visa and Microsoft, all of which reported excellent quarterly earnings. The Fund’s new investment in Facebook, acquired in February and March, also made an important contribution to returns. Facebook reported solid growth in users and revenues to confirm our expectation that its recent scandals are of greater interest to politicians and journalists than they are to users of its services. No other company can match the company’s global scale in modern communications, making its services hard to discard for users and advertisers. 

Core Facebook has over six times the monthly users of Twitter; Instagram, also owned by Facebook, is multiple times the size of upstart Snap;  and its two messaging apps, neither of which are fully monetised, each have well over 1bn users (collectively sending almost 100bn daily messages). The wind is at Facebook’s back as consumers spend more time online and digital advertising continues to take share from traditional channels. These are fundamentally favourable conditions for the company to adapt to any tightening in its regulatory environment.

Even after the partial recovery in Facebook’s share price, we think that the company is attractively valued at 21x P/E and 13x EBITDA. It has $44bn in cash and no debt. We expect the company to comfortably generate double-digit growth in earnings and cash flow over the next few years.

Performance is calculated on a total return basis, net of fees, in sterling terms.

 

Source: Lipper, Link Fund Solutions Limited

The source of performance data has been changed.  This change may have resulted in variations from previously published performance figures.

Risk Analysis Since Launch (06/03/2006)Fund (%) IA Global (%)Index* (%)
Total Return +194.8 +136.6 +160.4
Max drawdown# -33.3 -38.3 -38.3
Best Month +7.9 +9.3 +10.1
Worst Month -9.4 -12.9 -10.6
Positive Months +62.1 +62.1 +62.8
Annualised Volatility +11.0 +13.4 +13.2

* MSCI World Index NR (£)

# Measures the worst investment period

Performance is calculated on a total return basis, net of fees, in sterling terms.

 

Top 10 HoldingsFund (%)
Microsoft  6.0
Alphabet Inc.  5.3
American Express 5.1
eBay 5.1
PayPal  4.8
Medtronic 4.6
Visa  4.2
Novartis 4.1
Becton Dickinson 3.8
Fiserv 3.5
Total Top 10 46.5
23 other holdings 47.3
Cash & equivalent 6.2
Total 100.0
Past performance is not necessarily a guide to future performance. The value of a fund and any income from it may go down as well as up and investors may get back less than they invested. Changes in rates of exchange may cause the value of investments to go up or down. This data is provided for information only and should not be reproduced, published or disseminated in any manner. Although Troy considers the data to be reliable, no warranty is given as to its accuracy or completeness. Any comparisons against indices are for illustrative purposes only.

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

Find Out More

Key Facts

  • Fund Manager
    Gabrielle Boyle
  • Assistant Fund Manager
    George Viney
  • Inception Date
    06/03/2006
  • Currency
    £ Sterling
  • Available Share Class
    O, I, S
  • ISIN (O Class)
    GB00B0ZJ5S47 (Acc)
    GB00B0ZJ0230 (Inc)
  • Bloomberg (O Class)
    TRJCAPA_LN (Acc)
    TRJCAPI_LN (Inc)
  • Sedol (O Class)
    B0ZJ5S4 (Acc)
    B0ZJ023 (Inc)

 

Related Literature