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 23/01/2017|
Your Fund returned +3.0% during the month compared to +3.5% for the MSCI World Index NR (£).
2016 was an exceptionally strong year for global equities and the Fund returned +19.2% lagging the MSCI World Index NR (£) return of +28.2%.
The drivers of the Fund’s returns in 2016 included investments in US equities (averaging over 55% of the Fund in 2016) which returned +31% for the year. Particular highlights included Microsoft, Fiserv, J&J and Intuit all of which returned more than 35% in sterling*. At an industry level, holdings in the technology sector were significant contributors including eBay and Alphabet. The consumer staples sector underperformed last year but investments in Altria, Philip Morris International, Procter & Gamble and BAT produced high returns. The healthcare sector was disappointing with Novartis and Roche notably weak. Becton Dickinson was the exception producing a decent result for the year. Elsewhere Jardine Matheson had an excellent year and our two financials, American Express and Wells Fargo, finished 2016 strongly. The relative weakness of sterling was a major factor driving GBP returns last year. Corporate activity wasn’t as big a feature compared to 2015 but we were pleased to receive the bid by 21st Century Fox for Sky Plc in December at a 39% premium to the recent lows.
The Fund’s relative underperformance in 2016 can largely be explained by our low exposure to energy, materials, industrials and financials, all of which recovered very strongly after recording heavy losses in 2015. The high capital intensity, low margins and economic sensitivity of these industries make them challenging areas for long-term investors. We prefer to invest in companies with low capital intensity, high margins, strong balance sheets and consistent revenue streams. The returns of these businesses tend to be less exciting but far more dependable longer term.
*Source: Troy, Bloomberg 31st December 2016
Source: Lipper, Capita Asset Services
The source for performance data has been changed. This change may have resulted in variations from previously published performance figures. These variations are deemed to be immaterial both individually and cumulatively.
|Total Return to 31 December 2016||06/03/06|
|Trojan Global Equity Fund||+168.4%||+123.4%||+82.6%||+53.9%||+19.2%||+8.7%|
|LIBID* GBP 1 Month||+20.2%||+15.7%||+1.9%||+1.0%||+0.3%||+0.1%|
|MSCI World Index NR (£)||+137.5%||+130.6%||+106.4%||+49.9%||+28.2%||+15.6%|
* London Inter Bank Bid Rate
|Discrete Calendar Annual Returns (%)||2006*||2007||2008||2009||2010||2011||2012||2013||2014||2015||2016|
|Trojan Global Equity Fund||+20.2||-4.6||-11.3||+18.4||+14.9||+6.2||+3.8||+14.4||+15.0||+12.3||+19.2|
* From launch (06/03/06)
Source: Lipper, Capita Asset Services
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 (%)||Index* (%)|
* MSCI World Index NR (£)
# Measures the worst investment period
|Top 10 Holdings||Fund (%)|
|Total Top 10||41.2|
|22 other holdings||50.0|
|Cash & equivalent||8.8|
How to Invest
You may invest directly, via a broker or adviser, or through a number of online fund platforms.
- Fund Manager
- Assistant Fund Manager
- Inception Date
- Available Share Class
O, I, S
- ISIN (O Class)
- Bloomberg (O Class)
- Sedol (O Class)