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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 22/03/2018
Accumulation Shares
Income Shares
Fund Size
£208M (28/02/18)

February 2018

Your Fund returned -1.8% during the month compared to -1.1% for the MSCI World Index NR (£).

Performance has been frustrating in the past few months.  Despite many of the Fund’s holdings performing well, including 7 of the top 10 investments, performance has been lacklustre.  Investments in technology companies such as Microsoft, Alphabet, eBay, Fiserv and PayPal have been substantial drivers of returns in recent years and this trend has accelerated in 2018.  At the same time, shares in consumer staples companies such as Unilever and Nestlé have sold off and in many cases are now trading on close to 5 year p/e lows.  We are not believers in the argument that these companies are ‘bond proxies’ that will inevitably do badly in a rising bond yield environment.  

More credible are the concerns around the competitive environment, pricing power and growth in a digital age.  The consumer goods companies are having to adapt quickly to the changing distribution landscape, the rise of hard discounters and new challenger brands, the immediate price discovery that the internet facilitates and the rise of digital advertising away from traditional media.  Companies like Colgate, Unilever and Nestlé have faced existential threats in their long histories.  All the attributes which have made them core Troy holdings over the long term - high repeat-purchase rate, strong cash generation, high margins and global distribution - give them the strength to adapt and invest.  Although consumer staples are a smaller percentage of the Fund today the shares remain an important component of the portfolio. 

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 +199.6 +137.0 +163.1
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 +62.2 +62.2 +62.9
Annualised Volatility +10.9 +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  5.8
eBay 5.7
Alphabet Inc. 5.7
American Express 5.0
PayPal 5.0
Medtronic 4.5
Novartis 4.4
Visa 4.0
Wells Fargo 4.0
Becton Dickinson 3.6
Total Top 10 47.7
21 other holdings 46.1
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
  • 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)


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