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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 27/04/2017
282.23p
Accumulation Shares
Income Shares
237.76p
Fund Size
£214M

March 2017

Your Fund returned +0.6% during the month compared to +0.6% for the MSCI World Index NR (£).

The first quarter of 2017 has seen continued strong equity markets and the Fund returned +6.7% compared to the MSCI World Index NR (£) +5.1%.  Particular highlights over the quarter included Unilever, Philip Morris International, BAT, eBay, Medtronic and Jardine Matheson albeit returns were broadly spread.

The leading credit bureau Experian, which has been held in the Fund since 2006, provides the consumer information which is the basis for granting credit and has dominant market positions in the UK, US and Brazil.  With data on over 900 million consumers globally and 100 million businesses, Experian holds an oligopolistic position in a growing market for credit scoring as financial services evolve around the world.  Operating margins have averaged 24% over the past 5 years, capital intensity is low and cash generation is strong.  

The relatively new management team has introduced a more coherent structure, balancing investment in innovation and technology and exiting non-core businesses (as evidenced by the recent sale of the email and cross-channel marketing business).   Dividends have grown consistently over the past 10 years, shares in issue have fallen by 15% and the balance sheet, although levered, is healthy.  Despite a strong performance over the past year, Experian trades on a 6.4% historic free cash flow yield and remains a core holding in the Fund.    

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

 

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* (%)
Total Return +186.3 +149.6
Max drawdown# -33.3 -38.3
Best Month +7.9 +10.2
Worst Month -9.4 -10.6
Positive Months +63.6 +62.9
Annualised Volatility +11.1 +13.6

* 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 5.0
Alphabet Inc. 4.8
American Express 4.5
eBay 4.5
Novartis 4.4
Medtronic 4.4
Altria 3.9
PayPal 3.9
Becton Dickinson 3.8
Fiserv 3.6
Total Top 10 42.8
22 other holdings 49.8
Cash & equivalent 7.4
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)

 

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