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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 20/09/2018
326.27p
Accumulation Shares
Income Shares
271.63p
Fund Size
£232M (31/08/18)

August 2018

Your Fund returned +3.4% during the month compared to +2.2% for the MSCI World Index NR (£).

Year to date the Fund has returned +10% compared to the MSCI World Index NR (£) +9.1%.

2018 has seen substantial divergence in regional equity market returns, with the US materially outperforming every other region.  This trend continued in August, underpinned by the relative strength of the US dollar.   Despite all of the stock market worries since the fall of Lehman, 10 years ago almost to the day, the US equity market has consistently outperformed the rest of the world, delivering an annualised return of over +15% in GBP.  Our investment approach is always to find compelling individual investments, wherever they are listed, but we are constantly struck by how many interesting companies we can find in the United States, notwithstanding the ongoing macro concerns.

Particular highlights for the Fund in August included the digital payment-related companies PayPal, Visa, American Express and Fiserv, and medical technology investments Medtronic and Becton Dickinson.  There has been a clear trend of these companies announcing strong revenue, cash flow and profit figures in 2018.  Visa, for example, reported double-digit growth in payment volumes, total transactions, data processing and operating income for the latest quarter.  The integration of Visa Europe is going well and the structural shift to digital payments is accelerating across the region.  Visa is a highly profitable, low capital intensity business with strong secular growth drivers.  The shares remain a core holding.

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 +234.2 +156.1 +189.7
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 +63.1 +63.1 +63.8
Annualised Volatility +10.9 +13.3 +13.1

* 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   6.3
Alphabet  6.1
American Express  5.4
Medtronic 5.4
PayPal  5.3
Visa  4.8
eBay  4.6
Novartis 4.3
Becton Dickinson 4.1
Fiserv 3.9
Total Top 10 50.2
22 other holdings 46.6
Cash & equivalent 3.2
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)

 

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