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 08/12/2016|
Your Fund returned +2.6% during the month compared to +4.3% for the MSCI World Index NR (£).
It is when events, political or otherwise, confound common expectations that sentiment is revealed as the fair-weather friend that it is. Now, as ever, we place our confidence in the basics of business analysis as a more reliable guide to longer-term returns. The experience with our largest holding is instructive in this respect. Microsoft was first purchased for the Fund in 2010 when its share price languished under the expectation that the company would be marginalised by Apple, Google and others. Microsoft has remained highly profitable throughout and has invested very significantly in ensuring that it remains a dominant provider of software around the world. In the last 6 years the company has made an astonishing $183bn in cumulative investments in capital expenditures, research and development and sales, marketing and advertising. These investments and an adapted strategy have renewed Microsoft’s relevance to its customers and convinced investors that its future is not nearly as bleak as many people had feared.
The company’s recently released quarterly results again give credibility to the idea that Microsoft’s commitments in areas such as cloud computing infrastructure, data analytics and subscription software are gaining critical mass allowing margins to expand.
The capacity and willingness for heavy investment is evident across the portfolio. Companies such as Nestlé, eBay, Sky and Novartis have maintained or increased their rate of investment despite slowing growth in sales and scepticism about their future prospects. It is these investments, made in the context of fundamentally strong business models, which give us confidence that they can grow, regardless of the political and economic circumstances. Their share prices will eventually follow.
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 October 2016||06/03/06|
|Trojan Global Equity Fund||+170.8%||+143.2%||+84.8%||+54.9%||+23.8%||+18.1%|
|LIBID* GBP 1 Month||+20.2%||+16.6%||+2.0%||+1.1%||+0.3%||+0.1%|
|MSCI World Index NR (£)||+131.4%||+128.9%||+103.7%||+47.3%||+28.0%||+22.7%|
* London Inter Bank Bid Rate
|Discrete Calendar Annual Returns (%)||2006*||2007||2008||2009||2010||2011||2012||2013||2014||2015||2016 YTD|
|Trojan Global Equity Fund||+20.2||-4.6||-11.3||+18.4||+14.9||+6.2||+3.8||+14.4||+15.0||+12.3||+20.3%|
*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||41.8|
|23 other holdings||52.7|
|Cash & equivalent||5.5|
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)