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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 21/10/2016
Accumulation Shares
Income Shares
Fund Size

September 2016

Your Fund returned +0.7% during the month compared to +1.4% for the MSCI World Index NR (£).

2016 is proving to be a standout year for global equities with the MSCI World Index NR(£) up just under +20% to the end of September.  Unsurprisingly, given the weakness in sterling, currency has been the substantial factor as the USD, the Japanese Yen and the Euro have all appreciated significantly against the pound. Global equity returns in local currencies paint a very different picture with negative returns for Japan and Europe ex UK whilst the US is up just +7%. The UK has been the best performing large developed equity market in local currency terms and a number of the Fund’s UK holdings have been amongst the strongest performers this year including Experian, BAT and Unilever.  



Emerging equity markets have experienced a renaissance in 2016 and the best performing holding in the Fund has been Jardine Matheson which we first purchased in 2012.  Founded in China over 180 years ago and still controlled by the Keswick family, Jardine is a holding company of exceptional, predominantly Asian, businesses and as such is very different to the other investments in the Fund.   It does, however, share a number of similarities.  The Jardine group is managed for long-term value creation. The underlying companies have dominant market shares, strong brands and very deep distribution.  The balance sheet is conservatively managed, cash-flow is strong and dividends have grown consistently.  Jardine is never afraid to invest counter-cyclically as they have done through the latest travails in Asia.   The shares trade on a P/E of 15.6x 2016 earnings, a discount to NAV and have a dividend yield of 2.3%.  Jardine Matheson 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 +163.9 +121.8
Max drawdown# -30.3 -33.2
Best Month +7.9 +10.2
Worst Month -9.4 -10.6
Positive Months +62.7 +61.9
Annualised Volatility +11.2 +13.9

* 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 (%)
Novartis 4.9
Becton Dickinson 4.7
Microsoft 4.7
Medtronic 4.5
Altria 4.1
Alphabet Inc. 4.0
eBay 3.8
Sage Group 3.7
American Express 3.7
Roche Holdings 3.6 
Total Top 10 41.7
23 other holdings 52.2
Cash & equivalent 6.1
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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