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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 26/06/2017
303.16p
Accumulation Shares
Income Shares
255.39p
Fund Size
£232M

May 2017

Your Fund returned +5.3% during the month compared to +2.3% for the MSCI World Index NR (£).

The medical technology company Medtronic has been held in the Fund since 2011 and has been a strong contributor to returns.  Medtronic is a world leader in cardiac and vascular disease management, spine, minimal invasive surgery and diabetes management.  From their roots in developing the first implantable pacemaker in the 1960’s, Medtronic is at the vanguard of applying innovative technology to treat disease including coronary stents, heart valves and monitoring equipment and drug delivery.  Demand for these medical interventions has grown consistently in recent years, underpinned by an aging population in developed countries and increased demand for fundamental healthcare in emerging markets.  As the harsh realities of increased healthcare bills require greater scrutiny of outcomes and payment for results, companies like Medtronic play a vital role. 

The audacious purchase of the healthcare products business Covidien in 2015 has weighed on returns and the balance sheet.  We have, however, stuck with the shares.  Medtronic is highly profitable and cash-generative with operating margins of 21% and rising.  Debt levels are coming down helped by the recent $6.1bn sale of their medical supplies business to Cardinal Health.  The shares trade on 17.5x NTM earnings, with a near 5% free cash flow yield and a 2% dividend yield (Source: Bloomberg). Medtronic remains a core holding.


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 (%) IA Global (%)Index* (%)
Total Return +197.6 +125.4 +150.6
Max drawdown# -33.3 -38.3 -38.3
Best Month +7.9 +9.3 +10.2
Worst Month -9.4 -12.9 -10.6
Positive Months +63.4 +62.7 +62.7
Annualised Volatility +11.1 +13.8 +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 (%)
Alphabet Inc. 5.3
eBay 5.0
Microsoft 5.0
Novartis 4.5
Medtronic 4.3
PayPal 4.3
American Express 4.1
Altria 3.8
Becton Dickinson 3.7
Fiserv 3.6
Total Top 10 43.6
21 other holdings 49.9
Cash & equivalent 6.5
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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