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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 08/12/2016
255.80p
Accumulation Shares
Income Shares
215.90p
Fund Size
£187M

October 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.       

 

 

 

 

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 +170.8 +131.4
Max drawdown# -30.3 -33.2
Best Month +7.9 +10.2
Worst Month -9.4 -10.6
Positive Months +63.0 +62.2
Annualised Volatility +11.2 +13.8

* 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 5.3
Alphabet Inc. 4.6
Medtronic 4.4
Altria 4.4
Becton Dickinson 4.3
Novartis 4.3
American Express 3.8
Fiserv 3.7
eBay 3.6
Sage Group 3.4
Total Top 10 41.8
23 other holdings 52.7
Cash & equivalent 5.5
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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