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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 23/02/2017
Accumulation Shares
Income Shares
Fund Size

January 2017

Your Fund returned +1.2% during the month compared to +0.6% for the MSCI World Index NR (£).

Over the past few years companies involved in payment systems have come to represent just over 13% of the portfolio. We are attracted to this area for a number of reasons. First and foremost, our holdings are all highly profitable and capital efficient, reliant on networks developed over decades. Barriers to entry are huge and the largest payment companies tend to operate in natural oligopolies, forming a chain of toll booths throughout global commerce. A secondary attraction is that the volume of traffic passing their purview is growing at a high and sustainable rate. The normal forces of economic growth and inflation are bolstered by the slow replacement of cash and cheques with plastic or electronic payments, itself aided by the maturity of e-commerce. Amazon, Airbnb or Spotify simply wouldn’t exist without the established guardrails of digital payment systems. In the UK, e-commerce is now 11% of total retail spend, growing steadily at over +10% annually (Source: The Ecommerce Foundation). 

The Fund’s holding in PayPal is the clearest beneficiary of this global trend, with revenues up +19% in the latest quarter.

Our confidence in the enduring growth of digital payments has helped motivate us to invest in Visa during the last six months. The shares were bought at an optically expensive 24x earnings but Visa’s growth and franchise are so strong that we think this will appear cheap in five to 10 years’ time. In the last quarter Visa’s processed transactions grew +13%, even excluding the recently acquired European operations. Visa’s operating margins are 69%, the highest of any company 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 +171.6 +138.9
Max drawdown# -30.3 -33.2
Best Month +7.9 +10.2
Worst Month -9.4 -10.6
Positive Months +63.1 +62.3
Annualised Volatility +11.1 +13.7

* 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 5.1
Altria 4.2
American Express 4.2
Alphabet Inc. 4.2
eBay 4.1
Becton Dickinson 4.0
Medtronic 3.9
Novartis 3.9
Fiserv 3.6
Wells Fargo 3.6
Total Top 10 40.8
22 other holdings 48.8
Cash & equivalent 10.4
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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