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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 23/03/2017
285.93p
Accumulation Shares
Income Shares
240.88p
Fund Size
£214M

February 2017

Your Fund returned +4.8% during the month compared to +3.9% for the MSCI World Index NR (£).

We agree with the comments made about the merits of Kraft Heinz’s bid for Unilever enclosed in the Trojan Fund’s February Fact Sheet. Acquisitions often only create the illusion of growth whilst jeopardising the value of shareholders’ capital. M&A is therefore best pursued with extreme caution and only when its financial costs are far outweighed by the strategic value the acquired assets brings to the buyer.

Since 2010 Heineken has made a series of acquisitions that have transformed its ability to compound profitable growth and returns on shareholders’ capital. Its geographical footprint has shifted as a result. Over 60% of operating profits now come from emerging markets where there is a growing population of young, thirsty consumers attracted to Heineken’s premium-branded collection of beers.  

In the last three months the company has announced two further acquisitions in the UK and Brazil, spending over €1bn in combined equity value, plus debt. Both deals represent sound contra-cyclical investing on Heineken’s part and are being transacted at what we believe to be reasonable valuation multiples. More importantly they reinforce the existing portfolio so that, over time, the acquired businesses should contribute far more than the sum of their parts. 

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 +184.6 +148.2
Max drawdown# -30.3 -33.2
Best Month +7.9 +10.2
Worst Month -9.4 -10.6
Positive Months +63.4 +62.6
Annualised Volatility +11.2 +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 4.8
Alphabet Inc. 4.5
American Express 4.5
Medtronic 4.3
Altria 4.2
eBay 4.2
Novartis 4.2
Becton Dickinson 4.0
Fiserv 3.7
PayPal 3.6
Total Top 10 42.0
22 other holdings 50.2
Cash & equivalent 7.8
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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