Trojan Global Equity Fund

Troy

Overview

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What does the Fund do?

It seeks global, high-quality businesses that have the resilience to survive adversity and the adaptability to thrive in a changing world. Businesses that can grow at sustainably high returns over time provide longevity and compounding power to your returns.

Why this Fund?

Aimed at investors who seek exposure to enduring businesses with stable cashflow, strong management teams and a culture of innovation. The Fund integrates ESG and stewardship in accordance with Troy’s Responsible Investment & Stewardship Policy and also adheres to Troy’s Climate Change Mitigation Policy, in accordance with article 8 of SFDR.

View our SFDR disclosure

The team

Commentary

May 2025

Your Fund returned +3.0% during the month compared to +4.9% for the MSCI World Index NR (£).

As trade tensions eased, recent trends reversed, and the tech-heavy U.S. market recovered ground previously lost to European and other markets. This is reflected in the Fund’s own performance. All five of its top contributors in the month are software and internet companies based on America’s West Coast; four of the bottom five contributors are European, whose shares (for the most part) had previously led returns.

In a concentrated fund it is rare, even over a very short and volatile period such as this, for market-wide trends alone to fully account for the Fund’s own performance. For instance, Intuit and Microsoft both reported accelerated demand across some of their most important business lines, sending their share prices higher. Meanwhile, Alcon’s share price declined following a softer than expected start to 2025. This divergence is relevant to the Fund’s broader investment strategy, which emphasises patient investment in innovative companies. All three companies have been part of the Fund for over a decade, and this, we believe, has allowed us to develop an unusually deep appreciation for their qualities.

Prior to this month, the shares of both Intuit and Microsoft had traded relatively poorly as investors digested marginally disappointing financial results. We felt that this pattern of returns revealed more about investors’ shorter-term expectations than it did about the companies’ potential to compound their cash flows over the long term. We observed encouraging operational and strategic progress, and at such moments we tend to lean in, acquiring more shares in Intuit and Microsoft earlier this year. We see Alcon undergoing a similar test that presents a near-term opportunity. The company is on the cusp of one of the biggest and broadest product upgrade cycles in its history that should reset growth in revenue and earnings to a higher level. As with Intuit and Microsoft, we have high confidence in Alcon’s enduring power to overwhelm any shorter-term pressures by steadily reinvesting and innovating to sustain leadership in its chosen markets. We are optimistic that this will produce attractive returns for investors willing to be patient.

Key facts

Co-Manager

Gabrielle Boyle

Co-Manager

George Viney

Strategy Inception date

06/03/2006

Currency

Sterling

Available share classes

O GBP Acc and Inc
O EUR Acc and Inc
O USD Acc and Inc
I GBP Acc and Inc
I EUR Acc and Inc
S GBP Acc and Inc

ISIN (O GBP Class)

IE000B0QOAR7 (Inc)
IE000ALQZ5E5 (Acc)

Bloomberg (O GBP Class)

TRCOGIN ID (Inc)
TRCLOGA ID (Acc)

Sedol (O GBP Class)

BMCHXB4 (Inc)
BMCHX92 (Acc)

Benchmarks

For more information on the benchmarks used please refer to the ‘use of benchmarks’ section in the fund information sheet

Ongoing Charges

‘O’ (ordinary) shares: 0.86%

‘O’ ACC SHARE CLASS as at 19/12/2024

£6.3522

Fund size as at 31/05/2025

£548m

‘O’ INC SHARE CLASS as at 19/12/2024

£5.2149

Performance

Source: Lipper. Past performance is taken from the corresponding share class of the Trojan Global Equity Fund which merged with the Trojan Global Equity Fund (Ireland) on 13 December 2024. Trojan Global Equity Fund was domiciled in the UK and authorised as a UK UCITS, which was originally launched as the Trojan Capital Fund, focused on investing in UK equities with the flexibility to invest in overseas equities and other asset classes. The strategy was changed to a global equity strategy in December 2013. The Fund has been a constituent of the IA Global sector since April 2012.

06/03/200631/05/201531/05/202031/05/202231/05/202430/11/2024
Since Launch10 Years5 Years3 Years1 Year6 Months
MSCI World NR GBP453.1191.777.935.57.4-3.7
IA Global TR313.7134.252.822.43.9-3.3
Trojan Global Equity O GBP Acc538.9189.753.334.68.3-2.1

Discrete Calendar Annual Returns (%)20062007200820092010201120122013201420152016201720182019202020212022202320242025
Trojan Global Equity O GBP Acc20.2-4.4-1118.815.26.33.914.615.112.419.313.21.124.613.521.7-15.723.916-2.1

Performance is calculated on a total return basis, net of fees, in sterling terms. Past performance is not a guide to future performance

Source: Lipper. Since Launch (06/03/2006) to 31 May 2025.

Risk and Volatility since launch

Source: Lipper.

Risk Analysis Since Launch (06/03/2006)Trojan Global Equity O GBP AccIA Global TRMSCI World NR GBP
Total Return538.9313.7453.1
Max Drawdown-32.9-38.3-38.3
Best Month9.49.810.1
Worst Month-9.4-12.9-10.6
Positive Months61.362.663.0
Annualised Volatility11.613.113.1

Performance is calculated on a total return basis, net of fees, in sterling terms.

Maximum Drawdown measures the worst investment period

Annualised Volatility is measured by the annualised standard deviation of the monthly returns

Source: Lipper.

As at 31 May 2025.

Asset allocation

Top 10 holdingsFund %
Alphabet7.33335424089692
Visa6.90200743725327
Microsoft5.98618490047691
Mastercard5.80008221124556
Amadeus5.16035279703717
Fiserv4.79629022710229
Adobe4.74716155986441
Meta4.68624044998204
Roche4.67843581885336
Heineken4.44025845493558
Total Top 1054.5303680976475
17 Other Equity holdings43.8754028797545
Cash1.59422902259796
Total100

Asset allocation and holdings subject to change. As at 31 May 2025.

 

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive
Newsletters     View newsletters Hide newsletters

Fund Information Sheet

 View document Download document  

Interim Report

 July 2024 View document Download document  

Annual Report

 January 2025 View document Download document  
Prospectus & Additional Investor Information     View documents Hide documents
UK Reporting Status     View documents Hide documents
UCITS KIID     View documents Hide documents
Sustainability-related Disclosures     View documents Hide documents
Trojan Funds (Ireland) Plc Circular     View archive Hide archive

Trojan Global Equity Fund was domiciled in the UK and authorised as a UK UCITS, which was originally launched as the Trojan Capital Fund, focused on investing in UK equities with the flexibility to invest in overseas equities and other asset classes. The strategy was changed to a global equity strategy in December 2013. The Trojan Global Equity Fund merged with the Trojan Global Equity Fund (Ireland) on 13 December 2024.

This fund is not based in the UK and is not subject to UK sustainable investment labelling and disclosure requirements.

Important Information

Past performance is not 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. Returns may increase or decrease as a result of currency fluctuations. 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. In line with the Fund’s prospectus, the Fund is authorised to invest in transferable securities and money market instruments issued or guaranteed by an EEA state, one or more local authorities, a third country, or a public international body to which one or more EEA states belong.  The Investment Manager would only consider investing more than 35% of the Fund’s assets in UK or US government issued transferable securities or approved money market instruments. 

Some of the information contained on this page: (1) is proprietary to Morningstar and/or its content providers​; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 

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How to invest

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