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

August 2026

Your Fund returned +3.3% during the month, compared with +1.8% for the MSCI World Index NR (£).

The Fund’s returns continue to be driven by a recovery in the shares of digital businesses that were previously sold off because of uncertainty surrounding Artificial Intelligence (AI). We have long maintained that the simple distinction between AI’s ‘winners’ and ‘losers’ is too binary and that a more nuanced picture of evolution and adaptation would ultimately emerge. We see this reappraisal process taking a while to play out, and in the meantime, we consider that the Fund contains plenty of value yet to be realised.

Beyond AI, a process of rehabilitation is also evident in several of the Fund’s healthcare companies. Agilent Technologies (‘Agilent’), a provider of analytical tools to the life sciences industry, is a leading example. The company reported impressive financial results in August. Its shares were a top five contributor to the Fund’s returns for the month, reinforcing its place among the Fund’s best performers over the past year.

It has been far from plain sailing for Agilent in recent years. The company and its industry were mired by a post-pandemic slowdown, higher inflation, tariffs, and reduced funding for the life sciences. After several false starts, this malaise now appears to be lifting with recovering growth driven by product innovation, a replacement cycle for aging equipment, and renewed customer investment.

Since first investing in the company in 2019, we have admired Agilent’s business breadth, both geographically and across industries. Agilent’s latent strength in China – widely considered a liability amid slowing growth and rising geopolitical tension – revealed itself in the latest quarter as growth reaccelerated. Outside of its leading position in the life sciences, Agilent also differentiates itself with an attractive presence across food safety, environmental testing, forensics, chemicals and advanced materials. This brings with it exposure to newer, faster-growing opportunities, including testing for PFAS[1] and other ‘forever chemicals’, as well as batteries and semiconductors. Strength in breadth suggests the company’s recovery has room to run.

[1] per- and polyfluoroalkyl substances re a large group of man-made chemicals that do not break down easily in the environment

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 18/12/2024

£6.481

Fund size as at 31/08/2026

£395m

‘O’ INC SHARE CLASS as at 18/12/2024

£5.3206

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.

06/03/200631/08/201631/08/202131/08/202331/08/202528/02/2026
Since Launch10 Years5 Years3 Years1 Year6 Months
MSCI World NR GBP617.9228.172.761.920.08.9
IA Global TR418.8164.342.746.416.96.6
Trojan Global Equity O GBP Acc524.7134.316.818.0-3.54.7

Discrete Calendar Annual Returns (%)200620072008200920102011201220132014201520162017201820192020202120222023202420252026
Trojan Global Equity O GBP Acc20.2-4.4-1118.815.26.33.914.615.112.419.313.21.124.613.521.7-15.723.9160-4.3

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 August 2026.

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 Return524.7418.8617.9
Max Drawdown-32.9-38.3-38.3
Best Month9.49.810.1
Worst Month-9.4-12.9-10.6
Positive Months60.463.363.7
Annualised Volatility11.613.013.0

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 August 2026.

Asset allocation

Top 10 holdingsFund %
Visa8.0868896450888
Mastercard7.56355050102845
Experian6.35155647410361
Microsoft6.15123706836652
Alphabet5.71635071699441
Amazon com5.11199839177733
Amadeus4.82560458744745
Roche4.64652759745691
Booking4.5795624117999
LSEG4.56891750778004
Total Top 1057.6021949018434
15 Other Equity holdings41.4719756410543
Cash0.92582945710234
Total100

Asset allocation and holdings subject to change. As at 31 August 2026.

 

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive
Letters to Investors     View letters Hide letters
Newsletters     View newsletters Hide newsletters

Fund Information Sheet

 View document Download document  

Interim Report

 July 2025 View document Download document  

Annual Report

 January 2026 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
Shareholder Meetings     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. For the full fund disclaimer please refer to the Fund factsheet. Please refer to Troy’s Glossary of Terms available here.

Important information for U.S. persons
The securities described on this website are neither available nor offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. persons who are resident outside the United States of America).

How to invest

Find more information on how to invest in this fund and where it is available.

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