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Trojan Global Equity Fund

The investment objective of the Fund is to seek to achieve capital growth over the long term (at least 5 years). The Fund must invest globally and at least 80% of its assets in equities and equity-related securities.

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 17/01/2020
Accumulation Shares
Income Shares
333.52p
Fund Size
£301M

Past performance is not a guide to future performance.

December 2019

Your Fund returned +0.0% during the month compared to +0.6% for the MSCI World Index NR (£).

The Fund finished the year +24.6% which compares to +22.7% for the MSCI World NR (£). The drivers of the Fund’s strong returns for the year were the  large holdings in U.S. technology companies (Microsoft, Alphabet) and those involved in enabling digital payments (Visa, American Express, PayPal). There were no major detractors to performance, although smaller parts of the portfolio (Japan Tobacco – now sold –, Reckitt Benckiser, Altria, Johnson & Johnson) and the newer holding in Alcon were the largest drags on annual returns. 

Three companies entered the portfolio during the year (Alcon, Agilent Technologies, MasterCard) and two were sold (Sage, Japan Tobacco) leaving the portfolio with 32 investments at the end of the year.

As a result of these changes, as well as the management of capital flows and market movements, the Fund’s allocation to the healthcare sector has risen from 20% at the start of the year to 26%, and the allocation to consumer staples has reduced from 26% to 22%. Other sector allocations remain roughly the same.

After a big rebound for global equities, it is increasingly difficult to find the kinds of higher quality companies we admire at compelling valuations. We are encouraged, however, that the valuation for the Fund, based on our assessment of underlying cash flows, is comparable to the global average, as measured by the MSCI World Index. Yet the financial characteristics of the Fund’s constituents are well above the average, giving us confidence that the Fund’s investments are reasonably priced for the superior quality of their earnings.

Source: Lipper, Link Fund Solutions Limited

 

Total Return 06/03/2006
Since Launch
31/12/2009
10 Years
31/12/2014
5 Years
31/12/2016
3 Years
31/12/2018
1 Year
30/06/2019
6 Months
Trojan Global Equity O Acc +283.2% +218.0% +91.0% +42.7% +24.6% +3.6%
IA Global TR +175.5% +159.9% +69.9% +31.2% +22.1% +4.4%
MSCI World NR GBP +216.0% +201.2% +78.9% +33.1% +22.7% +4.9%
Discrete Calendar Annual Returns (%) 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Trojan Global Equity O Acc +20.2% -11.3% +18.4% +14.9% +6.2% +3.7% +14.4% +15.0% +12.3% +19.2% +13.2% +1.1% +24.6%

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

Source: Lipper, Link Fund Solutions Limited. Since Launch (06/03/2006) to 31 December 2019.

Source: Lipper, Link Fund Solutions Limited

 

Risk Analysis Since Launch (06/03/2006) Trojan Global Equity O Acc IA Global TR MSCI World NR GBP
Total Return +283.2% +175.5% +216.0%
Max Drawdown -33.3% -38.3% -38.3%
Best Month +7.9% +9.3% +10.1%
Worst Month -9.4% -12.9% -10.6%
Positive Months +62.4% +63.0% +64.2%
Annualised Volatility +11.0% +13.2% +13.0%

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 standard deviation of annual returns. 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings Fund %
Microsoft 6.7
Alphabet 6.2
Medtronic 5.7
Visa 5.4
American Express 5.0
PayPal 4.7
Novartis 4.7
Roche Holding 4.1
Becton Dickinson 4.0
Experian 3.9
Total Top 10 50.4
22 other holdings 44.5
Cash & Equivalent 5.1
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. 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.

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

How to Invest