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 18/04/2019
Accumulation Shares
Income Shares
287.11p
Fund Size
£244M (31/03/19)

March 2019

Your Fund returned +4.6% during the month compared to +3.4% for the MSCI World Index NR (£), and over the first quarter of the year, the Fund has returned +11.4%, which compares to +9.9% for the index.   

Whilst the Fund’s Q1 returns were led by US technology businesses (PayPal, Microsoft, eBay, Visa, Intuit), the overall performance was broadly based, with important contributions from the Swiss pharmaceutical companies, Novartis and Roche, and several of the Fund’s European multi-national consumer staples businesses (BAT, Heineken, Nestlé). There were no major detractors to absolute returns. Coca-Cola, Medtronic and Booking Holdings were down modestly in the quarter after they reported financial results that were marginally disappointing. We continue to gently rebalance the portfolio by investing selectively as capital flows into the Fund.

We added to existing holdings in Alphabet, Booking Holdings, Reckitt Benckiser, Medtronic and Unilever, in all cases taking advantage of what we believe to be attractive valuations for these businesses. There were no new entrants into the portfolio and no exits.   

Despite the recent strong recovery in global asset prices, our attitude and approach is unchanged. We remain concerned about the outlook for the global economy, the fragility of capital markets and the scarcity of bargains to be had in the sorts of companies we prefer.  At the same time, we are encouraged by the fundamental strength of the businesses contained in the portfolio and we believe this tight collection of world-class companies has favourable prospects for long-term growth.

Source: Lipper, Link Fund Solutions Limited

The source for performance data has been changed. This change may have resulted in variations from previously published performance figures. These variations are deemed to be immaterial both individually and cumulatively.

Total Return to 31 March 2019 06/03/06
Since Launch
31/03/09
10 Years
31/03/14
5 Years
31/03/16
3 Years
31/03/18
1 Year
30/09/18
6 Months
Trojan Global Equity Fund O Acc +242.6% +258.6% +90.3% +48.4% +20.0% +3.0%
LIBID* GBP 1 Month +21.2% +4.1% +1.8% +1.0% +0.5% +0.3%
IA Global (TR) +147.8% +213.1% +64.3% +45.0% +8.9% -2.8%
MSCI World Index (NR) GBP +183.0% +253.5% +77.6% +49.6% +12.0% -2.5%

* London Inter Bank Bid Rate

Discrete Calendar Annual Returns (%) 2006* 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018  2019
YTD
Trojan Global Equity Fund O Acc +20.2 -4.6 -11.3 +18.4 +14.9 +6.2 +3.8 +14.4 +15.0 +12.3 +19.2 +13.2 +1.1 +11.4

* From launch (06/03/06)

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

Source: Lipper, Link Fund Solutions Limited

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) Trojan Global
Equity Fund
(%)
IA Global
(TR) (%)
MSCI World
Index (NR)
GBP (%)
Total Return +242.6 +147.8 +183.0
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 +62.8 +62.8 +64.1
Annualised Volatility +11.0 +13.4 +13.2

#Measures the worst investment period

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

 

Top 10 Holdings Fund %
Microsoft 6.2
Alphabet 5.8
PayPal 5.7
Visa 5.3
American Express 5.2
Medtronic 4.9
Novartis 4.7
Experian 3.7
Becton Dickinson 3.7
Unilever 3.4
Total Top 10 48.6
21 Other Holdings 46.4
Cash & Equivalent 5.0
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.

How to Invest