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 18/02/2019
Accumulation Shares
Income Shares
276.86p
Fund Size
£221M (31/01/19)

January 2019

Your Fund returned +3.1% during the month compared to +4.4% for the MSCI World Index NR (£).   

The Fund lagged a recovering global stock market as several of the portfolio’s larger holdings were comparatively dull. Among them was Microsoft, a company owned in the Fund since 2010, and the Fund’s biggest single investment. 

We remain optimistic about Microsoft’s prospects, even though the company reported some unexpected softness in the sale of Windows licenses to third-party computer manufacturers. Outside of more challenged PC and consumer categories, however, Microsoft’s core commercial business demonstrated continued momentum. Companies of all sizes are investing in their digital capabilities because of the availability of cheap IT infrastructure and sophisticated tools that can be rented in the cloud.

Satya Nadella, Microsoft’s CEO, observes that ‘every company is becoming a digital company, and essentially what used to be COGS and operating expenses is all going digital’. This results in an almighty upgrade cycle for Microsoft; to cloud-native versions of existing software packages, accelerating volume growth and lifting average revenue per user, whilst also creating entirely new cloud infrastructure, security and data analytics services. Customer adoption remains in its early phases and yet Microsoft’s profitability is structurally improving, allowing them to overcome any areas of weakness felt elsewhere in the group, and consistently grow both revenue and profit in the double digits. We believe investors underestimate the power and duration of these trends.

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 January 2019 06/03/06
Since Launch
31/01/09
10 Years
31/01/14
5 Years
31/01/16
3 Years
31/01/18
1 Year
31/07/18
6 Months
Trojan Global Equity Fund O Acc +217.0% +219.4% +87.7% +43.4% +3.9% -1.9%
LIBID* GBP 1 Month +21.0% +4.3% +1.7% +1.0% +0.5% +0.3%
IA Global (TR) +136.0% +187.5% +61.1% +47.1% -1.8% -6.3%
MSCI World Index (NR) GBP +168.7% +225.8% +74.7% +48.5% +1.0% -5.3%

* 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 +3.1

* 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 +217.0 +136.0 +168.7
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 +62.3 +62.3 +63.6
Annualised Volatility +11.0 +13.5 +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
PayPal 5.6
Alphabet 5.5
American Express 5.4
Medtronic 5.0
Novartis 4.7
Visa 4.7
Becton Dickinson 4.0
Experian 3.8
Roche Holding 3.4
Total Top 10 48.3
21 Other Holdings 45.2
Cash & Equivalent 6.5
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