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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 18/09/2019
Accumulation Shares
Income Shares
317.38p
Fund Size
£295M (31/08/19)

Past performance is not a guide to future performance.

August 2019

Your Fund returned -0.7% during the month compared to -1.5% for the MSCI World Index NR (£).

The Fund initially invested in the financial services technology company Fiserv Inc. in February 2014.  Since then the investment has compounded an annualised return of over +30% in GBP terms, and considerably more than the broader stock market.   Starting life in 1984 as a data processing company, Fiserv provides critical software, processing and hosting solutions to the thousands of small banks, credit unions and savings and loan companies that make up the diverse financial services landscape of the United States.   The core back-end technology infrastructure of the banking industry is complex and dependent on stitching together legacy systems.  Companies such as Fiserv play an important role in helping smaller banks remain relevant with digital banking, real-time processing, internet and mobile banking services.

Revenues are highly predictable, underpinned by long-term contracts, and annual organic growth has averaged in the low single digits for many years. Fiserv is very profitable and free cash flow margins have averaged around 20% over the long term. Returns have been augmented by a consistent reduction in shares in issue over the past 15 years. 

The financial technology industry is digitising and consolidating at a rapid rate. Fiserv is playing an active role in this consolidation with the acquisition of merchant data processing company First Data Corp which completed at the end of July 2019. The benefits of the deal are substantial from both a strategic and a financial perspective and will play out over the next few years. This has not gone unnoticed by the market and Fiserv shares are up +50% since the announcement of the deal in January. The Fund’s holding in Fiserv has been reduced over the past 12 months, placing it outside of the top 10, but it remains a core holding.

Source: Lipper, Link Fund Solutions Limited

 

Total Return 06/03/2006 Since Launch 31/08/2009 10 Years 31/08/2014 5 Years 31/08/2016 3 Years 31/08/2018 1 Year 28/02/2019 6 Months
Trojan Global Equity O Acc +294.2% +258.4% +111.7% +50.4% +17.9% +20.3%
IA Global TR +169.5% +178.0% +71.7% +37.3% +5.3% +11.5%
MSCI World NR GBP +210.0% +222.8% +83.8% +41.7% +7.0% +13.3%
Discrete Calendar Annual Returns (%) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Trojan Global Equity O Acc +20.2% -4.6% -11.3% +18.4% +14.9% +6.2% +3.7% +14.4% +15.0% +12.3% +19.2% +13.2% +1.1% +28.2%

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

Source: Lipper, Link Fund Solutions Limited. Since Launch (31/05/2001) to 31 July 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 +294.2% +169.5% +210.0%
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 +63.4% +62.7% +64.0%
Annualised Volatility +11.1% +13.4% +13.1%

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

Source: Lipper, Link Fund Solutions Limited. Since Launch (31/05/2001) to 31 July 2019.

Top 10 Holdings Fund %
Microsoft 6.5
Alphabet 6.1
Medtronic 6.0
Visa 5.6
PayPal 5.3
American Express 5.1
Novartis 4.4
Becton Dickinson 4.0
Experian 3.7
Roche Holding 3.6
Total Top 10 50.3
21 Other Holdings 44.1
Cash & Equivalent 5.6
Total  100.0

Asset allocation and holdings subject to change.

 

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