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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 13/12/2019
Accumulation Shares
Income Shares
Fund Size
£300M (30/11/19)

Past performance is not a guide to future performance.

November 2019

Your Fund returned +2.9% during the month compared to +2.8% for the MSCI World Index NR (£).

A holding in Agilent Technologies was recently initiated for the portfolio. Agilent is the global market leader in gas and liquid chromatography instruments. These sophisticated products are essential to determine the precise physical properties of samples gathered in applications such as pharmaceutical research, quality control and government environmental monitoring.

One of the oldest businesses based in Silicon Valley, Agilent began life inside Hewlett-Packard before becoming an independent company in 1999 and spinning out their cyclical electronic measurement business in 2014. The company protects its leadership in the sector through intellectual property built up over 54 years of R&D. Agilent generates just over 70% of its sales outside of the United States.

CEO Mike McMullen has been with the business for over 30 years and has further transitioned Agilent towards a ‘razor and blade’ business model. The company is monetising its significant installed base by increasing the consumables and services supplied after the initial instrument sale. Revenues from consumables, services and software represented 57% of group revenue in the latest quarter, a highly profitable and defensive source of revenue growth.

We believe Agilent will continue to expand as tailwinds from environmental regulation and rising healthcare spending support increased demand for analytical instruments. Combining Agilent’s revenue growth with rising margins should lead to attractive free cash flow growth for many years to come.

Source: Lipper, Link Fund Solutions Limited


Total Return 06/03/2006
Since Launch
10 Years
5 Years
3 Years
1 Year
6 Months
Trojan Global Equity O Acc +283.3% +225.9% +90.4% +47.1% +16.5% +6.6%
IA Global TR +172.7% +168.6% +66.9% +33.8% +12.6% +8.4%
MSCI World NR GBP +214.2% +209.9% +75.8% +37.0% +13.0% +10.1%
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% +24.7%

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 30 November 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 +283.3% +172.7% +214.2%
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% +64.0%
Annualised Volatility +11.1% +13.3% +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 6.6
Alphabet 6.2
Medtronic 5.9
Visa 5.5
American Express 5.0
PayPal 4.9
Novartis 4.7
Roche Holding 4.0
Becton Dickinson 4.0
Experian 4.0
Total Top 10 50.8
22 other holdings 44.0
Cash & Equivalent 5.2
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