Our website uses cookies and similar technologies. By continuing to use our site, you are agreeing to our use of cookies and similar technologies. For more detail click here to read our Privacy Notice.

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 08/07/2020
Accumulation Shares
Income Shares
Fund Size
£321M (31/05/20)

Past performance is not a guide to future performance.

May 2020

Your Fund returned +6.7% during the month compared to +7.0% for the MSCI World Index NR (£).

Our last Newsletter (see here) profiled the Fund’s investment in PayPal. It recognised a much increased valuation since we acquired an interest in the company back in 2013. It also highlighted PayPal’s continued strong operating momentum and cash generation. We concluded that ‘valuation alone is usually a poor reason to sell a business whose operations are performing well, and we are loathe to abandon great businesses once we own them. In our experience, these companies have an unpredictable propensity to deliver their owners pleasant surprises, the compounding of which is essential to achieving the returns we target.’  

In these unusual times, PayPal gave its shareholders a very pleasant surprise when it reported its financial results for the first quarter of the year. The effect of lockdown measures imposed across the globe has led to a surge in demand for PayPal’s online payments services.

The company added new users at more than twice its previous rate and daily transaction trends leapt higher. CEO Dan Schulman commented that ‘there has always been a distinct secular trend towards digital payments, but the current environment has rapidly accelerated that movement. Our products and services have never been more needed and more relevant.’

In response to this news, PayPal’s shares were the biggest contributor to the Fund’s returns in the month. The beauty of the business is found in a two-sided network that grows in value as it attracts more highly engaged users and merchants. There remains tremendous potential for further value to emerge as PayPal expands across the globe and adds new services to its platform.

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 +311.6% +241.3% +101.3% +39.8% +11.3% +7.4%
IA Global TR +177.6% +168.0% +65.7% +23.8% +5.2% +0.8%
MSCI World NR GBP +219.3% +212.7% +77.7% +27.7% +5.9% +1.0%
Discrete Calendar Annual Returns (%) 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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% +7.4%

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 May 2020.

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 +311.6% +177.6% +219.3%
Max Drawdown -33.3% -38.3% -38.3%
Best Month +9.4% +9.7% +10.1%
Worst Month -9.4% -12.9% -10.6%
Positive Months +62.6% +63.2% +63.7%
Annualised Volatility +11.5% +13.7% +13.5%

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 7.8
PayPal 6.8
Alphabet 6.6
Visa 5.6
Medtronic 5.0
Facebook 4.9
American Express 4.5
Experian 4.0
Roche Holding 4.0
Novartis 3.9
Total Top 10 53.1
20 other holdings 40.6
Cash & Equivalent 6.3
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