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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 21/01/2021
Accumulation Shares
Income Shares
362.35p
Fund Size
£381m (31/12/20)

Past performance is not a guide to future performance.

December 2020

Your Fund returned +0.5% during the month compared to +1.8% for the MSCI World Index NR (£).

The Fund finished the year +13.5%, which compares to +12.3% for the MSCI World NR (£). In a year like no other, the Fund’s return was once again driven by a broad number of U.S. technology companies spread across software (Microsoft and Intuit), internet (Alphabet, Facebook and eBay) and payments (PayPal and Mastercard).  Detractors to returns included companies most impacted by economic shutdowns necessitated by the pandemic (Becton Dickinson, American Express and Heineken Holding)

This was a busier year in terms of transactions as we sought to focus the portfolio where we have greatest conviction. One new company to enter the Fund in 2020 was the financial information and analytics business, S&P Global.

Coca Cola, Procter & Gamble and Wells Fargo were sold in the first few months of the year. The Fund also completed its exit from the tobacco sector with the sale of Altria, British American Tobacco and Philip Morris International. As a consequence of this activity, the portfolio has become more concentrated. It ended the year with 27 holdings and 55% of assets invested in the top 10.

The out-turn for the year belies the drama to get there and the underlying economic shifts that have occurred along the way. Paramount among these are the radical digitisation of commerce and the growing share of GDP enabled by the internet.  At the same time, many of the Fund’s long-held companies have had to weather previously unthinkable cuts to revenues. We are encouraged by how well both Troy’s team and our portfolio of companies have performed thus far. We remain alert and open-minded about the challenges and opportunities that lie ahead.   

Source: Lipper, Link Fund Solutions Limited

 

Total Return 06/03/2006
Since Launch
31/12/2010
10 Years
31/12/2015
5 Years
31/12/2017
3 Years
31/12/2019
1 Year
30/06/2020
6 Months
Trojan Global Equity O Acc +334.8% +213.9% +93.1% +43.0% +13.5% +5.6%
IA Global TR +216.4% +156.4% +87.5% +32.4% +14.9% +14.0%
MSCI World NR GBP +254.9% +193.5% +91.7% +33.7% +12.3% +11.2%
Discrete Calendar Annual Returns (%) 2006 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020
Trojan Global Equity O Acc +20.2% +18.4% +14.9% +6.2% +3.7% +14.4% +15.0% +12.3% +19.2% +13.2% +1.1% +24.6% +13.5% 0.0%

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 December 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 +334.8% +216.4% +254.9%
Max Drawdown -33.3% -38.3% -38.3%
Best Month +9.4% +9.8% +10.1%
Worst Month -9.4% -12.9% -10.6%
Positive Months +62.1% +63.3% +63.3%
Annualised Volatility +11.5% +13.7% +13.6%

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 the annualised standard deviation of the monthly returns 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings Fund %
PayPal 7.8
Microsoft 7.2
Alphabet 6.3
Visa 5.6
Facebook 5.5
Medtronic 5.4
American Express 4.5
Roche Holding 4.4
Novartis 4.4
Mastercard 3.5
Total Top 10 54.8
17 other holdings 41.7
Cash 3.5
Total 100.0

The Fund was originally launched as the Trojan Capital Fund, which focused on investing in UK equities with the flexibility to invest in overseas equities and other asset classes. The strategy was changed to a global equity strategy in December 2013. The Fund has been a constituent of the IA Global Sector since April 2012.  Prior to this, the Fund was in the IA Flexible Investment Sector. 

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.

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