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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 16/08/2019
Accumulation Shares
Income Shares
319.89p
Fund Size
£295M (31/07/19)

Past performance is not a guide to future performance.

July 2019

Your Fund returned +7.3% during the month compared to +4.5% for the MSCI World Index NR (£).

A broad base of investments contributed to the Fund’s strong returns, led by technology, payments and healthcare companies. Sterling’s sharp decline against most major trading currencies also had a large positive impact on reported results.    

The Fund’s remaining shares in Sage were sold in July, ending 13 years of continuous ownership. The company was a top 10 holding in late 2016 when we began reducing the holding to reflect growing concern about Sage’s ability to close the competitive gap between itself and its accounting software rivals (including Intuit, a constituent of the Fund since mid-2013). The Fund’s outright sale was part of a group transaction conducted across several of Troy’s funds after a share price recovery placed the company on historically high valuation multiples. Subsequent to our sale, Sage’s shares fell more than -10% after it reported slightly disappointing financial results.

The Fund has added to its investment in Alphabet on four separate occasions this year, and the holding was the single largest positive contributor to the portfolio’s performance during July. The company reported better than expected quarterly revenues and earnings. It also gave a long-awaited update about its cloud platform services business and announced a new $25bn share repurchase programme. Alphabet thereby allayed investors’ concern about slowing rates of growth whilst answering popular criticisms of its approach to financial disclosure and capital allocation. Despite being up +13% during the month (+17% in sterling), Alphabet’s shares are approximately flat over the course of the last 12 months. We continue to see the company as attractively valued given its continued bright prospects for high and durable rates of profitable growth.

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 30 June 2019 06/03/06
Since Launch
30/06/09
10 Years
30/06/14
5 Years
30/06/16
3 Years
30/06/18
1 Year
31/12/18
6 Months
Trojan Global Equity Fund O Acc +269.9% +267.8% +103.7% +49.8% +18.1% +20.3%
LIBID* GBP 1 Month +21.4% +4.1% +1.8% +1.1% +0.6% +0.3%
IA Global (TR) +163.5% +207.5% +72.2% +45.4% +7.3% +16.8%
MSCI World Index (NR) GBP +201.4% +258.1% +85.0% +46.6% +10.3% +17.1%

* 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 +20.3

* 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 +269.9 +163.5 +201.4
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 +63.5 +62.9 +64.2
Annualised Volatility +11.0 +13.4 +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 6.6
Alphabet 6.3
Medtronic 5.7
Visa 5.7
PayPal 5.4
American Express 5.4
Becton Dickinson 4.1
Novartis 4.0
Experian 3.7
Facebook 3.3
Total Top 10 50.2
21 Other Holdings 44.0
Cash & Equivalent 5.8
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