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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 27/11/2020
Accumulation Shares
Income Shares
Fund Size
£341m (31/10/20)

Past performance is not a guide to future performance.

October 2020

Your Fund returned -3.5% during the month compared to -3.1% for the MSCI World Index NR (£).

Equities were weak ahead of the U.S. Presidential election and as Europe reinstated lockdown measures. These losses subsequently reversed in the first week of November, and markets will likely remain volatile in the near term.

Visa and Mastercard were among the biggest detractors to the Fund’s returns during the month. They both reported double-digit declines in revenues and earnings for the third quarter of the calendar year. This is unsurprising given depressed overall trends for global consumer spending and particularly for travel and entertainment categories where the card networks earn lucrative fees. Renewed travel restrictions will extend the pain for the card networks.

We are encouraged to observe an underlying recovery at Visa and Mastercard stimulated by the accelerated displacement of cash by digital payments.

Domestic spending on non-travel and entertainment categories has already rebounded to pre-pandemic levels. This is aided by the shift to e-commerce, which has, for instance, driven over +20% growth in U.S. debit card payment volume, double the pre-pandemic growth rate. The total number of transactions processed by the card networks is also growing once more, in part because of the enhanced popularity of contactless payments at physical retail locations. This leaves the sharp drop in cross-border payment volume, down between -30% and -40%, as the primary reason for the card networks’ recent setback. We are confident of an eventual recovery in this area because of consumers’ pent-up demand to travel the world. Whilst we cannot be sure when governments will reopen borders and lift quarantines, this uncertainty is creating opportunity for long-term investors. Towards the end of the month we added to the Fund’s holdings in Visa and Mastercard.   

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 +304.3% +207.6% +84.9% +35.0% +8.5% +5.3%
IA Global TR +183.3% +147.0% +70.4% +20.4% +7.0% +11.0%
MSCI World NR GBP +219.2% +183.1% +76.5% +22.2% +4.4% +9.8%
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% +5.5%

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 October 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 +304.3% +183.3% +219.2%
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 +61.7% +62.9% +62.9%
Annualised Volatility +11.5% +13.6% +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 7.4
Alphabet 7.0
Facebook 5.6
Visa 5.3
Medtronic 5.3
Novartis 4.3
Roche Holding 4.1
American Express 4.1
Experian 3.8
Total Top 10 54.7
17 other holdings 41.8
Cash & Equivalent 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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