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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 14/04/2021
Accumulation Shares
Income Shares
388.85p
Fund Size
£380m (31/03/21)

Past performance is not a guide to future performance.

February 2021

Your Fund returned +0.1% during the month compared to +0.7% for the MSCI World Index NR (£).

Shares in L’Oréal were first bought for the Fund early in 2018. The company exemplifiesmany of the characteristics we value highly in our investments. It is managed for the very long term, overseen by the Bettencourt family and Nestlé, its controlling shareholders, with a rock-solid balance sheet and an ingrained creative and entrepreneurial culture. Over decades, the company has demonstrated the flexibility to adapt to outgrow one of the most dynamic consumer categories globally. Finally, and in addition to attractive financial metrics, L’Oréal has an admirable ESG record. This was recently recognised by the Carbon Disclosure Project (CDP) which once again awarded the company a triple ‘A’ rating for its many environmental initiatives.  

L’Oréal’s capacity for survival and innovation came to the fore in 2020. With a -75% reduction in global travel and the closure of many retail outlets, the company’s longstanding investments in e-commerce and digital marketing paid off handsomely.

E-commerce represented over a quarter of total revenues in 2020, growing +62%, and helped the group take market share in all parts of the business. L’Oréal’s determined focus on premium skincare and active cosmetics has transformed the organisation and reduced its dependence on slower growing and lower margin mass-market segments. Critically, this shift positions L’Oréal well in China, which is the biggest skincare market on the planet and a huge engine for future growth. L’Oréal’s revenue in China bucked the global trend and grew +27% last year with over 60% of sales generated online.

In all our many years of following L’Oréal, the shares never come at a bargain price. Today is no exception. We have every confidence, however, that just like the company’s consumers, the shares are ‘worth it’.  

Source: Lipper, Link Fund Solutions Limited

 

Total Return 06/03/2006
Since Launch
31/03/2011
10 Years
31/03/2016
5 Years
31/03/2018
3 Years
31/03/2020
1 Year
30/09/2020
6 Months
Trojan Global Equity O Acc +344.2% +221.9% +92.4% +55.5% +26.6% +6.0%
IA Global TR +226.9% +163.0% +91.2% +43.6% +40.5% +13.1%
MSCI World NR GBP +269.0% +198.1% +95.0% +46.0% +38.4% +12.0%
Discrete Calendar Annual Returns (%) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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% +24.6% +13.5% +2.2%

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 March 2021.

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 +344.2% +226.9% +269.0%
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 +62.2% +63.3% +63.3%
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 the annualised standard deviation of the monthly returns 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings Fund %
Microsoft 7.6
Alphabet 7.4
PayPal 6.6
Facebook 6.3
Visa 5.7
American Express 5.3
Medtronic 4.5
Roche Holding 4.1
Novartis 4.0
Fiserv 3.9
Total Top 10 55.4
16 other holdings 42.4
Cash 2.2
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.

How to Invest

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How to Invest