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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 12/11/2019
Accumulation Shares
Income Shares
Fund Size
£291M (30/09/19)

Past performance is not a guide to future performance.

September 2019

Your Fund returned -2.4% during the month compared to +0.9% for the MSCI World Index NR (£).

For the third quarter of the year, the Fund returned +4.0%, which compares to the MSCI World Index of +3.8%.

The investment in Roche Holding AG was first made over 10 years ago and more shares in the Swiss company were purchased for the Fund this year. Roche’s primary attraction is its long and outstanding record for developing innovative medicines that treat devastating diseases. This record is sustained by stable management and substantial reinvestment into a broadly defined research and development (R&D) programme. A family-controlled ownership structure is also important in keeping the company orientated towards long-term results.

Roche’s R&D was deeply explored by attending a recent investor event hosted by the company in London. We also travelled to California to visit Genentech, Roche’s wholly owned U.S. subsidiary.

We believe the unusual productivity of Roche’s R&D is underappreciated at a time when several of the company’s best-known medicines stand to lose their patent exclusivity. The politically charged prospect of U.S. drug price reform further adds to near-term uncertainties. We are confident Roche has sufficient resources to continue to grow, despite these acknowledged headwinds, as it consolidates leadership positions within several therapeutic areas, including haemophilia, multiple sclerosis and oncology. We also believe that whilst investors debate the immediate profile of Roche’s earnings growth, they are likely to overlook the company’s other enduring attractions – its extraordinary rate of free cash flow generation, a strong balance sheet and a world-leading healthcare diagnostics division.

Source: Lipper, Link Fund Solutions Limited


Total Return 06/03/2006 Since Launch 30/09/2009 10 Years 30/09/2014 5 Years 30/09/2016 3 Years 30/09/2018 1 Year 31/03/2019 6 Months
Trojan Global Equity O Acc +284.8% +230.1% +104.6% +45.8% +15.7% +12.3%
IA Global TR +170.1% +164.1% +73.5% +36.1% +5.9% +9.0%
MSCI World NR GBP +212.9% +207.5% +86.1% +41.1% +7.8% +10.6%
Discrete Calendar Annual Returns (%) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
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% +25.2%

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 30 September 2019.

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 +284.8% +170.1% +212.9%
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 +63.0% +63.0% +64.2%
Annualised Volatility +11.1% +13.3% +13.1%

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 6.5
Alphabet 6.3
Medtronic 6.0
Visa 5.4
American Express 5.1
PayPal 5.0
Novartis 4.2
Roche Holding 4.1
Becton Dickinson 3.9
Experian 3.9
Total Top 10 50.4
21 Other Holdings 44.0
Cash & Equivalent 5.6
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.

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