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 13/12/2018
Accumulation Shares
Income Shares
272.55p
Fund Size
£221M (31/10/18)

October 2018

Your Fund returned -3.9% during the month compared to -5.4% for the FTSE All-Share Index (TR).

The Fund first invested in the accounting software company Intuit just over 5 years ago and the shares have been one of the Fund’s most successful investments over the period. In common with other investments in enterprise software companies (Microsoft, Fiserv and Sage), Intuit supplies essential accounting services to small businesses and benefits from the strong network effects and high switching costs of being an embedded service provider. Intuit has two major business units: the consumer business Turbo Tax which helps complete 27% of the tax returns filed in the US, and QuickBooks which provides accounting solutions to small businesses. Intuit launched QuickBooks online back in 2013 and today more than 80% of Intuit’s QuickBooks customers choose the online cloud offering rather than desktop.

International subscribers (ex US) represent ~23% of the QuickBooks Online customer base. In 2014 Intuit took the brave decision to move applications on to Amazon’s AWS cloud platform, thereby reducing the need to have their own huge server base to hold customers’ data. Intuit’s capital expenditure has subsequently fallen and free cash flow has grown materially. Intuit has managed the move to online more effectively than their UK peer Sage (which has been reduced in the Fund over the past two years) and profits and cash flows have grown annually in the teens for over 10 years. The shares have substantially re-rated and trade on a free cash flow yield of just under 4%. Intuit remains a core holding in the Fund.

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 31 October 2018 06/03/06
Since Launch
31/10/08
10 Years
31/10/13
5 Years
31/10/15
3 Years
31/10/17
1 Year
30/04/18
6 Months
Trojan Global Equity Fund O Acc +219.5% +240.1% +82.8% +46.1% +6.7% +8.4%
LIBID* GBP 1 Month +20.9% +5.0% +1.7% +0.9% +0.4% +0.3%
IA Global (TR) +138.0% +200.9% +58.4% +43.1% +1.1% +0.6%
MSCI World Index (NR) GBP +174.6% +228.7% +74.8% +51.9% +5.1% +5.5%

* London Inter Bank Bid Rate

Discrete Calendar Annual Returns (%) 2006* 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 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 +5.1

* 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 +232.6 +155.0 +190.4
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 +62.7 +62.7 +64.0
Annualised Volatility +10.9 +13.3 +13.0

#Measures the worst investment period

Performance is calculated on a total return basis, net of fees, in sterling terms.

 

Top 10 Holdings Fund %
Microsoft 6.2
American Express 5.5
Alphabet 5.4
Medtronic 5.3
PayPal 5.0
Novartis 4.8
Visa 4.7
Fiserv 4.1
Becton Dickinson 3.9
Experian 3.6
Total Top 10 48.5
21 Other Holdings 46.9
Cash & Equivalent 4.6
Total  100.0


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. 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