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 21/01/2022
Accumulation Shares
Income Shares
406.97p
Fund Size
£453m

Past performance is not a guide to future performance.

December 2021

Your Fund returned +3.0% during the month compared to +1.9% for the MSCI World Index NR (£).

The Fund returned +21.7% for the year, slightly behind the MSCI World Index NR (£) return of +22.9%.

The Fund’s below-benchmark return for the year was driven by the underperformance of a handful of stocks in the fourth quarter. Most notably, PayPal’s weak Q3 performance persisted in Q4 as the company reported quarterly results which fell short of expectations. The rest of the payments sector was also weighed down by the resurgence of the pandemic as well as questions about the competitiveness of incumbents. You can read more about our views on the Fund’s investments in this area, here, here and here

Elsewhere, Medtronic’s shares suffered under a spate of bad news, which included the pandemic’s continued disruption to elective surgical procedure volumes.

Medtronic also announced delayed progress for two of its highest profile R&D projects and the receipt of an FDA warning letter at one of its manufacturing facilities. Whilst undoubtedly problematic, at this stage we do not think these recent developments materially change our longer-term expectation that Medtronic’s product pipeline can rejuvenate its growth.

We enter 2022 with equity markets trading at historically high levels, inflation rearing its head and monetary policy beginning to tighten.  We are, however, confident that the Fund is underpinned by two powerful long-term trends. These are the continued digitisation of the economy, which is less mature than is often assumed, and a recognition that companies are increasingly challenged to demonstrate the value they create for all stakeholders. The portfolio’s companies are adaptable and resilient, with predictable and cash-generative business models, run by managers investing for long-term growth. Their valuations are reasonable in light of their enduring qualities.


 

Source: Lipper, Link Fund Solutions Limited

 

Total Return 06/03/2006
Since Launch
31/12/2011
10 Years
31/12/2016
5 Years
31/12/2018
3 Years
31/12/2020
1 Year
30/06/2021
6 Months
Trojan Global Equity O Acc +429.3% +260.0% +97.2% +72.2% +21.7% +7.1%
IA Global TR +273.3% +234.6% +77.8% +65.5% +18.0% +6.7%
MSCI World NR GBP +336.4% +279.2% +83.7% +69.5% +22.9% +9.9%
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% +21.7%

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 November 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 +429.3% +273.3% +336.4%
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 +62.4% +64.0% +64.0%
Annualised Volatility +11.5% +13.4% +13.3%

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 9.3
Alphabet 9.0
Meta Platforms 6.2
Visa 6.0
Intuit 5.0
Mastercard 4.9
Roche Holding 4.5
American Express 4.3
PayPal 4.3
Alcon 3.9
Total Top 10 57.4
17 other holdings 41.7
Cash 0.9
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

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

How to Invest