Trojan Global Equity Fund

Troy

Overview

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What does the Fund do?

It seeks global, high-quality businesses that have the resilience to survive adversity and the adaptability to thrive in a changing world. Businesses that can grow at sustainably high returns over time provide longevity and compounding power to your returns.

Why this Fund?

Aimed at investors who seek exposure to enduring businesses with stable cashflow, strong management teams and a culture of innovation. The Fund integrates ESG and stewardship in accordance with Troy’s Responsible Investment & Stewardship Policy and also adheres to Troy’s Climate Change Mitigation Policy, in accordance with article 8 of SFDR.

View our SFDR disclosure

The team

Gabrielle Boyle

Investment Director and Head of Research

Bio

Gabrielle Boyle

Investment Director and Head of Research

Gabrielle is responsible for Troy’s Global Equity Strategy and is Head of Research. Gabrielle was promoted to the board in 2020. She is the Co-Manager for the Trojan Global Equity Fund and Fund Manager for the Electric & General Investment Fund. She is also a Manager on Troy’s International Equity Strategy (currently available in the U.S.).

Gabrielle has over 35 years’ investment experience, has managed global equity portfolios since 2001 and European portfolios since 1998. Joining Troy at the end of 2011, previously Gabrielle was a Senior Managing Director at Lazard Asset Management where she worked for 17 years and was responsible for Global and European portfolios. Gabrielle graduated from University College Dublin gaining a BA in History and Economics and an MA in Economics. She holds the ASIP qualification and is an Associate Member of the CFA Society of the UK. Gabrielle was previously on the Board of Witan Investment Trust and is a Trustee of the charity Launch It.

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George Viney CFA

Senior Fund Manager

Bio

George Viney CFA

Senior Fund Manager

George is Co-Manager of the Trojan Global Equity Fund and a Manager of Troy’s International Equity Strategy (currently available in the U.S.).

He joined Troy in June 2012 from Rathbone Brothers, where he worked as an Assistant Fund Manager for the unit trust business. George graduated from King’s College London in 2006 with a First Class Honours degree in History. He is a CFA Charterholder.

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Commentary

October 2025

Your Fund returned +1.0% during the month compared to +4.5% for the MSCI World Index NR (£).

October was defined by further developments to rapidly expand AI infrastructure. OpenAI announced new partnerships worth tens of billions of dollars with AMD, Broadcom and Microsoft, highlighting the scale of demand for advanced computing capacity. As the global data centre build-out gathers momentum, the coming wave of spending has fuelled powerful share price gains across semiconductors, power utilities and industrial equipment.

Results from the major technology companies reinforce this trend, with each reaffirming large and growing capital expenditure plans. Beyond these immediate beneficiaries, market performance was more muted as investors reassessed how AI could reshape traditional business models and redirected capital towards the near-term winners.

While this narrow market focus has weighed on the Fund’s short-term relative returns, it is also an opportunity. We are identifying businesses where AI enhances the value of proprietary data and content, supporting growth and profitability over time. LSEG’s recent results illustrated this well, showing how its unique data and analytics can drive new, high-value services.

Quarterly earnings across much of the portfolio were encouraging. American Express, Visa and Mastercard delivered robust results in payments. LVMH remained resilient in luxury goods, and Alphabet stood out among our large-cap technology holdings. Agilent also recovered strongly within life science tools.

The Fund exited its investment in Fiserv following disappointing results and management changes that reduced our conviction in the investment case. We initiated a new holding in Amazon. We view the market’s assessment of Amazon as an ‘AI laggard’ and a mispricing opportunity. This overlooks two critical drivers: 1) the strategic partnership between AWS and Anthropic that will reaccelerate cloud growth, and 2) the potential for AI-led automation to unlock dramatic internal efficiencies across its vast retail and logistics operations. These favourable dynamics combine with strong underlying growth and margin improvement in e-commerce to leave the shares trading at an attractive valuation.

Key facts

Co-Manager

Gabrielle Boyle

Co-Manager

George Viney

Strategy Inception date

06/03/2006

Currency

Sterling

Available share classes

O GBP Acc and Inc
O EUR Acc and Inc
O USD Acc and Inc
I GBP Acc and Inc
I EUR Acc and Inc
S GBP Acc and Inc

ISIN (O GBP Class)

IE000B0QOAR7 (Inc)
IE000ALQZ5E5 (Acc)

Bloomberg (O GBP Class)

TRCOGIN ID (Inc)
TRCLOGA ID (Acc)

Sedol (O GBP Class)

BMCHXB4 (Inc)
BMCHX92 (Acc)

Benchmarks

For more information on the benchmarks used please refer to the ‘use of benchmarks’ section in the fund information sheet

Ongoing Charges

‘O’ (ordinary) shares: 0.86%

‘O’ ACC SHARE CLASS as at 07/11/2025

£6.2894

Fund size as at 31/10/2025

£508m

‘O’ INC SHARE CLASS as at 07/11/2025

£5.1508

Performance

Source: Lipper. Past performance is taken from the corresponding share class of the Trojan Global Equity Fund which merged with the Trojan Global Equity Fund (Ireland) on 13 December 2024. Trojan Global Equity Fund was domiciled in the UK and authorised as a UK UCITS, which was originally launched as the Trojan Capital Fund, 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.

06/03/200631/10/201531/10/202031/10/202231/10/202430/04/2025
Since Launch10 Years5 Years3 Years1 Year6 Months
MSCI World NR GBP548.0258.4103.057.919.422.9
IA Global TR372.3184.166.742.415.020.0
Trojan Global Equity O GBP Acc546.4190.757.239.42.74.2
Discrete Calendar Annual Returns (%)20062007200820092010201120122013201420152016201720182019202020212022202320242025
Trojan Global Equity O GBP Acc20.2-4.4-1118.815.26.33.914.615.112.419.313.21.124.613.521.7-15.723.916-1

Performance is calculated on a total return basis, net of fees, in sterling terms. Past performance is not a guide to future performance

Source: Lipper. Since Launch (06/03/2006) to 31 October 2025.

Risk and Volatility since launch

Source: Lipper.

Risk Analysis Since Launch (06/03/2006)Trojan Global Equity O GBP AccIA Global TRMSCI World NR GBP
Total Return546.4372.3548.0
Max Drawdown-32.9-38.3-38.3
Best Month9.49.810.1
Worst Month-9.4-12.9-10.6
Positive Months60.963.463.8
Annualised Volatility11.513.113.1

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 the annualised standard deviation of the monthly returns

Source: Lipper.

As at 31 October 2025.

Asset allocation

Top 10 holdingsFund %
Alphabet8.14779305423069
Visa7.04485924659586
Microsoft6.31469986340675
Mastercard5.99024690957039
Amadeus5.31705143289767
Roche5.1342870502781
LSEG4.77619106639369
LVMH4.4266345126259
Booking4.35916252720671
Adobe4.24006811721541
Total Top 1055.7509937804212
16 Other Equity holdings43.3584925650206
Cash0.890513654558199
Total100

Asset allocation and holdings subject to change. As at 31 October 2025.

 

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive
Half Year Letter     View letters Hide letters
Newsletters     View newsletters Hide newsletters

Fund Information Sheet

 View document Download document  

Interim Report

 July 2025 View document Download document  

Annual Report

 January 2025 View document Download document  
Prospectus & Additional Investor Information     View documents Hide documents
UK Reporting Status     View documents Hide documents
UCITS KIID     View documents Hide documents
Sustainability-related Disclosures     View documents Hide documents
Trojan Funds (Ireland) Plc Circular     View archive Hide archive

Trojan Global Equity Fund was domiciled in the UK and authorised as a UK UCITS, which was originally launched as the Trojan Capital Fund, 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 Trojan Global Equity Fund merged with the Trojan Global Equity Fund (Ireland) on 13 December 2024.

This fund is not based in the UK and is not subject to UK sustainable investment labelling and disclosure requirements.

Important Information
Past performance is not 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. For the full fund disclaimer please refer to the Fund factsheet. Please refer to Troy’s Glossary of Terms available here.

Important information for U.S. persons
The securities described on this website are neither available nor offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. persons who are resident outside the United States of America).

How to invest

Find more information on how to invest in this fund and where it is available.

How to invest

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