Troy Multi-Asset Strategy Webinar

Sebastian Lyon and Charlotte Yonge, managers of the Trojan Fund, Trojan Ethical Fund and Personal Assets Trust, give an update on the performance, current asset allocation and outlook of the strategy.

Please note that the webinar is for UK investors and professional investors only in Ireland.

Please see a breakdown of the topics covered below:

• 0:40 – How to access the strategy
• 1:55 – The strategy’s aim
• 2:33 – Long term track record
• 3:00 – 2023 contribution to performance
• 4:18 – Macro outlook
• 11:20 – Current positioning
• 13:19 – Recent equity purchases
• 16:09 – New equity ideas
• 18:43 – Summary
• 20:08 – Questions
  • 20:18 – How do you match your predictions for a recession with strong jobs and earnings expectations?
  • 22:13 – Where are you seeing the relative value on the linkers from US to UK and where are you in terms of duration?
  • 25:38 – Do you hedge US linkers back into Sterling?
  • 27:08 – What has surprised you the most over the last 18 months?
  • 29:52 – What is your view on the Magnificent 7?
  • 34:18 – When do you envision increasing your equity allocation?
  • 36:00 – Is there a potential for a US sovereign debt crisis and if so how do we avoid from an investment perspective?
  • 39:55 – If yield curve control came into the US, what would the implications be on US TIPs?
  • 41:55 – You mention that 2024 is an important year for elections, is the affecting your view on UK markets?
  • 44:08 – Do you have any comments on Heineken’s recent results?
  • 48:25 – If you do get the potential to add to your equity weighting, do you expect a bench of new holdings or to add to existing holdings?
• 48:50 – Concluding remarks

 
Please refer to Troy’s Glossary of Investment terms here. Fund performance data provided is calculated net of fees with income reinvested unless stated otherwise. All performance and income data is in relation to the stated share class, performance of other share classes may differ. Past performance is not a guide to future performance. Overseas investments may be affected by movements in currency exchange rates. The value of an investment and any income from it may fall as well as rise and investors may get back less than they invested. The historic yield reflects distributions declared over the past twelve months as a percentage of the fund’s price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions. Any reference to benchmarks are for comparative purposes only. Tax legislation and the levels of relief from taxation can change at any time. Any change in the tax status of a Fund or in tax legislation could affect the value of the investments held by the Fund or its ability to provide returns to its investors. The tax treatment of an investment, and any dividends received, will depend on the individual circumstances of the investor and may be subject to change in the future. The yield is not guaranteed and will fluctuate. Any objective will be treated as a target only and should not be considered as an assurance or guarantee of performance of the Fund or any part of it. The fund may use currency forward derivatives for the purpose of efficient portfolio management.

Neither the views nor the information contained within this document constitute investment advice or an offer to invest or to provide discretionary investment management services and should not be used as the basis of any investment decision. Any decision to invest should be based on information contained in the prospectus, the relevant key investor information document and the latest report and accounts. The investment policy and process of the fund(s) may not be suitable for all investors. If you are in any doubt about whether the fund(s) is/are suitable for you, please contact a professional adviser. References to specific securities are included for the purposes of illustration only and should not be construed as a recommendation to buy or sell these securities. Although Troy Asset Management Limited considers the information included in this document to be reliable, no warranty is given as to its accuracy or completeness. The opinions expressed are expressed at the date of this document and, whilst the opinions stated are honestly held, they are not guarantees and should not be relied upon and may be subject to change without notice. Third party data is provided without warranty or liability and may belong to a third party.

The Fund is registered for distribution to the public in the UK but not in any other jurisdiction. The sub-funds are registered for distribution to professional investors only in Ireland.

The distribution of certain share classes of the sub-funds of Trojan Investment Funds (“Shares”) in Switzerland is made exclusively to, and directed at, qualified investors (“Qualified Investors”), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended, and its implementing ordinance. Qualified Investors can obtain the prospectus, the key investor information documents or, as the case may be, the key information documents for Switzerland, the instrument of incorporation, the latest annual and semi-annual report, and further information free of charge from the representative in Switzerland: Carnegie Fund Services S.A., 11, rue du Général-Dufour, CH-1204 Geneva, Switzerland, web: www.carnegie-fund-services.ch. The Swiss paying agent is: Banque Cantonale de Genève, 17, quai de l’Ile, CH-1204 Geneva, Switzerland.

Certain sub-funds are registered in Singapore and the offer or invitation to subscribe for or purchase Shares in Singapore is an exempt offer made only: (i) to ""institutional investors"" (as defined in the Securities and Futures Act, pursuant to Section 304 of the Securities and Futures Act, Chapter 289 of Singapore, as amended or modified (the ""SFA""); (ii) to ""relevant persons"" (as defined in Section 305(5) of the SFA) pursuant to Section 305(1) of the SFA, and where applicable, the conditions specified in Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018; (iii) to persons who meet the requirements of an offer made pursuant to Section 305(2) of the SFA; or (iv) pursuant to, and in accordance with the conditions of, any other applicable exemption provisions of the SFA.

Issued by Troy Asset Management Limited, 33 Davies Street, London W1K 4BP (registered in England & Wales No. 3930846). Registered office: 33 Davies Street, London W1K 4BP. Authorised and regulated by the Financial Conduct Authority (FRN: 195764) and registered with the U.S. Securities and Exchange Commission (“SEC”) as an Investment Adviser (CRD: 319174). Registration with the SEC does not imply a certain level of skill or training. Any fund described in this document is neither available nor offered in the USA or to U.S. Persons.

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