Overview
Download factsheetWhat 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
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.
Gabrielle has 34 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.
George Viney CFA
Senior Fund Manager
George is the Co-Manager of the Trojan Global Equity Fund. He is responsible for the analysis of global companies and their selection for Troy’s portfolios.
George joined Troy in June 2012 from Rathbone Brothers, where he worked as an Assistant Fund Manager for the unit trust business. George graduated in 2006 from King’s College London with a first class honours degree in History. He is a CFA Charterholder.
Key facts
Co-Manager
Gabrielle Boyle
Co-Manager
George Viney
Inception date
06/03/2006
Currency
Sterling
Available share classes
O, I, S
ISIN (O Class)
GB00B0ZJ5S47 (Acc)
GB00B0ZJ0230 (Inc)
Bloomberg (O Class)
TRJCAPA_LN (Acc)
TRJCAPI_LN (Inc)
Sedol (O Class)
B0ZJ5S4 (Acc)
B0ZJ023 (Inc)
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: 0.91%
‘O’ ACC SHARE CLASS as at 08/10/2024
606.93p
Fund size as at 30/09/2024
£547m
‘O’ INC SHARE CLASS as at 08/10/2024
499.63p
Performance
Source: Lipper, Waystone Management Limited. 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.
06/03/2006 | 30/09/2014 | 30/09/2019 | 30/09/2021 | 30/09/2023 | 31/03/2024 | |
---|---|---|---|---|---|---|
Since Launch | 10 Years | 5 Years | 3 Years | 1 Year | 6 Months | |
MSCI World NR GBP | 430.7 | 215.6 | 69.6 | 30.5 | 20.5 | 2.8 |
IA Global TR | 306.4 | 161.1 | 50.5 | 14.0 | 16.4 | 1.1 |
Trojan Global Equity O Acc | 505.3 | 221.8 | 57.3 | 18.3 | 18.0 | 2.6 |
Discrete Calendar Annual Returns (%) | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Trojan Global Equity O Acc | 20.2 | -4.6 | -11.3 | 18.4 | 14.9 | 6.2 | 3.7 | 14.4 | 15 | 12.3 | 19.2 | 13.2 | 1.1 | 24.6 | 13.5 | 21.7 | -15.7 | 23.9 | 9.5 |
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, Waystone Management Limited. Since Launch (06/03/2006) to 30 September 2024.
Risk and Volatility since launch
Source: Lipper, Waystone Management Limited.
Risk Analysis Since Launch (06/03/2006) | Trojan Global Equity O Acc | IA Global TR | MSCI World NR GBP |
---|---|---|---|
Total Return | 505.3 | 306.4 | 430.7 |
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 | 61.7 | 63.1 | 63.5 |
Annualised Volatility | 11.5 | 13.1 | 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 the annualised standard deviation of the monthly returns
Source: Lipper, Waystone Management Limited.
As at 30 September 2024.
Asset allocation
Top 10 holdings | Fund % |
---|---|
Visa | 6.39393108506475 |
Alphabet | 6.37807515099341 |
Mastercard | 5.75220087149264 |
Fiserv | 5.60222553102165 |
Roche Holding | 5.1297857263748 |
Microsoft | 4.79696439735994 |
Meta Platforms | 4.70445897211184 |
LSEG | 4.44393303580034 |
Heineken Holding | 4.37648386411461 |
Amadeus IT | 4.01544300211485 |
Total Top 10 | 51.5935016364488 |
18 Other Equity holdings | 46.9084898732406 |
Cash | 1.49800849031062 |
Total | 100 |
Asset allocation and holdings subject to change. As at 30 September 2024.
Fund literature
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Factsheet
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Newsletters
View newsletters Hide newsletters Open Download - Trojan Global Equity Newsletter No 17 Open Download
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UCITS KIID
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Fund Information Sheet
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Sustainability-related Disclosures
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Prospectus & Additional Investor Information
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- Trojan Investment Funds Singapore Information Memorandum Open Download
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Annual Report
Date: January 2024 Open Download -
Interim Report
Date: July 2024 Open Download
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. In line with the Fund’s prospectus, the Fund is authorised to invest in transferable securities and money market instruments issued or guaranteed by an EEA state, one or more local authorities, a third country, or a public international body to which one or more EEA states belong. The Investment Manager would only consider investing more than 35% of the Fund’s assets in UK or US government issued transferable securities or approved money market instruments.
Some of the information contained on this page: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
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).
For the full fund disclaimer please refer to the Fund factsheet.
Please refer to Troy’s Glossary of Terms available here.
How to invest
Find more information on how to invest in this fund and where it is available.
How to invest
Commentary
August 2024
Your Fund returned +0.6% during the month compared to +0.3% for the MSCI World Index NR (£).
Equity markets moved on fast from the dramatic spike in volatility that occurred at the start of the month. It remains to be seen if this positive trend can persist for the rest of the year. In the meantime, we are reassured by the improving breadth of returns. In a year defined by excitement for generative AI that has led to big gains for large technology hardware companies, it is remarkable that the total returns from the Fund’s three Swiss healthcare companies – Alcon, Novartis, and Roche – have each outperformed the Nasdaq index. Whilst in many ways the definition of boring dependability, we also view these companies as tech businesses that are innovating at the cutting edge of medical science. In this context we draw confidence from their substantial reinvestments into R&D that are not only yielding encouraging new products but are doing so at improving levels of profitability. The share prices of these companies have risen in recent months as some of the Fund’s holdings in software and internet companies take a pause.
Just as a gardener has much to do in winter, the seeds of diversified investment returns are often sown when conditions appear least promising. Recent financial results have revealed that many consumer-facing companies are experiencing a period of weaker demand. Chinese growth is sluggish whilst the US slows, particularly for more discretionary items. In several cases these trends are a natural consequence of elevated demand during and after the pandemic. A little over 80% of the Fund’s assets are invested in ‘business-to-business’ companies – including the Swiss healthcare stocks – that sell their essential products and services to other corporate or public sector customers. The Fund’s investments in consumer-orientated companies are comparatively modest and they are broadly diversified across alcoholic beverages, beauty products, luxury goods and travel. Whilst we remain optimistic about the longer-term trajectory of these companies, we recognise that subdued demand could last for some time to come. Further weakness in share prices may provide opportunities to increase the Fund’s commitment to these areas.