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 21/10/2024
622.37p
Fund size as at 30/09/2024
£547m
‘O’ INC SHARE CLASS as at 21/10/2024
512.35p
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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Circular
Date: October 2024 Open Download -
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
September 2024
Your Fund returned +0.3% during the month compared to -0.2% for the MSCI World Index NR (£).
In September the U.S. Department of Justice formally sued Visa for breach of anti-trust rules. The government alleges that Visa unlawfully foreclosed competition by defending its over 60% share of the U.S. debit card market through a web of restrictive contracts and incentives with processors, issuers, and purported rivals. There is no sugar-coating this news, and we don’t believe that Visa will come through the process unscathed. There are, however, some mitigating circumstances to consider. First, unless a settlement is found in the interim, there will be several years of court proceedings and appeals before any changes take place to Visa’s business practices. Second, the U.S. debit market accounts for an estimated low teens percentage of Visa’s group revenues. And third, as the original debit network in the U.S., it is reasonable to assume that Visa’s network effects, technical infrastructure, and economies of scale will maintain a dominant market share, with or without certain legal clauses between itself and its business partners.
A similar set of mitigating circumstances might also apply to an analysis of Alphabet’s U.S. Search anti-trust case (although it is more advanced with a judge already ruling against Alphabet). Whilst both cases pose credible risks to market share and prospective growth rates, we suspect they also cast a shadow over the strong progress these companies are making in other countries and product categories. Both companies also have ample flexibility to adjust their costs to soften the impact on their bottom lines.
Alphabet and Visa have faced multiple challenges and controversies in the many years (ten and eight, respectively) that the Fund has invested in their shares. This persistent uncertainty has resulted in valuations that have never reached egregious levels, allowing growth in cash flows to drive the entirety of the high teens annualised returns (in USD) since the initial investments were made. We are optimistic that a substantial opportunity remains as continued strong growth combines with reasonable valuations.