Overview
Download factsheetA concentrated portfolio of exceptional global businesses, designed to deliver long-term excess returns.
What does this 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 team
Gabrielle is responsible for Troy’s Global Equity Strategy. Gabrielle was promoted to the board in 2020. She is the Co-Manager for the Trojan Global Equity Fund and Fund Manager for the YFS Troy Global Equity Fund.
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 and the South-East Rural Charitable Trust.
George is Co-Manager of the Trojan Global Equity Fund.
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.
Performance
| Since Troy Appt | 10 Years | 5 Years | 3 Years | 1 Year | 6 Months | |
|---|---|---|---|---|---|---|
| YFS Troy Global Equity Fund Net Income A | 188.1 | 124.7 | 17.3 | 18.3 | -3.2 | 4.9 |
| IA Global TR | 209.8 | 164.3 | 42.7 | 46.4 | 16.9 | 6.6 |
Source: Lipper, Since Troy Appointment 30 June 2015 to 31 August 2026. Past performance is not a guide to future performance. All references to benchmarks are for comparative purposes only.
Risk and Volatility since launch
| Risk Analysis Since Troy Appt (30/06/2015) | YFS Troy Global Equity Fund Net Income A | IA Global TR |
|---|---|---|
| Total Return | 188.1 | 209.8 |
| Max Drawdown | -22.0 | -25.1 |
| Best Month | 8.3 | 9.8 |
| Worst Month | -7.5 | -10.0 |
| Positive Months | 59.0 | 65.7 |
| Annualised Volatility | 12.2 | 11.9 |
Source: Lipper, Since Troy Appointment, 30 June 2015 to 31 August 2026.
Past performance is not a guide to future performance. All references to benchmarks are for comparative purposes only. Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns.
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
|
Prospectus |
View document Download document | ||
| Factsheet | View archive | ||
| KIID | View Share classes | ||
|
Fund Information Sheet |
View document Download document | ||
| Annual Report | View archive | ||
| Interim Report | View archive | ||
|
Value Assessment |
View document Download document | ||
| Shareholder Communications | View archive |
-
Prospectus
Open Download -
Factsheet
View archive Open
Download 
-
KIID
View Share classes Open
Download
-
Fund Information Sheet
Open Download -
Annual Report
View archive Open
Download
-
Interim Report
View archive Open
Download
-
Value Assessment
Open Download -
Shareholder Communications
View archive Open
Download
Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| Visa | 8.45004085069016 |
| Mastercard | 7.04015826154756 |
| Alphabet | 6.42820484631891 |
| Experian | 5.54767326889494 |
| Booking | 5.14289620616501 |
| Heineken | 4.94645861672732 |
| LSEG | 4.76042088879501 |
| Roche | 4.68922057799505 |
| Amadeus | 4.65256527819903 |
| Microsoft | 4.33949999007557 |
| Total Top 10 | 55.9971387854086 |
| 15 Other Equity holdings | 42.4449069692007 |
| Cash | 1.55795424539079 |
| Total | 100 |
Source: FactSet,31 August 2026. Asset allocation and holdings are subject to change.
How to invest
Find more information on how to invest in this trust and where it is available.
How to Invest
Commentary
August 2026
Your Fund returned +3.2% during the month compared to 2.3% for the IA Global TR sector.
The Fund’s returns continue to be driven by a recovery in the shares of digital businesses that were previously sold off because of uncertainty surrounding Artificial Intelligence (AI). We have long maintained that the simple distinction between AI’s ‘winners’ and ‘losers’ is too binary and that a more nuanced picture of evolution and adaptation would ultimately emerge. We see this reappraisal process taking a while to play out, and in the meantime, we consider that the Fund contains plenty of value yet to be realised.
Beyond AI, a process of rehabilitation is also evident in several of the Fund’s healthcare companies. Agilent Technologies (‘Agilent’), a provider of analytical tools to the life sciences industry, is a leading example. The company reported impressive financial results in August. Its shares were a top five contributor to the Fund’s returns for the month, reinforcing its place among the Fund’s best performers over the past year.
It has been far from plain sailing for Agilent in recent years. The company and its industry were mired by a post-pandemic slowdown, higher inflation, tariffs, and reduced funding for the life sciences. After several false starts, this malaise now appears to be lifting with recovering growth driven by product innovation, a replacement cycle for aging equipment, and renewed customer investment.
Since first investing in the company in 2019, we have admired Agilent’s business breadth, both geographically and across industries. Agilent’s latent strength in China – widely considered a liability amid slowing growth and rising geopolitical tension – revealed itself in the latest quarter as growth reaccelerated. Outside of its leading position in the life sciences, Agilent also differentiates itself with an attractive presence across food safety, environmental testing, forensics, chemicals and advanced materials. This brings with it exposure to newer, faster-growing opportunities, including testing for PFAS[1] and other ‘forever chemicals’, as well as batteries and semiconductors. Strength in breadth suggests the company’s recovery has room to run.
[1] per- and polyfluoroalkyl substances re a large group of man-made chemicals that do not break down easily in the environment