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Trojan Global Equity Fund

The investment objective of the Trojan Global Equity Fund is to provide capital growth over the longer term. The investment policy is to invest substantially in UK and overseas equities but the Fund may also invest in collective investment schemes and money market instruments. 

In addition to the O share class referred to on this page, I & S Classes are also available. Please contact us for more information.

'O' Share Class Price 17/08/2017
299.45p
Accumulation Shares
Income Shares
250.97p
Fund Size
£242M

July 2017

Your Fund returned -0.4% during the month compared to +0.9% for the MSCI World Index NR (£).

PayPal has been held in the Fund since the spin-out from eBay and its IPO in July 2015. PayPal’s compelling fundamentals were an important component of the original investment case for eBay when we bought the shares in 2013.  An independent PayPal has gone from strength to strength and remains one of the more exciting investments in the Fund.  Online represented 9% of total retail sales globally in 2016 and is forecast to grow to 15% by 2020.* Increased online spend benefits all of the payments companies (including our holdings in Visa and Amex) by hastening the decline of cash and cheques. 

 

With 210m active accounts, PayPal has evolved into one of the largest platforms enabling digital and mobile payments for consumers and merchants. By building partnerships (and ending conflicts) with Visa, Mastercard, Google, Apple, HSBC, Wells Fargo, Baidu etc, PayPal has intelligently transitioned to become a ubiquitous payment option online.  PayPal power most of the payments that happen on Facebook, for example. Recent reported results were excellent and showed an acceleration in the growth of active customers, revenues, profits and cash flows. 

The shares had a lacklustre period post IPO which gave us the opportunity to add to our holding. After a very strong run in 2017, the shares no longer represent such compelling value but PayPal remains a core holding. 

*Source: Visa Inc Investor Day presentation 2017

Performance is calculated on a total return basis, net of fees, in sterling terms.

 

Source: Lipper, Capita Asset Services

The source of performance data has been changed.  This change may have resulted in variations from previously published performance figures.

Risk Analysis Since Launch (06/03/2006)Fund (%) IA Global (%)Index* (%)
Total Return +193.4 +127.5 +152.2
Max drawdown# -33.3 -38.3 -38.3
Best Month +7.9 +9.3 +10.2
Worst Month -9.4 -12.9 -10.6
Positive Months +62.5 +62.5 +62.5
Annualised Volatility +11.1 +13.7 +13.5

* MSCI World Index NR (£)

# Measures the worst investment period

Performance is calculated on a total return basis, net of fees, in sterling terms.

 

Top 10 HoldingsFund (%)
Alphabet Inc. 5.2
American Express 5.1
eBay 4.9
Microsoft 4.9
Novartis 4.7
PayPal 4.6
Wells Fargo 4.0
Medtronic 4.0
Becton Dickinson 3.7
Fiserv 3.4
Total Top 10 44.5
20 other holdings 48.0
Cash & equivalent 7.5
Total 100.0
Past performance is not necessarily 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. 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.

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

Find Out More

Key Facts

  • Fund Manager
    Gabrielle Boyle
  • Assistant Fund Manager
    George Viney
  • Inception Date
    06/03/2006
  • Currency
    £ Sterling
  • Available Share Class
    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)

 

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