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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 11/12/2017
303.46p
Accumulation Shares
Income Shares
254.32p
Fund Size
£246M

October 2017

Your Fund returned +3.5% during the month compared to +2.9% for the MSCI World Index NR (£).

Technology companies led returns for the Fund and the index.  

Many investors worry that market action has become dominated by a handful of global tech companies. The FANGs (Facebook, Amazon, Netflix and Google) are monitored closely for signs that the bull market in equities is coming to an end. We share these concerns. Growth is scarce and wherever it can be found it is often pricey. We also point out, however, that much of the tech sector’s growth is real and durable. Nor do sinister acronyms capture the big differences between tech businesses. We contrast cash-hungry Netflix, priced at 95x estimated earnings, with Alphabet, the owner of Netflix’s rival YouTube, and Google’s parent company. Alphabet generates a phenomenal $6bn to $7bn in free cash flow per quarter and has in excess of $100bn in cash on its balance sheet.  

 

Its shares trade at 26x estimated earnings – cheap compared to Netflix, but expensive by the standards of conventional measures of value. Yet few other companies owned in the Fund have as strong a base business as Google has in internet search, and no other is growing so fast (at over +20% p.a). Current earnings estimates must also account for the way that idle cash and heavy investment (in things such as driverless cars and artificial intelligence) supresses evidence for Alphabet’s earnings power. It is therefore possible to feel nervous about the FANGs in abstract whilst feeling very confident about owning one of its members.

 

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

 

Source: Lipper, Link Fund Solutions Limited

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 +199.6 +135.5 +161.2
Max drawdown# -33.3 -38.3 -38.3
Best Month +7.9 +9.3 +10.1
Worst Month -9.4 -12.9 -10.6
Positive Months +62.6 +62.6 +62.6
Annualised Volatility +11.0 +13.6 +13.4

* 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 (%)
American Express 5.7
Alphabet Inc. 5.5
PayPal 5.4
Microsoft 5.4
eBay 5.1
Novartis 4.4
Medtronic 4.2
Wells Fargo 4.1
Becton Dickinson 3.7
Fiserv 3.4
Total Top 10 46.9
20 other holdings 47.2
Cash & equivalent 5.9
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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