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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 20/04/2018
290.88p
Accumulation Shares
Income Shares
243.34p
Fund Size
£201M (31/03/18)

March 2018

Your Fund returned -4.7% during the month compared to -3.9% for the MSCI World Index NR (£).

The Fund has initiated a new holding in L’Oréal, the world’s largest beauty company.  L’Oréal is one of the more exceptional companies in our investment universe and encapsulates many of the attributes we seek in our investments.  Founded in 1909, with a long-term shareholder in the Bettencourt Meyers family, L’Oréal is a global company devoted purely to beauty categories (cosmetics, skin care and hair care). The company combines the attributes of scale with a nimble and entrepreneurial organisation that has diversity across regions, brands and product areas. Revenues have grown by between 3% and 5% over the past 20 years and future growth is underpinned by strong product innovation and increased consumer spending in developing countries.  

Growth is sustained by a consistent approach to investment. L’Oréal spends 3% of sales every year on R&D, ahead of its peers by some way, and the company is the biggest advertiser in the world. It also regularly acquires small and upcoming brands that it can take internationally. E-commerce represents 8% of revenues, up +34% in 2017, and sales are growing in emerging markets at double-digit rates.  Operating margins are 17%, and expanding, and returns on equity and capital are in the high teens. L’Oréal’s shares, like its premium products, do not come at a bargain price, but adjusting for net cash and the 9% stake in French pharmaceutical company Sanofi, the shares trade at a small premium to global peers. 

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 +185.6 +127.6 +152.8
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 +61.8 +61.8 +62.5
Annualised Volatility +11.0 +13.5 +13.2

* 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 (%)
Microsoft  5.6
eBay 5.4
Alphabet Inc. 5.2
PayPal 4.9
American Express  4.8
Medtronic 4.4
Novartis 4.3
Visa 3.9
Wells Fargo 3.5
Fiserv 3.5
Total Top 10 45.5
23 other holdings 48.8
Cash & equivalent 5.7
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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