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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 27/07/2017
296.50p
Accumulation Shares
Income Shares
249.78p
Fund Size
£236M

June 2017

Your Fund returned -1.1% during the month compared to -0.2% for the MSCI World Index NR (£).

Having performed so strongly in May it is no surprise to see the Fund give some of this back.

Novartis was one of the better-performing holdings in the Fund during the month. The stock has been owned for the last five years and has produced strong total returns over that period. In the last couple of years, however, returns have been a disappointment, giving us the opportunity to significantly increase the Fund’s holding. Expectations in the near term were scaled back as certain drug launches got off to a slow start and management were forced to reinvest in Alcon, its eye care division. These issues are being addressed and management have wide scope to realise value across the group. 

Novartis has a very large, diversified and highly profitable pharmaceuticals business that enjoys a relatively benign outlook for patent expiries. This strength and breadth tends to be undervalued, leading to positive surprises from its pipeline of new drugs. Last month, for instance, Novartis released encouraging highlights of a clinical trial for a cardiovascular drug that few analysts had anticipated. Elsewhere, Novartis is asset rich. It has options to sell a 37% stake in GlaxoSmithKline’s Consumer Healthcare division, a holding in Roche worth over CHF13bn, a promising position in the emerging field of biosimilars and the potential to spin out a repaired Alcon to its shareholders. As a result, we believe returns on capital and returns to shareholders can improve from here.  

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 +194.4 +124.3 +150.0
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 +63.0 +62.2 +62.2
Annualised Volatility +11.1 +13.8 +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 (%)
eBay 4.8
Alphabet Inc. 4.8
Novartis 4.8
Microsoft 4.7
American Express 4.7
Medtronic 4.4
PayPal 4.3
Wells Fargo 4.0
Becton Dickinson 3.7
Altria 3.7
Total Top 10 43.9
21 other holdings 49.1
Cash & equivalent 7.0
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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