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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 16/10/2018
310.72p
Accumulation Shares
Income Shares
258.69p
Fund Size
£231M (30/09/18)

September 2018

Your Fund returned -0.5% during the month compared to +0.2% for the MSCI World Index NR (£).

At the end of the month the Fund’s allocation to the Technology sector dropped from 37% of assets to 24%. The change was achieved by nothing more than the reclassification of certain companies by MSCI. eBay moved from Technology to Consumer Discretionary, and holdings in Alphabet (Google’s parent) and Facebook were reallocated to the newly created Communications Services sector.

It would be easy to dismiss this reshuffling as artificial. Nothing material has changed since last month. Yet it does highlight two important things. First, the Fund’s tech investments have always been a mixture of companies facing very different underlying dynamics.

This remains true of the Fund’s business software and payments companies that remain classified as Tech, just as it does for other stocks in the Fund, such as Amex (Financials), Experian (Industrials) and Medtronic (Healthcare), which rely heavily on technology.   

Second, and more importantly, the new Communications Services sector highlights, once more, the influence of massive, fast-growing and globally dominant businesses that have become vitally important parts of the stock market in a short space of time. Google celebrated its 20th birthday during the month, and Facebook, as its public growing pains attest, is only 14 years old. We and the market continue to adapt to the realities of how the internet economy is transforming all businesses, no matter how they are classified.

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 +232.6 +155.0 +190.4
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 +62.7 +62.7 +64.0
Annualised Volatility +10.9 +13.3 +13.0

* 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   6.4
Alphabet  5.8
American Express  5.5
Medtronic 5.4
PayPal  5.2
Visa  4.9
Novartis  4.5
Becton Dickinson 4.1
Fiserv 4.0
Experian 3.7
Total Top 10 49.5
22 other holdings 45.5
Cash & equivalent 5.0
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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