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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 23/05/2017
290.48p
Accumulation Shares
Income Shares
244.71p
Fund Size
£220M

April 2017

Your Fund returned -1.3% during the month compared to -1.9% for the MSCI World Index NR (£).

Returns were affected by the strength of sterling following the announcement of the forthcoming UK General Election. This reduces the returns from the Fund’s assets held in overseas currencies and reverses some of the extraordinary currency gains made last year. Were returns to be measured in any of the Fund’s other main trading currencies – US dollars, Swiss francs or euros – this month’s returns would have been positive. 

As a reminder, the Fund does not seek to manage currency volatility with hedging contracts. This is for a couple of reasons. First, it adds complexity that is likely to result in higher costs - counted in transaction fees and timing errors - and lower returns. Second, our favoured companies typically do business around the world, so whilst strong overseas currencies enhance sterling-based returns they limit revenue and earnings growth for the Fund’s foreign companies. This has been profound for US multinationals, such as Coke and P&G, which have struggled against a strong dollar for the last five years. Were this trend to unwind, the Fund might lose in the translation of asset returns back into sterling but gain from a resumption in these companies’ earnings power. We conclude that our energies are best focussed on the dependability of corporate earnings rather than the vagaries of currency markets.

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 +182.7 +118.9 +144.9
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 +63.2 +62.4 +62.4
Annualised Volatility +11.1 +13.9 +13.6

* 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 5.1
Alphabet Inc. 4.9
American Express 4.4
Novartis 4.4
Medtronic 4.4
eBay 4.3
PayPal 4.1
Altria 3.8
Becton Dickinson 3.7
Fiserv 3.6
Total Top 10 42.7
22 other holdings 50.0
Cash & equivalent 7.3
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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