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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 16/08/2018
Accumulation Shares
Income Shares
Fund Size
£222M (30/06/18)

June 2018

Your Fund returned +2.0% during the month compared to +0.7% for the MSCI World Index NR (£).

The Fund’s gains were broadly spread across stocks and sectors.

We recently met the CEO and CFO of Medtronic, a company that was first purchased for the Fund in 2011. Over that period the shares have comfortably outperformed, but recent returns have been dull as the company digested the 2015 acquisition of Covidien. The meeting was a good reminder of the company’s unique strengths. Medtronic was the inventor of the world’s first pacemaker and it retains a big business for the monitoring, regulation and repair of hearts. Yet over the decades the company has become a medical device conglomerate spanning minimally invasive surgery, spinal and neurovascular surgery, and diabetes management. Its technology saves and extends patients’ lives and in each device category Medtronic has commanding market shares.

Almost half of its sales come from outside the U.S., with a greater portion coming from emerging markets.  In aggregate, the business can grow revenues annually in the mid-single digits and there is some potential for improving operating margins and returns on capital. Medtronic is already large and highly profitable and for these reasons it can afford to make generous cash returns to its shareholders. The company has grown its dividend per share consecutively for over 40 years at a compounded rate of +18% p.a. The dividend yield stands at 2.3% today with a cash P/E of 16.5x. Medtronic remains a core holding for the Fund.

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 +213.3 +145.4 +173.2
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 +63.3
Annualised Volatility +10.9 +13.4 +13.1

* 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  5.7
Alphabet   5.6
American Express  5.1
PayPal  4.9
Medtronic 4.9
eBay  4.9
Visa  4.5
Novartis 4.0
Becton Dickinson 3.9
Fiserv 3.7
Total Top 10 47.2
23 other holdings 47.8
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
  • 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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