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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 25/09/2017
287.99p
Accumulation Shares
Income Shares
241.36p
Fund Size
£242M

August 2017

Your Fund returned +1.4% during the month compared to +2.5% for the MSCI World Index NR (£).

Year-to-date the Fund has returned +10.8% which compares with the benchmark return of +8.8%. 

Over the summer period the Fund has been in the doldrums as holdings in the consumer staples sector have lagged.   The Fund’s tobacco investments in particular sold off following the announcement by the US regulator of their aim to reduce nicotine levels in cigarettes.  Regulation is part of life in the tobacco industry, but so is an oligopolistic structure, pricing power, strong profits, cash flows and consistent dividends. The overall weight of tobacco companies in the Fund has come down in the past eighteen months, reflecting less attractive valuations. Consumer staples companies overall have been the biggest positive contributors to returns year-to-date and our tobacco shares remain core holdings in the Fund. 

 

 

The Fund’s holdings in the technology sector have grown to become a very significant feature and important drivers of returns for the past few years.   2017 has been no exception.  Investments for the Fund are made on their individual merits but it is interesting to review the financial metrics in particular given ongoing concerns about elevated valuations.  Whilst free cash flow yields for the Fund’s technology shares are modestly below the average, they collectively offer above average revenue growth, operating margins and returns on capital.  These are qualities worth paying for. 

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 +197.3 +130.9 +158.4
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 +62.8 +62.8 +62.8
Annualised Volatility +11.0 +13.7 +13.4

* 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 (%)
American Express 5.2
Alphabet Inc. 5.2
Microsoft 5.0
PayPal 4.9
eBay 4.9
Novartis 4.6
Wells Fargo 3.9
Medtronic 3.8
Becton Dickinson 3.7
Unilever 3.5
Total Top 10 44.7
20 other holdings 48.2
Cash & equivalent 7.1
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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