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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 21/02/2018
Accumulation Shares
Income Shares
Fund Size
£251M (31/01/18)

January 2018

Your Fund returned +0.4% during the month compared to +0.1% for the MSCI World Index NR (£).

With another strong set of quarterly earnings during the month, Microsoft’s shares added to their big gains made in 2017. When Troy first invested in the company in 2010, amidst fears of heightened competition, we correctly assumed that users would prove loyal to Microsoft’s products. What we didn’t fully appreciate at the time was the investment the company was making to become a leader in cloud computing. The delivery of its software over the internet has deepened and broadened Microsoft’s existing customer relationships. Its Office suite is becoming more sophisticated by integrating with new methods of online communication, cybersecurity, business analytics and, eventually, artificial intelligence.  

Moreover, by renting its computing power to others, Microsoft has entered the very large database market previously owned by its rivals. The transition to cloud services has a long way to go before it matures and as it gains in scale it has the power to accelerate group revenue growth at improving profit margins. In the last six months, Microsoft has grown its revenues and profits by double digits, and increased its free cash flow by +14%, much of which goes back to shareholders in dividends and buybacks. There is $54bn of net cash sitting idle on the balance sheet ready to be deployed. These facts help to justify a share price which has substantially re-rated. At a free cash flow yield of 4.8% we still see reasonable value in the shares. 

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 +205.2 +140.4 +165.9
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 +63.4
Annualised Volatility +10.9 +13.5 +13.2

* 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 (%)
Alphabet Inc. 5.7
Microsoft 5.5
American Express 5.4
PayPal 5.4
eBay 5.1
Novartis 4.5
Wells Fargo 4.4
Medtronic 4.1
Becton Dickinson 4.0
Fiserv 3.4
Total Top 10 47.5
21 other holdings 46.6
Cash & equivalent 5.9
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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