Overview
Download factsheetWhat does the Fund do?
It seeks global, high-quality businesses that have the resilience to survive adversity and the adaptability to thrive in a changing world. Businesses that can grow at sustainably high returns over time provide longevity and compounding power to your returns.
Why this Fund?
Aimed at investors who seek exposure to enduring businesses with stable cashflow, strong management teams and a culture of innovation. The Fund integrates ESG and stewardship in accordance with Troy’s Responsible Investment & Stewardship Policy and also adheres to Troy’s Climate Change Mitigation Policy, in accordance with article 8 of SFDR.
View our SFDR disclosure
The team
Gabrielle Boyle
Investment Director and Head of Research
Gabrielle is responsible for Troy’s Global Equity Strategy and is Head of Research. Gabrielle was promoted to the board in 2020. She is the Co-Manager for the Trojan Global Equity Fund and Fund Manager for the Electric & General Investment Fund.
Gabrielle has 34 years’ investment experience, has managed global equity portfolios since 2001 and European portfolios since 1998. Joining Troy at the end of 2011, previously Gabrielle was a Senior Managing Director at Lazard Asset Management where she worked for 17 years and was responsible for Global and European portfolios. Gabrielle graduated from University College Dublin gaining a BA in History and Economics and an MA in Economics. She holds the ASIP qualification and is an Associate Member of the CFA Society of the UK. Gabrielle was previously on the Board of Witan Investment Trust and is a Trustee of the charity Launch It.
George Viney CFA
Senior Fund Manager
George is the Co-Manager of the Trojan Global Equity Fund. He is responsible for the analysis of global companies and their selection for Troy’s portfolios.
George joined Troy in June 2012 from Rathbone Brothers, where he worked as an Assistant Fund Manager for the unit trust business. George graduated in 2006 from King’s College London with a first class honours degree in History. He is a CFA Charterholder.
Key facts
Co-Manager
Gabrielle Boyle
Co-Manager
George Viney
Strategy Inception date
06/03/2006
Currency
Sterling
Available share classes
O GBP Acc and Inc
O EUR Acc and Inc
O USD Acc and Inc
I GBP Acc and Inc
I EUR Acc and Inc
S GBP Acc and Inc
ISIN (O GBP Class)
IE000B0QOAR7 (Inc)
IE000ALQZ5E5 (Acc)
Bloomberg (O GBP Class)
TRCOGIN ID (Inc)
TRCLOGA ID (Acc)
Sedol (O GBP Class)
BMCHXB4 (Inc)
BMCHX92 (Acc)
Benchmarks
For more information on the benchmarks used please refer to the ‘use of benchmarks’ section in the fund information sheet
Ongoing Charges
‘O’ (ordinary) shares: 0.86%
‘O’ ACC SHARE CLASS as at 18/12/2024
£6.481
Fund size as at 31/01/2025
£599m
‘O’ INC SHARE CLASS as at 18/12/2024
£5.3206
Performance
Source: Lipper. Past performance is taken from the corresponding share class of the Trojan Global Equity Fund which merged with the Trojan Global Equity Fund (Ireland) on 13 December 2024. Trojan Global Equity Fund was domiciled in the UK and authorised as a UK UCITS, which was originally launched as the Trojan Capital Fund, focused on investing in UK equities with the flexibility to invest in overseas equities and other asset classes. The strategy was changed to a global equity strategy in December 2013. The Fund has been a constituent of the IA Global sector since April 2012.
06/03/2006 | 28/02/2015 | 29/02/2020 | 28/02/2022 | 29/02/2024 | 31/08/2024 | |
---|---|---|---|---|---|---|
Since Launch | 10 Years | 5 Years | 3 Years | 1 Year | 6 Months | |
MSCI World NR GBP | 480.2 | 213.3 | 94.5 | 42.7 | 16.2 | 9.1 |
IA Global TR | 326.5 | 151.2 | 64.9 | 25.2 | 9.6 | 5.2 |
Trojan Global Equity (Ireland) O GBP Acc | 577.5 | 216.3 | 80.3 | 41.0 | 15.5 | 10.4 |
Discrete Calendar Annual Returns (%) | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Trojan Global Equity (Ireland) O GBP Acc | 20.2 | -4.4 | -11 | 18.8 | 15.2 | 6.3 | 3.9 | 14.6 | 15.1 | 12.4 | 19.3 | 13.2 | 1.1 | 24.6 | 13.5 | 21.7 | -15.7 | 23.9 | 16 | 3.8 |
Performance is calculated on a total return basis, net of fees, in sterling terms. Past performance is not a guide to future performance
Source: Lipper. Since Launch (06/03/2006) to .
Risk and Volatility since launch
Source: Lipper.
Risk Analysis Since Launch (06/03/2006) | Trojan Global Equity (Ireland) O GBP Acc | IA Global TR | MSCI World NR GBP |
---|---|---|---|
Total Return | 577.5 | 326.5 | 480.2 |
Max Drawdown | -32.9 | -38.3 | -38.3 |
Best Month | 9.4 | 9.8 | 10.1 |
Worst Month | -9.4 | -12.9 | -10.6 |
Positive Months | 61.7 | 63.0 | 63.4 |
Annualised Volatility | 11.5 | 13.1 | 13.0 |
Performance is calculated on a total return basis, net of fees, in sterling terms.
Maximum Drawdown measures the worst investment period
Annualised Volatility is measured by the annualised standard deviation of the monthly returns
Source: Lipper.
As at .
Asset allocation
Top 10 holdings | Fund % |
---|---|
Visa | 7.22433132236934 |
Alphabet | 6.5107494591833 |
Fiserv | 6.43227571298089 |
Mastercard | 5.90533801014254 |
Roche Holding | 5.16607473194204 |
Meta | 5.04102834482361 |
Amadeus | 4.5958793506285 |
Microsoft | 4.57879383868517 |
LSEG | 4.24308363123207 |
Heineken | 4.10968425395962 |
Total Top 10 | 53.8072386559471 |
18 Other Equity holdings | 44.8953475066675 |
Cash | 1.29741383738542 |
Total | 100 |
Asset allocation and holdings subject to change. As at .
Fund literature
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Fund Information Sheet |
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Interim Report |
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Trojan Global Equity Fund was domiciled in the UK and authorised as a UK UCITS, which was originally launched as the Trojan Capital Fund, focused on investing in UK equities with the flexibility to invest in overseas equities and other asset classes. The strategy was changed to a global equity strategy in December 2013. The Trojan Global Equity Fund merged with the Trojan Global Equity Fund (Ireland) on 13 December 2024.
This fund is not based in the UK and is not subject to UK sustainable investment labelling and disclosure requirements.
Important Information
Past performance is not 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. Returns may increase or decrease as a result of currency fluctuations. 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. In line with the Fund’s prospectus, the Fund is authorised to invest in transferable securities and money market instruments issued or guaranteed by an EEA state, one or more local authorities, a third country, or a public international body to which one or more EEA states belong. The Investment Manager would only consider investing more than 35% of the Fund’s assets in UK or US government issued transferable securities or approved money market instruments.
Some of the information contained on this page: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Important information for U.S. persons
The securities described on this website are neither available nor offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. persons who are resident outside the United States of America).
For the full fund disclaimer please refer to the Fund factsheet.
Please refer to Troy’s Glossary of Terms available here.
How to invest
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How to invest
Commentary
February 2025
Your Fund returned -2.9% during the month compared to -2.0% for the MSCI World Index NR (£).
Global equities reversed some of the large gains made in January, and beneath the surface is a significant change in leadership. At the time of writing, the U.S. is down for the year so far, and Europe is up over +10%. Only time will tell if this is a temporary or more durable trend.
The Strategy has a deliberate flexibility to assemble the very best companies at attractive valuations no matter where they happen to have their primary stock-market listing. It is gratifying to observe certain European companies that had been a drag to the Fund’s recent returns become among the largest positive contributors to performance this year. Amadeus IT, Heineken and Roche are examples of significant investments for the Fund that are stepping up as some of the Fund’s North American constituents take a pause. We believe their share-price performance goes well beyond a simple rotation from last year’s losers to this year’s winners. Amadeus’s financial results defy some fears of disintermediation. In fact, the opposite is more likely to be true – technological change in the travel industry plays to the strengths of Amadeus, its leading tech provider. Heineken appears to have put the emerging market volatility of 2024 behind it as a greater number of its markets return to growth. The company has taken its fair share of short-term pain and is now on a firmer footing to produce more consistent results. Lastly, after several years of disappointment, Roche looks forward to a busy period for its R&D pipeline, as well as the potential for double-digit earnings growth.
These examples are an expression of the broad and balanced collection of companies contained in the Fund. Their diversity, quality and momentum provide some confidence at a time of extreme political noise and economic uncertainty.