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 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 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
‘O’ ACC SHARE CLASS as at 18/12/2024
£6.481
Fund size as at 30/11/2024
£566m
‘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 | 30/11/2014 | 30/11/2019 | 30/11/2021 | 30/11/2023 | 31/05/2024 | |
|---|---|---|---|---|---|---|
| Since Launch | 10 Years | 5 Years | 3 Years | 1 Year | 6 Months | |
| MSCI World NR GBP | 474.1 | 221.3 | 82.7 | 34.0 | 27.3 | 11.4 |
| IA Global TR | 327.3 | 161.6 | 56.7 | 16.2 | 20.5 | 7.4 |
| Trojan Global Equity Fund (Ireland) O GBP Acc | 541.7 | 218.8 | 67.4 | 24.8 | 21.3 | 10.7 |
| Discrete Calendar Annual Returns (%) | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Trojan Global Equity Fund (Ireland) O GBP Acc | 20.2 | -4.6 | -11.3 | 18.4 | 14.9 | 6.2 | 3.7 | 14.4 | 15 | 12.3 | 19.2 | 13.2 | 1.1 | 24.6 | 13.5 | 21.7 | -15.7 | 23.9 | 16 |
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 Fund (Ireland) O GBP Acc | IA Global TR | MSCI World NR GBP |
|---|---|---|---|
| Total Return | 541.7 | 327.3 | 474.1 |
| Max Drawdown | -33.3 | -38.3 | -38.3 |
| Best Month | 9.4 | 9.8 | 10.1 |
| Worst Month | -9.4 | -12.9 | -10.6 |
| Positive Months | 62.1 | 63.4 | 63.8 |
| Annualised Volatility | 11.5 | 13.1 | 13.1 |
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 | 7.35299055344476 |
| Alphabet | 6.62838836648042 |
| Fiserv | 6.18756264573468 |
| Mastercard | 5.60337087222435 |
| Microsoft | 4.74419133299643 |
| Roche Holding | 4.63578633607162 |
| Meta Platforms | 4.44579050744936 |
| LSEG | 4.18155706896653 |
| Booking | 4.11976294385403 |
| Amadeus IT | 3.87680798483889 |
| Total Top 10 | 51.7762086120611 |
| 18 Other Equity holdings | 46.2309023943072 |
| Cash | 1.99288899363179 |
| Total | 100 |
Asset allocation and holdings subject to change. As at .
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
| Factsheet | View archive | ||
| Newsletters | View newsletters | ||
| UCITS KIID | View share classes | ||
|
Fund Information Sheet O ACCUMULATION |
View document Download document | ||
|
Sustainability-related Disclosures |
View document Download document | ||
| Prospectus & Additional Investor Information | View documents | ||
|
Annual Report |
January 2024 | View document Download document | |
|
Interim Report |
July 2023 | View document Download document |
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Factsheet
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Newsletters
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UCITS KIID
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Fund Information Sheet
O ACCUMULATION Open Download -
Sustainability-related Disclosures
Open Download -
Prospectus & Additional Investor Information
View documents Open
Download
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Annual Report
Date: January 2024 Open Download -
Interim Report
Date: July 2023 Open Download
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
Find more information on how to invest in this fund and where it is available.
Commentary
November 2024
Your Fund returned +3.7% during the month compared to +5.8% for the MSCI World Index NR (£).
We travelled to New York City in November to attend Mastercard’s Investor Community Meeting. This was an immersive experience that provided opportunity to meet senior management and members of the Board and explore the company’s new products. In a series of presentations, Mastercard effectively addressed the three main concerns for investors – the remaining opportunity in consumer payments, how Mastercard is addressing vast and largely untapped commercial payment flows, and the value of its services portfolio. Collectively these reinforced confidence in the company’s opportunity for double-digit annual revenue growth and mid-teens growth in earnings per share.
Our optimism in Mastercard is also informed by our renewed appreciation of its people and organisation. This is an entrepreneurial and innovative company that is unafraid to expand into new areas. The development of a broad collection of value-added services (for cybersecurity, fraud prevention, analytics, marketing, etc.) over the past decade is clear testament to this dynamism. They diversify and accelerate Mastercard’s growth, expand existing relationships and win it market share. Services now represent just under 40% of group revenue and are set to grow annually in the high teens. Their contribution is valuable context for appraising other more nascent opportunities in commercial payments, remittances, and disbursements. These newer strategic initiatives will take time to develop, but the evidence suggests that when Mastercard focusses its innovation, assets, and capital in a particular area, it has a high probability of success.
Global equities further extended their strong year-to-date gains during the month. We review the Strategy’s performance and the implications of Donald Trump’s presidential election in a recently published Newsletter, which can be accessed here.
We also recorded a podcast interview with our colleague Tom Yeowart, available here.
We wish our readers a very happy Christmas and thank you for your interest in the Fund.