Overview
Download factsheetA concentrated portfolio of exceptional global businesses, designed to deliver long-term excess returns.
What does this 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.
Investment Managers
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.
Performance
| Since Launch | Since Troy Appt | 5 Years | 3 Years | 1 Year | 6 Months | |
|---|---|---|---|---|---|---|
| Electric & General Investment Fund Net Income A | 340.2 | 187.4 | 74.8 | 25.7 | 5.6 | 2.9 |
| IA Global TR | 268.4 | 137.8 | 72.3 | 12.8 | -0.3 | -1.3 |
*Since Troy Appointment 1 July 2015.
Source: Lipper, Since 12 August 2011 to 31 March 2025. Past performance is not a guide to future performance. All references to benchmarks are for comparative purposes only.
Risk analysis
| Risk Analysis Since Launch (30/06/2015) | Electric & General Investment Fund Net Income A | IA Global TR |
|---|---|---|
| Total Return | 340.2 | 268.4 |
| Max Drawdown | -22.0 | -25.1 |
| Best Month | 8.7 | 9.8 |
| Worst Month | -7.5 | -10.0 |
| Positive Months | 60.7 | 64.4 |
| Annualised Volatility | 12.2 | 11.5 |
Source: Lipper, Since 12 August 2011 to 31 March 2025.
Past performance is not a guide to future performance. All references to benchmarks are for comparative purposes only. Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns.
Dividends
Past performance is not a guide to future performance. Income generated (if any) may fall as well as rise.
Literature
| Document name | Date | Open/download | All documents |
|---|---|---|---|
| Factsheet | View archive | ||
| KIID | Share classes | ||
|
Fund Information Sheet |
View document Download document | ||
| Annual Report | View archive | ||
| Interim Report | View archive | ||
|
Value Assessment |
View document Download document | ||
| Shareholder communications | View archive |
-
Factsheet
Date: March 2025 View archive Open
Download 
-
KIID
Date: Electric & General Investment Fund (Net Income ‘A’ Shares) View Share classes Open
Download
-
Fund Information Sheet
Open Download -
Annual Report
Date: June 2024 View archive Open
Download
-
Interim Report
Date: December 2023 View archive Open
Download
-
Value Assessment
Open Download -
Shareholder communications
View archive Open
Download
Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| Visa | 7.31953060306866 |
| Fiserv | 6.31956576095482 |
| Alphabet | 6.20008076757937 |
| Mastercard | 5.88902263625851 |
| Roche Holding Dividend Right Cert | 4.88962747198821 |
| Amadeus IT Group | 4.8525773171482 |
| Meta Platforms | 4.55997705797156 |
| Microsoft | 4.53994443237841 |
| London Stock Exchange Group | 4.41272048336176 |
| Heineken Holding | 4.23834836646233 |
| Total Top 10 | 53.2213948971718 |
| 18 Other Equity holdings | 45.3788522162611 |
| Cash | 1.39975288656706 |
| Total | 100 |
Source: FactSet, 31 March 2025. Asset allocation and holdings are subject to change.
How to invest
Find more information on how to invest in this trust and where it is available.
How to invest
Commentary
March 2025
Your Fund returned -6.3% during the month, compared to -5.9% for the IA Global (TR) sector.
January’s wave of optimism gave way to two main areas of concern; the returns from all the investment into Artificial Intelligence (‘A.I.’), and the risks that tariffs pose to consumer and corporate spending. Both themes had a particularly negative impact on U.S. equity markets. The Fund’s top five contributors in the quarter were Roche, Visa, Heineken, Novartis and Fiserv. Three of the five are European and might be categorised as traditionally defensive. The bottom five contributors were Alphabet, Adobe, Microsoft, Diageo, and PayPal. The first three fall into the A.I. debate. The others are affected by tariff risks and trends for discretionary spending.
The Fund’s performance over the quarter reflects the balance we have struck to navigate the various risks and opportunities that we see. One element of this is to select businesses that are diversified by product and geography, and then combine them with similarly durable companies drawn from a range of industrial sectors. This way the Fund’s progress is not dependent on the fortunes of any one country or industry. Another is to be attentive to valuations such that the compounding in underlying cashflows per share remain the primary driver of long-term shareholder returns. This component becomes more important as technological change exerts a disruptive force and the U.S. entertains radical changes to the terms of global trade (these subjects are explored in more detail in the Strategy’s latest Newsletters, available here and here)
The outcome is a diverse portfolio of select companies that exhibit undeniable quality. They generate high returns on their capital without recourse to large amounts of financial debt. Moreover, the Fund’s businesses are reinvesting heavily at those high rates of return to sustain levels of growth that far exceed those of more average companies. Despite their extraordinary returns and growth, they are collectively valued as if their economics and growth potential are more ordinary. In these uncertain times, it is this essential discrepancy that gives us confidence in the Fund’s prospective results.