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
| 12/08/2011 | 01/07/2015 | 31/01/2020 | 31/01/2022 | 31/01/2024 | 31/07/2024 | |
|---|---|---|---|---|---|---|
| Since Launch | Since Troy Appt | 5 Years | 3 Years | 1 Year | 6 Months | |
| Electric & General Investment Fund Net Income A | 383.5 | 215.7 | 71.6 | 38.4 | 19.5 | 15.1 |
| IA Global TR | 305.5 | 161.8 | 59.7 | 27.1 | 17.9 | 8.9 |
Source: Lipper, Since 3 March 2009 to .
*Since Troy Appointment 3 March 2009.
Past performance is not a guide to future performance.
The value of the Trust, and any income from it, may go down as well as up and investors may get back less than they invested. 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 we consider the data to be reliable, no warranty is given as to its accuracy or completeness. Any comparisons against indices are for illustrative purposes only.
Risk analysis
| Risk Analysis Since Launch (30/06/2015) | Electric & General Investment Fund Net Income A | IA Global TR |
|---|---|---|
| Total Return | 383.5 | 305.5 |
| Max Drawdown | -22.0 | -25.1 |
| Best Month | 8.7 | 9.8 |
| Worst Month | -7.5 | -10.0 |
| Positive Months | 61.5 | 65.2 |
| Annualised Volatility | 12.0 | 11.4 |
Past performance is not a guide to future performance.
Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns.
The value of the Trust, and any income from it, may go down as well as up and investors may get back less than they invested. 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 we consider the data to be reliable, no warranty is given as to its accuracy or completeness. Any comparisons against indices are for illustrative purposes only.
Source: Lipper, Since 3 March 2009 to .
Dividends
Literature
| Document name | Date | Open/download | All documents |
|---|---|---|---|
| Factsheet | View archive | ||
|
Value Assessment |
View document Download document | ||
| KIID | View archive | ||
|
Annual Report |
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|
Interim Report |
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| Shareholder communications | View archive |
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Factsheet
Date: November 2024 View archive Open
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Value Assessment
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KIID
Date: Electric & General Investment Fund (Net Income ‘A’ Shares) View archive Open
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Annual Report
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Interim Report
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Shareholder communications
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How to invest
Find more information on how to invest in this trust and where it is available.
How to invest
Commentary
Commentary
Your Fund returned -2.5% during the month, compared to -1.6% for the FTSE All-Share Index (TR).
Macro events dominated the market narrative in October: the new UK government announced its first budget, there was growing hype around the upcoming US presidential election, and tensions in the Middle East continued to escalate. Of note from a financial markets perspective was a rise in government bond yields, with the yield on 10-year UK and US government debt both rising c. 50 basis points in the month from +4.0% to +4.4% and +3.8% to +4.3% respectively. From your Fund’s perspective, it was this move, much more so than any stock-specific news flow, that impacted returns over the month with higher bond yields putting short-term pressure on equity valuations.
The UK budget had been eagerly anticipated, with an unusually long lag between Labour regaining power on the 5th of July and Chancellor Rachel Reeves announcing her fiscal plan on the 30th of October. The reality is that with over 80% of the Fund’s aggregate revenues derived from outside the UK, the impact of domestic politics on portfolio companies is always relatively limited. We are pleased however that it is now behind us, allowing investors to look forward with more certainty as to the shape of policy under this government.
When we look across global markets, we continue to find valuations for UK companies to be particularly attractive. The UK’s is the most international of all stock markets, home to many world-class companies, providing rich opportunities for stock pickers. In the month, we started a new holding in a high-quality UK company. We look forward to sharing more details in an upcoming factsheet.