Sebastian Lyon and Charlotte Yonge, managers of the Trojan Fund, Trojan Ethical Fund and Personal Assets Trust, give an update on the performance, current asset allocation and outlook of the strategy.
Please note that the webinar is for UK investors and professional investors only in Ireland.
Please see a breakdown of the topics covered below:
- 0:40 – How to access the strategy
- 1:55 – The strategy’s aim
- 2:33 – Long term track record
- 3:00 – 2023 contribution to performance
- 4:18 – Macro outlook
- 11:20 – Current positioning
- 13:19 – Recent equity purchases
- 16:09 – New equity ideas
- 18:43 – Summary
- 20:08 – Questions
- 20:18 – How do you match your predictions for a recession with strong jobs and earnings expectations?
- 22:13 – Where are you seeing the relative value on the linkers from US to UK and where are you in terms of duration?
- 25:38 – Do you hedge US linkers back into Sterling?
- 27:08 – What has surprised you the most over the last 18 months?
- 29:52 – What is your view on the Magnificent 7?
- 34:18 – When do you envision increasing your equity allocation?
- 36:00 – Is there a potential for a US sovereign debt crisis and if so how do we avoid from an investment perspective?
- 39:55 – If yield curve control came into the US, what would the implications be on US TIPs?
- 41:55 – You mention that 2024 is an important year for elections, is the affecting your view on UK markets?
- 44:08 – Do you have any comments on Heineken’s recent results?
- 48:25 – If you do get the potential to add to your equity weighting, do you expect a bench of new holdings or to add to existing holdings?
- 48:50 – Concluding remarks
Please refer to Troy’s Glossary of Investment terms here. Fund performance data provided is calculated net of fees with income reinvested unless stated otherwise. All performance and income data is in relation to the stated share class, performance of other share classes may differ. Past performance is not a guide to future performance. Overseas investments may be affected by movements in currency exchange rates. The value of an investment and any income from it may fall as well as rise and investors may get back less than they invested. The historic yield reflects distributions declared over the past twelve months as a percentage of the fund’s price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions. Any reference to benchmarks are for comparative purposes only. Tax legislation and the levels of relief from taxation can change at any time. 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