Trojan Global Equity Fund (Ireland)

Troy

What 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

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.

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 24/12/2024

£6.4504

Fund size as at 30/11/2024

£566m

‘O’ INC SHARE CLASS as at 24/12/2024

£5.2955

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.

06/03/200630/11/201430/11/201930/11/202130/11/202331/05/2024
Since Launch10 Years5 Years3 Years1 Year6 Months
MSCI World NR GBP474.1221.382.734.027.311.4
IA Global TR327.3161.656.716.220.57.4
Trojan Global Equity Fund (Ireland) O GBP Acc541.7218.867.424.821.310.7
Discrete Calendar Annual Returns (%)2006200720082009201020112012201320142015201620172018201920202021202220232024
Trojan Global Equity Fund (Ireland) O GBP Acc20.2-4.6-11.318.414.96.23.714.41512.319.213.21.124.613.521.7-15.723.916

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 30 November 2024.

Risk and Volatility since launch

Source: Lipper.

Risk Analysis Since Launch (06/03/2006)Trojan Global Equity Fund (Ireland) O GBP AccIA Global TRMSCI World NR GBP
Total Return541.7327.3474.1
Max Drawdown-33.3-38.3-38.3
Best Month9.49.810.1
Worst Month-9.4-12.9-10.6
Positive Months62.163.463.8
Annualised Volatility11.513.113.1

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 30 November 2024.

Asset allocation

Top 10 holdingsFund %
Visa7.35299055344476
Alphabet6.62838836648042
Fiserv6.18756264573468
Mastercard5.60337087222435
Microsoft4.74419133299643
Roche Holding4.63578633607162
Meta Platforms4.44579050744936
LSEG4.18155706896653
Booking4.11976294385403
Amadeus IT3.87680798483889
Total Top 1051.7762086120611
18 Other Equity holdings46.2309023943072
Cash1.99288899363179
Total100

Asset allocation and holdings subject to change. As at 30 November 2024.

 

Fund literature

Document name Date Open/download Archived documents
UCITS KIID     View documents Hide documents
PRIIPS KIDs     View documents Hide documents
Circulars     View Circulars Hide Circulars
Prospectus & Additional Investor Information     View documents Hide documents
PRIIPS KIID Past Performance     View documents Hide documents
UK Reporting Status     View documents Hide documents
Factsheet     View archive Hide archive
Newsletters     View newsletters Hide newsletters

Fund Information Sheet

View document Download document  

Annual Report

January 2024 View document Download document  

Interim Report

July 2024 View document Download document  
Sustainability-related Disclosures     View documents Hide documents

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. 

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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.

How to invest

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