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 20/11/2024
631.85p
Fund size as at 31/10/2024
£546m
‘O’ INC SHARE CLASS as at 20/11/2024
520.14p
Performance
Source: Lipper, Waystone Management Limited. The Fund was originally launched as the Trojan Capital Fund, which 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.
| 06/03/2006 | 31/10/2014 | 31/10/2019 | 31/10/2021 | 31/10/2023 | 30/04/2024 | |
|---|---|---|---|---|---|---|
| Since Launch | 10 Years | 5 Years | 3 Years | 1 Year | 6 Months | |
| MSCI World NR GBP | 442.7 | 216.5 | 77.6 | 28.4 | 26.2 | 8.2 |
| IA Global TR | 311.7 | 162.5 | 55.5 | 12.9 | 22.3 | 4.9 |
| Trojan Global Equity O Acc | 518.6 | 222.7 | 66.0 | 21.4 | 24.0 | 7.0 |
| 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 O 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 | 11.9 |
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, Waystone Management Limited. Since Launch (06/03/2006) to 31 October 2024.
Risk and Volatility since launch
Source: Lipper, Waystone Management Limited.
| Risk Analysis Since Launch (06/03/2006) | Trojan Global Equity O Acc | IA Global TR | MSCI World NR GBP |
|---|---|---|---|
| Total Return | 518.6 | 311.7 | 442.7 |
| 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 | 61.9 | 63.2 | 63.7 |
| Annualised Volatility | 11.5 | 13.1 | 13.0 |
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, Waystone Management Limited.
As at 31 October 2024.
Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| Visa | 7.03795231776493 |
| Alphabet | 6.87081639491515 |
| Fiserv | 6.13202145755678 |
| Mastercard | 5.47351904509155 |
| Roche Holding | 5.17306919832471 |
| Microsoft | 4.72992465313291 |
| Meta Platforms | 4.56451544592925 |
| LSEG | 4.28119350727451 |
| Amadeus IT | 4.18402384058252 |
| Heineken Holding | 4.17965814511028 |
| Total Top 10 | 52.6266940056826 |
| 18 Other Equity holdings | 45.5012216211736 |
| Cash | 1.87208437314387 |
| Total | 100 |
Asset allocation and holdings subject to change. As at 31 October 2024.
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
| Circulars | View Circulars | ||
| Factsheet | View archive | ||
| Newsletters | View newsletters | ||
| UCITS KIID | View share classes | ||
|
Fund Information Sheet |
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 2024 | View document Download document |
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Circulars
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Factsheet
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Newsletters
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UCITS KIID
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Fund Information Sheet
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Sustainability-related Disclosures
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Prospectus & Additional Investor Information
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Annual Report
Date: January 2024 Open Download -
Interim Report
Date: July 2024 Open Download
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.
How to invest
Commentary
October 2024
Your Fund returned +2.2% during the month compared to +2.3% for the MSCI World Index NR (£).
It is a curious fact that amidst all the excitement about AI and the strength of the US stock market, US software companies have made less than half the return of the US market so far this year. The cause for this is partly cyclical as the sector consolidates the big gains it made last year. But there are also questions about growth, competition and the implications of generative AI (‘Gen AI’) for incumbent software providers.
Few companies illustrate these dynamics better than Adobe, a company owned by the Strategy since 2022. Last year the shares were +67% (in GBP). This year they are down -21%. Adobe faces intensifying competition from newer web-based rivals at a time when Gen AI threatens to automate the work of the creative professionals that subscribe to Adobe’s products. Monetisation of Adobe’s own Gen AI tools is apparently slow going.
We travelled to Miami in October to attend Adobe’s annual conference for creators. The event drew a crowd of 10,000 people, many of them relatively young, all of whom are deeply habituated to Adobe’s various products. They and millions like them can be expected to remain loyal Adobe customers for many years to come. Nor is Adobe standing still. It is bringing more innovation to its users than ever before, and the ability to generatively add, remove and mix elements of creative work eliminates hours of manual drudgery. We believe that Gen AI will lead to a massive proliferation of content that will only enhance the value of Adobe’s highly precise and commercially safe editing tools. These include Adobe’s own lighter-weight web-based applications that enhance collaboration and create opportunity for Adobe to grow its audience way beyond the hardcore of creative professionals. Monetisation can wait. The company is wisely focussed on proliferating usage of these new features and apps, confident that their value will eventually be realised in volume growth, higher retention, cross-sell, and pricing.
These insights reinforce our conviction in the Strategy’s investment in Adobe.