The Company’s investment objective is to seek to achieve long-term capital growth with some potential for income.


Investment Manager’s Commentary

Your Fund returned +1.7% during the month compared to +1.4% for the MSCI World Index NR (£). In 2017 the Fund returned +11.3% compared to the MSCI World Index NR (£) +11.8%.

2017 was the sixth year in a row of very strong global equity markets. The last time we had such an unbroken pattern of positive global equity returns was in the 1980s when every year of the decade was positive with one exception 1987. The S&P 500 index went up each calendar month in 2017, a monthly pattern not seen before. An improvement in growth momentum internationally meant that the strongest returns came from emerging markets (+25.4%), Asia ex Japan (+15.0%) and Europe ex UK (+15.8%). Japan rallied in the last few months of 2017 to end the year +13.3% in GBP. The United States (+10.7%) lagged, not helped by the weaker USD, and the UK (+11.7%) was also a relative laggard.¹

The key drivers of returns in the Fund in 2017 included the payments companies PayPal and American Express which benefitted from the secular growth in digital payments. In addition, technology shares were once again an important feature as Microsoft, Alphabet, Intuit and Sage all produced strong returns. European consumer staples holdings Unilever, Heineken and Diageo had a very strong year. Detractors to performance in 2017 included the tobacco holdings Japan Tobacco and Altria. Healthcare investments Roche and Medtronic were disappointing but remain core holdings in the Fund.

¹All returns quoted are MSCI Net GBP, source MSCI
*Source: Bloomberg


Fund Details
Total Gross Assets: £102,768,592
(As at 31.12.17)
Dealing: Daily
NAV Frequency: Daily
Legal Status: Open Ended Investment Company
IMA Sector: Global
Dividends: February and August
Investment Manager: Troy Asset Management Limited
Authorised Corporate Director: Carvetian Capital Management Limited