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 +1.2% during the month compared to +0.6% for the MSCI World Index NR (£).

The first quarter of 2017 has seen continued strong equity markets and the Fund returned +7.3% compared to the MSCI World Index NR (£) +5.1%. Particular highlights over the quarter included Unilever, Philip Morris International, BAT, Roche, Medtronic and Jardine Matheson albeit returns were broadly spread.

The leading credit bureau Experian, a long-term holding in the Fund, provides the consumer information which is the basis for granting credit and has dominant market positions in the UK, US and Brazil. With data on over 900 million consumers globally and 100 million businesses, Experian holds an oligopolistic position in a growing market for credit scoring as financial services evolve around the world. Operating margins have averaged 24% over the past 5 years, capital intensity is low and cash generation is strong. The relatively new management team has introduced a more coherent structure, balancing investment in innovation and technology and exiting non-core businesses (as evidenced by the recent sale of the email and cross-channel marketing business). Dividends have grown consistently over the past 10 years, shares in issue have fallen by 15% and the balance sheet, although levered, is healthy. Despite a strong performance over the past year, Experian trades on a 6.4% historic free cash flow yield and remains a core holding in the Fund.

*Source: Troy, Bloomberg 31st March 2017


Fund Details
Total Gross Assets: £105,247,414
(As at 31.03.17)
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