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 +3.7% during the month compared to +4.2% for the MSCI World Index NR (£).

Experian was one of the Fund’s better performers in the month, rising in response to strong financial results. The company is the world’s leading credit bureau, gathering data on over one billion people and businesses. Through the intelligent analysis and application of this data, Experian creates tools for lenders, marketers and utility providers upon which they make their business decisions. Experian’s strategic priorities were refocused in 2014 with a new management team putting technology at the core of the company’s plans. This has allowed Experian to capture the growth of a financial services industry migrating online. As the world digitises, more and more services are transacted on the internet, including mortgages, car loans, student loans and rental payments, all of which are underpinned by the exchange of accurate data. The potential uses for Experian’s valuable datasets have broadened by industry and region, and emerging markets present a substantial opportunity, led by Experian’s dominant position in Brazil. The company is consistently profitable with operating profit margins above 22% and it produces strong cash conversion despite ongoing investments in technology and people. The company has retired over 10% of its shares in issue since 2010 and grown the dividend consistently. The stock has re-rated and no longer represents a bargain at 24.5x forward earnings, but given the improvement we observe in Experian’s business model, the company remains a core holding for the Fund.

Fund Details
Total Gross Assets: £91,790,360 (As at 31.05.18)
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