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 +7.2% during the month compared to +4.7% for the IA Global (TR) sector. A broad base of investments contributed to the Fund’s strong returns, led by technology, payments and healthcare companies. Sterling’s sharp decline against most major trading currencies also had a large positive impact on reported results.

The Fund’s remaining shares in Sage were sold in July. The company was a core holding in mid-2016 when we began reducing the holding to reflect growing concern about Sage’s ability to close the competitive gap between itself and its accounting software rivals (including Intuit, a constituent of the Fund since Troy’s appointment in 2015). The Fund’s outright sale was part of a group transaction conducted across several of Troy’s funds after a share price recovery placed the company on historically high valuation multiples. Subsequent to our sale, Sage’s shares fell more than -10% after it reported slightly disappointing financial results.

The Fund added to its investment in Alphabet in June and the holding was the single largest positive contributor to the portfolio’s performance during July. The company reported better than expected quarterly revenues and earnings. It also gave a long-awaited update about its cloud platform services business and announced a new $25bn share repurchase programme. Alphabet thereby allayed investors’ concern about slowing rates of growth whilst answering popular criticisms of its approach to financial disclosure and capital allocation. Despite being up +13% during the month (+17% in sterling), Alphabet’s shares are approximately flat over the course of the last 12 months. We continue to see the company as attractively valued given its continued bright prospects for high and durable rates of profitable growth.

Fund Details
Total Gross Assets: £110,900,910 (As at 31.07.19)
Dealing: Daily
NAV Frequency: Daily
Legal Status: Open Ended Investment Company
Investment Association Sector: Global
Dividend Payment Dates: End of February and August
Investment Manager: Troy Asset Management Limited
Authorised Corporate Director: Carvetian Capital Management Limited

Investment Objective and Policy

The Company’s investment objective is to seek to achieve long term (at least 5 years) capital growth with some potential for income.

To achieve the investment objective, the Company’s investment policy is to invest principally (at least 80%) in a portfolio of global equities, and may also invest in other transferable securities, bonds (both corporate and government debt securities), collective investment schemes (“CIS”), warrants, money market instruments, cash, near cash and deposits. The Company may borrow and may enter into underwriting arrangements. It is the ACD’s intention that derivatives and forward currency transactions will only be used for the purposes of efficient portfolio management, including hedging, as defined by the Regulations.

The Company is actively managed and has, with the exception of the above noted minimum, no limit to which it can be invested in each sector or asset type, nor is there any particular geographic focus. The Portfolio Manager has full flexibility to adjust the proportion of the property of the Company depending on their view of market conditions and the assets which it believes are most likely to achieve the Company’s investment objective. From time to time the liquidity of the Company may be increased substantially if judged to be in the interests of investors.

The Company may invest in CIS which have different investment strategies or restrictions than the Company, including the ability to invest in derivatives for investment purposes and to gain exposure to assets which are not expressly listed above. Investment in CIS will usually be limited to those which invest primarily in the assets listed above and without exception, CIS will only be held in so far as the rules permit the Company to gain exposure to the assets held by those CIS.

A Glossary of Definitions which provides definitions to some of the technical language used on this website is available from

Comparator Benchmark

To gauge the relative performance of the Fund, Shareholders may compare the Fund’s performance against the Investment Association’s Global Sector. This is not a performance target nor constrains the way in which the Fund is managed. For further information on the Sector and its intended use, please refer to the Fund’s Prospectus.