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 -6.7% during the month compared to -7.4% for the MSCI World Index NR (£). In 2018 the Fund returned -1.5% compared to the MSCI World Index NR (£) of -3.0%.

2018 was only the second year in the past ten when the MSCI World Index NR (£) produced a negative return, with much of the downdraft occurring in the last month of the year. Europe ex UK was the worst performing region (-9.9%), followed by the UK (-8.8%) and Japan (-7.5%). The US (+0.9%) was the only region in positive territory in 2018, helped by the strength of the US dollar¹.

The key drivers of returns for the Fund in 2018 once again included investments in companies simplistically categorised as benefiting from the growth of the digital economy. This included a diverse array of investments: PayPal, Visa, Fiserv and American Express in payments, Microsoft and Intuit in enterprise software and Alphabet and Experian in internet and data. Elsewhere investments in healthcare (Medtronic, Becton Dickinson, Roche and Novartis) were additive particularly in the second half of the year. Bucking the weak trend of the UK equity market the Fund’s Unilever and Diageo contributed positively to returns. The new investment in L’Oréal made early in 2018 was a positive contributor to returns. Detractors to performance in 2018 included, investments in the tobacco sector (BAT, Altria and Philip Morris). eBay had a disappointing year as did Sage and Wells Fargo.

¹All returns quoted are MSCI Net GBP, source MSCI.


Fund Details
Total Gross Assets: £91,385,095 (As at 31.12.18)
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