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 +2.5% during the month compared to +2.2% for the MSCI World Index NR (£).

2018 has seen substantial divergence in regional equity market returns, with the US materially outperforming every other region. This trend continued in August, underpinned by the relative strength of the US dollar. Despite all of the stock market worries since the fall of Lehman, 10 years ago almost to the day, the US equity market has consistently outperformed the rest of the world, delivering an annualised return of over +15% in GBP. Our investment approach is always to find compelling individual investments, wherever they are listed, but we are constantly struck by how many interesting companies we can find in the United States, notwithstanding the ongoing macro concerns. Particular highlights for the Fund in August included the digital payment-related companies PayPal, Visa, American Express and Fiserv, and medical technology investments Medtronic and Becton Dickinson. There has been a clear trend of these companies announcing strong revenue, cash flow and profit figures in 2018. Visa, for example, reported double-digit growth in payment volumes, total transactions, data processing and operating income for the latest quarter. The integration of Visa Europe is going well and the structural shift to digital payments is accelerating across the region. Visa is a highly profitable, low capital intensity business with strong secular growth drivers.


Fund Details
Total Gross Assets: £98,535,508 (As at 31.08.18)
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