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 +8.1% during the month compared to +9.8% for the IA Global (TR) sector. For the year so far, the Fund’s return of +0.5% compares to the IA Global sector -7.4%.

Sundar Pichai, CEO of Google’s parent Alphabet, observed that ‘this is the first major pandemic taking place in a digital world. Many parts of the economy are also able to continue with some semblance of normalcy thanks to advances in remote work, online shopping, delivery options, home entertainment, and telemedicine’.

The global lockdown has accelerated many existing technological trends which will not reverse when the pandemic is over. Take electronic payments; collective self-isolation has turbo-charged e-commerce, for which cash is not a payment option, and contactless payments are preferred when physical cash is tarnished as a transmitter of disease. It’s a similar story for enterprise software as huge corporations are forced to work entirely from home, driving up adoption of online tools for collaboration and security. Microsoft’s CEO, Satya Nadella, sees ‘two years’ worth of digital transformation in two months’.

The revenues of technology companies will inevitably suffer during the economic fallout from COVID-19. Fewer digital ads will be bought. Small businesses will cut their software spending to conserve cash. Consumers will reduce discretionary purchases made with their debit or credit cards. And yet the enhanced popularity of these services will endure to prepare their providers for an eventual recovery.

We continue to focus the Fund’s capital in those companies where we have the greatest conviction that they can emerge from the crisis in a stronger competitive position. During April the remaining shares in Wells Fargo were sold as the outlook for credit rapidly deteriorated.

Fund Details
Total Gross Assets: £102,994,926 (As at 30.04.20)
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

Fund Performance

Dec 18 – Dec 19 Dec 17 – Dec 18 Dec 16 – Dec 17 Dec 15 – Dec 16 Dec 14 – Dec 15
Electric & General Investment Fund 24.6% -1.2% 11.3% 20.1% 13.6%

Past performance is not a guide to the future. The value of the shares and the income from them can go down as well as up and you may not get back the full amount originally invested. Source: Yealand Administration Limited, NAV to NAV in sterling with net income reinvested. Returns are shown net of annual management charge, other expenses and net income reinvested. Returns do not include the effect of initial charges.

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.