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 -0.4% during the month compared to +0.2% for the MSCI World Index NR (£).

At the end of the month the Fund’s allocation to the Technology sector dropped from 27% of assets to 20%. The change was achieved by nothing more than the reclassification of certain companies by MSCI. eBay moved from Technology to Consumer Discretionary, and the holding in Alphabet (Google’s parent) was reallocated to the newly created Communications Services sector.
It would be easy to dismiss this reshuffling as artificial. Nothing material has changed since last month. Yet it does highlight two important things. First, the Fund’s tech investments have always been a mixture of companies facing very different underlying dynamics. This remains true of the Fund’s business software and payments companies that remain classified as Tech, just as it does for other stocks in the Fund, such as Amex (Financials), Experian (Industrials) and Medtronic (Healthcare), which rely heavily on technology.
Second, and more importantly, the new Communications Services sector highlights, once more, the influence of massive, fast-growing and globally dominant businesses that have become vitally important parts of the stock market in a short space of time. Google celebrated its 20th birthday during the month, and Facebook – not a part of the Fund, but part of the same new sector – is only 14 years old. These two alone have a $1.3 trillion combined market value. We and the market continue to adapt to the realities of how the internet economy is transforming all businesses, no matter how they are classified.


Fund Details
Total Gross Assets: £97,750,024 (As at 30.09.18)
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