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 +0.9% for the IA Global (TR) sector. For the third quarter of the year, the Fund returned +4.0%, which compares to the IA Global (TR) return of +2.4%.

The investment in Roche Holding AG was first made for the Fund when Troy undertook to manage the portfolio in July 2015. An investment in the Swiss company has been held elsewhere by Troy for over a decade. Roche’s primary attraction is its long and outstanding record for developing innovative medicines that treat devastating diseases. This record is sustained by stable management and substantial reinvestment into a broadly defined research and development (R&D) programme. A family-controlled ownership structure is also important in keeping the company orientated towards long-term results.

Roche’s R&D was deeply explored by attending a recent investor event hosted by the company in London. We also travelled to California to visit Genentech, Roche’s wholly owned U.S. subsidiary.

We believe the unusual productivity of Roche’s R&D is underappreciated at a time when several of the company’s best-known medicines stand to lose their patent exclusivity. The politically charged prospect of U.S. drug price reform further adds to near-term uncertainties. We are confident Roche has sufficient resources to continue to grow, despite these acknowledged headwinds, as it consolidates leadership positions within several therapeutic areas, including haemophilia, multiple sclerosis and oncology. We also believe that whilst investors debate the immediate profile of Roche’s earnings growth, they are likely to overlook the company’s other enduring attractions – its extraordinary rate of free cash flow generation, a strong balance sheet and a world-leading healthcare diagnostics division.

Fund Details
Total Gross Assets: £106,578,213 (As at 30.09.19)
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.