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 +0.7% during the month compared to +2.4% for the IA Global (TR) sector. The Fund finished the year +12.0%, which compares to +14.9% for the sector.

In a year like no other, the Fund’s return was once again driven by a broad number of U.S. technology companies spreads across software (Microsoft and Intuit), internet (Alphabet) and payments (Paypal). Detractors to returns included companies most impacted by economic shutdowns necessitated by the pandemic (Becton Dickinson, American Express).

This was a busier year in terms of transactions as we sought to focus the portfolio where we have greatest conviction. One new company to enter the Fund in 2020 was the financial information and analytics business, S&P Global. Coca Cola, Procter & Gamble and Wells Fargo were sold in the first few months of the year. The Fund also substantially reduced its commitment to the tobacco sector with the sale of Altria and British American obacco. As a consequence of this activity, the portfolio has become more concentrated. It ended the year with 27 holdings and 58% of assets invested in the top 10.

The out-turn for the year belies the drama to get there and the underlying economic shifts that have occurred along the way. Paramount among these are the radical digitisation of commerce and the growing share of GDP enabled by the internet. At the same time, many of the Fund’s long-held companies have had to weather previously unthinkable cuts to revenues. We are encouraged by how well both Troy’s team and our portfolio of companies have performed thus far. We remain alert and open-minded about the challenges and opportunities that lie ahead.

Fund Details
Total Gross Assets: £108,569,828 (As at 31.12.20)
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.