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 +6.0% during the month compared to +3.4% for the MSCI World Index NR (£), and over the first quarter of the year, the Fund has returned +12.8%, which compares to +9.9% for the index.

Whilst the Fund’s Q1 returns were led by US technology businesses (Intuit, PayPal, Microsoft, eBay), the overall performance was broadly based, with important contributions from the Swiss pharmaceutical companies, Novartis and Roche, and several of the Fund’s multi-national consumer staples businesses (Philip Morris International, BAT, Nestlé, Heineken). There were no major detractors to absolute returns. Coca-Cola and Medtronic were down modestly in the quarter after they both reported financial results that were marginally disappointing.

We continue to gently rebalance the portfolio as we manage capital flows into and out of the Fund. We added to the existing holding in Visa at a valuation we believe to be attractive for a growing, high quality business. We reduced the holdings in PMI and Coca-Cola to reflect our lowered conviction in these businesses. There were no new entrants into the portfolio and no exits.

Despite the recent strong recovery in global asset prices, our attitude and approach is unchanged. We remain concerned about the outlook for the global economy, the fragility of capital markets and the scarcity of bargains to be had in the sorts of companies we prefer. At the same time, we are encouraged by the fundamental strength of the businesses contained in the portfolio and we believe this tight collection of world-class companies has favourable prospects for long-term growth.


Fund Details
Total Gross Assets: £99,393,130 (As at 31.03.19)
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