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 +1.7% during the month compared to -2.5% for the MSCI World Index NR (£).

Returns for the Fund were driven by investments in healthcare and consumer staples companies, modestly offset by certain technology holdings.

The month was an unusually busy one for seeing companies, including 18 held in the Fund that represent just over 60% of the portfolio’s assets. These interactions were a mixture of hosting management teams at our offices, visiting them at theirs and attending investor days and industry conferences. Across the team, we made four separate trips to the US, meeting companies in Silicon Valley, Miami, New York and Boston; companies involved in payments, industrials, technology, healthcare and consumer goods.

Many investors prefer to do their job almost exclusively from their desks and believe meeting management is a distraction from focussing strictly on financial analysis. We take a different view, seeing the exercise as an important way to gain a greater understanding of industries and individual companies, something that ultimately informs the high conviction in the Fund’s investments. In a world of rapid digital change and quantitative trading strategies, it is more important than ever to keep an open mind and take a long-term view of the things that cannot easily be measured. We seek managers that are alert to the change happening around them and who shape their organisations to stay relevant to consumers and employees. Only by engaging deeply and continuously with companies can we understand their personality and motivations, and hope to have our interests respected as long-term shareholders.

Fund Details
Total Gross Assets: £102,185,204 (As at 31.05.19)
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