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 +2.4% during the month compared to +4.6% for the IA Global (TR) sector.

Monthly returns were once again driven by the Fund’s large investments across the internet, software and payments sectors. We have written extensively this year as to why we remain optimistic about these parts of the portfolio. We are equally committed to the Fund’s long-term investments in companies for which the pandemic has been less positive. One such example is Medtronic, the medical device manufacturer. The company reported quarterly earnings in August and the results revealed severe declines in revenues, profits and cashflows as deferred surgical procedures disrupted Medtronic’s sales. Beneath the surface, however, are encouraging signs of progress. Medtronic’s markets are recovering faster than many anticipated and the company is making moves to improve its competitive position. Medtronic reported gains in market share for several of its largest businesses, driven by new product launches. There is more to come over the next few years as the company commercialises a rich pipeline of new devices. As the inventor of the world’s first wearable pacemaker in the 1950s, Medtronic has a proud heritage in biomedical engineering. Under new CEO Geoff Martha, the company is being reorganised to sharpen its commercial execution. Mr Martha summed it up as follows: ‘We’re playing offense and we’re energised to use this moment when our pipeline is kicking in to expand our markets and take share. And importantly, we’re driving towards faster and broader top-line growth, not just from the pandemic, but sustainable growth over the long term’. Given this brightening outlook, we see the Fund’s investment in Medtronic as an important source of strength, diversity and value for the portfolio.

Fund Details
Total Gross Assets: £109,073,469 (As at 31.08.20)
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.