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 -7.5% during the month compared to -6.7% for the IA Global (TR) sector. Since the start of the year the Fund is down -3.8% which compares to the IA Global sector -6.1%.

Investors are reminded that the Fund is priced at 10am (GMT) whereas the other constituents of the sector comparator price at different times of day. This mismatch can lead to big divergences if, as was the case in February, stock markets are especially volatile on the last day of the month. Longer time periods continue to give a more valuable description of the Fund’s pattern of performance.

It is too early to tell the extent of the impact on the portfolio from the spread of coronavirus. No company will go unaffected. The most exposed are directly involved in the travel industry (e.g. American Express) or have sizeable businesses in China or other more heavily infected countries (e.g. Nestlé). In aggregate, the Fund is deliberately invested in businesses that sell everyday essential products and services, all around the world. Additional insulation comes from their market leadership, strong cash generation and sound balance sheets.

With knowledge of the companies we want to own and the prices we are prepared to pay for them, these moments can give opportunities to upgrade the quality and long-term growth potential of the portfolio. We are not yet motivated to make wholesale changes. The existing holding in Mastercard was increased at the end of the month.

Fund Details
Total Gross Assets: £99,501,546 (As at 29.02.20)
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.