Overview
Download factsheetA concentrated portfolio of exceptional global businesses, designed to deliver long-term excess returns.
What does this fund do?
It seeks global, high-quality businesses that have the resilience to survive adversity and the adaptability to thrive in a changing world. Businesses that can grow at sustainably high returns over time provide longevity and compounding power to your returns.
Why this Fund?
Aimed at investors who seek exposure to enduring businesses with stable cashflow, strong management teams and a culture of innovation.
Investment Managers
Gabrielle is responsible for Troy’s Global Equity Strategy and is Head of Research. Gabrielle was promoted to the board in 2020. She is the Co-Manager for the Trojan Global Equity Fund and Fund Manager for the Electric & General Investment Fund.
Gabrielle has 34 years’ investment experience, has managed global equity portfolios since 2001 and European portfolios since 1998. Joining Troy at the end of 2011, previously Gabrielle was a Senior Managing Director at Lazard Asset Management where she worked for 17 years and was responsible for Global and European portfolios. Gabrielle graduated from University College Dublin gaining a BA in History and Economics and an MA in Economics. She holds the ASIP qualification and is an Associate Member of the CFA Society of the UK. Gabrielle was previously on the Board of Witan Investment Trust and is a Trustee of the charity Launch It.
George is the Co-Manager of the Trojan Global Equity Fund. He is responsible for the analysis of global companies and their selection for Troy’s portfolios.
George joined Troy in June 2012 from Rathbone Brothers, where he worked as an Assistant Fund Manager for the unit trust business. George graduated in 2006 from King’s College London with a first class honours degree in History. He is a CFA Charterholder.
Performance
| Since Launch | Since Troy Appt | 5 Years | 3 Years | 1 Year | 6 Months | |
|---|---|---|---|---|---|---|
| Electric & General Investment Fund Net Income A | 347.8 | 192.4 | 48.6 | 41.6 | -1.1 | 1.0 |
| IA Global TR | 330.5 | 177.9 | 51.6 | 36.8 | 9.4 | 13.2 |
Source: Lipper, Since inception (12 August 2011) and since Troy Appointment (1 July 2015) to 30 November 2025. Past performance is not a guide to future performance. All references to benchmarks are for comparative purposes only.
Risk analysis
| Risk Analysis Since Launch (30/06/2015) | Electric & General Investment Fund Net Income A | IA Global TR |
|---|---|---|
| Total Return | 347.8 | 330.5 |
| Max Drawdown | -22.0 | -25.1 |
| Best Month | 8.7 | 9.8 |
| Worst Month | -7.5 | -10.0 |
| Positive Months | 59.6 | 64.9 |
| Annualised Volatility | 12.0 | 11.4 |
Source: Lipper, Since inception, 12 August 2011 to 30 November 2025.
Past performance is not a guide to future performance. All references to benchmarks are for comparative purposes only. Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns.
Dividends
Past performance is not a guide to future performance. Income generated (if any) may fall as well as rise.
Literature
| Document name | Date | Open/download | All documents |
|---|---|---|---|
| Factsheet | View archive | ||
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Prospectus |
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| KIID | Share classes | ||
|
Fund Information Sheet |
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| Annual Report | View archive | ||
| Interim Report | View archive | ||
|
Value Assessment |
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| Shareholder communications | View archive |
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Factsheet
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Prospectus
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KIID
Date: Electric & General Investment Fund (Net Income ‘A’ Shares) View Share classes Open
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Fund Information Sheet
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Annual Report
Date: June 2025 View archive Open
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Interim Report
Date: December 2024 View archive Open
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Value Assessment
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Shareholder communications
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Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| Alphabet | 7.92136079301773 |
| Visa | 6.90699061540907 |
| Mastercard | 6.57245121440987 |
| Microsoft | 6.01108968135049 |
| Amadeus | 5.10153075886318 |
| Roche | 5.06255912778606 |
| Booking | 4.8083598704822 |
| LSEG | 4.51821540537229 |
| Heineken | 4.37513155903102 |
| Alcon | 4.23458398431707 |
| Total Top 10 | 55.512273010039 |
| 15 Other Equity holdings | 43.240480744865 |
| Cash | 1.24724624509607 |
| Total | 100 |
Source: FactSet,30 November 2025. Asset allocation and holdings are subject to change.
How to invest
Find more information on how to invest in this trust and where it is available.
How to invest
Commentary
October 2025
Your Fund returned +1.0% during the month compared to +4.0% for the IA Global (TR) sector.
October was defined by further developments to rapidly expand AI infrastructure. OpenAI announced new partnerships worth tens of billions of dollars with AMD, Broadcom and Microsoft, highlighting the scale of demand for advanced computing capacity. As the global data centre build-out gathers momentum, the coming wave of spending has fuelled powerful share price gains across semiconductors, power utilities and industrial equipment.
Results from the major technology companies reinforce this trend, with each reaffirming large and growing capital expenditure plans. Beyond these immediate beneficiaries, market performance was more muted as investors reassessed how AI could reshape traditional business models and redirected capital towards the near-term winners.
While this narrow market focus has weighed on the Fund’s short-term relative returns, it is also an opportunity. We are identifying businesses where AI enhances the value of proprietary data and content, supporting growth and profitability over time. LSEG’s recent results illustrated this well, showing how its unique data and analytics can drive new, high-value services.
Quarterly earnings across much of the portfolio were encouraging. American Express, Visa and Mastercard delivered robust results in payments. LVMH remained resilient in luxury goods, and Alphabet stood out among our large-cap technology holdings. Agilent also recovered strongly within life science tools.
The Fund exited its investment in Fiserv following disappointing results and management changes that reduced our conviction in the investment case. We initiated a new holding in Amazon. We view the market’s assessment of Amazon as an ‘AI laggard’ and a mispricing opportunity. This overlooks two critical drivers: 1) the strategic partnership between AWS and Anthropic that will reaccelerate cloud growth, and 2) the potential for AI-led automation to unlock dramatic internal efficiencies across its vast retail and logistics operations. These favourable dynamics combine with strong underlying growth and margin improvement in e-commerce to leave the shares trading at an attractive valuation.