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 Troy Appt | 10 Years | 5 Years | 3 Years | 1 Year | 6 Months | |
|---|---|---|---|---|---|---|
| Electric & General Investment Fund Net Income A | 169.5 | 141.5 | 21.8 | 15.3 | -5.5 | -9.4 |
| IA Global TR | 188.8 | 182.3 | 41.8 | 40.3 | 22.9 | 2.3 |
Source: Lipper, Since Troy Appointment 30 June 2015 to 30 April 2026. 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 | 169.5 | 188.8 |
| Max Drawdown | -22.0 | -25.1 |
| Best Month | 8.3 | 9.8 |
| Worst Month | -7.5 | -10.0 |
| Positive Months | 58.5 | 65.4 |
| Annualised Volatility | 12.3 | 11.9 |
Source: Lipper, Since Troy Appointment, 30 June 2015 to 30 April 2026.
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 | ||
|
Prospectus |
View document Download document | ||
| KIID | Share classes | ||
|
Fund Information Sheet |
View document Download document | ||
| Annual Report | View archive | ||
| Interim Report | View archive | ||
|
Value Assessment |
View document Download document | ||
| Shareholder communications | View archive |
-
Factsheet
Date: March 2026 View archive Open
Download 
-
Prospectus
Open Download -
KIID
Date: Electric & General Investment Fund (Net Income ‘A’ Shares) View Share classes Open
Download
-
Fund Information Sheet
Open Download -
Annual Report
Date: June 2025 View archive Open
Download
-
Interim Report
Date: December 2024 View archive Open
Download
-
Value Assessment
Open Download -
Shareholder communications
View archive Open
Download
Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| Alphabet | 8.39079745321419 |
| Visa | 8.05962586598981 |
| Mastercard | 6.63985778105771 |
| LSEG | 5.49268155314938 |
| Experian | 4.84987442288123 |
| Heineken | 4.79827628481497 |
| Microsoft | 4.56929070654058 |
| Roche | 4.4568627449477 |
| Amadeus | 4.41071986222084 |
| Alcon | 4.38276755757352 |
| Total Top 10 | 56.0507542323899 |
| 14 Other Equity holdings | 43.1783761291043 |
| Cash | 0.770869638505774 |
| Total | 100 |
Source: FactSet,30 April 2026. 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
March 2026
Your Fund returned -6.8% during the month compared to -7.2% for the IA Global TR sector.
Returns for the Fund and the Index are more aligned when adjusted for the timing difference of month-end calculations (midday for the Fund vs. end of day for the Index, which rallied hard in the afternoon of 31 March). In any case, returns were heavily depressed by the Iranian war. We have little insight to share on this subject beyond stating the obvious: the world is a more dangerous, volatile and unpredictable place, making investment markets especially difficult and humbling to navigate. Just as many investors spent much of January and February building conviction in the merits of owning physical assets over digital ones, the war elevates risks (from inflation, supply chain disruption, recession) that disproportionately affect companies with tangible assets.
The Fund is committed to owning competitively differentiated companies that are capital efficient and enjoy persistent growth characteristics. We are price-sensitive owners of such companies. At the start of the year, we wrote that whilst ‘other parts of the market appear stretched, indebted, or predicated on benign economic conditions, the Fund is relatively well placed – reasonably valued, lowly levered, and economically resilient’. After a poor first quarter of 2026, we maintain high conviction in the Fund’s strategy and companies.
On a cashflow basis, the Fund’s companies are collectively valued at the largest discount to the wider market in a decade, despite far superior economics and growth prospects. We believe this should lead to stronger prospective returns, and the Fund’s co-managers have recently continued to add to their personal holdings in the Fund.
The Fund’s level of underperformance is one of the most unusual in more than 35 years Gabrielle has managed money (15 of those at Troy). We have experienced many tests in the more recent past (e.g. Visa in 2021, Meta in 2022, Alphabet in 2023-2024), and in each case we remained open-minded to change whilst focussed on long-term analysis to emphasise corporate resilience and adaptability. Troy’s stable ownership and thoughtful investment culture are essential components in maintaining this perspective.