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 | 189.4 | 182.9 | 42.2 | 40.6 | 23.2 | 2.6 |
Source: Lipper, Since Troy Appointment 30 June 2015 to 31 May 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 | 172.2 | 203.8 |
| Max Drawdown | -22.0 | -25.1 |
| Best Month | 8.3 | 9.8 |
| Worst Month | -7.5 | -10.0 |
| Positive Months | 58.8 | 65.6 |
| Annualised Volatility | 12.2 | 12.0 |
Source: Lipper, Since Troy Appointment, 30 June 2015 to 31 May 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 | ||
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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 |
View document Download document | ||
| Shareholder communications | View archive |
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Factsheet
Date: May 2026 View archive Open
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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 % |
|---|---|
| Visa | 7.75337089821353 |
| Alphabet | 6.59912760990257 |
| Mastercard | 6.53145203200002 |
| Experian | 5.49880425844554 |
| LSEG | 5.15484419786111 |
| Microsoft | 5.05236354645774 |
| Amadeus | 4.9088679646196 |
| Heineken | 4.8989625726614 |
| Booking | 4.65992306986406 |
| Roche | 4.62052665410961 |
| Total Top 10 | 55.6782428041352 |
| 14 Other Equity holdings | 43.54390436342 |
| Cash | 0.777852832444799 |
| Total | 100 |
Source: FactSet,31 May 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
April 2026
Your Fund returned +5.3% during the month compared to +6.7% for the IA Global TR sector.
We are approaching a year since the Fund’s returns began to diverge materially from the benchmark, as the share prices of technology hardware, energy, utilities, materials and industrial companies took off on the boom in AI spending. Meanwhile, our information services, software and payments companies were left behind, seen as victims of the rise of AI. Despite such
fears, the operating performance of the underlying companies are generally as strong as we have known. This disconnect is evident in the most recent quarter with outstanding revenue, earnings and operating cashflow growth across the portfolio.
Visa, the Fund’s second largest holding, is a case in point. The shares have been in the doldrums in recent years as various concerns (stablecoins, agentic commerce, heightened regulation etc.) have weighed on performance. Yet Visa’s operating results have continued to be exemplary.
In the first quarter of 2026, net revenue and EPS (adjusted for the impacts of FX, M&A and other one-time items) grew +15% and +20% respectively year-on-year, supported by payments volumes +8% in constant currencies and cross-border volumes +12%. The younger, fast-growing ‘Value-Added Services’ business now accounts for nearly a third of group revenues, whilst the group operating margin is just shy of 65% — making Visa the most profitable business we own by some way. Although the shares rallied close to +10% after the results as the market was reminded of the virtues of this compounding machine, Visa still trades at one of the lowest valuation multiples since we first invested ten years ago. Over the decade of our ownership, Visa has compounded cash flow per share at a mid-teens per annum rate, mirroring the annualised returns of the share price. Visa may not fit the fashionable investment themes of the moment — ‘re-industrialisation’, ‘AI data centre capital expenditure’ or the so-called ‘HALO’ trade (hard assets, low obsolescence) — but the attractions of Visa’s growth and
metronomic cashflows are indisputable.
Notwithstanding the challenges of the past twelve months, we are encouraged by the resilient growth and operating performance of the Fund’s companies and the compelling valuation this now presents.