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 | 343.3 | 189.5 | 54.9 | 34.7 | 8.3 | -2.1 |
| IA Global TR | 280.3 | 145.5 | 52.8 | 22.4 | 3.9 | -3.3 |
Source: Lipper, Since inception (12 August 2011) and since Troy Appointment (1 July 2015) to 31 May 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 | Electric & General Investment Fund Net Income A | IA Global TR |
|---|---|---|
| Total Return | 343.3 | 280.3 |
| Max Drawdown | -22 | -25.1 |
| Best Month | 8.7 | 9.8 |
| Worst Month | -7.5 | -10 |
| Positive Months | 60.6 | 64.2 |
| Annualised Volatility | 12.1 | 11.5 |
Source: Lipper, Since inception, 12 August 2011 to 31 May 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 | ||
| 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 |
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Factsheet
Date: May 2025 View archive Open
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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 2024 View archive Open
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Interim Report
Date: December 2023 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 | 7.35222146562904 |
| Visa | 6.91983037397049 |
| Microsoft | 6.00181724375201 |
| Mastercard | 5.81561636499247 |
| Amadeus | 5.17357488205165 |
| Fiserv | 4.80871334159108 |
| Adobe | 4.75973469402341 |
| Meta | 4.69810999882567 |
| Roche | 4.69043434238552 |
| Heineken | 4.45167449745501 |
| Total Top 10 | 54.6717272046764 |
| 17 Other Equity holdings | 43.9867219035877 |
| Cash | 1.34155089173595 |
| Total | 100 |
Source: FactSet,31 May 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
May 2025
Your Fund returned +3.2% during the month compared to +5.1% for the IA Global (TR) sector.
As trade tensions eased, recent trends reversed, and the tech-heavy U.S. market recovered ground previously lost to European and other markets. This is reflected in the Fund’s own performance. All five of its top contributors in the month are software and internet companies based on America’s West Coast; four of the bottom five contributors are European, whose shares (for the most part) had previously led returns.
In a concentrated fund it is rare, even over a very short and volatile period such as this, for market-wide trends alone to fully account for the Fund’s own performance. For instance, Intuit and Microsoft both reported accelerated demand across some of their most important business lines, sending their share prices higher. Meanwhile, Alcon’s share price declined following a softer than expected start to 2025. This divergence is relevant to the Fund’s broader investment strategy, which emphasises patient investment in innovative companies. All three companies have been owned by the Fund since Troy’s appointment in 2015[1], and this, we believe, has allowed us to develop an unusually deep appreciation for their qualities.
Prior to this month, the shares of both Intuit and Microsoft had traded relatively poorly as investors digested marginally disappointing financial results. We felt that this pattern of returns revealed more about investors’ shorter-term expectations than it did about the companies’ potential to compound their cash flows over the long term. We observed encouraging operational and strategic progress, and at such moments we tend to lean in, acquiring more shares in Intuit and Microsoft earlier this year. We see Alcon undergoing a similar test that presents a near-term opportunity. The company is on the cusp of one of the biggest and broadest product upgrade cycles in its history that should reset growth in revenue and earnings to a higher level. As with Intuit and Microsoft, we have high confidence in Alcon’s enduring power to overwhelm any shorter-term pressures by steadily reinvesting and innovating to sustain leadership in its chosen markets. We are optimistic that this will produce attractive returns for investors willing to be patient.
[1] Alcon was a division of Novartis until 2019, when it was spun off into an independent company.