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 | 341.4 | 188.2 | 52.9 | 41.2 | 4.1 | -2.3 |
| IA Global TR | 289.0 | 151.1 | 52.4 | 32.5 | 4.5 | 0.8 |
Source: Lipper, Since inception (12 August 2011) and since Troy Appointment (1 July 2015) to 30 June 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 | 341.4 | 289.0 |
| Max Drawdown | -22.0 | -25.1 |
| Best Month | 8.7 | 9.8 |
| Worst Month | -7.5 | -10.0 |
| Positive Months | 60.2 | 64.5 |
| Annualised Volatility | 12.1 | 11.5 |
Source: Lipper, Since inception, 12 August 2011 to 30 June 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 | ||
|
Half-Year Letter |
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 |
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Factsheet
Date: June 2025 View archive Open
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Half-Year Letter
Open Download -
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
Download
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Interim Report
Date: December 2023 View archive Open
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Value Assessment
Open Download -
Shareholder communications
View archive Open
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Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| Alphabet | 7.4369951249036 |
| Visa | 6.63186349412764 |
| Microsoft | 6.39221329640276 |
| Mastercard | 5.50068748313896 |
| Amadeus | 5.13682400037665 |
| Fiserv | 5.020267462267 |
| Meta | 4.85933492622791 |
| Roche | 4.64445325468961 |
| Booking | 4.50563894641939 |
| Adobe | 4.3728269103627 |
| Total Top 10 | 54.5011048989162 |
| 17 Other Equity holdings | 43.8652745105506 |
| Cash | 1.63362059053323 |
| Total | 100 |
Source: FactSet,30 June 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
June 2025
Your Fund returned -0.4% during the month compared to +2.2% for the IA Global (TR) sector.
The share prices of card networks Mastercard and Visa retreated from all-time highs during the month. The proximate cause was the passage of the GENIUS Act in the US, which establishes a comprehensive regulatory framework for ‘stablecoins’. Stablecoins are digital tokens running on blockchain technology that are (usually) backed by fiat-currency reserves. Large US merchants and their payment processors are investing in the technology and investor excitement is sky high. Stablecoin provider Circle Internet had its IPO at the start of June and in less than a month its shares are 5x higher, valuing the company at >$40bn. The share prices of the card networks reacted to the risk that stablecoins might disrupt traditional card payments by establishing a new rival mechanism for settling transactions.
We think the risk is far-fetched at this very early stage. In consumer payments, stablecoins are a solution looking for a problem in most developed markets. Consumers have little incentive for their adoption beyond serving as a lay-by for high-octane crypto assets because cards already set a high bar for acceptance, speed, security and cost.[1] Stablecoins might play a role in certain non-carded areas; in emerging markets where fiat currencies are volatile, and remittances are expensive; or in commercial payments where traditional bank-to-bank networks can be costly and slow. We think the card networks face more opportunity than risk by positioning themselves as on and off ramp for stablecoins, and by bringing their security, governance and utility to their settlement. We strongly suspect that fears of disruption will dissipate, just as they did in 2021, when buy-now-pay-later providers decided to partner with the card networks rather than circumvent them. Then, as now, the card networks are enablers of technological change for the banking system.
The Fund’s underlying companies continue to generate healthy rates of growth. The result is a more appealing valuation for the Fund, which underpins our optimism for future returns.
[1] Credit cards carry further benefits, including financing and rewards.