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 | 351.1 | 194.6 | 56.8 | 34.3 | 7.4 | -6.7 |
| IA Global TR | 306.8 | 162.6 | 59.7 | 29.3 | 9.3 | 0.4 |
Source: Lipper, Since inception (12 August 2011) and since Troy Appointment (1 July 2015) to 31 July 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 | 351.1 | 306.8 |
| Max Drawdown | -22.0 | -25.1 |
| Best Month | 8.7 | 9.8 |
| Worst Month | -7.5 | -10.0 |
| Positive Months | 60.5 | 64.7 |
| Annualised Volatility | 12.1 | 11.5 |
Source: Lipper, Since inception, 12 August 2011 to 31 July 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: July 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
Open Download -
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
Open Download -
Shareholder communications
View archive Open
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Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| Alphabet | 7.70114193240423 |
| Visa | 6.80708260869147 |
| Microsoft | 6.56508558957618 |
| Mastercard | 5.84948858582619 |
| Meta | 5.27589288431683 |
| Amadeus | 5.20503630862689 |
| Roche | 4.77807551802003 |
| Fiserv | 4.56706359131178 |
| Booking | 4.52177484869597 |
| Adobe | 4.2647655961956 |
| Total Top 10 | 55.5354074636652 |
| 16 Other Equity holdings | 43.6595853362764 |
| Cash | 0.805007200058499 |
| Total | 100 |
Source: FactSet,31 July 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
July 2025
Your Fund returned +2.2% during the month compared to +4.7% for the IA Global (TR) sector.
Silly season has come to stock markets with the return of meme stocks, oversubscribed tech IPOs (initial public offerings) and large-scale Mergers & Acquisitions. The growing presence of (retail and institutional) high-frequency traders ensures that momentum dominates short-term investment flows, creating a widening performance gap between the haves and have-nots. The Fund finds itself straddling this divide. For instance, the share prices of Meta Platforms and Microsoft hit all-time highs on the last day of the month after they reported financial results.[1] These showed greater than expected revenue growth that demonstrates the strength of their competitive positions as AI becomes more important. On the other side, the share prices of Fiserv, Heineken and LSEG all fell because they reported less than pristine numbers. From our perspective the disappointment in their operating results is more apparent than real. All three maintained or upgraded their guidance for healthy rates of earnings growth in 2025. We suspect that extreme share-price moves – to the upside and downside – say more about prevailing investor sentiment than corporate performance.
This dynamic creates opportunity, in our view. The gap between the Fund’s current free-cash-flow yield (at 5%) and the MSCI World’s (at 3.8%) is the highest in nine years.[2] We believe the Fund’s companies are well above average, and when compared to the past, the group we have today is significantly more competitively advantaged, financially productive, and faster growing. We continue to lean into this trend for continuous improvement. The residual holding in Unilever was disposed in the month and the proceeds were reinvested across the portfolio. Our optimism for the Fund’s future returns is informed by this picture of outstanding and improving quality, available at a valuation that increasingly appeals.
[1] This performance is not captured in returns presented here because of the Fund’s 10am valuation, whereas it is captured in the index’s returns, which are calculated at the end of the day.
[2] Free cash flow is calculated on a trailing 12-month basis. Source: Factset.