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 | 326.0 | 178.2 | 41.3 | 29.5 | -11.9 | -5.6 |
| IA Global TR | 334.4 | 180.4 | 49.6 | 36.1 | 7.2 | 6.8 |
Source: Lipper, Since inception (12 August 2011) and since Troy Appointment (1 July 2015) to 31 January 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 | 326.0 | 334.4 |
| Max Drawdown | -22.0 | -25.1 |
| Best Month | 8.7 | 9.8 |
| Worst Month | -7.5 | -10.0 |
| Positive Months | 59.5 | 64.7 |
| Annualised Volatility | 12.0 | 11.4 |
Source: Lipper, Since inception, 12 August 2011 to 31 January 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 |
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| Shareholder communications | View archive |
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Factsheet
Date: January 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 % |
|---|---|
| Alphabet | 7.37188447430739 |
| Visa | 6.83611100185911 |
| Mastercard | 6.61667281350032 |
| Microsoft | 5.40663042078949 |
| Booking | 5.03964747140341 |
| Amadeus | 4.80796804034015 |
| Heineken | 4.66892073171061 |
| Roche | 4.63861400751389 |
| Meta | 4.62925702531711 |
| Alcon | 4.43903561393916 |
| Total Top 10 | 54.4547416006807 |
| 15 Other Equity holdings | 44.1181149305778 |
| Cash | 1.42714346874157 |
| Total | 100 |
Source: FactSet,31 January 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
January 2026
Your Fund returned -6.1% during the month compared to +1.1% for the IA Global (TR) sector.
The past six months have been very disappointing for the Fund and January saw an acceleration of the negative trends. Investor sentiment has turned savagely against companies deemed to be at the wrong end of AI disruption, which includes several of the Fund’s core holdings. This ‘zero sum’ market attitude stands in stark contrast to the positive news flowing from the companies themselves. Data company Experian, which has been owned in the Fund since 2015, is a good example of this dislocation. The shares were -18% in January as investors speculated about the possible impact of AI on Experian’s business. This is despite the company reporting solid financial progress during the month. More importantly, we see Experian enjoying a defendable competitive position, insulated from disruption by unique proprietary data sold at scale into highly regulated and risk-averse industries. These themes are explored in more detail in the Strategy’s recently published Annual Letter, available here.
What are we doing about this situation? A lot of our research is devoted to understanding how the business environment is changing as it relates to AI and other developments. This work gives us confidence about the ongoing stability, adaptability and growth potential of the portfolio’s companies. Where we have doubts, we have taken decisive action. Portfolio turnover was ~20% of the Fund’s assets in 2025, double the historic average. We bought one new company (Amazon) and sold four others (American Express, Fiserv, Medtronic and Unilever) to reinvest across companies that offer more compelling opportunities to enhance quality and growth.
We have great respect for the transformative potential of AI, and we recognise that this is a major test of patience and resolve. We also believe that in their nervous excitement, investors are in danger of throwing the baby out with the bathwater. Experian’s shares are now valued at the very low end of their historic valuation range over the past decade. Similarly, when compared to the broader market, it’s been ten years since the Fund was valued so cheaply. Meanwhile, the quality and long-term potential of the Fund’s companies has rarely been so promising, and we have full confidence that their steady growth will reassert its influence to determine investor returns.