The trust is managed by James Harries and Tomasz Boniek at Troy Asset Management Ltd, with the support of Troy’s wider Investment Team. James is the Fund Manager responsible for Troy’s Global Income Strategy. He has over 20 years’ investment experience, and has managed global equity portfolios since 2002.
A Quality Investment Approach
We seek to invest in small number of what we deem to be very high-quality companies and hold them for very long periods to capture the compounding power of those companies.
Strong Long Term, Risk-adjusted Returns
Our focus is on the ability of the portfolio to generate strong risk-adjusted absolute returns over the long term by limiting short-term losses. Further, we seek to generate sufficient cash flow to underpin an attractive, growing level of income. Click here to see the trust’s performance over time.
We aim to provide a steady, regular income, which we aim to grow consistently from year to year. This will usually be backed by the cash generated by our underlying companies and has the added assurance that given our structure as an Investment Trust, we are able to smooth our dividend by using the revenue reserve.
Investment Trust Structure
The Investment Trust structure means we have an independent Board of Directors who oversee the direction of the trust. By engaging with and listening to our shareholders, the board ensures that we continue to offer a distinctive investment proposition that is relevant to investors’ needs. The structure also allows us to use gearing; we aim to use this modestly to take advantage of opportunities in the equity markets at specific points in the cycle.
Discount Control Mechanism
Through the Discount Control Mechanism, we have committed to buying in shares when there is excess supply in the market and issuing shares when there is excess demand. This means we can provide liquidity in our shares and we strive to ensure the share price trades at close to the underlying net asset value on an ongoing basis.
Past performance is not a guide to future performance. Performance data relating to the NAV is calculated net of fees with income reinvested unless stated otherwise. Overseas investments may be affected by movements in currency exchange rates. The value of an investment and any income from it may fall as well as rise and investors may get back less than they invested. The historic yield reflects distributions declared over the past twelve months as a percentage of the Trust’s price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions. Tax legislation and the levels of relief from taxation can change at any time. The yield is not guaranteed and will fluctuate. There is no guarantee that the objective of the investments will be met. Investment trusts may borrow money in order to make further investments. This is known as “gearing”. The effect of gearing can enhance returns to shareholders in rising markets but will have the opposite effect on returns in falling markets. Shares in an Investment Trust are listed on the London Stock Exchange and their price is affected by supply and demand. This means that the share price may be different from the NAV.