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Trojan Global Income Fund

The investment objective of the Trojan Global Income Fund is to provide income with the potential for capital growth in the medium term. The fund’s policy is to invest substantially in equities globally. It may also invest in fixed interest securities, indices, deposits, collective investment schemes and money market instruments.

 Introducing the Fund                                                                  


Portfolio Positioning

'O' Share Class Price 23/03/2017
Accumulation Shares
Income Shares
Fund Size

February 2017

At a recent Nestlé Chairman’s roundtable Peter Brabeck-Letmathe outlined his industry views.

Consumer companies fall into two camps: those who invest, innovate and improve products to underpin long-term value creation and growth, and those that cut costs and raise debt to improve short-term shareholder returns. One is a business model and the other is a financial model that will do long-term damage.

Now we know why. Unilever received a bid from Kraft Heinz during the month under the auspices of a Brazilian private equity group 3G following this “financial model”. This is pressing managements to react.

We continuously strive to upgrade the quality and/or value of the Fund to underpin the income generated. One such idea is IG Group which we have purchased funded from a part-sale of Centrica. This is a material improvement in the financial productivity of the portfolio, a reduction in debt but with no curtailment in the expected income. 

As Unilever shareholders we have a keen interest here. Pleased the bid failed, we favour a long-term, sustainable approach and have written to the Chief Executive to this effect. We would like to hold Unilever forever and now have a chance once again of doing so. All of this echoes broader market themes. Very low interest rates have led to debt-funded share buy-backs, mainly in the US, and over- investment booms elsewhere. The wrong pricing signal has led to poor capital allocation, the consequences of which are yet to be felt.

After all, "Panics do not destroy capital; they merely reveal the extent to which it has been destroyed by its betrayal into hopelessly unproductive works.*

*John Mills, “Credit Cycles and the Origins of Commercial Panics”, 1867




Top 10 HoldingsFund (%)
Philip Morris 4.2
Altria 3.9
Microsoft 3.9
Novartis 3.8
Procter & Gamble 3.3
Unilever 3.2
Roche Holdings 3.2
Cisco 3.1
Johnson & Johnson 3.0
Eversource Energy 3.0
Total Top 10 34.6
28 other holdings 57.8
Cash & equivalent 7.6
Total 100.0


How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

Find Out More

  • Fund Manager
    James Harries
  • Inception Date
  • Currency
    £ Sterling
  • Available Share Class
    O, I, S
  • ISIN (O Class)
    GB00BD82KP33 (Acc)
    GB00BD82KQ40 (Inc)
  • Bloomberg (O Class)
    TGIFOAC_LN (Acc)
    TGIFOIN_LN (Inc)
  • Sedol (O Class)
    BD82KP33 (Acc)
    BD82KQ40 (Inc)

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