This site uses some unobtrusive cookies to store information on your computer. These cookies are essential, as the site won't work as expected without them. These cookies are set when you submit a form, login or interact with the site by doing something that goes beyond clicking on simple links. 

We also use some non-essential cookies to anonymously track visitors or enhance your experience of the site. If you're not happy with this, we can disable these these cookies but some features of the site may not work. By using our site you accept the terms of our Privacy Policy.


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 22/03/2018
Accumulation Shares
Income Shares
Fund Size
£102M (28/02/18)

February 2018

The Fund returned -3.0% during the month compared to -1.1% for the MSCI World Index NR (£).

We sold our investment in Sysco during the month. This represented a most unusual event that we are likely to become more used to in the future. As a reminder, Sysco is a distributor of food and related products almost exclusively in the US. Although a low margin business, high asset turn has allowed the company to earn substantial returns which have funded consistent dividend growth for 47 years! So why the sale? Earlier this year Amazon bought Whole Foods, announcing a clear intention to enter the food business – Sysco shares fell precipitously on the day. To disrupt an entrenched business such as Sysco is likely to take a long time and a significant capital commitment – the reason we waited patiently for the Sysco share price to recover before selling – but we must recognise that the competitive landscape has changed.

To paraphrase the CEO of Amazon, Jeff Bezos, Sysco’s margin is Amazon’s opportunity and with such slim operating margins to defend, this is potentially very problematic.

Thus a business that has been an extremely consistent performer for decades is now threatened by technological disruption. It will not be the last.

The recent fall in many of our favoured high-quality companies has afforded us an opportunity to add to our holdings, underscoring our confidence in the long- term attractions of these businesses. Additions included Unilever, RELX, Hershey, Johnson & Johnson, PepsiCo, Philip Morris and Procter & Gamble.

Top 10 HoldingsFund (%)
PepsiCo 4.0
Novartis 3.8
Cisco 3.7
Imperial Brands 3.7
Japan Tobacco 3.6
GlaxoSmithKline 3.6
Procter & Gamble 3.5
Roche Holding 3.2
Dr Pepper-Snapple 3.2
Paychex 3.2
Total Top 10 35.5
30 other holdings 63.4
Cash & equivalent 1.1
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)

Related Literature