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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 23/01/2017
Accumulation Shares
Income Shares
Fund Size

November 2016

We have spent the month establishing the new portfolio in challenging conditions.

The result of the US presidential election has elevated investors’ inflation expectations triggering a fall in world government bond markets and a rotation in equity markets away from the high quality and predictable businesses we prefer to those that are either more geared to a greater level of economic activity and/ or higher interest rates.

Such conviction is remarkable. In this “post-truth” world President-elect Trump’s economic plans have been taken at face value.

Unimpressed by his Ozymandian proclamations we question their feasibility and effectiveness regarding productivity and long run economic growth (which the bond market will no doubt focus on in time).



Currency markets are also more circumspect. A stronger dollar and weakness in Asian currencies, notably the renminbi, suggest the further one gets from the Trump hoopla the less good the news becomes. Selling of emerging market bonds underscores this point. Expecting a US renaissance at a time of emerging market stress is to give credence to the flawed idea of “de-coupling”.

We are taking the opportunity to buy our favoured businesses at better values. We have also written some puts on favoured holdings setting a predetermined purchase price, raising income and allowing us to retain some cash.  As the structural effects of debt, demographics, technological disruption and low productivity reassert themselves, inflation expectations will likely wane.





Top 10 HoldingsFund (%)
Novartis 3.7
Microsoft 3.2
Philip Morris 3.2
Roche Holdings 3.1
Unilever 2.9
Procter & Gamble 2.9
Nestlé 2.9
Coca-Cola 2.9
PepsiCo 2.9
McDonald's 2.9
Total Top 10 30.6
28 other holdings 53.2
Cash & equivalent 16.2
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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