Trojan Global Income Fund

Troy

Overview

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A fund that seeks to achieve growing levels of income from across the world, alongside the potential for capital growth.

What does the fund do?

It aims to provide investors with an attractive and regular stream of income that we aim to grow. We manage a concentrated portfolio of high-quality, global companies, purchased at attractive valuations and held for the long term.

Why this Fund?

Aimed at investors who seek an equity-focused income stream, with below-average volatility and an emphasis on absolute returns. The Fund integrates ESG and stewardship in accordance with Troy’s Responsible Investment & Stewardship Policy and also adheres to Troy’s Climate Change Mitigation Policy, in accordance with article 8 of SFDR.

View our SFDR disclosure

The team

Commentary

November 2025

Your Fund returned +0.1% over the month compared to -0.6% for the MSCI World Index NR (£).

At Troy we like to invest for the long term and allow high quality companies to compound uninterrupted. However, we are also mindful of valuation and will act when we see it as justified. Earlier in the year we materially reduced the size of our longstanding investments in Philip Morris and Nintendo.

Philip Morris must be seen as the premier nicotine consumer products company in the world. Far-sightedness and strategic capital allocation allowed the company to establish the premier heat-not-burn brand globally in the form of IQOS. This reputation of being at the vanguard of the transition of the tobacco industry away from tobacco was burnished with the acquisition of Swedish Match which brought with it the premier global modern oral brand Zyn. The company’s willingness to disrupt its own core business is to be admired. It is the exception to the “Innovators Dilemma” as described by Clayton Christensen whereby clinging to an outdated modus operandi can be fatal (Kodak being the most famous example).

As the so-called next generation product portfolio scales investors are coming to the realisation that this remains a high quality and sustainable industry which now has the tools to satisfy consumers with dramatically reduced harm. All of this meant that the shares performed strongly and enjoyed a notable re-rating to a c. 24x price to earnings ratio. While we are pleased the investment case is evolving as expected this caused us to significantly reduce the amount of capital we have committed to this business.

Following the launch of the Switch 2 console Nintendo has also enjoyed a period of strong performance. As expected, the new product is an improved iteration of the previous platform and has been incredibly well received by gamers around the world. This is evidenced by both sales of the Switch but also the software that goes with it. This success has elevated the valuation of the shares and, like Philip Morris, caused us to significantly reduce the size of the investment in the portfolio.

 

Key facts

Co-Manager

James Harries

Co-Manager

Tomasz Boniek

Inception date

01/11/2016

Currency

Sterling

Available share classes

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)

Fund ratings

© 2025 Morningstar, Inc. All Rights Reserved.

The Elite Rating™ system is proprietary to FundCalibre Ltd, but should not be taken as a recommendation.

Benchmarks

For more information on the benchmarks used please refer to the ‘use of benchmarks’ section in the fund information sheet

Ongoing Charges

‘O’ (ordinary) shares: 0.90%

‘O’ ACC SHARE CLASS as at 30/10/2024

169.06p

Fund size as at 30/11/2025

£462m

‘O’ INC SHARE CLASS as at 30/10/2024

133.72p

Performance

Source: Lipper.

01/11/201630/11/202030/11/202230/11/202431/05/2025
Since Launch5 Years3 Years1 Year6 Months
MSCI World NR GBP179.884.851.912.216.5
Trojan Global Income O Acc81.235.715.94.10.4
IA Global Equity Income NR110.263.835.810.29.8

Discrete Calendar Annual Returns (%)2016201720182019202020212022202320242025
Trojan Global Income O Acc0.68.7-1212.316.7-1.11.48.76.1

Source: Lipper. Since Launch (01/11/2016) to 30 November 2025. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms.

Risk and Volatility since launch

Source: Lipper.

Risk Analysis Since Launch (01/11/2016)Trojan Global Income O AccIA Global Equity Income NRMSCI World NR GBP
Total Return81.2110.2179.8
Max Drawdown-18.7-26.6-26.1
Best Month6.811.19.2
Worst Month-6.5-11.5-10.6
Positive Months63.065.765.7
Annualised Volatility9.310.312.1

Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns. Source: Lipper, as at 30 November 2025. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms.

Asset allocation

Top 10 holdingsFund %
BAT7.53084116272388
CME5.71370794395594
Reckitt Benckiser5.15098979937626
Microsoft4.6611547508164
Canadian National4.28001614087472
Siemens4.24444097865449
Paychex4.19715684652523
Amadeus4.13507056162864
Rentokil Initial3.78456230991458
Roche3.63201118210721
Total Top 1047.3299516765774
21 Other Equity holdings52.1229787812107
Cash0.547069542211984
Total100

Asset allocation and holdings subject to change. As at 30 November 2025.

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive
Newsletter     View documents Hide documents

Fund Information Sheet

 View document Download document  

Interim Report

 July 2025 View document Download document  

Annual Report

 January 2025 View document Download document  
Prospectus & Additional Investor Information     View documents Hide documents
UCITS KIID     View share classes Hide share classes
Sustainability-related Disclosures     View documents Hide documents

Sustainable Investment Labels Statement

Sustainable investment labels help investors find products that have a specific sustainability goal. This fund does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective.  Despite not having a sustainable investment objective, when investing in companies, Troy integrates the analysis of sustainability characteristics into its investment decision-making. Troy also considers the steps companies are taking in relation to climate change mitigation.

Important Information
Past performance is not a guide to future performance. The value of a fund and any income from it may go down as well as up and investors may get back less than they invested. Changes in rates of exchange may cause the value of investments to go up or down. Returns may increase or decrease as a result of currency fluctuations. This data is provided for information only and should not be reproduced, published or disseminated in any manner. Although Troy considers the data to be reliable, no warranty is given as to its accuracy or completeness. Any comparisons against indices are for illustrative purposes only.  Some of the information contained on this page: (1) is proprietary to Morningstar and/or its content providers​; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For the full fund disclaimer please refer to the Fund factsheet. Please refer to Troy’s Glossary of Terms available here.

Important information for U.S. persons
The securities described on this website are neither available nor offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. persons who are resident outside the United States of America).

How to invest

Find more information on how to invest in this fund and where it is available.

How to invest

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Trojan Investment Funds and its sub-funds are UK funds established under the provisions of the European Directives on the co-ordination of laws, regulations, and administrative provisions relating to undertakings for collective investment in transferable securities (“UCITS”) (Directive 2009/65/EC) as implemented in the UK.  Trojan Investment Funds is authorised by the FCA.  Certain sub-funds are available for distribution in Ireland (for professional investors only), Singapore (for institutional investors only), Switzerland (for qualified investors only) and are registered for distribution to the public in the UK.

Trojan Fund (Ireland), Trojan Income Fund (Ireland), Trojan Global Income Fund (Ireland) and Trojan Ethical Fund (Ireland) are sub-funds of Trojan Funds (Ireland) plc which is an Irish UCITS subject to the laws of the Republic of Ireland.  Each is authorised in the Republic of Ireland by the Central Bank of Ireland, and is a scheme recognised by the FCA under the Financial Services and Markets 2000 Act (“FSMA”).  Trojan Fund (Ireland) and Trojan Income Fund (Ireland) are registered for distribution in Austria (certain share classes only), Germany (certain share classes only), Ireland, Italy (for institutional investors only), Singapore (for institutional investors only), Spain (certain share classes only), Switzerland and the UK.  Trojan Fund (Ireland) is also registered in Portugal (certain share classes only). Trojan Ethical Fund (Ireland) is registered for distribution in Ireland, Singapore (for institutional investors only), Spain (certain share classes only), Switzerland and the UK.  Trojan Global Income Fund (Ireland) is registered for distribution in Ireland, Spain (certain share classes only), Switzerland and the UK.

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