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

September 2025

Your Fund returned -3.9% over the month compared to +3.6% for the MSCI World Index NR (£).

The Fund has suffered a disappointing month in both relative and absolute terms. Although we would not normally comment on such short-term performance, this bears some explanation.

The weakness was the combination of two factors: first, market returns in Q3 were unusually narrow, and second, a handful of our holdings across different sectors saw simultaneous share prices fall despite no material deterioration in their businesses.

The narrowness of market returns was in large part due to the extraordinary levels of exuberance for all things AI. This was accelerated by Oracle surprising investors with the scale of its order book, in large part to meet the appetite of Open AI, who in turn announced an investment from NVIDIA, from whom Oracle will buy chips to meet Open AI’s demand! These arrangements lead us to believe market enthusiasm is turning increasingly more speculative.

Turning to stock level comments, there was a broad level of underperformers including Paychex, Diageo, British American Tobacco (BAT), Kenvue and Pernod followed by Texas Instruments, Nike and Coloplast. In the case of Paychex and BAT this was mostly a pull back following a strong run. Diageo and Pernod continued to suffer from the post-COVID boom/bust hangover which is taking longer than expected to clear. Kenvue fell owing to the Trump administration’s efforts to link Paracetamol with autism (which we see as very unlikely to be true). Texas Instruments reported results in early September that disappointed on sales growth, pushing out the timing of demand recovery. Nike was weak after a strong run, but results released on the last day of the month were positively received and confirm that the business is recovering from previous strategic missteps.

These declines were offset by better performance from the likes of Reckitt Benckiser, CME, Microsoft, Relx and Rentokil but this was not sufficient to avoid a drawdown.

In summary, the drawdown suffered in the month does not represent a permanent loss of capital in our opinion. Rather, the free cash flow growth in the portfolio remains strong and our companies remain good value, with more than half of our companies now trading below their ten year average price to earnings ratio.

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 30/09/2025

£462m

‘O’ INC SHARE CLASS as at 30/10/2024

133.72p

Performance

Source: Lipper.

01/11/201630/09/202030/09/202230/09/202431/03/2025
Since Launch5 Years3 Years1 Year6 Months
MSCI World NR GBP169.288.357.016.814.6
Trojan Global Income O Acc79.134.515.57.72.2
IA Global Equity Income NR103.069.439.49.88.2

Discrete Calendar Annual Returns (%)2016201720182019202020212022202320242025
Trojan Global Income O Acc0.68.7-1212.316.7-1.11.48.74.9

Source: Lipper. Since Launch (01/11/2016) to 30 September 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 Return79.1103.0169.2
Max Drawdown-18.7-26.6-26.1
Best Month6.811.19.2
Worst Month-6.5-11.5-10.6
Positive Months62.365.166.0
Annualised Volatility9.410.412.1

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 September 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 %
BAT6.73632174445373
CME5.40870734007366
Reckitt Benckiser5.04269258694256
Microsoft4.83873433841007
Paychex4.69726880219411
Amadeus4.39951666185906
Siemens4.25428915344278
CNR4.14673809054138
Admiral3.80046448105771
Rentokil Initial3.42375627980635
Total Top 1046.7484894787814
21 Other Equity holdings52.0953253409674
Cash1.15618518025127
Total100

Asset allocation and holdings subject to change. As at 30 September 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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