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

October 2025

Your Fund returned +1.0% over the month compared to +4.5% for the MSCI World Index NR (£).

Reckitt Benckiser reported results in October which were well received by investors. The shares have appreciated by 26.6% year to date. The company represents 5.1% of the Fund as at the end of October and has made a decent contribution to performance this year.

The shares rose on the back of stronger performance in its “Core Reckitt” divisions, with emerging markets showing robust growth and category momentum accelerating. Importantly, the sale of the Essential Home division has now been agreed, marking another step in the simplification of the group. While the disposal is dilutive to earnings it brings greater focus to higher-growth, higher-margin categories and allows for a sizeable special dividend. Execution has improved, advertising spend is rising to support brand strength, and with litigation risks around Mead Johnson moving towards resolution, the strategic outlook looks clearer. This has allowed the shares to re-rate from a very depressed valuation at the low in April last year. Given the brightening outlook the shares remain decent value despite recent strength.

The latest deal struck by the US with China following a meeting of Presidents Trump and Xi was interesting in the sense that is demonstrated the lessening power the US has over its strategic rival. Although the agreement was scored a Trumpian 12 out of 10 it was in fact the latest example of China standing up to America. The Chinese are following a classically orthodox game theory framework whereby you should seek not to be the aggressor, but if your opponent is, then match them blow for blow. By leveraging their control of critical minerals, a position they have built patiently over many years, China was able to avoid having to kowtow in stark contrast to other nations.

The widening split of the world into two competing spheres of influence is the defining feature of our age which will shape the political and economic backdrop for decades to come.

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 06/11/2025

£=C6/1000000m

‘O’ INC SHARE CLASS as at 30/10/2024

133.72p

Performance

Source: Lipper.

01/11/201631/10/202031/10/202231/10/202430/04/2025
Since Launch5 Years3 Years1 Year6 Months
MSCI World NR GBP181.4103.057.919.422.9
Trojan Global Income O Acc80.943.915.97.53.4
IA Global Equity Income NR109.481.140.412.713.5

Discrete Calendar Annual Returns (%)2016201720182019202020212022202320242025
Trojan Global Income O Acc0.68.7-1212.316.7-1.11.48.75.9

Source: Lipper. Since Launch (01/11/2016) to 31 October 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 Return80.9109.4181.4
Max Drawdown-18.7-26.6-26.1
Best Month6.811.19.2
Worst Month-6.5-11.5-10.6
Positive Months62.665.466.4
Annualised Volatility9.310.412.1

Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns. Source: Lipper, as at 31 October 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 %
BAT6.64991498625472
CME5.43504933354146
Reckitt Benckiser5.11910406332863
Microsoft4.94707194058366
Siemens4.57853349491499
Paychex4.43497451528154
Amadeus4.34230433333415
Canadian National4.31548171985472
Rentokil Initial3.83442278986483
Admiral3.70704006926925
Total Top 1047.363897246228
21 Other Equity holdings51.3489133630171
Cash1.28718939075495
Total100

Asset allocation and holdings subject to change. As at 31 October 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.

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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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