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Trojan Global Income Fund

The investment objective of the Trojan Global Income Fund is to seek to achieve income with the potential for capital growth in the medium term (3 to 5 years).

The Fund’s investment policy is to invest at least 80% of its assets globally in equities and equity-related securities. It may also invest in in government and public securities (such as sovereign debt and treasury bills), corporate bonds, real estate (via REITs), private equity, cash, cash equivalents (including money-market instruments) and deposits. Any comparisons against indices are for illustrative purposes only. 

In addition to the O share class referred to on this page, I & S Classes are also available. Please contact us for more information.

'O' Share Class Price 02/04/2020
Accumulation Shares
Income Shares
Fund Size
£207M (29/02/20)

Past performance is not a guide to future performance.

February 2020

Your Fund returned -6.5% during the month compared to -5.5% for the MSCI World Index (NR) GBP as equity markets reacted to the coronavirus.

. Since the start of the year the Fund is down -4.5% which compares to the index of -5.6%. Although unlikely to have serious long term economic implications the disease may be serious for those who catch it and for shorter term activity.

While we cannot forecast how this pandemic will develop, being highly selective about the businesses in which one invests is as important as ever. Well financed, predictable and durable business models are well placed to weather the storm.

That being said, the fact that this black swan event has occurred after a long economic expansion is unfortunate. Extended economic cycles tend to render economies and companies vulnerable to exogenous shocks. Using the Minsky Financial Instability framework, stability breeds instability, as consumers and companies extrapolate a benign backdrop. Fragility can be operational as businesses optimise such areas as supply chains and inventory, financial via levered balance sheets – often to buy back equity exacerbating the problem - and from elevated market levels.


This last risk is particularly relevant as prevailing valuations are likely in part reflective of aggressive monetary policy which may now be ineffective. Global interest rates are very low and further financial palliatives are unlikely to soothe a biological rather than market-based ill. Even Central Banks cannot print vaccines.

As ever, volatility creates opportunity. We have identified a select few long term investments which are approaching favourable entry prices as we seek to allocate capital with patience and discipline. Further we take comfort from the robust free cash flow and income growth our companies should continue to deliver over the longer term despite current fears. No changes have been made to the portfolio.


Source: Lipper, Link Fund Solutions Limited


Total Return 31/08/2019
6 Months
Since Launch
3 Years
1 Year
6 Months
Trojan Global Income O Acc -4.1% +25.2% +20.8% +10.8% -4.1%
MSCI World NR GBP -3.8% +29.5% +20.1% +9.0% -5.1%
IA Global Equity Income NR -4.8% +16.8% +11.7% +4.7% -6.0%
Discrete Calendar Annual Returns (%) 2017 2018 2019 2020
Trojan Global Income O Inc +8.7% -1.0% +21.0% -4.5%

Performance is calculated on a total return basis, net of fees, in sterling terms.

Source: Lipper, Link Fund Solutions Limited. Since Launch (01/11/2016) to 29 February 2020.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +25.2% +29.5% +16.8%
Max Drawdown -11.5% -16.3% -11.0%
Best Month +5.6% +5.6% +4.5%
Worst Month -6.5% -7.4% -6.8%
Positive Months +66.7% +69.2% +61.5%
Annualised Volatility +9.8% +10.3% +9.5%

Performance is calculated on a total return basis, net of fees, in sterling terms.

Maximum Drawdown measures the worst investment period

Annualised Volatility is measured by standard deviation of annual returns. 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings Fund %
British American Tobacco 5.9
Unilever 4.9
Roche Holding 4.8
Novartis 4.2
Philip Morris 4.2
GlaxoSmithKline 4.0
Reckitt Benckiser 3.9
Vonovia 3.8
PepsiCo 3.7
Eversource Energy 3.4
Total Top 10 42.8
23 other holdings 53.7
Cash & Equivalent 3.5
TOTAL 100.0


Past performance is not necessarily 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.

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

How to Invest