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. 

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 21/01/2022
Accumulation Shares
Income Shares
Fund Size

Past performance is not a guide to future performance.

December 2021

Your Fund returned +5.3% during the month compared to +1.9% for the MSCI World Index (NR) GBP.

In December, Domino’s Pizza plc announced a new agreement with franchisees, with the shares up 22% on the day of the announcement. Under this new agreement, franchisees will be incentivised to open new stores and grow order volumes. Crucially, franchisees will once again participate in national promotional deals, which will further reinforce Domino’s value credentials. In return, Domino’s Pizza will increase investments in technology, provide an enhanced food rebate mechanism and improve new store incentives schemes.

The ongoing dispute with franchisees was a significant overhang on the stock, despite significant improvements in governance and execution at Domino’s over the last two years. In our minds, these concerns were misplaced and a deal with franchisees was inevitable. A prolonged struggle between the company and the franchisees was economically damaging for both entities. With a new Board and under the leadership of Dominic Paul, Domino’s addressed many franchisees concerns and set up the conditions for a successful resolution.

The beauty of Domino’s business model is the mutual dependence between the company and its franchisees, which provides the company a great deal of resilience. The business managed to trade well despite the ongoing dispute and served delicious pizza to millions of people in the UK during the pandemic. However, Domino’s was running well below its full potential and ceded some share to food aggregators. We believe the new agreement will allow Domino’s system to be on the front foot again.

The economic terms of the franchisee resolution are balanced, with no impact on earnings in the short-term despite extra investments. We have now more confidence in Domino’s ability to accelerate earnings growth and our focus will now be on the quality of execution.

The shares remain undervalued on a 22x price to earnings valuation* and a 2.3% dividend yield. Domino’s combination of attractive growth and little capital requirements to fund this growth should be valued higher. We note that Domino’s UK trades at a substantial discount to its sister Domino’s franchises, Domino’s Pizza Inc and Domino’s Pizza Enterprises.

*Price to earnings is calculated by dividing the company’s share price by its earnings per share.

Source: Lipper, Link Fund Solutions Limited


Total Return 01/11/2016
Since Launch
3 Years
1 Year
6 Months
Trojan Global Income O Acc +56.7% +44.6% +16.7% +9.9%
MSCI World NR GBP +89.5% +69.5% +22.9% +9.9%
IA Global Equity Income NR +55.6% +47.7% +19.2% +8.1%
Discrete Calendar Annual Returns (%) 2016 2017 2018 2019 2020 2021
Trojan Global Income O Inc +0.6% +8.7% -1.0% +21.0% +2.3% +16.7%

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 30 November 2021.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +56.7% +89.5% +55.6%
Max Drawdown -18.7% -26.1% -26.6%
Best Month +6.8% +9.2% +11.1%
Worst Month -6.5% -10.6% -11.5%
Positive Months +68.9% +68.9% +67.2%
Annualised Volatility +10.3% +12.3% +11.6%

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 the annualised standard deviation of the monthly returns 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings Fund %
Paychex 5.4
British American Tobacco 5.2
Philip Morris International 4.6
ADP 4.5
Unilever 4.5
Reckitt Benckiser 4.5
Diageo 4.3
CME Group 4.3
PepsiCo 4.2
Microsoft 4.0
Total Top 10 45.6
23 other holdings 51.1
Cash & Equivalent 3.3
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