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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 18/09/2020
Accumulation Shares
Income Shares
119.63p
Fund Size
£388m (31/08/20)

Past performance is not a guide to future performance.

August 2020

Your Fund returned +1.6% during the month compared to +4.6% for the MSCI World Index (NR) GBP.

As equity markets continue their technology-led surge, we return to the rather more prosaic topic of income. Delivering sustainable distributions remains a crucial part of the strategy. To that end we have constructed a portfolio that we believe will be dependable both in terms of returns from capital and dividends. Both elements matter, but when markets are strong the relative certainty of income tends to get overlooked. Not by us.

As our investors may know, our return profile reflects this. We tend to lag strongly rising markets, such as now, but deliver in terms of protecting capital in more challenging times. This may be a valuable attribute as at present it is notable that we have elevated long-term valuations in capital markets co-existing with a steep recession. We continue to think a cautious approach is warranted.

While seeking income, we eschew cyclicality and capital intensity. As a result the portfolio is concentrated in the consumer staples sector, which is both the largest allocation in the Fund and the greatest contributor to income, healthcare, which continues to be well placed in these health-troubled times, technology which facilitates our every need - now more than ever - and a highly idiosyncratic financials portfolio, which benefits from both elevated volatility and structurally low interest rates.

Our concentration in inherently financially productive and well financed businesses means we are well placed to continue to deliver income as part of our total return. This is despite widespread dividend cuts seen around the globe and especially in the UK.

The fund went ex dividend (XD) at the end of August, payable at the end of this month, of 0.94p. Thus the rolling 12 month trailing yield of the fund at the end of August was 3.1%, representing growth of 8% on the previous year. The income account remains solid.

 

 

 

 

 

 

 

Source: Lipper, Link Fund Solutions Limited

 

Total Return 01/11/2016
Since Launch
31/08/2017
3 Years
31/08/2019
1 Year
29/02/2020
6 Months
Trojan Global Income O Acc +30.8% +23.5% +0.2% +4.4%
MSCI World NR GBP +43.0% +27.4% +6.2% +10.4%
IA Global Equity Income NR +19.7% +9.3% -2.4% +2.5%
Discrete Calendar Annual Returns (%) 2017 2018 2019 2020
Trojan Global Income O Inc +8.7% -1.0% +21.0% -0.2%

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 31 July 2020.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +30.8% +43.0% +19.7%
Max Drawdown -18.7% -26.1% -26.6%
Best Month +6.8% +9.0% +8.0%
Worst Month -6.5% -10.6% -11.5%
Positive Months +66.7% +68.9% +62.2%
Annualised Volatility +10.1% +12.8% +11.7%

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 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