Trojan Global Income Fund

The investment objective of the Trojan Global Income Fund is to provide income with the potential for capital growth in the medium term. The fund’s policy is to invest substantially in equities globally. It may also invest in fixed interest securities, indices, deposits, collective investment schemes and money market instruments.

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 18/04/2019
Accumulation Shares
Income Shares
Fund Size
£149M (31/03/19)

March 2019

Your Fund returned +4.6% during the month compared to +3.4% for the MSCI World Index NR (£).  

The ongoing digitalisation of the global economy is a theme we will return to repeatedly in the coming years. It is one of the most, if not the most, important factors influencing the portfolio, both good and bad. One portfolio holding at the centre of this is Accenture. Since last time we wrote about this company the pace of change has accelerated and expanded and Accenture’s place within this has become more entrenched.

We have increasing confidence that this company is a leading technology-agnostic beneficiary of this trend. The increasing breadth of capabilities that can be brought to bear is immense; these include the core consultancy business which helps companies with large-scale IT projects, Accenture Interactive which is now the largest provider of digital marketing, Applied Intelligence which has 20,000 people focussing on helping businesses apply advanced analytics and artificial intelligence to their operations and “Industry X.0”, which uses advanced digital technologies to shape areas  such as R&D, engineering, production or aftermarket support.



As companies grapple with the complex but necessary investment relating to IT security and the migration of data and processes to the cloud (what one member of the team described as “the mother of all upgrades”), Accenture is likely to continue to be well placed.

These are not just buzzwords, they drive excellent financial productivity, cash flow and dividend growth without recourse to debt. Recent results were excellent. The only disappointment is that strong performance means the resulting lower dividend yield discourages further investment.

We wait patiently to buy more.

Source: Lipper, Link Fund Solutions Limited

Total Return to 31 March 2019 01/11/16
Since Launch
1 Year
6 Months 
Trojan Global Income Fund O Acc +18.3% +18.3% +5.1%
LIBID* GBP 1 Month +0.8% +0.5% +0.3%
MSCI World GBP (NR) +22.9% +12.0% -2.5%
IA Global Equity Income (NR) +13.9% +8.5% -1.4%

*London Inter Bank Bid Rate

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


Top 10 Holdings Fund %
Novartis 4.5
Philip Morris 4.2
Cisco 4.1
PepsiCo 4.0
Procter & Gamble 4.0
GlaxoSmithKline 3.9
Roche Holding 3.8
Coca-Cola 3.8
British American Tobacco 3.3
Paychex 3.3
Total Top 10 38.9
25 Other Holdings 56.4
Cash & Equivalent 4.7
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. 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