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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. 

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 22/09/2021
Accumulation Shares
Income Shares
Fund Size
£583m (31/08/21)

Past performance is not a guide to future performance.

August 2021

Your Fund returned +1.2% during the month compared to +3.5% for the MSCI World Index (NR) GBP.

Equity markets have continued to make strong progress as investors look to a world post the pandemic. Despite this widespread optimism policy remains highly stimulative. This includes ongoing quantitive easing, very low interest rates and extensive fiscal spending plans in addition to the widespread emergency support schemes which remain in place – for now.

This has arguably encouraged risk taking which has driven valuations to historically elevated levels on virtually every long term measure except, and importantly, relative to fixed income.

Within this context we continue to find value in select favoured companies. A good example of this is longstanding portfolio holding Unilever.

Unilever trades on a 6.2% free cash flow yield* which we view as decent value. However contained within the familiar UK listed company are a number of holdings in quoted emerging market subsidiaries including Hindustan Unilever (India), Unilever Indonesia and Unilever Nigeria.

If one aggregates the implied value of these stakes one is able to infer the valuation of the remaing core of the business.

The dominant contributor is Hindustan Unilever of which Unilever itself owns 62%. Because this subsidiary is trading on 62.5x 2022 EPS it now accounts for 38% of the market capitalisation of the whole business. When added to the other major subsidiaries the remaining part of the company has an implied valuation of 12.7x 2022 EPS. The global peer group currently trades on c.20-25x 2022 EPS which highlights quite how cheap Unilever currently is.

This partly reflects a number of concerns relating to the expected growth of the business, the input-cost driven margin squeeze and even some concerns about management strategy, execution and communication. While these concerns are valid, we believe they are fixable over time. Long term we think this high quality asset is too cheap and will likely generate attractive returns and income growth for years to come. 

*Free cash flow yield is a financial solvency ratio that compares the free cash flow per share a company is expected to earn against its market value 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 +44.6% +29.5% +12.3% +10.0%
MSCI World NR GBP +74.4% +41.6% +27.5% +14.8%
IA Global Equity Income NR +44.7% +25.8% +23.8% +11.1%
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% +7.8%

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 2021.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +44.6% +74.4% +44.7%
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 +67.9% +67.9% +66.1%
Annualised Volatility +10.5% +12.6% +12.0%

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 %
British American Tobacco 5.6
Philip Morris International 5.3
Unilever 5.1
Paychex 4.8
Reckitt Benckiser 4.3
ADP 4.1
Diageo 4.1
Medtronic 4.0
PepsiCo 3.9
Microsoft 3.8
Total Top 10 45.0
24 other holdings 52.9
Cash & Equivalent 2.1
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

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