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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 18/09/2019
Accumulation Shares
Income Shares
Fund Size
£192M (31/08/19)

Past performance is not a guide to future performance.

August 2019

Your Fund returned -1.1% during the month compared to -1.5% for the MSCI World Index (NR) GBP.

“Buy on the sound of cannons and sell on the sound of trumpets” so was Nathaniel Rothschild purported to have said in 1810. Although such events are rare these days one such opportunity, if one can call it that, exists today. Our Asian equity market investments are modest but, in LINK REIT and Jardine Matheson, Hong Kong centric. Unsurprisingly the share price of both companies has been impacted negatively by recent events. 

Managing the “one country, two systems” arrangement agreed by China and the UK for 50 years was always likely to be tricky, owing to the inherent dichotomy Hong Kong represents; a capitalist city-state in a still communist system. While we cannot know how the current uprising will pan out, we do know that we have attractive assets in the portfolio that are now offering better value.

As an example the LINK REIT is the first to be listed (in 2005) and largest REIT in Asia. Since then, they have managed their district shopping centre and car park assets in an exemplary manner, delivering a total return of 21.7% p.a. while paying an attractive and growing income yield. Judicious asset trading and enhancement embed opportunity for improvement in the portfolio, notably now in China. A recent sale was transacted at a 2.9% net yield for assets that were mature and largely optimised by LINK. This represented a 30% premium to the book value of the asset, highlighting the inherent value in the wider portfolio.

We are travelling to Hong Kong this month and all being well, will be receiving an update from management when we are there. 

Source: Lipper, Link Fund Solutions Limited


Total Return 01/11/2016 Since Launch 31/08/2017 2 Years 31/08/2018 1 Year 28/02/2019 6 Months
Trojan Global Income O Acc +30.6% +23.3% +14.9% +15.5%
MSCI World NR GBP +34.6% +20.0% +7.0% +13.3%
IA Global Equity Income NR +22.6% +11.9% +5.9% +9.9%
Discrete Calendar Annual Returns (%) 2017 2018 2019
Trojan Global Income O Inc +8.7% -1.0% +20.5%

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 31 August 2019.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +30.6% +34.6% +22.6%
Max Drawdown -11.5% -16.3% -11.0%
Best Month +5.6% +5.6% +4.5%
Worst Month -6.4% -7.4% -5.9%
Positive Months +66.7% +72.7% +63.6%
Annualised Volatility +9.3% +10.3% +9.1%

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 %
Unilever 4.8
Novartis 4.6
Roche Holding 4.6
Reckitt Benckiser 4.2
PepsiCo 4.2
GlaxoSmithKline 4.0
Cisco 3.6
Philip Morris 3.5
Vonovia 3.5
Paychex 3.4
Total Top 10 40.4
25 Other Holdings 57.4
Cash & Equivalent 2.2
Total  100.0

Asset allocation and holdings subject to change.


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