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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 27/11/2020
Accumulation Shares
Income Shares
Fund Size
£411m (31/10/20)

Past performance is not a guide to future performance.

October 2020

Your Fund returned -5.6% during the month compared to -3.1% for the MSCI World Index (NR) GBP.

While the world expends much mental energy, and even more ink, on the result of the US election, we have been focussed on the recent results of our portfolio companies, which, in the long run, are likely to be much more impactful on returns than politics. These have generally been satisfactory with some notable positive surprises. One example is Clorox.

Clorox is a consumer staples company that finds itself in an enviable position in this COVID impacted world. Led by a new CEO, Linda Rendle, it has dominant positions in a number of niche areas which are currently much in demand. Most obviously the eponymous bleach but also other eclectic categories. These include charcoal (more year-round “grilling” in the garden), salad dressing (more in-home cooking), trash bags (more domestic waste) and even cat litter (more seeking comfort from pets) which are all benefitting from changing consumer behaviour.

Windfall profits are enabling the company to ramp up spending on manufacturing and the supply chain to meet this demand (which, as yet, they are not able to do) as well as marketing, to embed changed consumer habits and preferences on an enduring basis.

The result was an increase in revenues of 27% in the quarter to end of September as well as a 4% expansion in the gross margin to 48%. Net profits doubled. Although this bonanza will not be permanent, the company did raise full-year revenue guidance to 5-9% which, to us, looks conservative. Clorox is cleaning up (sorry).

The Fund went ex-dividend at the end of September and a dividend of 0.92p is expected to be paid at the end of the year.    This takes the income paid by the Fund year-to-date to 3.6p, representing a 6.6% increase on the previous year. At a time of widespread dividend cuts and illness-induced uncertainty, the income account remains healthy.







Source: Lipper, Link Fund Solutions Limited


Total Return 01/11/2016
Since Launch
3 Years
1 Year
6 Months
Trojan Global Income O Acc +25.7% +19.0% -1.5% -2.5%
MSCI World NR GBP +38.6% +22.2% +4.4% +9.8%
IA Global Equity Income NR +15.6% +4.8% -5.0% +3.6%
Discrete Calendar Annual Returns (%) 2017 2018 2019 2020
Trojan Global Income O Inc +8.7% -1.0% +21.0% -4.1%

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 October 2020.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +25.7% +38.6% +15.6%
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 +66.0% +66.0% +61.7%
Annualised Volatility +10.4% +12.6% +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 standard deviation of annual returns. 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings Fund %
British American Tobacco 5.8
Unilever 5.6
Roche Holding 4.8
PepsiCo 4.5
Reckitt Benckiser 4.5
Philip Morris 4.5
Paychex 4.4
Novartis 4.1
Medtronic 4.0
ADP 3.8
Total Top 10 46.0
23 other holdings 51.5
Cash & Equivalent 2.5
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