Our website uses cookies and similar technologies. By continuing to use our site, you are agreeing to our use of cookies and similar technologies. For more detail click here to read our Privacy Notice.

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 08/07/2020
Accumulation Shares
Income Shares
Fund Size
£263M (31/05/20)

Past performance is not a guide to future performance.

May 2020

Your Fund returned +2.8% during the month compared to +7.0% for the MSCI World Index (NR) GBP.

Just as the recent fall in equity markets was steep so has the recovery been equally sharp. Neither move is probably rational longer term but is consistent with the tendency of equities to elicit greater volatility than the underlying cash flows of companies.

The Coronavirus is likely a deeply troubling but ultimately transitory accelerant of existing market trends. We still observe a fully valued equity market heading into an uncertain economic outlook; caution prevails.

Volatility does however create opportunity. In the sell-off we established two new investments; CME Group (see the April Factsheet) and Intercontinental Hotel Group (IHG).

IHG is a leading global hotel brand owner - including Holiday Inn and InterContinental. The company does not own the underlying hotels but lends its brand power and expertise to operators for which they charge a royalty.

This allows the company to generate high margins with limited capital requirements, leading to high returns on capital employed. Mindful that the hotel sector is at the centre of the current pandemic-induced uncertainty, we established a relatively small starting position at a favourable valuation. Although the demand outlook remains uncertain, we expect domestic travel, which represents the majority of IHG’s revenues, to lead the recovery. Further, the reliability and cleanliness associated with well managed hotels will become more attractive. This should embellish the value of established brands. The shares have risen 76% from the recent lows to the end of May.

IHG has commanded a place in our investment universe for years but is seldom attractively priced. March was one of those rare times.






Source: Lipper, Link Fund Solutions Limited


Total Return 01/11/2016
Since Launch
3 Years
1 Year
6 Months
Trojan Global Income O Acc +32.9% +26.3% +6.3% +10.1%
MSCI World NR GBP +38.6% +27.7% +5.9% +19.8%
IA Global Equity Income NR +18.0% +10.2% -2.3% +14.2%
Discrete Calendar Annual Returns (%) 2017 2018 2019 2020
Trojan Global Income O Inc +8.7% -1.0% +21.0% +1.4%

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 May 2020.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +32.9% +38.6% +18.0%
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 +67.4% +69.8% +62.8%
Annualised Volatility +10.2% +12.9% +11.9%

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 5.7
British American Tobacco 5.7
Roche Holding 4.7
Novartis 4.5
PepsiCo 4.2
Reckitt Benckiser 4.1
Philip Morris 4.1
GlaxoSmithKline 4.0
Vonovia 3.9
Paychex 3.9
Total Top 10 44.7
23 other holdings 51.7
Cash & Equivalent 3.6
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