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 17/01/2020
Accumulation Shares
Income Shares
123.23p
Fund Size
£214M

Past performance is not a guide to future performance.

December 2019

Your Fund returned +0.4% during the month compared to +0.6% for the MSCI World Index (NR) GBP.

The positive return for December completed a good year for the Fund both in capital and income terms. The total return was 21.0% including a year-on-year growth in income of 11.3%. The strong absolute and acceptable relative performance was delivered even as our concerns about the backdrop endure. We remain cautiously positioned to allow for participation in market gains but with some protection should volatility return.

2019 was notable in that all asset classes comprising equities, bonds, credit and commodities, including gold, appreciated. Best were US equities which outperformed peers once again.

The uniformity of positive returns suggest to us that the U-turn in monetary policy executed by US Federal Reserve in late 2018 is in large part responsible. Such an exogenous factor cannot be permanent, and may well be ultimately damaging, but pertains for now.

Remarkable also was the consistency of trajectory of the return, with equity markets having no major drawdowns in the year. Since volatility provides opportunity and corresponding activity in the Fund, its absence has led to a period of notable inactivity, even for us. No new purchases were made in the year and only one sale, Altria, owing to the poor deal they struck with Juul. We took some profits on valuation grounds in Coca-Cola, Diageo, Hershey, P&G and Sage and made corresponding additions to Domino’s Pizza, IG Group, British American Tobacco, Reckitt Benckiser, Philip Morris, Roche, Unilever and Vonovia.

Our style remains unchanged; we invest in a concentrated, high quality, reasonably valued portfolio that generates a resilient and growing level of free cash flow and income throughout the investment cycle. We believe the fund is well placed as we head into 2020 and thank investors for their support this year.

 

Source: Lipper, Link Fund Solutions Limited

 

Total Return 01/11/2016
Since Launch
31/12/2017
2 Years
31/12/2018
1 Year
30/06/2019
6 Months
Trojan Global Income O Acc +31.1% +19.8% +21.0% +4.9%
MSCI World NR GBP +37.2% +19.0% +22.7% +4.9%
IA Global Equity Income NR +25.6% +12.3% +19.2% +4.0%
Discrete Calendar Annual Returns (%) 2017 2018 2019
Trojan Global Income O Inc +8.7% -1.0% +21.0%

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 December 2019.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +31.1% +37.2% +25.6%
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 +67.6% +73.0% +64.9%
Annualised Volatility +9.1% +10.0% +8.7%

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 %
Roche Holding 4.5
British American Tobacco 4.3
Novartis 4.2
Unilever 4.2
Philip Morris 4.1
Reckitt Benckiser 3.9
GlaxoSmithKline 3.9
Cisco 3.7
Vonovia 3.5
PepsiCo 3.5
Total Top 10 39.8
25 other holdings 55.4
Cash & Equivalent 4.8
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