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 provide income with the potential for capital growth in the medium term. The fund’s policy is to invest substantially in equities globally. It may also invest in fixed interest securities, indices, deposits, collective investment schemes and money market instruments.

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 16/08/2019
Accumulation Shares
Income Shares
Fund Size
£193M (31/07/19)

Past performance is not a guide to future performance.

July 2019

Your Fund returned +5.6% during the month compared to +4.5% for the MSCI World Index (NR) GBP.  

Two corporate events provided insight during the month; the sale of an Australian brewing asset and the recent Microsoft results.

On 19th July Anheuser-Busch Inbev (ABI) sold Carlton & United Breweries to Asahi for $11.3bn, a valuation of 14.9x EV/EBITDA. We always take note when two informed management teams agree a deal because it tells you much about real world industry valuations. Asahi is buying a mature, slow-growing and cost-optimised (as evidenced by its high EBITDA margin) company for what we think is a pretty full price. Having failed to raise capital from an Asian asset via IPO, and burdened by excessive debt, ABI are motivated sellers, further underscoring the richness of the price. We have another brewer in our universe of favoured companies but believe the current valuation is not yet attractive at 12.9x EV/EBITDA to justify establishing an investment. To know a less attractive asset in the same sector is valued so highly by industry operators is instructive.


Meanwhile the Microsoft results were outstanding. Having been viewed as a dinosaur as recently as 2013 this company has made incredible progress. Moving beyond the cash cow Windows franchise and investing heavily in its cloud infrastructure business, called Azure, Microsoft is at the centre of the IT revolution. Companies are deploying productivity-enhancing technology via cloud-based computing power, driving strong earnings and dividend growth at Microsoft even as the market capitalisation has reached $1trillion. The company remains a core holding as this trend remains immature.

It was not supposed to be this way. Quantitative easing was intended to augment economic activity and consumption such that economies could reach a self-sustaining recovery, allowing for interest rates to normalise. Recent events show this has been a failure.

Source: Lipper, Link Fund Solutions Limited

Total Return to 30 June 2019 01/11/16
Since Launch
1 Year
6 Months 
Trojan Global Income Fund O Acc +25.1% +15.7% +15.4%
LIBID* GBP 1 Month +1.0% +0.6% +0.3%
MSCI World GBP (NR) +30.9% +10.3% +17.1%
IA Global Equity Income (NR) +20.8% +8.6% +14.6%

*London Inter Bank Bid Rate

Discrete Calendar Annual Returns (%) 2017 2018 2019
Trojan Global Income Fund O Acc +8.7% -1.0% +15.4%

Performance is calculated on a total return basis, net of fees, in sterling terms.


Top 10 Holdings Fund %
Novartis 4.7
Roche Holding 4.5
Unilever 4.5
Philip Morris 4.2
PepsiCo 4.0
GlaxoSmithKline 4.0
Cisco 3.6
Paychex 3.5
Vonovia 3.5
British American Tobacco 3.4
Total Top 10 39.9
25 Other Holdings 57.2
Cash & Equivalent 2.9
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