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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. 

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 14/04/2021
Accumulation Shares
Income Shares
Fund Size
£526m (31/03/21)

Past performance is not a guide to future performance.

February 2021

Your Fund returned -2.9% during the month compared to +0.7% for the MSCI World Index (NR) GBP.

We have exited our investment in IG Group. This is the UK’s leading spread betting platform with a dominant market share and resultant tight dealing spreads conferring a sustainable competitive advantage. In addition to the core UK trading business the company has a number of other avenues of growth which we did not think were adequately reflected in the valuation of the shares. We have held IG in the portfolio since 2016 having established an investment at a very attractive valuation owing to regulatory concerns that we expected to dissipate over time. During the holding period the shares appreciated by 91.5% compared to 52.4% for the MSCI World over the same period. A successful investment.

The sale is disappointing as the conditions under which this company thrives are precisely those currently pertaining: macro-economic uncertainty leading to elevated levels of volatility delivering opportunities for market participants to trade. Against this backdrop we considered the shares to be inexpensive and well set for some strong performance. Our hope was that excess capital would be used to fund a special dividend or reduce the share count to the benefit of existing shareholders. Instead, the management team executed what we think is a questionable capital allocation decision, part-funded by equity, and without seeking approval from shareholders.

IG Group agreed to pay $1bn to acquire a relatively newly established US online options and futures brokerage and “trader education” company called Tastytrade. The price represented a full multiple at 8.6x 2020 sales - sales which are likely to have been bolstered by widespread speculative activity seen in the US market among retail investors.  We fear this may turn out to be the wrong asset, bought at the wrong price, at the wrong time. Further, despite material equity issuance, existing shareholders were not given a vote to approve the deal.

We engaged with the company, including with the management team and the Chairman of the Board, expressing our reservations about the deal and the governance issues surrounding the lack of a shareholder vote. Having received no comfort on either count we sold the shares. We think there is a reasonable risk that the value of the acquired asset may be written down in the coming years.


Source: Lipper, Link Fund Solutions Limited


Total Return 01/11/2016
Since Launch
3 Years
1 Year
6 Months
Trojan Global Income O Acc +35.8% +35.8% +12.4% +2.0%
MSCI World NR GBP +60.2% +46.0% +38.4% +12.0%
IA Global Equity Income NR +37.2% +30.7% +32.8% +14.5%
Discrete Calendar Annual Returns (%) 2016 2017 2018 2019 2020 2021
Trojan Global Income O Inc +0.6% +8.7% -1.0% +21.0% +2.3% +1.2%

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 March 2021.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +35.8% +60.2% +37.2%
Max Drawdown -18.7% -26.1% -26.6%
Best Month +6.8% +9.2% +11.1%
Worst Month -6.5% -10.6% -11.5%
Positive Months +65.4% +67.3% +63.5%
Annualised Volatility +10.9% +12.9% +12.4%

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 the annualised standard deviation of the monthly returns 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings Fund %
British American Tobacco 6.1
Unilever 5.1
Reckitt Benckiser 5.0
Philip Morris International 4.9
Paychex 4.4
PepsiCo 4.0
ADP 3.9
Medtronic 3.9
CME Group 3.8
Diageo 3.7
Total Top 10 44.8
24 other holdings 52.2
Cash & Equivalent 3.0
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

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How to Invest