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 18/02/2019
Accumulation Shares
Income Shares
Fund Size
£136M (31/01/19)

January 2019

Your Fund returned +2.3% during the month compared to +4.4% for the MSCI World Index NR (£). 

We added to our investment in Domino’s Pizza during the month. At Troy we have a preference for capital-light businesses such as Domino’s that can sustainably generate high returns on capital without recourse to too much debt. As with all franchise business models a tension exists between the value that accretes to the franchise owner and the franchisee. This tension currently appears rather strained at Domino’s.  A concentrated franchisee base, external competition, labour-cost pressures and an ambitious UK store roll-out have conspired to unsettle the relationship. Further, delays to the integration of their recent Norwegian acquisition (Dolly Dimples) and poor sentiment towards UK domestic stocks has provided the patient investor an opportunity to buy shares at the most attractive valuations for 10 years.

A simple valuation exercise shows that a business like Domino’s, with a return on invested capital of c. 40% needs to grow earnings at only 3% in perpetuity to justify the current valuation (assuming a cost of capital of 9%). In his Q4 statement, David Wild, the CEO, announced that sales on the Friday before Christmas had surpassed all previous records by reaching 535,000 pizzas (equivalent to 12 each second) and reiterated his confidence that the company could continue to grow sales at c.8% per annum.  The stock currently trades at 15x the company’s projected earnings and a dividend yield of over 3.8%. 

At the end of January the Fund declared a quarterly distribution of 0.8p taking the 12 month pay out to 3.3p. This compares to 3.0p for 2017 and represents income growth of 10%. Despite recent capital market volatility, the income account is robust.

Source: Lipper, Link Fund Solutions Limited

Total Return to 31 January 2019 01/11/16
Since Launch
1 Year
6 Months 
Trojan Global Income Fund O Acc +10.9% +3.8% -0.7%
LIBID* GBP 1 Month +0.7% +0.5% +0.3%
MSCI World GBP (NR) +16.7% +1.0% -5.3%
IA Global Equity Income (NR) +9.5% -1.8% -4.8%

*London Inter Bank Bid Rate

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


Top 10 Holdings Fund %
Novartis 4.5
Roche Holding 4.1
GlaxoSmithKline 4.0
PepsiCo 4.0
Coca-Cola 4.0
Procter & Gamble 4.0
Philip Morris 4.0
Cisco 3.9
Paychex 3.3
Domino's Pizza 3.2
Total Top 10 39.0
25 Other Holdings 58.8
Cash & Equivalent 2.2
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. 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