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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 17/05/2021
Accumulation Shares
Income Shares
120.79p
Fund Size
£548m (30/04/21)

Past performance is not a guide to future performance.

April 2021

Your Fund returned +1.9% during the month compared to +4.3% for the MSCI World Index (NR) GBP.

As an indicator of how the centre of gravity in entertainment is shifting, the Oscars are instructive. Not because of their popularity but rather owing to how relatively marginal they have become. Whereas the Oscars was watched by fewer than 10 million people, the Game Awards – the equivalent of the Oscars in the gaming world – was live streamed by 8 times more people.

Nintendo, the Japanese gaming company, did not win the prestigious Game of the Year Award, but it did become our most recent investment. The Kyoto based company has created some of the most successful gaming franchises in the world – Mario, Zelda and Pokemon above all. We believe Nintendo is becoming a more valuable business as more people experience and interact with its games.

The Nintendo Switch, launched four years ago, is on track to become one of the most successful consoles of all time. Gamers are increasingly buying games digitally, which benefits the company’s margins. The core gaming business is healthy and is generating increasing and more stable profits.

Nintendo is also quietly transforming into an entertainment company to fulfil its mission. Super Nintendo World, a theme park, just opened its doors in Osaka. A second one will soon open in Orlando. A new Super Mario movie is in the works in collaboration with Illumination, the animation studio behind the Minions. Nintendo is also looking to develop applications for smart devices to “make walking fun”.

The shares represent good value too, as the market remains sceptical. Nintendo trades at 18x earnings and offers a 3% dividend yield, which we believe does not reflect all the exciting opportunities lying ahead.

 

Source: Lipper, Link Fund Solutions Limited

 

Total Return 01/11/2016
Since Launch
30/04/2018
3 Years
30/04/2020
1 Year
31/10/2020
6 Months
Trojan Global Income O Acc +38.3% +35.5% +7.3% +10.1%
MSCI World NR GBP +67.1% +47.8% +32.4% +20.6%
IA Global Equity Income NR +40.9% +29.2% +26.3% +21.9%
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% +3.1%

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 30 April  2021.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +38.3% +67.1% +40.9%
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 +66.0% +67.9% +64.2%
Annualised Volatility +10.8% +12.8% +12.3%

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 5.9
Unilever 5.3
Philip Morris International 5.2
Reckitt Benckiser 4.9
Paychex 4.4
Medtronic 4.1
Diageo 4.1
ADP 3.9
PepsiCo 3.9
CME Group 3.8
Total Top 10 45.5
24 other holdings 52.3
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. 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