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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. 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 26/02/2021
Accumulation Shares
Income Shares
112.08p
Fund Size
£438m (31/01/21)

Past performance is not a guide to future performance.

January 2021

Your Fund returned -2.1% during the month compared to -1.4% for the MSCI World Index (NR) GBP.

Hershey has been a portfolio holding since November 2017. The eponymous maker of chocolate and other treats, predominantly in the US, is the sort of business we favour - companies that afford consumers small indulgences which are bought repeatedly out of loyalty or habit and which in turn allows companies to earn high returns on capital employed. Edible items engender particular devotion, especially chocolate. It is a well-known investment adage that if a product tastes good the shares are likely to do well.

Despite these attractions, we have recently become concerned by Hershey’s exposure to emerging environmental risks, in particular water scarcity. We have engaged with the company to express our views by writing to the CEO and meeting with the Sr. Director for Global Sustainability and Social Impact.

Key areas of focus are poor disclosure relating to manufacturing sites located in areas of water scarcity, little apparent consideration of water usage in their supply chain and slow progress in reducing water consumption against their stated goals. These shortcomings resulted in Hershey receiving a “C” grade for its response to the CDP*’s 2020 Water Security questionnaire, a sub-standard score for a business of this quality.

The company acknowledged these risks and the opportunity that exists to address them. Having concentrated on climate issues and plastic usage thus far, the company is now looking to shift its focus to water usage. It is clear that such matters are moving up the list priorities for Hershey and US companies more generally.

Should the company act as it indicates, we would expect the next CDP score to improve and ultimately for them to be awarded an “A”. We will be monitoring this on an ongoing basis.

The Fund will pay a distribution of 0.70p** for the final quarter. Income generated for the year is therefore 3.59p which represents a growth of 4.9% relative to the previous 12 months. The income account has weathered 2020 well.

*CDP is a not-for-profit charity encouraging greater disclosure for investors on environmental matters

**estimate

 

 

Source: Lipper, Link Fund Solutions Limited

 

Total Return 01/11/2016
Since Launch
31/01/2018
3 Years
31/01/2020
1 Year
31/07/2020
6 Months
Trojan Global Income O Acc +31.4% +23.0% -1.9% +2.1%
MSCI World NR GBP +51.9% +31.6% +10.8% +11.1%
IA Global Equity Income NR +30.3% +16.8% +3.9% +11.4%
Discrete Calendar Annual Returns (%) 2018 2019 2020 2021
Trojan Global Income O Inc -1.0% +21.0% +2.3% -2.1%

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 31 January 2021.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +31.4% +51.9% +30.3%
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% +66.0% +62.0%
Annualised Volatility +10.6% +13.0% +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 6.2
Unilever 6.0
Reckitt Benckiser 4.8
Philip Morris International 4.7
Roche Holding 4.6
Novartis 4.4
Paychex 4.4
PepsiCo 4.4
ADP 4.1
Medtronic 3.9
Total Top 10 47.5
23 other holdings 51.0
Cash & Equivalent 1.5
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.

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