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 20/05/2022
Accumulation Shares
Income Shares
Fund Size
£747m (30/04/22)

Past performance is not a guide to future performance.

April 2022

Your Fund returned +2.9% during the month compared to -3.8% for the MSCI World Index (NR) GBP.

Investors have re-discovered the comfortable constancy of the prosaic over the exciting but less predictable attractions of the new. Consumer staples, in which we have a material investment in the fund, have once again demonstrated their durability in more difficult times.

At Troy we seek to concentrate our portfolios in exceptional and resilient businesses that can compound capital over long periods. They are able to do this by having identifiable competitive advantages which can allow for sustainably high returns on invested capital. These advantages include strong brands, depth and breadth of distribution, scale advantages and longevity leading to familiarity.

Consumer staples companies are a good example of businesses that have many of these attributes and therefore form part of Troy’s universe of companies that we use to build our portfolios.

Recently the backdrop has become less favourable for the sector as input cost inflation has squeezed margins. While these fears are not without basis they have not prevented the sector from performing well.

This can be attributed to a number of factors. First as the monetary and fiscal policy backdrop has become less favourable – constrained by the same inflationary pressures mentioned above – the more speculative and highly prized areas of the market that have led the charge in recent years have become less favoured. This in turn has led to less fashionable sectors finding support.

Second the businesses themselves have had excellent results. Demonstrating the power of their business models they have been able to raise prices and maintain healthy growth. This has been especially evident in companies with the strongest pricing ability such as Hershey and Pepsi. In each case the impulse nature of the purchase makes consumers less price conscious. Even less advantaged companies such as Unilever and Clorox have had creditable results and should be fine long term.

Admittedly this relative strength has come at a cost. Some of our staples investments are now fully valued relative to history and to the market. However at the same time some of our pre-identified businesses which we do not yet own have become much better value. It is likely this will lead to a natural reallocation of capital.

Should this opportunity unfold as we expect we will be able to embed greater quality, income and growth into the portfolio. As ever volatility creates opportunity for the patient and disciplined.


Source: Lipper, Link Fund Solutions Limited


Total Return 01/11/2016
Since Launch
3 Years
1 Year
6 Months
Trojan Global Income O Acc +61.8% +34.9% +17.0% +10.9%
MSCI World NR GBP +77.8% +39.8% +6.4% -3.2%
IA Global Equity Income NR +53.2% +30.3% +8.7% +3.2%
Discrete Calendar Annual Returns (%) 2016 2017 2018 2019 2020 2021 2022
Trojan Global Income O Inc +0.6% +8.7% -1.0% +21.0% +2.3% +16.7% +3.3%

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 2022.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +61.8% +77.8% +53.2%
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 +69.2% +66.2% +64.6%
Annualised Volatility +10.3% +12.5% +11.5%

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 6.3
Paychex 5.4
Philip Morris International 5.2
PepsiCo 4.4
CME Group 4.4
ADP 4.4
Reckitt Benckiser 4.3
Unilever 4.3
Diageo 4.2
Roche Holding 3.6
Total Top 10 46.5
23 other holdings 51.8
Cash & Equivalent 1.7
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