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 10/08/2022
Accumulation Shares
Income Shares
133.88p
Fund Size
£807m (30/06/22)

Past performance is not a guide to future performance.

May 2022

Your Fund returned -3.6% during the month compared to -0.3% for the MSCI World Index (NR) GBP.

We have recently returned from an investment conference in the US arranged by one of our research providers. After 2 years of minimal travel it was terrific to be in New York again and to meet companies in person. It is a great way of assessing the US investment landscape and this year was no exception.

Ideally, in our view, all global fund managers should go to the US once a year at least to gain global perspective. The sheer scale of the economy, the energy of the people and the quality of the companies reminds one of the relentless compounding of capital that a capitalist economy inevitably achieves over time.

While this generally remains true the mood this year was noticeably less optimistic than the last time we attended the same event in 2017.

We saw a number of portfolio companies including Coca Cola, Johnson & Johnson and Clorox, as well as a number of companies in our investment universe, which are not in the fund. We also attended a few presentations to round out our overall view of the backdrop.

With the notable exception of Canadian National Railway, “everything is booming”, the mood was cautious. Companies are seeing inflation at every level of their operations and are wary of the capital market backdrop as the apparently never-ending era of free money comes to an end.

This is creating an existential recessionary angst perhaps best articulated by Jamie Dimon, the CEO of JP Morgan, with his forecast of a “hurricane”. Balanced against this was a view that the US consumer remains strong with money from the COVID stimulus still bolstering demand. With real incomes falling rapidly (currently) this may not last.

Overall the company presentations, while as informative and interesting as ever, did not materially change our view. An investment environment characterised by a less supportive monetary and fiscal policy at a time when commodity prices are rising would be consistent with the above.

Time will tell if we are approaching a slowdown or something more serious. Overall we think the quality of our companies leaves them well placed to continue to operate in a robust manner in a range of scenarios.

Source: Lipper, Link Fund Solutions Limited

 

Total Return 01/11/2016
Since Launch
30/06/2019
3 Years
30/06/2021
1 Year
31/12/2021
6 Months
Trojan Global Income O Acc +53.0% +22.4% +7.3% -2.3%
MSCI World NR GBP +68.0% +28.4% -2.6% -11.3%
IA Global Equity Income NR +45.2% +20.2% +0.9% -6.7%
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% -2.3%

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 31 May 2022.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +53.0% +68.0% +45.2%
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 +67.2% +64.2% +62.7%
Annualised Volatility +10.4% +12.6% +11.6%

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 7.0
Philip Morris International 5.6
Paychex 5.3
PepsiCo 4.7
ADP 4.6
Unilever 4.5
Reckitt Benckiser 4.5
CME Group 4.4
Diageo 3.9
Johnson & Johnson 3.8
Total Top 10 48.2
23 other holdings 50.2
Cash & Equivalent 1.6
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.

Important information for U.S. persons

The securities described on this website are neither available nor offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. persons who are resident outside the United States of America).

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

How to Invest