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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 19/06/2019
Accumulation Shares
Income Shares
Fund Size
£159M (31/05/19)

Past performance is not a guide to future performance.

May 2019

Your Fund returned +1.7% during the month compared to -2.5% for the MSCI World Index NR (£).  

This month we attended a Strategy and Business Update at IG Group, the global online trading company held in the portfolio. This investment has been somewhat disappointing so far but owing to having invested and then taken profits at opportune times losses have been minimal. Problems have been primarily related to a tighter regulatory regime designed to limit less reputable companies profiting by encouraging retail investors to take on inappropriate levels of risk. We and IG are supportive of this regulatory intervention and believe it will lead to better outcomes for investors, a more ethical industry and ultimately benefit IG Group as the quality company in the sector. In the short term it has crimped profitability.

The update gave investors a glimpse of what the future might look like. The new CEO, June Felix, outlined a number of initiatives designed to monetise the investment in the trading platform that has been undertaken.

IG has launched an FX trading product in the US, are due to launch a multi-factor trading platform in Europe in September, will begin to offer a range of innovative products to investors in promising, but as yet untapped, areas such as Hong Kong and finally they intend to partner with third party banks in Asia. Although currently lacking in detail, notable in regard to the economics of the third party distribution deals, the company forecast that earnings per share could be as much as 50% higher by 2022.

We believe this to be possible if highly uncertain but note that the company is currently trading on 13x earnings and is committed to paying a 7.7% dividend in 2019. If we are right that the worst of the regulatory headwinds are behind us, that any or all of these initiatives begin to drive profitable growth and that volatility returns to markets, this ungeared, high return, asset-light business will not be valued as it is today for very long.


Source: Lipper, Link Fund Solutions Limited

Total Return to 31 May 2019 01/11/16
Since Launch
1 Year
6 Months 
Trojan Global Income Fund O Acc +22.0% +16.1% +5.4%
LIBID* GBP 1 Month +0.9% +0.6% +0.3%
MSCI World GBP (NR) +24.0% +5.3% +2.6%
IA Global Equity Income (NR) +15.7% +4.1% +3.3%

*London Inter Bank Bid Rate

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


Top 10 Holdings Fund %
Novartis 4.4
PepsiCo 4.2
Coca-Cola 4.0
Roche Holding 3.9
Cisco 3.9
Procter & Gamble 3.9
GlaxoSmithKline 3.8
Philip Morris 3.7
Paychex 3.5
Eversource Energy 3.2
Total Top 10 38.5
25 Other Holdings 56.7
Cash & Equivalent 4.8
Total  100.0

Asset allocation and holdings subject to change.


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