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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 24/06/2021
Accumulation Shares
Income Shares
123.46p
Fund Size
£549m

Past performance is not a guide to future performance.

May 2021

Your Fund returned +0.2% during the month compared to -1.2% for the MSCI World Index (NR) GBP.

During the month the portfolio company, Vonovia, announced their intention to acquire fellow German residential property company, Deutsche Wohnen (DWNI) for a total of €28.4bn. The transaction is being funded with a mixture of equity and debt leading to an upcoming rights issue. There is history here - Vonovia attempted a hostile takeover in 2015 which failed.

The logic for the deal is that by joining forces with DWNI, Vonovia will be able to extract cost synergies by servicing a larger property portfolio more efficiently. Further, as the largest and most diversified operator in the sector, Vonovia is able to dilute DWNI’s concentration of properties in Berlin, which carries political risk. To further reduce this risk, the company has agreed sell 20,000 units to the Berlin government to alleviate social housing shortages.

Historically Vonovia has positioned itself as at the vanguard of managing environmental risks and this remains true. Both companies have targets to become carbon neutral by 2050 at the latest.

The purchase price represents a c.5-8% discount to NAV. However, owing to DWNI trading at a premium to Vonovia, the deal is slightly value dilutive.

We see the deal as marginally incrementally negative owing to the price paid. Equally, we are pleased the company is raising equity rather than overstretching the balance sheet. On balance we do not believe this changes the long term investment case.

At a time when most assets have been driven to levels that are expensive relative to history, Vonovia remains excellent value.

 

Source: Lipper, Link Fund Solutions Limited

 

Total Return 01/11/2016
Since Launch
31/05/2018
3 Years
31/05/2020
1 Year
30/11/2020
6 Months
Trojan Global Income O Acc +38.6% +31.8% +4.6% +3.8%
MSCI World NR GBP +65.1% +40.2% +22.3% +9.0%
IA Global Equity Income NR +41.2% +27.1% +22.2% +10.0%
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% +3.3%

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  2021.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +38.6% +65.1% +41.2%
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 +66.7% +66.7% +64.8%
Annualised Volatility +10.7% +12.8% +12.2%

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 5.1
Reckitt Benckiser 4.9
Paychex 4.4
Diageo 4.3
CME Group 4.0
ADP 4.0
Medtronic 3.9
PepsiCo 3.9
Total Top 10 45.7
24 other holdings 52.1
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

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