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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 12/11/2019
Accumulation Shares
Income Shares
116.96p
Fund Size
£197M (30/09/19)

Past performance is not a guide to future performance.

September 2019

Your Fund returned +0.3% during the month compared to +0.9% for the MSCI World Index (NR) GBP. 

The availability of finance amplifies the business cycle. While largely excluded from central banks’ models and their academic underpinnings, in the real world it is vital. When optimistic, investors are more inclined to finance loss-making businesses with the hope, one day, of great riches. The shared office space provider, WeWork, perfectly fits the bill. Only by securing credulous financing on a massive scale has this business been able to square the circle of signing long-term leases financed by shorter-term loans while generating losses. At the core of this trick has been Softbank’s Vision fund which has been willing to invest in blue-sky projects in huge size. The combination of scale and the reputation of the Chair-President-CEO-Founder Masayoshi Son, who was an early backer of AliBaba, has both lent credibility and benchmarked the valuation. 

The recent failure of the WeWork IPO suggests this edifice is beginning to crumble. Not only does it question the business model but agreed multi-billion dollar loans, contingent on its success, highlight the fragility of the financing. This may actually imperil the business highlighting the implausibility of the mooted $50bn dollar equity valuation. This is not a business for Troy and its unravelling may foreshadow the demise of many such speculative enterprises.

At Troy we invest in high-quality, concentrated portfolios for the long term. As a result, turnover is low to allow time for capital to compound. It is consistent with this approach to allow successful investments to grow in size over time, whilst ensuring each security does not exceed 6% of the portfolio’s assets. Given the above approach, we have revisited the relevance of this limit. From 1st December 2019 we will continue to invest a maximum of 6% of the portfolio in a single holding, but where a successful investment subsequently exceeds this threshold, we will not necessarily reduce the holding but neither will we add to it.

 

Source: Lipper, Link Fund Solutions Limited

 

Total Return 01/11/2016 Since Launch 30/09/2017 2 Years 30/09/2018 1 Year 31/03/2019 6 Months
Trojan Global Income O Acc +31.0% +26.6% +16.4% +10.8%
MSCI World NR GBP +35.9% +23.3% +7.8% +10.6%
IA Global Equity Income NR +24.2% +14.9% +7.5% +9.1%
Discrete Calendar Annual Returns (%) 2017 2018 2019
Trojan Global Income O Inc +8.7% -1.0% +20.9%

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 September 2019.

Risk Analysis Since Launch (01/11/2016) Trojan Global Income O Acc MSCI World NR GBP IA Global Equity Income NR
Total Return +31.0% +35.9% +24.2%
Max Drawdown -11.5% -16.3% -11.0%
Best Month +5.6% +5.6% +4.5%
Worst Month -6.4% -7.4% -5.9%
Positive Months +67.6% +73.5% +64.7%
Annualised Volatility +9.2% +10.1% +8.9%

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 standard deviation of annual returns. 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 Holdings Fund %
Roche Holding 4.7
Unilever 4.4
Novartis 4.3
Philip Morris 4.2
GlaxoSmithKline 4.1
Reckitt Benckiser 4.1
PepsiCo 4.0
British American Tobacco 3.9
Vonovia 3.8
Cisco 3.6
Total Top 10 41.1
25 Other Holdings 56.4
Cash & Equivalent 2.5
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