Trojan Global Income Fund

Troy

Overview

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A fund that seeks to achieve growing levels of income from across the world, alongside the potential for capital growth.

What does the fund do?

It aims to provide investors with an attractive and regular stream of income that we aim to grow. We manage a concentrated portfolio of high-quality, global companies, purchased at attractive valuations and held for the long term.

Why this Fund?

Aimed at investors who seek an equity-focused income stream, with below-average volatility and an emphasis on absolute returns. The Fund integrates ESG and stewardship in accordance with Troy’s Responsible Investment & Stewardship Policy and also adheres to Troy’s Climate Change Mitigation Policy, in accordance with article 8 of SFDR.

View our SFDR disclosure

The team

James Harries

Senior Fund Manager

Bio

James Harries

Senior Fund Manager

James is the Co-Manager of the Trojan Global Income Fund, Trojan Ethical Global Income Fund and STS Global Income & Growth Trust plc.​  He has over 30 years’ investment experience, and has managed global equity portfolios since 2002. 

Joining Troy in 2016 to establish the Trojan Global Income Fund, James was previously a Fund Manager at Newton Investment Management where he established and managed the Newton Global Income Fund. He was also the alternate manager on the Newton Real Return Fund. Under James’s management, the Newton Global Income fund grew to c. £4.5bn in AUM and was first in its sector over 10 years. James graduated from Bristol University with a BSc in Politics, before completing his Masters in Finance at the London Business School. He holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.

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Tomasz Boniek

Senior Fund Manager

Bio

Tomasz Boniek

Senior Fund Manager

Tomasz is the Co-Manager of the Trojan Global Income Fund, the Trojan Ethical Global Income Fund, and the STS Global Income & Growth Trust. He is also the Lead Manager of Troy’s International Equity Strategy (currently available in the U.S.).

Tomasz joined Troy in 2017 from Susa Fund Management, a European equity fund. He previously worked as an Associate at Bain Capital Credit. Tomasz graduated in European Economics from the University of Rome, before completing his Masters in Economics at Bocconi University, and his MBA at London Business School.

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Commentary

December 2025

Your Fund returned -0.5% over the month compared to -0.7% for the MSCI World Index NR (£).

December ended with more of a whimper than a bang but did cap off an extraordinary year. Following the tariff-related swoon in April global equity markets rose virtually uninterrupted for the rest of the year. One can argue that the effect of tariffs is yet to be felt and that valuations in the US have reached greater historical extremes but, so far at least, this has not mattered. Market returns have been decent.

Also notable has been the dominance of the Artificial Intelligence theme. The vast sums being deployed to build out the infrastructure needed for this new technology has created a capital expenditure boom which has benefitted a relatively narrow group of companies disproportionately. Again, one can argue that the returns on capital of this spending are currently unknown as is the timing of those returns. Further the circularity of the expenditure boosting the economy, the stock market and consumption via the wealth effect[1] lends a fragility to the current advance that may reverse should the expenditure be moderated. But again, this is all in the future.

What has happened is that there has been material divergence of performance that has thrown up some excellent global income opportunities. At Troy we seek to invest for the long term and interrupt compounding reluctantly. This tends to impart low turnover to our portfolios. Equally when companies in our universe go on sale, we will take advantage as appropriate.

We have established new investments in Siemens (world’s largest industrial software company undergoing a corporate streamlining), Nike (world’s pre-eminent sports apparel company), Sysco (dominant US food distribution company), IG Group (the UK’s leading spread-betting franchise under impressive new management) and Coloplast (superior medical technology company producing loyalty-inducing intimate products with structurally growing end markets). These were funded by sales of Cisco, Medtronic, Johnson & Johnson, Hershey and Magnum Ice Cream (spun out of Unilever) as well as material reductions in Philip Morris and Nintendo. A busy year indeed.

[1] The wealth effect is the idea that an increase in an individual’s wealth will lead to an increase in their consumption (spending).

Key facts

Co-Manager

James Harries

Co-Manager

Tomasz Boniek

Inception date

01/11/2016

Currency

Sterling

Available share classes

O, I, S

ISIN (O Class)

GB00BD82KP33 (Acc)
GB00BD82KQ40 (Inc)

Bloomberg (O Class)

TGIFOAC_LN (Acc)
TGIFOIN_LN (Inc)

Sedol (O Class)

BD82KP33 (Acc)
BD82KQ40 (Inc)

Fund ratings

© 2025 Morningstar, Inc. All Rights Reserved.

The Elite Rating™ system is proprietary to FundCalibre Ltd, but should not be taken as a recommendation.

Benchmarks

For more information on the benchmarks used please refer to the ‘use of benchmarks’ section in the fund information sheet

Ongoing Charges

‘O’ (ordinary) shares: 0.90%

‘O’ ACC SHARE CLASS as at 07/01/2026

179.28p

Fund size as at 31/12/2025

£455.9m

‘O’ INC SHARE CLASS as at 07/01/2026

136.59p

Performance

Source: Lipper.

01/11/201631/12/202031/12/202231/12/202430/06/2025
Since Launch5 Years3 Years1 Year6 Months
MSCI World NR GBP177.980.359.112.812.7
Trojan Global Income O Acc80.434.416.45.60.6
IA Global Equity Income NR111.161.637.512.59.2
Discrete Calendar Annual Returns (%)2016201720182019202020212022202320242025
Trojan Global Income O Acc0.68.7-1212.316.7-1.11.48.75.6

Source: Lipper. Since Launch (01/11/2016) to 31 December 2025. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms.

Risk and Volatility since launch

Source: Lipper.

Risk Analysis Since Launch (01/11/2016)Trojan Global Income O AccIA Global Equity Income NRMSCI World NR GBP
Total Return80.4111.1177.9
Max Drawdown-18.7-26.6-26.1
Best Month6.811.19.2
Worst Month-6.5-11.5-10.6
Positive Months62.466.165.1
Annualised Volatility9.310.312.1

Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns. Source: Lipper, as at 31 December 2025. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms.

Asset allocation

Top 10 holdingsFund %
BAT7.21742312673308
CME5.49078706534512
Microsoft4.53805088624433
Siemens4.45655340152501
Canadian National4.37315708714455
Reckitt Benckiser4.29794005370087
Paychex4.17541269204587
Amadeus4.11200767238541
Rentokil Initial4.09139220466293
Admiral3.61364606085562
Total Top 1046.3663702506428
22 Other Equity holdings52.7397102943025
Cash0.893919455054754
Total100

Asset allocation and holdings subject to change. As at 31 December 2025.

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive
Newsletter     View documents Hide documents

Fund Information Sheet

 View document Download document  

Interim Report

 July 2025 View document Download document  

Annual Report

 January 2025 View document Download document  
Prospectus & Additional Investor Information     View documents Hide documents
UCITS KIID     View share classes Hide share classes
Sustainability-related Disclosures     View documents Hide documents

Sustainable Investment Labels Statement

Sustainable investment labels help investors find products that have a specific sustainability goal. This fund does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective.  Despite not having a sustainable investment objective, when investing in companies, Troy integrates the analysis of sustainability characteristics into its investment decision-making. Troy also considers the steps companies are taking in relation to climate change mitigation.

Important Information
Past performance is not 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.  Some of the information contained on this page: (1) is proprietary to Morningstar and/or its content providers​; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For the full fund disclaimer please refer to the Fund factsheet. Please refer to Troy’s Glossary of Terms available here.

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

Find more information on how to invest in this fund and where it is available.

How to invest

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