Overview
Download factsheetA 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 is the Co-Manager of the Trojan Global Income Fund, Trojan Ethical Global Income Fund and STS Global Income & Growth Trust plc. He has 28 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.
Tomasz is the Co-Manager of the Trojan Global Income Fund and Trojan Ethical Global Income Fund. 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.
Key facts
Fund Manager
James Harries
Assistant Fund 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: 0.89%
‘O’ ACC SHARE CLASS as at 20/05/2025
180.76p
Fund size as at 30/04/2025
£475m
‘O’ INC SHARE CLASS as at 20/05/2025
139.71p
Performance
Source: Lipper.
| 01/11/2016 | 30/04/2020 | 30/04/2022 | 30/04/2024 | 31/10/2024 | |
|---|---|---|---|---|---|
| Since Launch | 5 Years | 3 Years | 1 Year | 6 Months | |
| MSCI World NR GBP | 129.0 | 81.4 | 28.8 | 5.1 | -2.9 |
| Trojan Global Income O Acc | 74.9 | 35.6 | 8.1 | 11.2 | 4.0 |
| IA Global Equity Income NR | 84.5 | 65.3 | 20.5 | 4.3 | -0.6 |
| Discrete Calendar Annual Returns (%) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Trojan Global Income O Acc | 0.6 | 8.7 | -1 | 21 | 2.3 | 16.7 | -1.1 | 1.4 | 8.7 | 2.4 |
Source: Lipper. Since Launch (01/11/2016) to 30 April 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 Acc | IA Global Equity Income NR | MSCI World NR GBP |
|---|---|---|---|
| Total Return | 74.9 | 84.5 | 129.0 |
| Max Drawdown | -18.7 | -26.6 | -26.1 |
| Best Month | 6.8 | 11.1 | 9.2 |
| Worst Month | -6.5 | -11.5 | -10.6 |
| Positive Months | 63.4 | 63.4 | 64.4 |
| Annualised Volatility | 9.3 | 10.5 | 12.2 |
Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns. Source: Lipper, as at 30 April 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 holdings | Fund % |
|---|---|
| CME Group | 5.62240440011284 |
| British American Tobacco | 5.57511032905007 |
| Paychex | 5.52627679119771 |
| Philip Morris International | 5.12302149934173 |
| Reckitt Benckiser Group | 4.29105153793741 |
| Nintendo Co | 4.20929097597898 |
| Amadeus IT Group | 4.03109573780914 |
| Novartis | 3.91546092053214 |
| RELX | 3.83741850665784 |
| Microsoft | 3.74298500321675 |
| Total Top 10 | 45.8741157018346 |
| 21 Other Equity holdings | 52.4377275621291 |
| Cash | 1.68815673603635 |
| Total | 100 |
Asset allocation and holdings subject to change. As at 30 April 2025.
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
| Factsheet | View archive | ||
| Newsletter | View documents | ||
|
Fund Information Sheet |
View document Download document | ||
|
Interim Report |
July 2024 | View document Download document | |
|
Annual Report |
January 2025 | View document Download document | |
| Prospectus & Additional Investor Information | View documents | ||
| UCITS KIID | View share classes | ||
| Sustainability-related Disclosures | View documents |
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Factsheet
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Newsletter
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Fund Information Sheet
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Interim Report
Date: July 2024 Open Download -
Annual Report
Date: January 2025 Open Download -
Prospectus & Additional Investor Information
View documents Open
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-
UCITS KIID
View share classes Download
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Sustainability-related Disclosures
View documents Open
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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. In line with the Fund’s prospectus, the Fund is authorised to invest in transferable securities and money market instruments issued or guaranteed by an EEA state, one or more local authorities, a third country, or a public international body to which one or more EEA states belong. The Investment Manager would only consider investing more than 35% of the Fund’s assets in UK or US government issued transferable securities or approved money market instruments.
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.
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).
For the full fund disclaimer please refer to the Fund factsheet.
Please refer to Troy’s Glossary of Terms available here.
How to invest
Find more information on how to invest in this fund and where it is available.
How to invest
Commentary
April 2025
Your Fund returned -0.2% over the month compared to -2.5% for the MSCI World Index NR (£).
April’s headline figures conceal a swift intramonth drawdown in equity markets followed by an equally sharp rebound: equity indices recovered most of the losses post Liberation day. While the stock market rally was impressive, the macro backdrop has deteriorated and remains uncertain, with equity valuations still elevated. Against this whipsaw environment the Fund’s defensive characteristics helped preserve capital.
During the month we initiated a new investment in Nike, the world‑leading athletic footwear and apparel business. Nike’s share price has fallen sharply over the past twelve months as the company works through an inventory build‑up across a handful of wholesale franchise channels and as renewed tariff rhetoric from the U.S. administration has weighed on sentiment. We have followed the company for a number of years and believe the market reaction materially undervalues the long‑term attractions of the franchise.
Our confidence has grown under the stewardship of the recently appointed CEO, Elliott Hill. His decision to rationalise distribution and prioritise product innovation is painful in the short term, but in our view essential to protect Nike’s unrivalled brand equity and ensure the company remains the pre‑eminent sports brand globally.
Tariffs and the associated profit margin pressure will hurt near‑term earnings, but we see this as a temporary dislocation rather than a structural change. Assuming a recovery to Nike’s historic operating margins – which we regard as a conservative base case – we are buying the shares on what we believe is an attractive valuation, with the highest dividend yield of the last ten years (Source: Bloomberg). In addition, the balance sheet carries minimal financial leverage, affording Nike the flexibility to invest through financial market cycles.
The investment in Nike is exactly the kind of opportunity we aim to capture: buying world-class businesses when they are out of favour.
We funded the investment in Nike by fully exiting our position in Hershey.