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 Senior Fund Manager responsible for the Trojan Global Income Strategy. He has 28 years’ investment experience, and has managed global equity portfolios since 2002. James is manager of the Trojan Global Income Fund, co-manager of the Trojan Ethical Global Income Fund and was awarded management of STS Global Income & Growth Trust plc in November 2020.
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 Ethical Global Income Fund, Assistant Fund Manager of the Trojan Global Income Fund and has responsibility for the analysis of global companies and their selection for Troy’s portfolios.
He 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
© 2024 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 10/09/2024
167.57p
Fund size as at 31/08/2024
£612m
‘O’ INC SHARE CLASS as at 10/09/2024
132.54p
Performance
Source: Lipper, Waystone Management Limited.
| 01/11/2016 | 31/08/2019 | 31/08/2021 | 31/08/2023 | 29/02/2024 | |
|---|---|---|---|---|---|
| Since Launch | 5 Years | 3 Years | 1 Year | 6 Months | |
| MSCI World NR GBP | 131.0 | 71.6 | 27.9 | 20.0 | 6.5 |
| Trojan Global Income O Acc | 66.1 | 27.2 | 13.5 | 6.5 | 3.7 |
| IA Global Equity Income NR | 84.0 | 50.0 | 23.7 | 14.7 | 5.6 |
| Discrete Calendar Annual Returns (%) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Trojan Global Income O Acc | 0.6 | 8.7 | -1 | 21 | 2.3 | 16.7 | -1.1 | 1.4 | 5.7 |
Performance is calculated on a total return basis, net of fees, in sterling terms. Past performance is not a guide to future performance
Source: Lipper, Waystone Management Limited. Since Launch (01/11/2016) to 31 August 2024.
Risk and Volatility since launch
Source: Lipper, Waystone Management Limited.
| Risk Analysis Since Launch (01/11/2016) | Trojan Global Income O Acc | IA Global Equity Income NR | MSCI World NR GBP |
|---|---|---|---|
| Total Return | 66.1 | 84.0 | 131.0 |
| 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 | 64.5 | 66.7 |
| Annualised Volatility | 9.4 | 10.6 | 12.1 |
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, Waystone Management Limited. As at 31 August 2024.
Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| Unilever | 5.83352613697505 |
| Paychex | 5.23370002710115 |
| BAT | 5.18382493463402 |
| Philip Morris | 5.13812722121148 |
| CME | 4.64888211643936 |
| RELX | 4.47432279352321 |
| PepsiCo | 4.41408002582225 |
| Novartis | 4.3849393871949 |
| Microsoft | 4.19459896220191 |
| ADP | 4.1400092491232 |
| Total Top 10 | 47.6460108542265 |
| 21 Other Equity holdings | 51.7157385874522 |
| Cash | 0.638250558321302 |
| Total | 100 |
Asset allocation and holdings subject to change. As at 31 August 2024.
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
| Factsheet | View archive | ||
| Newsletter | View documents | ||
| UCITS KIID | View share classes | ||
|
Fund Information Sheet |
View document Download document | ||
| Prospectus & Additional Investor Information | View documents | ||
|
Sustainability-related Disclosures |
View document Download document | ||
|
Annual Report |
January 2024 | View document Download document | |
|
Interim Report |
July 2023 | View document Download document |
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Factsheet
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Newsletter
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-
UCITS KIID
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-
Fund Information Sheet
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Prospectus & Additional Investor Information
View documents Open
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Sustainability-related Disclosures
Open Download -
Annual Report
Date: January 2024 Open Download -
Interim Report
Date: July 2023 Open Download
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
August 2024
Your Fund returned +1.1% over the month compared to +0.3% for the MSCI World Index NR (£).
We met with the management team of Admiral Group this month following strong results. As in previous insurance cycles Admiral has done an excellent job of navigating the recent very volatile after-effects seen in this industry post-COVID. Core to the investment case has always been the group’s demonstrated ability to underwrite profitably as evidenced by a consistently low combined ratio (low is good in this context). This allows the company to offload insurance risk via reinsurance while retaining profitability. This is a large part of what makes Admiral a special business.
Added to this is the agility of the management team. The company’s dominant market share in UK motor insurance leads it to have excellent real-time data. There is a notable independence of thought and decision making derived from a culture of open and honest communication at the most senior level. This has enabled them to price effectively as well as scale their underwriting at optimal points in the cycle. The result has been both enhanced profitability as well as an ability to take market share from more leaden-footed competitors.
All of this was evident in recent results leading to a c.8% rise in the share price on the day of the announcement. Total premium growth increased by a remarkable 60% year-on-year from a combination of higher rates and policy count growth. Earnings per share were better than expected as was the welcome dividend increase.
Balanced against this, the company’s international operations continue to make heavy weather. Admiral has struggled to replicate its business model in other countries, leading to lacklustre growth and profitability. A low value must therefore be ascribed to this business. As such the shares are reasonably valued at c. 16x 2025 earnings but can no longer be said to be cheap. It remains a high-quality global income asset and a long-term investment in the fund.