Trojan Global Income Fund

Troy

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

Commentary

April 2024

Your Fund returned -2.1% during the month compared to -2.9% for the MSCI World Index (NR) GBP.

We added Amadeus to the portfolio during the month. Amadeus is a leading provider of IT solutions for the global travel and tourism industry. It operates two main business segments: distribution and IT solutions. The distribution segment connects travel providers with travel agencies and other intermediaries. The IT solutions segment offers software and cloud-based platforms that help airlines to manage their operations and hotels to manage their reservation systems.

We believe that Amadeus has a strong competitive position in both segments, benefiting from high barriers to entry, network effects, and economies of scale. In the IT solutions business, Amadeus’s competitive position has improved since Covid. Its competitors are losing business as they cannot match Amadeus on R&D spending. Additionally, some of them are dealing with financial problems that further hampers their ability to compete effectively.

We invested in Amadeus because we see a significant opportunity for the company to grow its IT solutions segment, especially in the areas of air travel and hospitality. Air travel, after the significant Covid disruptions, is forecasted to grow ahead of GDP. Amadeus has a dominant market share, and we believe the company is well placed to benefit as spending increases with its existing customers. In the hospitality sector, Amadeus is making significant progress with its reservation system and has now signed a third hotel chain to its platform to join IHG and Marriott.

We funded the purchase of Amadeus by exiting our position in Fastenal, which we sold reluctantly on valuation grounds. Whilst we have high confidence that Fastenal can continue to grow sales at attractive rates for years to come, the shares have become too richly valued at more than 32x earnings. Amadeus offers similar if not higher growth rates at a much more attractive valuation.

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: 0.88%

‘O’ ACC SHARE CLASS as at 24/05/2024

159.13p

Fund size as at 30/04/2024

£789m

‘O’ INC SHARE CLASS as at 24/05/2024

126.82p

Performance

Source: Lipper, Waystone Management Limited.

01/11/201630/04/201930/04/202130/04/202331/10/2023
Since Launch5 Years3 Years1 Year6 Months
MSCI World NR GBP117.871.230.318.816.6
Trojan Global Income O Acc57.431.113.70.34.3
IA Global Equity Income NR76.950.425.511.113.6
Discrete Calendar Annual Returns (%)201620172018201920202021202220232024
Trojan Global Income O Acc0.68.7-1212.316.7-1.11.40.1

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 30 April 2024.

Risk and Volatility since launch

Source: Lipper, Waystone Management Limited.

Risk Analysis Since Launch (01/11/2016)Trojan Global Income O AccIA Global Equity Income NRMSCI World NR GBP
Total Return57.476.9117.8
Max Drawdown-18.7-26.6-26.1
Best Month6.811.19.2
Worst Month-6.5-11.5-10.6
Positive Months62.962.965.2
Annualised Volatility9.510.812.4

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 30 April 2024.

Asset allocation

Top 10 holdingsFund %
Paychex5.34138081618691
Unilever5.18378610210647
CME4.99284428417469
PepsiCo4.96416233847646
BAT4.52523103700714
RELX4.39742620110751
Philip Morris4.373088684653
Reckitt Benckiser4.36053461609629
Microsoft4.32692160085423
ADP4.31389543849305
Total Top 1046.7792711191558
22 Other Equity holdings52.3083236492776
Cash0.912405231566661
Total100

Asset allocation and holdings subject to change. As at 30 April 2024.

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive
Newsletter     View documents Hide documents
UCITS KIID     View share classes Hide share classes

Fund Information Sheet

View document Download document  
Prospectus & Additional Investor Information     View documents Hide documents

Sustainability-related Disclosures

View document Download document  

Annual Report

January 2023 View document Download document  

Interim Report

July 2023 View document Download document  

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

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