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Trojan Global Income Fund

The investment objective of the Trojan Global Income Fund is to provide income with the potential for capital growth in the medium term. The fund’s policy is to invest substantially in equities globally. It may also invest in fixed interest securities, indices, deposits, collective investment schemes and money market instruments.

 Introducing the Fund                                                                  


Portfolio Positioning

'O' Share Class Price 16/10/2018
Accumulation Shares
Income Shares
Fund Size
£121M (30/09/18)

September 2018

The Fund returned -1.0% during the month compared to +0.2% for the MSCI World Index NR (£).

We continue to have a material proportion of the Fund allocated to the consumer staples sector. In August, one of our holdings, Hershey, had an analyst day that was focussed on their digital capabilities. The rapid application of technology and the shift in consumer behaviour is clearly an important area to understand and get right for consumer companies (as it is for all companies). This is especially so for a company like Hershey which depends upon impulse purchases for a large proportion of its sales. Chocolate and other snacks are the epitome of affordable treats whose desirability has allowed for attractive pricing and returns on capital historically. The question is does this impulse-driven pricing power endure in a more digital world? Further, does scale derived from a dominant market position still confer the same advantages?

Hershey did a good job of providing reassurance on both fronts. They are, not surprisingly, thinking hard about how habits are evolving as purchasing decisions switch to online. Hershey’s contention, correct in our view, is that although behaviour is different online the impulse remains. Further, the combination of beloved brands, an understanding of consumer motivation, and deep pockets to drive consumer awareness through innovative digital campaigns, underscores the durability and adaptability of Hershey’s inherent competitive advantages. Indeed, with attractive online economics and an ability to encourage consumers to buy more than the single item impulse purchases typically represent, this change could ultimately prove to be an opportunity rather than a threat for this business in the long term.

Top 10 HoldingsFund (%)
Novartis 4.8
GlaxoSmithKline 4.0
PepsiCo 3.9
Cisco 3.8
Roche Holding 3.6
Procter & Gamble 3.6
Coca-Cola 3.5
Microsoft 3.3
Medtronic 3.2
Paychex 3.2
Total Top 10 36.9
30 other holdings 60.2
Cash & equivalent 2.9
Total 100.0


How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

Find Out More

  • Fund Manager
    James Harries
  • Inception Date
  • Currency
    £ Sterling
  • Available Share Class
    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)

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