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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 17/08/2017
Accumulation Shares
Income Shares
Fund Size

July 2017

At a recent meeting, CLSA strategist Chris Wood stated he thinks US CPI has peaked for this cycle; we agree.

We have long thought inflation would struggle in a post-Financial Crisis world. Deflationary forces (debt, demographics, technology etc.) have strengthened at an unfortunate time for the authorities. Fiscal policy is politically constrained by debt (for now) leaving monetary policy as the main lever to achieve their stated inflation target. We fear that by targeting CPI-type inflation they have precipitated an assetinflation instead. A fall in asset prices would result in unintended and uncontrolled financial tightening which would be ironically, a deflationary event.  After all “When a man’s (sic) vision is fixed on one thing…he might as well be blind”*.

Despite this, markets continue to offer tasty morsels such as Domino’s Pizza (UK) for the discerning investor. A classic Troy stock, it is a relatively simple and predictable business with room to grow and contains a competitive advantage (making dough at scale interestingly enough) allowing the company to earn high returns on its capital. Concern about slowing growth has lowered the share price by c.33% from the recent peak providing an opportunity to invest on 16.8x 2018 EPS with a prospective and growing dividend yield of 3.5%**. Our policy on Domino’s Pizza echoes Boris Johnson’s self-professed policy on cake – “we are pro having it and pro eating it”

*Charles Ponzi: as quoted in Charles Kindleberger’s Manias, Panics and Crashes.

**Source: Bloomberg


Top 10 HoldingsFund (%)
Japan Tobacco 4.0
Novartis 3.9
Imperial Brands 3.7
Philip Morris 3.5
Procter & Gamble 3.5
Coca-Cola 3.2
Microsoft 3.2
Cisco 3.0
Paychex 3.0
GlaxoSmithKline 3.0
Total Top 10 34.0
29 other holdings 60.0
Cash & equivalent 6.0
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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