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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 26/06/2017
Accumulation Shares
Income Shares
Fund Size

May 2017

We recently attended a meeting with McDonald’s.

Key for any business is how they see technology both as a threat and as an opportunity. Until recently it was unclear how this “analogue” company would approach the issue. The meeting provided many of the answers as management laid out a thoughtful and cogent approach.

A strategy designed to “retain, regain and convert” customers centres around digital, delivery and a so-called “Experience of the Future”. By combining in-restaurant kiosks with an app and partnering with UberEATS in the US, they are enhancing ordering, order flow, speed and, in time, delivery. It is the last of these that is very interesting. In the US food delivery is a $100bn market of which McDonald’s currently has a 1% share*. 

In their top 5 markets (US, France, UK, Germany and Canada) c.75% of the population live within 3 miles of a McDonald’s restaurant*. The scale and density of the operation makes this company well placed to address the opportunity. Orders are 60-70% new demand and late in the day (c.30% of it after midnight!) when the kitchens tend to be less busy, with obvious productivity benefits.

Although the shares are currently not inexpensive, we think such initiatives will accelerate shareholder returns and represent an excellent long-term global income investment.

*Source:   Bloomberg; management transcript, 31 May 2017




Top 10 HoldingsFund (%)
Novartis 4.0
Philip Morris 3.9
Altria 3.7
Microsoft 3.6
Coca-Cola 3.3
Unilever 3.3
Japan Tobacco
GlaxoSmithKline 3.1
Roche Holdings 3.0
McDonald's 2.9
Total Top 10 34.0
29 other holdings 59.8
Cash & equivalent 6.2
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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