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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 27/07/2017
Accumulation Shares
Income Shares
Fund Size

June 2017

This month saw the publication of the Bank of International Settlements’ Annual Report* and the Institute of International Affairs’ Global Debt Monitor** – neither was very encouraging.

The former highlighted risks to the current optimistic consensus: financial cycle risks for financial stability, risks to consumption growth from household debt, risks to investment from poor productivity and debt and protectionism. The latter noted that global debt levels are at an all-time high with a notable increase in emerging markets.

While familiar territory, investors should keep such information in mind. Although economies continue to grow, albeit rather more slowly than we would like, and equity and credit markets remain happy, the underpinnings to this perceived prosperity may prove unsustainable. 

The persistence of low growth, low inflation and very low interest rates after such a long period of aggressive policy trying to discourage this outcome, together with resultant elevated debt levels can hardly be seen as a success. It is now 10 years since the Bank of England raised interest rates.

We continue to focus on companies that we think can thrive despite the foregoing. By managing a concentrated portfolio of companies that are inherently financially productive, we aim to deliver attractive risk-adjusted returns and income through a complete market cycle – whenever that might be.

There has been no significant changes to the portfolio this month.





Top 10 HoldingsFund (%)
Novartis 3.9
Philip Morris 3.6
Altria 3.5
Microsoft 3.3
Wells Fargo 3.1
Japan Tobacco 3.1
Coca-Cola 3.1
Unilever 3.0
GlaxoSmithKline 3.0
Imperial Brands 2.9
Total Top 10 32.4
29 other holdings 59.8
Cash & equivalent 7.8
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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