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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 28/04/2017
Accumulation Shares
Income Shares
Fund Size

March 2017

Initial euphoria around the Trump presidency has faded and markets have in turn reflected the more sombre realities of government.

While the global index has meandered towards a small positive return over the month, underlying market dynamics have changed significantly. Contrary to expectations, inflation concerns have waned, global government yield curves have flattened and the US dollar has been weak. Similarly, the rush into more cyclical companies has partially reversed.

Despite this short-term noise it is crucial that investors understand just what a strange opportunity set they are currently offered. Not only are valuations elevated but the structure of the global economy has been profoundly, if not yet obviously, distorted by years of experimental and aggressive monetary policy.


As a result the path is clear: avoid those areas that have been most distorted and where capital allocation has been most unproductive (leading to low returns for years) or wait until we see widespread debt forgiveness or restructuring. Further, recognise that high levels of debt and poorly directed investment are likely to be structurally deflationary.

In such an environment, we proceed with caution, remaining highly selective about the businesses in which we invest. The portfolio is concentrated in financially productive assets that do not rely on debt markets to fund their growth and which can sustain real growth in their dividends over the long term. Portfolio turnover will be kept to a minimum.




Top 10 HoldingsFund (%)
Philip Morris 4.1
Novartis 3.8
Microsoft 3.7
Altria 3.6
Coca-Cola 3.5
Unilever 3.2
Roche Holdings 3.2
Procter & Gamble 3.1
Japan Tobacco 2.9
Johnson & Johnson 2.9
Total Top 10 34.0
28 other holdings 56.3
Cash & equivalent 9.7
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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