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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 19/10/2017
Accumulation Shares
Income Shares
Fund Size

August 2017

There is some debate whether the yield on the US 10-year treasury bond or the level of the US dollar is the most important price in global capital markets.

Both matter and have been moving in a way that has surprised many. The recent peak for the US 10-year treasury yield was reached during March at 2.63%, but has since declined to 2.12%. Similarly the trade weighted US dollar index peaked in December 2016 at 103.3 and has since declined to 92.7 – a fall of 10.3% (Source: Bloomberg). The two are linked; as faith in the reflationary efforts of the Trump administration has faltered expectations for rate rises have diminished, undermining support for the US dollar. These trends may have been exacerbated by hurricane worries. Ironically a falling dollar is a welcome development for other areas and may, in part, explain the recent rally in the euro as well as commodities, including oil and gold, and prices for emerging market debt, equity and currencies. We view much of this as a counter-trend move within the over-arching context of a maturing economic cycle; notably in China, ongoing low levels of global inflation and rich asset price valuations. If these concerns reassert themselves in investors’ minds, much of the recent movements in markets may well reverse as the US dollar once again finds its footing.

At the end of July an announcement from the US Food and Drug Administration (FDA) negatively impacted the share prices of our tobacco holdings. Importantly, the FDA can only make changes based on rigorous scientific evidence; its experience with menthol cigarettes is instructive.  In 2011 a scientific advisory committee established by the FDA recommended that menthol cigarettes be banned for the benefit of public health.  Six years later, they are still widely available.  We suspect that the initial share price reaction is a case of ‘sell first, ask questions later.’ 


Top 10 HoldingsFund (%)
Imperial Brands 3.9
Japan Tobacco 3.9
Novartis 3.8
Procter & Gamble 3.5
Philip Morris 3.4
Microsoft 3.4
Coca-Cola 3.2
Paychex 3.1
GlaxoSmithKline 3.0
Cisco 3.0
Total Top 10 34.2
29 other holdings 61.4
Cash & equivalent 4.4
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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