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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 15/06/2018
Accumulation Shares
Income Shares
Fund Size
£105M (30/04/18)

April 2018

The Fund returned +2.1% during the month compared to +3.0% for the MSCI World Index NR (£).

We saw price weakness in some of our holdings as the core long-term investments in consumer staples continued to disappoint. Companies such as Pepsi, Clorox, Procter & Gamble and Hershey all fell. Our holdings in Altria and Philip Morris also declined as investors became concerned that the demand for so-called next generation products (less harmful alternatives to tobacco smoking) may be less robust than hoped. We believe these companies are well placed regardless of which product dominates and  remain confident that they will continue to dependably compound capital over many years even if markets become less buoyant, as we fear they will.

We retain a material position in Cisco, the leading networking infrastructure company. Cisco is perceived as a low-growth tech incumbent owing to concerns about its technology being displaced by newer solutions. The reality is different. Cisco products are becoming more relevant as networks become more complex and, as software sales increase faster than hardware sales, Cisco will become an even higher quality business. The shares are attractively valued with a dividend yield of 2.9%. Thanks to its conservative balance sheet and the bright prospects for the business, we expect steady dividend growth for years to come.

At the end of the month the Fund generated a quarterly distribution of 0.9p which takes the income generated in the first 6 months of the Fund’s second year to 1.62p. This compares to a pay out over the equivalent period in year one of 1.31p and represents income growth of some 23% (Source: Lipper). There were no material changes to the portfolio during the month.

Top 10 HoldingsFund (%)
GlaxoSmithKline 3.9
Novartis 3.8
Cisco 3.6
PepsiCo 3.6
Imperial Brands 3.6
Japan Tobacco 3.4
Roche Holding 3.3
Procter & Gamble 3.1
Vonovia 3.1
Microsoft 3.1
Total Top 10 34.5
30 other holdings 62.6
Cash & equivalent 2.9
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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