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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 11/12/2017
108.18p
Accumulation Shares
Income Shares
105.18p
Fund Size
£100M

October 2017

A recent paper published by the IMF entitled “Resolving China’s Corporate Debt Problem” outlined the scale of the Chinese credit issue.

China may be the key weakness in the global economy and its unravelling will be more impactful than the consensus thinks. Markets seem to have simply forgotten about it or, more likely, put it in the “too hard” tray. The combination of a huge problem and a somnambulant investor community is a dangerous one.

At Troy we have always been cognisant of the importance of credit cycles and we fear this one will matter. Further, the paper highlights how this QE-inspired credit flood has induced investment and overcapacity rather than the anticipated inflation. 

China may be the key weakness in the global economy and its unravelling will be more impactful than the consensus thinks. Markets seem to have simply forgotten about it or, more likely, put it in the “too hard” tray. The combination of a huge problem and a somnambulant investor community is a dangerous one.

At Troy we have always been cognisant of the importance of credit cycles and we fear this one will matter. Further, the paper highlights how this QE-inspired credit flood has induced investment and overcapacity rather than the anticipated inflation. 

Top 10 HoldingsFund (%)
Novartis 4.0
Japan Tobacco 4.0
Imperial Brands 3.9
Microsoft 3.7
Paychex 3.3
Coca-Cola 3.3
Procter & Gamble 3.1
Wells Fargo 3.1
Altria 3.1
Cisco 3.0
Total Top 10 34.5
29 other holdings 62.7
Cash & equivalent 2.8
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
    01/11/2016
  • 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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