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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 20/04/2018
Accumulation Shares
Income Shares
Fund Size
£102M (31/03/18)

March 2018

The Fund returned -3.4% during the month compared to -3.9% for the MSCI World Index NR (£).

Equity markets may be starting to reflect the concerns we have had for some time. The proximate cause for the sell-off is likely bellicose trade rhetoric from this mercurial US President, but the underlying reason could be more profound. The confluence of an extended credit cycle enabling a lengthy economic cycle, spearheaded by fully valued risk capital markets, leaves little room for disappointment. Perhaps it is simply that accommodative policy, and especially quantitative easing, has encouraged speculative excess and its absence will engender greater prudence. As David Rosenberg from Gluskin Sheff put it in a recent podcast “fundamentals may be food for Mr Market but liquidity is oxygen”*.

We have made two changes to the portfolio. Following the bid for Dr Pepper Snapple last month we have sold our holding and reinvested into a business we have followed and admired for years: Clorox. We are unconvinced of the attractions of the Dr Pepper deal and similarly enthused by the derating Clorox has undergone, thus replacing one high-quality, predictable and well-managed predominantly US business with another – hopefully for many years to come.

We have also sold Compass Group to invest in Reckitt Benckiser. Although the former is a fine business, the latter is even better in our view and following a series of short-term disappointments is attractively valued on a 5.3% free cash flow yield, supporting a 3.1% prospective dividend yield.


Top 10 HoldingsFund (%)
Novartis 3.9
PepsiCo 3.9
GlaxoSmithKline 3.8
Japan Tobacco 3.6
Roche Holding 3.5
Imperial Brands 3.4
Cisco 3.4
Procter & Gamble 3.3
Vonovia 3.0
Hershey 3.0
Total Top 10 34.8
30 other holdings 62.8
Cash & equivalent 2.4
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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