Trojan Global Income Fund

Troy

Overview

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A fund that seeks to achieve growing levels of income from across the world, alongside the potential for capital growth.

What does the fund do?

It aims to provide investors with an attractive and regular stream of income that we aim to grow. We manage a concentrated portfolio of high-quality, global companies, purchased at attractive valuations and held for the long term.

Why this Fund?

Aimed at investors who seek an equity-focused income stream, with below-average volatility and an emphasis on absolute returns. The Fund integrates ESG and stewardship in accordance with Troy’s Responsible Investment & Stewardship Policy and also adheres to Troy’s Climate Change Mitigation Policy, in accordance with article 8 of SFDR.

View our SFDR disclosure

The team

James Harries

Senior Fund Manager

Bio

James Harries

Senior Fund Manager

James is the Senior Fund Manager responsible for the Trojan Global Income Strategy. He has 28 years’ investment experience, and has managed global equity portfolios since 2002. James is manager of the Trojan Global Income Fund, co-manager of the Trojan Ethical Global Income Fund and was awarded management of STS Global Income & Growth Trust plc in November 2020.​  

Joining Troy in 2016 to establish the Trojan Global Income Fund, James was previously a Fund Manager at Newton Investment Management where he established and managed the Newton Global Income Fund. He was also the alternate manager on the Newton Real Return Fund. Under James’s management, the Newton Global Income fund grew to c. £4.5bn in AUM and was first in its sector over 10 years. James graduated from Bristol University with a BSc in Politics, before completing his Masters in Finance at the London Business School. He holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.

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Tomasz Boniek

Fund Manager

Bio

Tomasz Boniek

Fund Manager

Tomasz is the co-manager of the Trojan Ethical Global Income Fund, Assistant Fund Manager of the Trojan Global Income Fund and has responsibility for the analysis of global companies and their selection for Troy’s portfolios.

He joined Troy in 2017 from Susa Fund Management, a European equity fund. He previously worked as an Associate at Bain Capital Credit. Tomasz graduated in European Economics from the University of Rome, before completing his Masters in Economics at Bocconi University, and his MBA at London Business School.

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Commentary

February 2025

Your Fund returned +0.8% over the month compared to -2.0% for the MSCI World Index NR (£).

Since the start of 2025, we made two new investments in the fund, Coloplast and Siemens.

Coloplast is a Danish business with a leading global position in the provision of ostomy management and continence care. With dominant positions in Europe and a growing US presence, the company designs, manufactures and markets ostomy care systems, disposable containment devices and intermittent catheters for continence care. They have also acquired an innovative business called Kerecis which uses fish skin in wound care. The type of intimate products Coloplast makes, together with their expertise and history of innovation, creates strong customer loyalty and consistent growth. The company has been in the Troy investment universe for several years. The shares have derated in recent years to a level that we think is sufficiently attractive to invest.

We also started an investment in Siemens. This is a high quality German industrial business which is going through a period of change which we think will be to the benefit of shareholders. The company is involved in automation, electrification, mobility and healthcare. A reputation for producing reliable highly engineered products, which are process critical and therefore highly costly to the customer if they fail, make for a strong competitive advantage by discouraging switching to alternative suppliers. The company is also a leader in industrial software.

Siemens is going through a process of simplification, which we believe will unlock significant value. The company still retains a majority stake in Siemens Healthineers, which we believe will likely be fully spun off by the end of 2025. Given the success of other industrial businesses that went through a process of portfolio simplification, we believe Siemens will benefit from these actions and might look to go even further by addressing both their Mobility and Financial Services businesses.

We funded these investments by completely exiting the positions in Domino’s Pizza and Johnson & Johnson. The new investments offer us the opportunity to improve the portfolio’s quality and growth rate, without sacrificing our income and valuation discipline.

The portfolio ended the period with 31 investments.

Key facts

Fund Manager

James Harries

Assistant Fund Manager

Tomasz Boniek

Inception date

01/11/2016

Currency

Sterling

Available share classes

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)

Fund ratings

© 2025 Morningstar, Inc. All Rights Reserved.

The Elite Rating™ system is proprietary to FundCalibre Ltd, but should not be taken as a recommendation.

Benchmarks

For more information on the benchmarks used please refer to the ‘use of benchmarks’ section in the fund information sheet

Ongoing Charges

‘O’ (ordinary) shares: 0.89%

‘O’ ACC SHARE CLASS as at 30/10/2024

169.06p

Fund size as at 31/01/2025

£579m

‘O’ INC SHARE CLASS as at 30/10/2024

133.72p

Performance

Source: Lipper, Waystone Management Limited.

01/11/201629/02/202028/02/202229/02/202431/08/2024
Since Launch5 Years3 Years1 Year6 Months
MSCI World NR GBP152.094.542.716.29.1
Trojan Global Income O Acc81.244.719.613.19.1
IA Global Equity Income NR95.367.232.112.16.1

Discrete Calendar Annual Returns (%)2016201720182019202020212022202320242025
Trojan Global Income O Acc0.68.7-1212.316.7-1.11.48.76.1

Performance is calculated on a total return basis, net of fees, in sterling terms. Past performance is not a guide to future performance

Source: Lipper, Waystone Management Limited. Since Launch (01/11/2016) to .

Risk and Volatility since launch

Source: Lipper, Waystone Management Limited.

Risk Analysis Since Launch (01/11/2016)Trojan Global Income O AccIA Global Equity Income NRMSCI World NR GBP
Total Return81.295.3152.0
Max Drawdown-18.7-26.6-26.1
Best Month6.811.19.2
Worst Month-6.5-11.5-10.6
Positive Months64.664.665.7
Annualised Volatility9.310.512.0

Performance is calculated on a total return basis, net of fees, in sterling terms.

Maximum Drawdown measures the worst investment period

Annualised Volatility is measured by the annualised standard deviation of the monthly returns

Source: Lipper, Waystone Management Limited. As at .

Asset allocation

Top 10 holdingsFund %
Paychex5.89799425782449
Philip Morris5.67361761615364
CME5.33085521395989
British American Tobacco5.17118803039881
Reckitt Benckiser4.5357044233183
ADP4.50824649428584
Amadeus4.0133636253587
Microsoft3.89171003818871
Novartis3.84414545085444
PepsiCo3.81990496118496
Total Top 1046.6867301115278
21 Other Equity holdings52.5993910702163
Cash0.713878818255946
Total100

Asset allocation and holdings subject to change. As at .

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive
Newsletter     View documents Hide documents

Fund Information Sheet

 View document Download document  

Interim Report

 July 2024 View document Download document  

Annual Report

 January 2024 View document Download document  
Prospectus & Additional Investor Information     View documents Hide documents
UCITS KIID     View share classes Hide share classes
Sustainability-related Disclosures     View documents Hide documents

Sustainable Investment Labels Statement

Sustainable investment labels help investors find products that have a specific sustainability goal. This fund does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective.  Despite not having a sustainable investment objective, when investing in companies, Troy integrates the analysis of sustainability characteristics into its investment decision-making. Troy also considers the steps companies are taking in relation to climate change mitigation.

Important Information

Past performance is not a guide to future performance. The value of a fund and any income from it may go down as well as up and investors may get back less than they invested. Changes in rates of exchange may cause the value of investments to go up or down. Returns may increase or decrease as a result of currency fluctuations. This data is provided for information only and should not be reproduced, published or disseminated in any manner. Although Troy considers the data to be reliable, no warranty is given as to its accuracy or completeness. Any comparisons against indices are for illustrative purposes only. In line with the Fund’s prospectus, the Fund is authorised to invest in transferable securities and money market instruments issued or guaranteed by an EEA state, one or more local authorities, a third country, or a public international body to which one or more EEA states belong.  The Investment Manager would only consider investing more than 35% of the Fund’s assets in UK or US government issued transferable securities or approved money market instruments. 

Some of the information contained on this page: (1) is proprietary to Morningstar and/or its content providers​; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 

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How to invest

Find more information on how to invest in this fund and where it is available.

How to invest

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