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

November 2024

Your Fund returned +3.4% over the month compared to +5.8% for the MSCI World Index NR (£).

This year the 5th of November will be remembered as the day Donald Trump was returned to the White House. As the Economist put it, we are now living in Trumpworld. The emphatic victory by the President-elect has caused some short-term reaction in global capital markets reflecting an upbeat attitude to the perceived benefits of a Trump administration, notably around deregulation and enhanced productivity in the public sector. Hence, we have seen strength in areas of the equity market such as banking, technology, Bitcoin and European defence. The US Dollar has been strong, spreads tight and equity volatility has declined. Some of our holdings, such as, Paychex, ADP and IHG have benefited from this.

At the same time less favoured areas have struggled, most obviously renewable energy and non-US currencies, including Sterling, but most impactfully, perhaps, the US Treasury market. The yield on the US 2-year note has climbed from a recent low of 3.54% to 4.15% as at 30th November, similarly the US 10 year yield has moved from 3.64% to a recent high of 4.45% as the bond market correctly anticipated a Trump win and the likelihood of greater inflation. The enactment of unfunded tax cuts, stricter treatment of migrants constraining the labour supply, and especially the imposition of tariffs will all contribute to this risk. When this is combined with a greater questioning of the independence of the US Federal Reserve, a more balanced view than is implied by recent excitement may be wise.

Much is uncertain, as rhetoric may not predict policy outcomes. However, to us it seems that markets have been quick to price in the positive attributes of the Trump agenda while potentially ignoring the negatives. There is an irony here that one of the key negatives (potential tariffs) are relatively easy to enact whereas the more positive policies or deregulation and raising productivity will likely be much slower and more difficult to achieve.

We stand ready to take advantage of opportunities that arise should markets strike a more cautious tone.

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

© 2024 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 30/11/2024

£597m

‘O’ INC SHARE CLASS as at 30/10/2024

133.72p

Performance

Source: Lipper, Waystone Management Limited.

01/11/201630/11/201930/11/202130/11/202331/05/2024
Since Launch5 Years3 Years1 Year6 Months
MSCI World NR GBP149.382.734.027.311.4
Trojan Global Income O Acc74.033.216.913.110.8
IA Global Equity Income NR90.753.627.418.17.0

Discrete Calendar Annual Returns (%)201620172018201920202021202220232024
Trojan Global Income O Acc0.68.7-1212.316.7-1.11.410.7

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 Return74.090.7149.3
Max Drawdown-18.7-26.6-26.1
Best Month6.811.19.2
Worst Month-6.5-11.5-10.6
Positive Months64.665.666.7
Annualised Volatility9.310.512.1

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 %
Paychex5.80938423843271
British American Tobacco5.25906251863655
CME5.10620980370838
Philip Morris4.9654924864322
ADP4.58541219718639
Reckitt Benckiser4.33716104633799
Microsoft4.23961104059048
Nintendo4.19833636488307
PepsiCo4.15512370849676
RELX4.00488362738099
Total Top 1046.6606770320855
22 Other Equity holdings52.3140349853384
Cash1.02528798257606
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
UCITS KIID     View share classes Hide share classes

Fund Information Sheet

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Prospectus & Additional Investor Information     View documents Hide documents

Sustainability-related Disclosures

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Annual Report

 January 2024 View document Download document  

Interim Report

 July 2023 View document Download document  

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.

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