Morningstar Fund Report  | 02/04/2025Print

Trojan Global Income Fund O Accumulation

Performance History28/02/2025
Growth of 1,000 (GBP) Advanced Graph
Trojan Global Income Fund O Accumulation
Fund16.7-1.11.48.76.1
+/-Cat-1.5-0.3-5.8-1.71.7
+/-B’mrk-3.6-7.9-3.3-4.71.6
 
Category: Global Equity Income
Category Benchmark: Morningstar Gbl High Div Yl...
Key Stats
NAV
01/04/2025		 GBX 177.13
Day Change 1.21%
Morningstar Category™ Global Equity Income
IA (formerly IMA) Sector Global Equity Income
ISIN GB00BD82KP33
Fund Size (Mil)
28/02/2025		 GBP 572.44
Share Class Size (Mil)
01/04/2025		 GBP 203.07
Max Initial Charge -
Ongoing Charge
13/12/2024		  0.89%
Morningstar Research
Analyst Report05/06/2024
Jeffrey Schumacher, Director
Morningstar, Inc

A talented investment team and a consistently applied approach that has stood the test of time give Trojan Global Income an edge. We retain People and Process ratings of Above Average, leading to Morningstar Analyst Ratings of Silver for the...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People24
Parent24
Process24
Performance
Price
Investment Objective: Trojan Global Income Fund O Accumulation
To seek to achieve income with the potential for capital growth in the medium term (3 to 5 years). The Sub-fund’s investment policy is to invest at least 80% of its assets globally in equities (including investment trusts and real estate investment trusts (REITs)) and equity-related securities (being instruments whose return is determined by the performance of a single underlying equity or a basket of equities). The Sub-fund may also invest in government and public securities (such as sovereign debt and treasury bills), corporate bonds, real estate (via REITs), private equity, cash, cash equivalents (including money-market instruments) and deposits.
Returns
Trailing Returns (GBP)01/04/2025
YTD3.91
3 Years Annualised4.27
5 Years Annualised8.63
10 Years Annualised-
12 Month Yield 2.93
Management
Manager Name
Start Date
James Harries
31/10/2016
Tomasz Boniek
15/11/2017
Inception Date
31/10/2016

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI World NR GBPMorningstar Gbl High Div Yld NR USD
Portfolio Profile for  Trojan Global Income Fund O Accumulation28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock98.550.0098.55
Bond0.000.000.00
Property0.000.000.00
Cash1.450.001.45
Other0.000.000.00
Top 5 Regions%
United States44.65
United Kingdom29.40
Europe - ex Euro10.00
Eurozone8.79
Japan3.82
Top 5 Sectors%
Consumer Defensive33.06
Technology25.34
Healthcare11.43
Industrials10.58
Financial Services8.51
Top 5 HoldingsSector%
Paychex IncTechnologyTechnology5.74
Philip Morris International IncConsumer DefensiveConsumer Defensive5.59
CME Group Inc Class AFinancial ServicesFinancial Services5.21
British American Tobacco PLCConsumer DefensiveConsumer Defensive5.12
Reckitt Benckiser Group PLCConsumer DefensiveConsumer Defensive4.54
Increase Decrease New since last portfolio
Trojan Global Income Fund O Accumulation
Growth Of 1000 (GBP) 28/02/2025
Fund:  Trojan Global Income Fund O Accumulation
Category:  Global Equity Income
Category Index:  Morningstar Gbl High Div Yld NR USD
Growth of 1,000 GBP
Annual Returns (GBP)28/02/2025
 201820192020202120222023202428/02
Price Return-0.9621.012.3416.74-1.101.438.706.09
+/- Category4.944.090.44-1.51-0.33-5.85-1.701.68
+/- Category Index----3.61-7.91-3.33-4.671.62
% Rank in Category1116456556896020
Trailing Returns (GBP)01/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day1.21   2.191.03
1 Week0.35   1.741.53
1 Month-2.06   1.341.51
3 Months3.91   2.993.17
6 Months6.43   3.942.23
YTD3.91   2.993.17
1 Year10.42   5.083.98
3 Years Annualised4.27   -1.91-3.14
5 Years Annualised8.63   -3.24-5.00
10 Years Annualised-   --
 
Category: Global Equity Income
Category Index: Morningstar Gbl High Div Yld NR USD
Quarterly Returns (GBP)28/02/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20242.28-1.434.962.71
2023-1.49-0.331.921.37
20220.40-2.691.37-0.14
20211.205.011.598.13
2020-7.8910.050.200.74
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearBelow AverageLow2 star
5-YearBelow AverageLow3 star
10-Year--Not Rated
OverallBelow AverageLow3 star
 
Category :  Global Equity IncomeClick here to see our Methodology
Volatility Measurements28/02/2025
 
3-Yr Std Dev7.40 %
3-Yr Mean Return6.43 %
 
3-Yr Sharpe Ratio0.32
 
Modern Portfolio Statistics28/02/202528/02/2025
 Standard IndexBest Fit Index
 Morningstar Gbl High Div Yld NR USD  Morningstar Switzerland TME NR CHF
3-Yr Beta0.650.60
3-Yr Alpha-2.61-0.70
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 74313-
Market Capitalisation% of Equity
Giant32.41
Large52.45
Medium15.14
Small0.00
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings18.731.18
Price/Book3.901.52
Price/Sales3.581.93
Price/Cash Flow16.981.53
Dividend-Yield Factor3.260.98
 
Long-Term Projected Earnings Growth7.140.80
Historical Earnings Growth16.644.21
Sales Growth6.291.97
Cash-Flow Growth2.302.12
Book-Value Growth-0.62-0.14
 
Category: Global Equity Income
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock98.550.0098.55
Bond0.000.000.00
Property0.000.000.00
Cash1.450.001.45
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States44.650.90
Canada1.500.53
Latin America0.000.00
United Kingdom29.403.18
Eurozone8.790.49
Europe - ex Euro10.001.32
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan3.820.91
Australasia0.000.00
Asia - Developed1.840.35
Asia - Emerging0.000.00
 
Category: Global Equity Income
Sector Weightings28/02/2025
 % of EquityRelative to Category
Consumer CyclicalConsumer Cyclical5.410.69
Financial ServicesFinancial Services8.510.42
Real EstateReal Estate1.841.29
Consumer DefensiveConsumer Defensive33.062.93
HealthcareHealthcare11.430.90
Communication ServicesCommunication Services3.820.66
IndustrialsIndustrials10.580.85
TechnologyTechnology25.341.55
 
Category: Global Equity Income
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings32
Total Number of Bond Holdings0
Assets in Top 10 Holdings46.05
NameSectorCountry% of Assets
Paychex Inc311United States5.74
Philip Morris International Inc205United States5.59
CME Group Inc Class A103United States5.21
British American Tobacco PLC205United Kingdom5.12
Reckitt Benckiser Group PLC205United Kingdom4.54
Automatic Data Processing Inc311United States4.42
Amadeus IT Group SA311Spain4.02
Microsoft Corp311United States3.82
Novartis AG Registered Shares206Switzerland3.82
Nintendo Co Ltd308Japan3.76
 
Increase Decrease New since last portfolio
Category: Global Equity Income
 
Management
Name of CompanyTroy Asset Management Limited
Phone+44 20 74994030
Websitewww.taml.co.uk
AddressHill Hour, 1 Little New Street, London, EC4A 3TR
 London   EC4A 3TR
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date31/10/2016
Fund Advisor(s)
Troy Asset Management Limited
Fund ManagerJames Harries
Manager Start Date31/10/2016
Education
London Business School, M.S.
Bristol University, B.A.
 
Biography
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.
Fund ManagerTomasz Boniek
Manager Start Date15/11/2017
Education
University of Rome, B.A.
Bocconi University, M.A.
London Business School, M.B.A.
 
Biography
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.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.85%
Ongoing Charge0.89%
Purchase Details
Minimum Investments
Initial1000  GBP
Additional1000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes