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Troy Trojan Global Income Class O - Accumulation

Sell:145.46p Buy:145.46p Change: 0.27p (0.19%)
Prices as at 26 July 2021
Change: 0.27p (0.19%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 26 July 2021
Change: 0.27p (0.19%)
Prices as at 26 July 2021
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund is on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. However, this is not a recommendation to buy.

James Harries aims to deliver long-term income and capital growth. This fund aims to grow income sustainably over time rather than seeking higher but potentially unreliable yields. The manager sets the bar high when it comes to picking stocks and only those of the highest quality are considered for the portfolio. This approach means the fund could work well alongside 'value' funds investing in unloved companies. It could also add global diversification to an income-focused portfolio.

Our view on the sector

Equity income funds are popular with investors. Most try to generate a rising income, and increase the value of your original investment, over the long term. The income can be paid out, or reinvested to boost long-term growth. Equity income funds have traditionally focused on the UK, and there's still a strong case for UK equity income. But there's a growing case for investing globally for income too. The number of companies outside the UK offering high and rising dividends has increased rapidly. And exposure to foreign currencies will boost returns if sterling weakens, like it did after the UK voted to leave the European Union in 2016, but the reverse is true if sterling strengthens.

Performance Analysis

Our conviction in Harries stems from his long-term track record. At Newton he built an impressive record managing their global income fund. The Troy Trojan Global Income Fund has underperformed the IA Global Equity Income sector since launch. That said, the fund has taken less risk than many others and we are confident in his longer-term abilities.

Given Harries' focus on high-quality companies we expect the fund to hold up relatively well when markets fall, which happened during the depths of the crisis in March 2020 and since launch. In contrast, we expect the fund to lag the peer group when markets are rising quickly. Not owning companies that are highly sensitive to economic conditions has hindered short-term performance.

Investment Philosophy

Protecting investors' wealth has always been the most important thing at Troy. The managers believe that's the best starting point for growing wealth over the long term. All Troy funds are run along the same lines - disciplined and patiently investing in a small number of high-quality holdings.

Process and Portfolio Construction

Harries' investment approach is similar to other Troy fund managers. He looks for large, financially sound companies that have shown their resilience through both good and bad times for the wider economy. He mainly focuses on developed markets, such as the US, Europe and the UK. While he has the flexibility to invest in higher-risk emerging markets, he tends to avoid them, preferring companies that sometimes sell their products in these regions.

Given the manager's long-term approach, new purchases and sales are kept to a minimum. Only a few new ideas are considered each year, and the manager only sells shares if he feels the outlook has changed, the company becomes too highly valued, or he finds a better idea elsewhere.

This is a concentrated portfolio of between 30-40 holdings. That means each company can have a significant impact on performance, although it's a higher-risk approach. Every holding must pay a dividend, but the fund doesn't have an income target. Harries is more focused on total return, a combination of income and growth, than income alone and wont chase an unsustainable yield that is potentially damaging to long-term returns.

Investors should be aware that charges are taken from capital, which can increase the yield but reduces the potential for capital growth. The manager also has the flexibility to use derivatives which, if used, increases risk.

question mark Manager Track Record Based on HL Quantitative Research

This information is currently unavailable.

Fund Track Record

26/07/16 to 26/07/17 26/07/17 to 26/07/18 26/07/18 to 26/07/19 26/07/19 to 26/07/20 26/07/20 to 26/07/21
Annual return n/a 4.07% 17.39% 2.79% 9.23%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Information about the fund

Fund manager biography

manager photo
Manager Name: James Harries
Manager start date: 1 November 2016
Manager located in: London

James joined Troy in 2016 to establish the Trojan Global Income Fund He graduated from Bristol University in 1994 and spent a year at the Royal Military Academy Sandhurst. Following this he joined Newton Investment Management. He left Newton in 2004 having completed a Masters in Finance at the London Business School and spent a year at Veritas Asset Management before re-joining Newton. In 2005 he established the Newton Global Income fund, he was also the alternate manager on the Newton Real Return Fund.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account