Overview
Focusing on quality companies in an uncertain world
What does the Trust do?
STS Global Income & Growth Trust aims to be the high quality, low volatility global income and growth investment trust.
Why this Trust?
The Trust aims to meet the needs of investors looking for a growing level of income and steady capital growth over the long term, whilst also wanting to preserve the value of their money.
Trust Ratings
© 2025 Morningstar, Inc. All Rights Reserved.
Investment Managers
More than 20 years experience of managing global equity income strategies
James is the Senior Fund Manager responsible for the Trojan Global Income Strategy. He has over 20 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 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.
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.
Literature
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Key Information Document – UK |
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Key Information Document – EU |
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SDR Consumer-facing Disclosure |
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Proposed amendments to the articles of association |
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Circular |
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Past Performance scenarios |
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10 year Performance Chart |
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Investor Disclosure Document |
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Factsheets
Date: January 2025 View All documents Open
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Newsletters
Date: Income Matters No.6 View All documents Open
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Annual Reports
Date: 2024 View All documents Open
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Interim Reports
Date: 2024 View All documents Open
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Performance
| Discrete Calendar Annual Returns (%) | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | YTD | Ann Return * |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| STS Global Income & Growth Trust PLC | +19.4 | +0.8 | -5.4 | +35.8 | +6.8 | -7.9 | +39.3 | +0.9 | +16.3 | +1.0 | -0.7 | +9.4 | +8.3 |
| Lipper Global Equity Global Income | +16.3 | +9.5 | -0.4 | +25.9 | +8.2 | -6.2 | +16.8 | +3.1 | +15.4 | +0.4 | +7.1 | +9.6 | +7.4 |
*Since Launch 28 June 2005
Past performance is not a guide to future performance.
The value of the Trust, and any income from it, may go down as well as up and investors may get back less than they invested. 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 we consider the data to be reliable, no warranty is given as to its accuracy or completeness. Any comparisons against indices are for illustrative purposes only.
Source: Lipper, 31 January 2025.
To see the past performance of Troy’s Global Income Strategy please click here and navigate to the performance section of the page.
Risk analysis
| Risk Analysis | STS Global Income & Growth Trust PLC | Lipper Global Equity Global Income |
|---|---|---|
| Total Return | 126.5 | 106.7 |
| Max Drawdown | -34.3 | -25.3 |
| Best Month | 12.2 | 9.7 |
| Worst Month | -10.1 | -12.7 |
| Positive Months | 60.8 | 64.2 |
| Annualised Volatility | 13.1 | 10.3 |
Past performance is not a guide to future performance.
Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by standard deviation of annual returns.
The value of the Trust, and any income from it, may go down as well as up and investors may get back less than they invested. 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 we consider the data to be reliable, no warranty is given as to its accuracy or completeness. Any comparisons against indices are for illustrative purposes only.
Source: Lipper, 31 December 2014 to 31 January 2025.
Dividends
Past performance is not a guide to future performance. Income generated (if any) may fall as well as rise.
Discount control
STS Global Income & Growth Trust implemented a Discount Control Mechanism on the 17th November 2020.
This discount control policy is to ensure that the Ordinary shares trade at, or close to, net asset value at all times. The discount control mechanism also serves to materially enhance the liquidity of the Company’s shares. This is ensured through a combination of share buy-backs at a modest discount NAV when supply exceeds demand for the Company’s shares and the issue of new Ordinary shares at a premium to net asset value where demand exceeds supply. The Directors will continue to seek the renewal of the Company’s authority to buy back Ordinary shares annually and at other times should this prove necessary. Purchases of Ordinary shares will only be made through the market for cash at prices below the prevailing net asset value of the Ordinary share. The Directors will be authorised to cancel any Ordinary shares purchased under such authority or to hold them in Treasury. The Directors will continue to seek the renewal of the Company’s authority to issue shares but will only do so when they believe it is advantageous to the Company’s shareholders and for the purposes of operating the Company’s discount policy. In no circumstances would such issue of new shares result in a dilution of the net asset value per share.
Trust announcements
Sustainable Investment Labels Statement
Sustainable investment labels help investors find products that have a specific sustainability goal. This trust 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.
Important Information
Performance data provided relating to the NAV is calculated net of fees with income reinvested unless stated otherwise. Overseas investments may be affected by movements in currency exchange rates. The value of an investment and any income from it may fall as well as rise and investors may get back less than they invested. The historic yield reflects distributions declared over the past twelve months as a percentage of the Trust’s price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions. Tax legislation and the levels of relief from taxation can change at any time. Any change in the tax status of a Trust or in tax legislation could affect the value of the investments held by the Trust or its ability to provide returns to its investors. The yield is not guaranteed and will fluctuate. There is no guarantee that the objective of the investments will be met. Investment trusts may borrow money in order to make further investments. This is known as “gearing”. The effect of gearing can enhance returns to shareholders in rising markets but will have the opposite effect on returns in falling markets. Shares in an Investment Trust are listed on the London Stock Exchange and their price is affected by supply and demand. This means that the share price may be different from the NAV.
For the full trust disclaimer please refer to the Trust fact sheet.
How to invest
Find more information on how to invest in this trust and where it is available.
How to invest
Commentary
January Commentary
The Trust produced a Net Asset Value total return of +5.3% during the month and a price total return of +5.2%, compared to a return of +4.5% for the Lipper Global – Equity Global Income Index.
Equity markets have had a bright start to the year from which the Trust has benefitted. As President Trump and his administration keep the world guessing investors have been doing their best to divine the future. The US 10 year treasury yield sold off and then rallied leaving the yield slightly lower over the month. Credit spreads have tightened.
Within the portfolio the strongest contributor was British American Tobacco which rose by 11% and is undoubtedly benefitting from the new Presidential term as the ban on menthol products that was likely under the previous regime has been shelved. Second was Nintendo (+10.3%) whose strength derived from the anticipation of the upcoming launch of the new Switch 2. This was heartening as it coincided with lacklustre results as consumers skipped buying the current console to the detriment of reported revenues. Investors have been willing to look though this short-term negative – correctly in our view. Reckitt Benckiser also appreciated (+10.3%) as it recovers from a US litigation induced swoon in 2024.
Against these gains, Diageo continued to be a drag on performance as the industry attempts to navigate the slump following the COVID boom. Our research suggests this is largely cyclical impact and that the more structural concerns that have been expressed by other commentators (abstinence in the youth, cannabis cannibalisation and the effect of GLP-1 weight loss drugs) will ultimately prove to be less impactful than currently feared. Valuations in this sector are now very attractive. Hershey was also weak as it battled rising cocoa prices which have spiked. We do not believe such a sharp rise should be extrapolated and see value in these shares. The LINK REIT was also weak as interest rates remain elevated.
With tariffs looming, concerns around the US fiscal position (as evidenced by the soaring gold price – up 8.5% in sterling terms in the month) and a reduction in migrant flows, all of which may be inflationary, we wonder if investors will temper their enthusiasm in the coming months. While a strong start to the year is welcome, 2025 is likely to prove an eventful and potentially quite volatile year.