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.
Literature
Document name | Date | Open/download | All documents |
---|---|---|---|
Factsheets | All documents | ||
Circular |
View document Download document | ||
Proposed amendments to the articles of association |
View document Download document | ||
Newsletters | All documents | ||
Key Information Document – UK |
View document Download document | ||
Key Information Document – EU |
View document Download document | ||
Past Performance scenarios |
View document Download document | ||
10 year Performance Chart |
View document Download document | ||
Annual Reports | All documents | ||
Interim Reports | All documents | ||
Investor Disclosure Document |
View document Download document |
-
Factsheets
Date: March 2024 View All documents Open Download - Open Download
- Open Download
-
Newsletters
Date: Income Matters No.6 View All documents Open Download - Open Download
- Open Download
- Open Download
- Open Download
-
Annual Reports
Date: 2023 View All documents Open Download -
Interim Reports
Date: 2023 View All documents Open Download - Open Download
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 | +2.3 | +8.2 |
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 | +5.7 | +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 2014 to 31 March 2024.
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 | 112.9 | 113.1 |
Max Drawdown | -34.3 | -25.3 |
Best Month | 12.2 | 9.7 |
Worst Month | -10.1 | -12.7 |
Positive Months | 60.0 | 63.3 |
Annualised Volatility | 13.1 | 10.4 |
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 January 2014 to 31 March 2024.
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
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
March Commentary
The Trust produced a Net Asset Value total return of +0.2% during the month and a price total return of +1.8%, compared to a return of +3.1% for the Lipper Global – Equity Global Income Index.
Last month we covered the fall in the Reckitt Benckiser share price following the disclosure of under-declared volume rebates in the Middle East. It is disappointing to be discussing the same company again after a further decline. The shares were impacted by market concerns about litigation charges in the US against a minor product line in its Mead Johnson infant formula business. While there is uncertainty over the scale of any potential charges, this is balanced against a notably depressed valuation. We continue to hold the shares, having long been attracted to Reckitt’s strong portfolio of brands, the vast majority of which sit outside the Mead Johnson business.
We hosted the CEO, Elie Malouf and CFO, Micheal Glover of InterContinental Hotel Group Group (IHG) in our offices at the end of February following a decent set of results. This is a high-quality company we have liked for several years and were able to buy at an inexpensive valuation during COVID. The business is characterized by having limited capital requirements owing to it not owning the underlying hotels in its system rendering the company effectively a software and branding business.
IHG is enjoying a persistent tailwind from peoples’ ongoing desire to travel after the lockdown hiatus. This was reflected in the reported revenue growth of 17% year-on-year comprised of both an increase in revenue per available room (RevPar) as well as net system size expansion. The management team are confident in their ability to deliver long term success with high single digit growth in fee revenue, with some fee margin expansion and consistent share buy backs, leading to 12-15% through the cycle earnings per share growth.
The shares have performed well recently leading to a deservedly fuller valuation as the business model is very attractive and delivers consistent growth in free cash flow. We are happy long-term shareholders.