Trust information

Share Price

226.00p
As at 14 Jul 26

Ex Income NAV

225.03p

Cum Income NAV

227.37p

Premium/(Discount) (%)

-0.60%

Yield

3.7%

Overview

Focusing on quality companies in an uncertain world

The Trust aims to

Steadily grow your investment over time

Target a growing income – yield 4.3%*

Seek to defend value in an uncertain world

*The dividend policy set out in the Annual Accounts does not target a yield, this reflects the historic yield. This is not guaranteed.

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

© 2026 Morningstar, Inc. All Rights Reserved.

Investment Managers

More than 20 years experience of managing global equity income strategies

James Harries

Co-Manager

Bio

James Harries

Co-Manager

James is the Co-Manager of the Trojan Global Income Fund, Trojan Ethical Global Income Fund and STS Global Income & Growth Trust plc.​  He has 28 years’ investment experience, and has managed global equity portfolios since 2002.

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

Co-Manager

Bio

Tomasz Boniek

Co-Manager

Tomasz is the Co-Manager of the Trojan Global Income Fund, the Trojan Ethical Global Income Fund and the STS Global Income & Growth Trust. He is also the Lead Manager of Troy’s International Equity Strategy (currently available in the U.S.).

Tomasz 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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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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Circular

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Voting Records

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Investor Disclosure Document

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Commentary

june 2026

The Trust produced a Net Asset Value total return of -1.7% during the month compared to -0.7% for the Lipper Global Equity Global Income sector.

We have established a new investment in VINCI. The company is one of Europe’s largest infrastructure and contracting groups, operating across three pillars: Concessions (French toll roads and a global airport network spanning 70+ airports), Energy Solutions (electrification, grid, renewables and digital infrastructure services), and Construction. The Group generates roughly €75bn in revenue across more than 120 countries, blending the predictable, inflation-protected cash flows of long-dated infrastructure assets with the capital-light, structurally growing Energy Solutions business.

Most of the intrinsic value sits in the concession and energy arms rather than traditional contracting. The opportunity arises because the market is pricing VINCI as a declining French toll-road operator with a finite asset base, overlooking the breadth and quality of the rest of the group. French political risk, recent tax increases, the approaching motorway concession expiry (2032–36), plus a spike in oil prices weighing on traffic have all contributed to a de-rating that stands in contrast to comparable infrastructure, airport and energy-services peers.

What makes VINCI compelling beyond the discount is the combination of durability and optionality. The motorway cash flows, while finite, are fully understood by the market and provide a reliable source of cash to invest in long-term projects that are expected to generate attractive returns for shareholders. The airport portfolio anchored by ANA in Portugal, Gatwick and Kansai rebuilds concession duration and benefits from structural passenger growth. Energy Solutions, already a third of group value, is exposed to electrification, grid modernisation and data-centre buildout, offering mid-to-high single digit organic growth with attractive returns on capital. The construction arm of the business is not a major source of growth today, but it is well placed to benefit from any recovery in European infrastructure spending.

The stock currently trades on just 13.5x 2026 earnings with a 4.3% dividend yield representing excellent value.

Performance

Discrete Calendar Annual Returns (%)20132014201520162017201820192020202120222023202420252026Ann Return *
STS Global Income & Growth Trust PLC19.40.8-5.435.86.8-7.939.33.115.4-0.4-0.79.76.7-3.27.8
Lipper Global Equity Global Income16.39.5-0.425.98.2-6.216.8116.3-1.47.11012.69.17.6

*Since Launch 31 July 2005. Source: Lipper, 30 June 2026. 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. 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 AnalysisSTS Global Income & Growth Trust PLCLipper Global Equity Global Income
Total Return113.8122.8
Max Drawdown-34.3-25.3
Best Month12.29.7
Worst Month-10.1-12.7
Positive Months59.266.7
Annualised Volatility12.310.2

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,  ten years to 30 June 2026.

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

Welcome to the STS Global Income & Growth Trust website

This terms of use (together with the documents referred to in it) tells you the terms of use on which you may make use of our website https://www.stsplc.co.uk/ (“our site”).  Use of our site includes accessing and browsing on our site.

Please read these terms of use carefully before you start to use our site, as these will apply to your use of our site.  By accessing and continuing to use our site, you are deemed to have read, understood,  and accepted these terms of use and to have agreed to comply with them.

WHO MAY ACCESS THIS WEBSITE – SUBJECT TO LOCAL RESTRICTIONS

The information on this website is directed at persons in the United Kingdom (“UK”) or professional investors in the Republic of Ireland (“Ireland”) and not otherwise. The Trust has not been registered or approved for distribution under the laws of any jurisdiction other than the UK and Ireland for professional investors only.

If you are accessing this website from a jurisdiction other than the UK or Ireland you are required to inform yourself of and observe any applicable local restrictions. If you choose to access the website and you do so from a country other than the UK or Ireland you do so at your own risk and the Trust will not be liable for any breach of local law or regulation that you commit as a result of doing so.

OTHER IMPORTANT TERMS

These terms are to be read by you together with any other terms, conditions or disclaimers provided in the pages of our site. These terms incorporate the following additional terms, which also apply to your use of our site:

  • Our Privacy Policy (https://www.stsplc.co.uk/privacy-policy /which sets out the way in which we process personal data about you, including that we collect from you, that you provide to us or that we generate. By using our site, you acknowledge and agree to such processing and you warrant that all data provided by you is accurate. Use of your personal information submitted via our site is governed by our Privacy Policy.
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If you do not agree to these terms of use, you must not use our site.

INFORMATION ABOUT US

https://www.stsplc.co.uk is a site operated by STS Global Income & Growth Trust plc (“STS Global Income & Growth Trust” or “We”).  STS Global Income & Growth Trust is registered in Scotland under company number SC283272 and our registered office is at 28 Walker Street, Edinburgh EH3 7HR. STS Global Income & Growth Trust is an Investment Company within the meaning of Section 833 of the Companies Act 2006.

If you have any questions about these terms of use, please contact us in writing and address this to the Company at c/o Juniper Partners Limited, 28 Walker Street, Edinburgh EH3 7HR.

CHANGES TO THESE TERMS

We may revise or replace these terms of use at any time (without notice to you) by amending this page. Please check these terms each time you use our site to ensure that you understand the terms that apply at that time. By continuing to use and access our site following such changes, you agree to be bound by any variation made by us. It is your responsibility to check these terms from time to time so as to be aware of any such variations. This version was last updated in April 2023.

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Nothing in these terms of use excludes or limits our liability for death or personal injury arising from our negligence, or our fraud or fraudulent misrepresentation, or any other liability that cannot be excluded or limited by law.

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These terms of use, its subject matter and its formation, are governed by Scottish law provided that, if you are a consumer and resident elsewhere, you will retain the benefit of any mandatory protections given to you by the law of that country.

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