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As at 13 Jun 24

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Cum Income NAV


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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

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Proposed amendments to the articles of association

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Key Information Document – UK

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Key Information Document – EU

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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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May Commentary

The Trust produced a Net Asset Value total return of +1.1% during the month and a price total return of +2.9%, compared to a return of +1.3% for the Lipper Global – Equity Global Income Index.

This month we spent some days in North America meeting companies. Once again, we were reminded that global managers should travel to the US to witness the quality of the companies and the scale and dynamism of the economy. We met several current and potential investments as well as a range of interesting, leading businesses in their industries. Companies that form part of our investment universe included Texas Instruments (a portfolio company), American Express, Estee Lauder, Analogue Devices and Chubb.

The overall impression, beyond the details of individual investment cases, was that sentiment has moved a long way. Two years ago, at the same event Jamie Dimon, CEO of JPMorgan opined on the potential upcoming “hurricane” that the rise in interest rates may wrought. This time he appeared to be more worried about inflation and the potential for further interest rate rises as well as the extent to which the market may be over-valued.

In this context he fears the stock price of his own company may be too high to justify share buy backs. “I do not believe that buying back the stock at any price is the same thing and that we should be thoughtful about that. So, as the stock goes up, we buy less. As the stock goes down, we’d probably buy more. We are going to end up with a lot of excess capital and we’re not going to just spend it because it happens to be sitting there. I personally think the valuations in the market are high. There’s not that we’re saying JPMorgan isn’t probably valued relative to the market. I’m saying that the market is high and I think it’s a mistake to be using all that capital at these market levels. And so we’re going to be very patient. It’s a good problem to have. I look at ownership of a company no different than if I own the company, I wouldn’t have any problem having excess capital sitting there for a while. Zero. None. Nada”.*

We agree: with interest rates having risen further and faster than for 40 years and with US equity markets trading at 34.9x Shiller PE we think there are good reasons to remain cautious.

*Bernstein Strategic Decisions Conference, May 29, 2024.


Discrete Calendar Annual Returns (%)20132014201520162017201820192020202120222023YTDAnn 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+0.4+8.0
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+5.4+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 May 2014 to 31 May 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 PLCLipper Global Equity Global Income
Total Return104.5103.0
Max Drawdown-34.3-25.3
Best Month12.29.7
Worst Month-10.1-12.7
Positive Months59.262.5
Annualised Volatility13.210.3

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 May 2014 to 31 May 2024.


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

Welcome to the STS Global Income & Growth Trust website

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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.

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INFORMATION ABOUT US 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.

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