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Trojan Feeder Fund (Ireland)

Trojan Feeder Fund (Ireland) invests in the Trojan Fund (the ‘Master Fund’). The investment objective of the Master Fund is to achieve growth in capital and income in real terms over the longer-term. The Master Fund’s policy is to invest substantially in UK and overseas equities and fixed interest securities but it may also invest in collective investment schemes and money market instruments.

In addition to the GBP O share class referred to on this page, other currency share classes are available. Please contact us for more information.

GBP Share Class Price 23/02/2017
£1.23
Accumulation Shares
Income Shares
£1.22
Fund Size
£232M

January 2017

The Master Fund returned +0.8% during the month compared to -0.3% for the FTSE All-Share Index (TR).

January blew an early flurry of corporate results through our door. We have waded through many of these and it is clear that several companies producing life’s little luxuries and necessities are finding the going tough. The management of the Fund’s holdings of Colgate-Palmolive and P&G, for example, both suggested that organic revenue growth for fiscal year 2017 would be measured in the low single digit percentage range. These modest rates of growth are perfectly explainable in an inimical environment of constrained consumer spending power.

Unilever’s 2016 growth also disappointed market expectations. Rather than dwell on the minutiae of missed quarterly basis points here and there, we had a productive meeting with the Company’s CEO, Paul Polman. Unilever is investing in new categories and retail channels as the company looks to secure sustainable growth and remain relevant in the years ahead.

 

 

 

In an environment where investors clamour for stocks that will directly and immediately benefit from President Trump’s tweets, Unilever is dismissed as a mere “bond proxy”. This is claptrap. We first purchased shares in Unilever in 2004 and today’s dividend, when measured against the purchase cost, provides a yield in excess of 10%. The share price has also trebled. The book cost yield of a conventional bond, conversely, never changes. In recent weeks we have been adding to the Fund’s holding in Unilever at a yield in excess of 3.5%. We are confident that, in the future, the book cost yield will look even more impressive because of attractive dividend growth.



 

 

 

Performance is calculated on a total return basis, net of fees, in sterling terms.

Source: Lipper, Capita Asset Services

The source of performance data has been changed.  This change may have resulted in variations from previously published performance figures.

Risk Analysis Since LaunchFeeder Fund ##Master Fund #FTSE All-Share Index (TR) #
Total Return

+21.0%

+223.4% +133.9%
Max drawdown* -9.5% -13.7% -45.6%
Best Month +4.9% +8.9% +9.9%
Worst Month -4.7% -4.7% -13.2%
Positive Month +59.3% +67.6% +59.0%
Annualised Volatility +5.9% +6.6% +13.9%

 * Measures the worst investment period

## From 13/02/2012

# From 31/05/2001

Please note all data unless otherwise specified refers to the Master Fund.
Performance is calculated on a total return basis, net of fees, in sterling terms.
Top 10 HoldingsFund (%)
Gold Bullion Securities 6.7
British American Tobacco 3.9
Microsoft 3.4
Philip Morris 3.1
Altria 2.7
Coca-Cola 2.6
Imperial Oil 2.3
Reynolds American 2.1
ETFS Physical Gold 2.1
Berkshire Hathaway 2.0
Total Top 10 30.9
21 other holdings 39.3
Cash & equivalent 29.8
Total 100.0

Please note all data unless otherwise specified refers to the Master Fund.

Past performance is not necessarily a guide to future performance. The value of a fund and any income from it may go down as well as up and investors may get back less than they invested. Changes in rates of exchange may cause the value of investments to go up or down. This data is provided for information only and should not be reproduced, published or disseminated in any manner. Although Troy considers the data to be reliable, no warranty is given as to its accuracy or completeness. Any comparisons against indices are for illustrative purposes only.

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

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Key Facts

  • Fund Manager
    Sebastian Lyon
  • Assistant Fund Manager
    Sean Beck
  • Inception Date
    13/02/2012 (launched as Trojan International Fund)
  • Currency
    £ Sterling, US Dollar, Euro and Singapore Dollar
  • Available Share Class
    O GBP Acc and Inc, O EUR Acc and Inc, O USD Acc and Inc, O SGD Acc and Inc, I EUR Acc and Inc
  • ISIN (GBP)
    IE00B757JT68 (Acc)
    IE00B6127M75 (Inc)
  • Bloomberg (GBP)
    TROITOA_ID (Acc)
    TROITOI_ID (Inc)
  • Sedol (GBP)
    B757JT6 (Acc)
    B6127M7 (Inc)

 

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