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 22/03/2018|
The Master Fund returned -1.7% during the month compared to -3.3% for the FTSE All-Share Index (TR).
February 2018 may be remembered for finally jolting markets out of their liquidity-induced stupor. The S&P 500 witnessed its first -10% fall in two years and the so-called VIX (volatility index) increased 197% in a day. The apparent catalyst was the January US hourly earnings figure of 2.9%, the biggest increase since 2009. This led to higher bond yields and a fall in equity prices. It is uncertain whether this marks the start of something more sustained. One thing however is clear: these events highlight the fragility of a market where many participants’ perception of risk is based on backward-looking volatility.
Volatility is an outcome of market movements but perversely it has also become a target for investors. According to the FT, almost $1trn of assets are in ‘volatility-targeting funds’. These allocate capital according to historic volatility and, by definition, are forced to sell as volatility increases, creating a self-reflexive feedback loop.
February’s movement was inadequate to warrant a shift in our asset allocation. The S&P 500 merely retraced its gains since November; equity valuations have been on an upwards tear for over six years. The Shiller cyclically-adjusted PE ratio is higher than in 2007 and equities in our universe are almost invariably at the upper-end of their historic ranges. Our definition of risk is permanent capital loss. Overpaying for assets is one way to go about it.
Source: Lipper, Link Fund Manager Solutions (Ireland) Limited
The source of performance data has been changed. This change may have resulted in variations from previously published performance figures.
|Risk Analysis Since Launch||Feeder Fund ##||Master Fund #||FTSE All-Share Index (TR) #|
* Measures the worst investment period
## From 13/02/2012
# From 31/05/2001
|Top 10 Holdings||Fund (%)|
|Gold Bullion Securities||5.6|
|British American Tobacco||4.0|
|Dr Pepper Snapple||2.3|
|Total Top 10||27.5|
|23 other holdings||42.6|
|Cash & equivalent||29.9|
Please note all data unless otherwise specified refers to the Master Fund.
How to Invest
You may invest directly, via a broker or adviser, or through a number of online fund platforms.
- Fund Manager
- Assistant Fund Manager
- Inception Date
13/02/2012 (launched as Trojan International Fund)
£ 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)
- Bloomberg (GBP)
- Sedol (GBP)