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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 20/09/2018
£1.23
Accumulation Shares
Income Shares
£1.21
Fund Size
£328M (31/08/18)

August 2018

The Master Fund returned -0.1% during the month compared to -2.8% for the FTSE All-Share Index (TR).

August is often a quiet month in terms of volumes traded in capital markets but that does not necessarily preclude it from being an eventful one.  Indeed, macroeconomic shocks have been known to have a substantial impact on asset prices during the summer lull, with volatility often exacerbated by the paucity of market participants.

This summer, emerging market debt was in focus with Turkey centre stage.  The country’s precariously high levels of dollar-denominated debt render it powerless in the face of FX swings.  This year’s devaluation of the lira, prompted by political uncertainty, and the consequent decline in the value of its bonds, served to expose the fragilities of borrowing in someone else’s currency. 

This is the tip of the iceberg.  Almost a decade of loose monetary policy has encouraged fiscal imprudence around the world.  Both developed and emerging market debt levels have blown out.  Non-US governments borrowing in dollars will struggle to repay their debt if the dollar appreciates, as tends to happen when investors are fearful. 

None of this is sustainable.  The Master Fund’s UK and US sovereign debt exposure is inflation-linked and sterling and dollar-denominated respectively.  Currency devaluation is a means by which local currency debt can be managed.  Foreign currency debt is much more vulnerable.

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

+23.9%

+231.9% +165.8%
Max drawdown* -9.8% -13.7% -45.6%
Annualised Volatility +5.5% +6.4% +13.5%

 

* 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 6.2
British American Tobacco 4.1
Microsoft 3.6
Unilever 3.4
Coca-Cola  3.0
Philip Morris 2.2
Altria 2.2
Nestlé 2.2
Berkshire Hathaway 2.2
Imperial Oil 1.9
Total Top 10 31.0
20 other holdings 53.0
Cash & equivalent 16.0
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.

Find Out More

Key Facts

  • Fund Manager
    Sebastian Lyon
  • Assistant Fund Manager
    Charlotte Yonge
  • 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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