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 24/05/2018|
The Master Fund returned +0.5% during the month compared to +6.4% for the FTSE All-Share Index (TR).
With April comes corporate results season and a subsequent confirmation of, or adjustment to, investor expectations. The last quarter, which was not particularly eventful in terms of the numbers reported for Troy stocks, underlined a clear change in the mood of the market.
The first thing to note is that some modest changes to expectations have seen severe share price reactions. The most notable examples of this in the Trojan Fund were Sage and Philip Morris, both c. 2% holdings. In moving its customers from a license to a subscription-based model, Sage’s growth rate has accelerated and expectations had been raised to ambitious levels. These proved too high for the current year and organic growth has been revised down from +8% to +7% for 2018. This is still a very attractive rate but the shares were down -19% on the news (they have since returned to the pre-announcement level).
Philip Morris International’s results disappointed when its sales of reduced-risk products came in lower than expected. The company still believes it can grow +8% this year but Q1 has seen widespread optimism (the shares returned +20% last year) convert to greater pessimism (those gains have been erased in 2018).
This investor nervousness has occurred in the context of a more pervasive sector rotation away from defensive companies towards more cyclical sectors like energy and retail. A de-rating of companies with robust fundamentals should provide us with opportunities to add to the Master Fund’s equities.
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||5.7|
|British American Tobacco||3.7|
|ETFS Physical Swiss Gold||1.8|
|Total Top 10||27.0|
|22 other holdings||43.8|
|Cash & equivalent||29.2|
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)