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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 24/10/2016
Accumulation Shares
Income Shares
Fund Size

September 2016

The Master Fund returned +0.4% during the month compared to +1.7% for the FTSE All Share Index.

Financial intermediaries were the initial big winners of unorthodox monetary policy. Falling interest rates have supported rising asset prices and so concerns about bank solvency conveniently disappeared.

Plunging rates led to recoveries in animal spirits, trading and reportable profits. However, at the zero bound investors are discovering that ultra-low interest rates are not a harmless sugar rush, but a sweet poison.

Negative yields injure business models which promote savings and investment. Healthy commercial banks and insurance companies are crucial to the functioning of our economy yet current monetary policy is threatening their viability. Deutsche Bank’s two trillion dollars of low return assets is a burden, not a platform for profitability. 





The current monetary regime is becomingly increasingly discredited and its threat to financial business models and pension funds, dependent upon observable interest rates, will likely usher in a new policy era. We hope and expect that the shift will create a bounty of opportunity to invest in reliable dividend-paying stocks as yield compression undergoes some reverse. 

Any reversal in market rates will prove a shock to investors. However, in no rate cycle since the 1980s has the Fed been able to return the average interest rate to the level of the preceding cycle. The past decades have been characterised by a ratcheting up of debt to aberrant levels. We really are in an extreme position when the system cannot afford either low or high interest rates.




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 #
Total Return


+222.2% +125.9%
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 +58.2% +67.4% +59.2%
Annualised Volatility +6.0% +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 7.8
British American Tobacco 4.3
Philip Morris 3.4
Microsoft 3.1
Sage Group 2.5
Altria 2.5
ETFS Physical Gold 2.4
Coca-Cola 2.3
Imperial Oil 2.1
Berkshire Hathaway 1.9
Total Top 10 32.3
20 other holdings 36.8
Cash & equivalent 30.9
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
    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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