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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 23/03/2017
Accumulation Shares
Income Shares
Fund Size

February 2017

The Master Fund returned +2.0% during the month compared to +3.1% for the FTSE All-Share Index (TR).

It is unusual for us to comment on a company for two months in succession but the reference to our long-standing holding in Unilever last month was prior to the approach by Kraft Heinz to acquire the Anglo-Dutch company.  We have in the past been censorious of Kraft Heinz’s radical approach to ‘zero-based budgeting’ (see Troy Investment Report No. 49).  Not all earnings are created equally, yet investors crave earnings expansion at all costs even if it makes managers turn their attention from ‘non-productive’ administrative fat towards the muscle and bone of R&D and advertising.  Innovation and entrepreneurial spirit are the correct response to lower growth.  Rising earnings from ‘efficiencies’ often flatter to deceive.  If companies look after shareholders alone, without considering other stakeholders such as customers and employees, they risk damaging the long-term sustainability of the business.          



At our meeting with Unilever CEO Paul Polman in January, he told us that Unilever’s approach to costs is different from 3G’s; Unilever approaches its zero-based budgeting with a growth mind-set.  Unilever did not need a deal whereas Kraft Heinz, with modest organic sales growth last year, exposed the shortcomings of its business model.  It is easier to grow sales by buying them.

Notwithstanding the announcement of weaker expected sales for many consumer goods businesses in 2017, the market has rewarded lower industry growth with perversely higher valuations.  For the time being, investment opportunities are fleeting.





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


+229.9% +141.2%
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 +60.0% +67.7% +59.3%
Annualised Volatility +5.9% +6.5% +13.8%

 * 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 6.8
British American Tobacco 3.9
Philip Morris 3.4
Microsoft 3.2
Altria 2.7
Coca-Cola 2.5
Imperial Oil 2.1
ETFS Physical Gold 2.1
Reynolds American 2.1
Berkshire Hathaway 2.0
Total Top 10 30.8
21 other holdings 38.9
Cash & equivalent 30.3
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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