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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 08/12/2016
£1.18
Accumulation Shares
Income Shares
£1.17
Fund Size
£221M

October 2016

The Master Fund returned +1.0% during the month compared to +0.6% for the FTSE All-Share (TR) Index.

“Sometimes your best investments are the ones you don’t make.” (Donald Trump Tweet)

The Trojan Fund typically restricts itself to investing in businesses that enjoy stable demand for their goods and services, enjoy consistently high returns on invested capital and make relatively minor use of physical assets. Empiricism supports our biases. Our recent analysis of monthly S&P 500 sector historical returns (Source: Bloomberg) show that the median five year total return, since 1989, from the automobiles sector is a lowly 25% and an even more dispiriting -10% from the airlines industry. In contrast the median five year total return from the US-listed tobacco industry is 108%. Moreover, the worst five year period invested in tobacco stocks still delivered a positive 2% return. 

 

 

 

 

We recognise that tobacco investing is a little bit like politics and should not be heard in polite conversation. However, last month your Fund’s largest equity holding, BAT, made an approach to the board of Reynolds American to acquire the 58% of the business it does not already own, including your Fund’s 1.6 million shares. 

The Trojan Fund has held Reynolds for over a decade and it has been one of the most important contributors to performance as the stock market has consistently underestimated the company’s ability to deliver attractive profit and dividend growth. The US market is effectively a duopoly shared by Reynolds with Altria and enjoys both population growth and good affordability. BAT clearly sees the attractions and we expect a deal to be consummated at a higher price than initially pitched.

 

 

 

 

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 (TR) #
Total Return

+21.7%

+225.4% +127.2%
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 +58.9% +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 7.7
British American Tobacco 4.0
Philip Morris 3.4
Microsoft 3.4
Coca-Cola 2.9
Altria 2.7
Sage Group 2.4
ETFS Physical Gold 2.4
Imperial Oil 2.3
Reynolds American 2.1
Total Top 10 33.3
20 other holdings 39.1
Cash & equivalent 27.6
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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