This site uses some unobtrusive cookies to store information on your computer. These cookies are essential, as the site won't work as expected without them. These cookies are set when you submit a form, login or interact with the site by doing something that goes beyond clicking on simple links. 

We also use some non-essential cookies to anonymously track visitors or enhance your experience of the site. If you're not happy with this, we can disable these these cookies but some features of the site may not work. By using our site you accept the terms of our Privacy Policy.


Trojan Income Feeder Fund (Ireland)

Trojan Income Feeder Fund (Ireland) (the ‘Feeder Fund’) invests in Trojan Income Fund (the ‘Master Fund’) through a master-feeder structure. The investment objective of the Master Fund is to provide an above average income with the potential for capital growth in the medium term. 

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
Accumulation Shares
Income Shares
Fund Size

October 2016

The Master Fund returned +0.1% during the month compared to +0.6% for the FTSE All-Share (TR) Index.

The main headwind for the portfolio has been the impact of rising inflationary expectations, partly prompted by the fall in sterling as a result of the referendum. Gilt yields rose sharply during the month and this in turn has put pressure on some of the defensive areas of the market such as utilities and consumer goods which continue to be important income generators for the Fund.

Stocks like Severn Trent, Pennon and Unilever all fell by over 6% whereas financials like Lloyds (+5%), ICAP (+4%) and Schroders (+5%) all responded positively to the steepening yield curve which presents a more favourable trading environment. This is a difficult environment for defensively positioned portfolios but as valuations contract we are likely to see opportunities to add new holdings or to increase existing ones. In absolute terms we always seek to minimise volatility but there will be occasions when the performance of the portfolio differs markedly from the comparator index. Relative volatility like this can make the Fund look a little pedestrian.

In mid-October WH Smith plc, a long standing holding in the Fund, announced another set of excellent annual results. Earnings for the year to 31st August were up by 10% and the dividend for the full year was up by 11%.  Over the past five years the share price total return of 215% has outstripped that of the FTSE All Share Index by more than 3.5x while the dividend has grown by nearly 15% per annum. In 2017 the company will celebrate its 225th anniversary and despite being seen by many investors just a few years ago as an outdated retail format doomed to decline, top quality management and capital discipline has delivered excellent returns for shareholders. A relentless focus on costs and judicious investment in the Travel division has more than offset the moribund UK High Street stores. WH Smith now operates 232 stores in twenty two countries, predominantly in airports and railway stations. There is plenty of opportunity to grow the international travel business.

As well as the annual dividend, over £365m has been returned to shareholders via share buybacks over the last ten years. A further £50m buyback was announced in the latest results. This is a good example of a retailer which can negotiate the vagaries of consumer confidence and thrive due to a clear strategy which is consistently executed.

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 Launch 30th September 2004Feeder Fund ##Master Fund #FTSE-All Share (TR)
Total Return +40.4% +205.4% +152.8%
Max drawdown* -7.4% -25.2% -45.6%
Best Month +5.7% +6.6% +9.9%
Worst Month -5.4% -6.9% -13.2%
Positive Months +61.9% +65.5% +61.4%
Annualised Volatility +8.6% +9.3% +13.2%

* Measures the worst investment period

## From 15/04/2013

# From 30/09/2004

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 (%)
Unilever 4.5
Royal Dutch Shell 4.1
GlaxoSmithKline  3.6
Imperial Brands  3.6
Compass 3.4
Royal Mail  3.4
Vodafone  3.3
AstraZeneca  3.3
BP 3.2
National Grid 3.1
Total Top 10 35.5
35 other holdings 57.9
Cash & equivalent 6.6
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
    Francis Brooke
  • Assistant Fund Manager
    Hugo Ure
  • Inception Date
  • Currency
    £ Sterling, US Dollar, Euro and Singapore Dollar
  • Available Share Class
    GBP Acc and Inc, EUR Acc and Inc, USD Acc and Inc, SGD Acc and Inc
  • ISIN (GBP)
    IE00B943NN14 (GBP Inc)
    IE00B8255S12 (GBP Acc)
  • Bloomberg (GBP)
  • Sedol (GBP)
    B943NN1 (GBP Inc)
    B8255S1 (GBP Acc)

Related Literature