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.

Close

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 25/08/2016
£1.42
Accumulation Shares
Income Shares
£1.24
Fund Size
£138M

July 2016

The Master Fund returned +4.2% during the month compared to +4.0% for the FTSE All Share Index.

There was extreme divergence of returns as markets continued to adjust in the aftermath of the referendum result. Nearly one hundred companies in the FTSE 350 Index produced positive returns of over 10% while sixty company share prices were in negative territory. 

Before June 23rd the risks of Brexit were exaggerated and yet now they seem to be dismissed. As usual it is best to ignore the partisan “noise” on both sides of the argument and focus on the facts. In twelve months sterling has devalued by about 15% versus both the euro and the US$. Although helpful to exporters this is inherently inflationary and distinctly negative for overseas investors.

GDP growth will be lower, at least in the short term, while the public finances will be under greater pressure as George Osborne implicitly recognised by abandoning the 2020 budget surplus target in his final act as Chancellor. The UK has swapped one set of largely ‘known’ risks for the ‘unknown’ which may or may not prove more costly.

On a more prosaic note the IA has not resolved the yield requirement debate within its UK Equity Income sector. This Fund has an unbroken dividend growth record but, due to strong capital appreciation, the dividend yield is now at a level which may lead to it being excluded from the sector. We will not alter the way the fund has been managed since 2004 to meet an arbitrary yield target. Maybe the only way to resolve this tiresome issue is to have a single IA UK Equity  sector in which all funds reside — by eliminating the yield requirement the ability to choose the appropriate fund will be put back in the hands of investors.

Under Construction
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
Total Return +39.6% +203.9% +142.6%
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 +61.5% +65.5% +60.6%
Annualised Volatility +8.9% +9.3% +13.4%

* 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 4.9
Royal Dutch Shell 4.1
AstraZeneca  3.8
GlaxoSmithKline  3.8
Imperial Brands  3.6
Royal Mail  3.6
Compass 3.4
National Grid 3.2
Centrica 3.0
Vodafone  3.0
Total Top 10 36.4
35 other holdings 56.5
Cash & equivalent 7.1
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
    15/04/2013
  • 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)
    TJIFOGI (GBP Inc)
    TJIFOGA (GBP Acc)
  • Sedol (GBP)
    B943NN1 (GBP Inc)
    B8255S1 (GBP Acc)

Related Literature