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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. Any comparisons against indices are for illustrative purposes only.

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 26/11/2015
Accumulation Shares
Income Shares
Fund Size

October 2015

The Master Fund returned +4.8% during the month compared to +4.7% for the FTSE All Share Index.

Not for the first time in recent years equity markets rallied sharply in early October as the prospect of interest rate hikes receded in the face of weak economic data in the US. Lewis Carroll might have appreciated a world in which ‘bad news is good news and good news is bad news’ but for those responsible for protecting investors’ capital it does make us wonder when the inevitable denouement will take place.

We have been firmly of the view that interest rate rises were likely to be deferred more than consensus expectations, but it is increasingly hard to tell whether more stimulus rather than less will be needed to prevent the global economy slipping back into recession.

Having withstood the market setback in August relatively well it was encouraging to see the portfolio participate fully in the rally. The best performers were BP, Provident Financial and GlaxoSmithKline which all rose by more than 10% while Rathbone Brothers, Sage and WH Smith were close on their heels. Modest setbacks were encountered by Jardine Lloyd Thompson, ICAP and Royal Mail.

Prospective dividend growth for 2016 is looking less positive and the number of substantial dividend cuts is increasing. Industrial companies, particularly those with exposure to the mining and energy sectors, are experiencing revenue and margin pressure. The Fund has minimal exposure to these areas.

With inflation close to zero we would regard low single digit dividend growth for the Fund to be very attractive in real terms and a reasonable expectation for investors.

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 +27.5 +176.8 +125.3
Max drawdown* -9.1 -25.2 -45.6
Best Month +5.7 +6.6 +9.9
Worst Month -5.4 -6.9 -13.2
Positive Months +60.0 +65.4 +59.4
Annualised Volatility +9.8% +9.6 +13.7

* 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 4.3
Imperial Tobacco 3.9
Sky 3.5
Royal Mail 3.5
GlaxoSmithKline 3.4
Centrica 3.2
Compass 3.2
Reynolds American 3.2
National Grid 3.2
Provident Financial 3.0
Total Top 10 34.4
33 other holdings 57.5
Cash & equivalent 8.1
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.

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)

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