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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. 

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 23/02/2017
£1.44
Accumulation Shares
Income Shares
£1.23
Fund Size
£155M

January 2017

The Master Fund returned +1.4% during the month compared to -0.3% for the FTSE All-Share Index (TR).

Natural resources stocks and industrials continued to be the strongest performing sectors but, as the enthusiasm for Trump’s fiscal musings lost some of its lustre, these sectors alone were not enough to continue to support an overextended market unsettled by year-end profit warnings.

In such an environment the assertion by Richard Russell (Dow Theory Letters) that “a stock dividend is something tangible” and “in hand” whereas other drivers of returns are largely “hope and speculation” rings particularly true. We believe this applies not only at the individual stock level but also at the Fund level and were pleased to announce that the Trojan Income Fund will pay a final dividend of 4.2916p* for the six-month period to 31 January.

When added to the 2.85p interim dividend this represents a +7.0% increase on the prior year’s distribution.  It will also continue the unbroken trend of dividend growth over the twelve years since the launch of the fund - a record exhibited by some select equities, but few funds.

However, this is not purely cosmetic.  Above-inflation dividend growth means that investors, who cannot or do not wish to draw down on their capital, experience real growth in purchasing power.  In addition, a sustainable and growing stream of distributions from a portfolio implies, all else equal, that the economic value of the underlying companies is also growing - income and capital growth are inextricably linked.

*Estimated dividend.

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 Sept. 2004Feeder Fund ##Master Fund #FTSE-All Share Index (TR)
Total Return +39.5% +203.8% +160.3%
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 +60.0% +64.9% +60.8%
Annualised Volatility +8.8% +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 4.8
Royal Dutch Shell 4.5
GlaxoSmithKline  3.7
Imperial Brands  3.6
Lloyds  3.5
Compass  3.1
BP 3.0
Centrica 3.0
Sky  3.0
National Grid 2.9
Total Top 10 35.1
36 other holdings 58.1
Cash & equivalent 6.8
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)

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