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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 23/01/2017
£1.40
Accumulation Shares
Income Shares
£1.22
Fund Size
£149M

December 2016

The Master Fund returned +3.9% during the month compared to +5.0% for the FTSE All-Share Index (TR).

This was enough to secure a return for the full calendar year of +10.2%. In 2014 and 2015 comparable annual returns of just over 10% were substantially ahead of the FTSE All-Share Index.

The strong rotation out of defensive shares in the second half of 2016 caused the Fund to lag, particularly in the aftermath of the US Presidential election. In December the portfolio captured over three quarters of the market rise, helped by the 21st Century Fox bid for Sky (+27%) and strong recoveries by companies such as Centrica (+11%) and Land Securities (+11%). We took advantage of depressed prices to add to some of our leading consumer goods companies such as Unilever, Imperial Brands and Reckitt Benckiser all of which have rallied since.

After a year which saw many consensus expectations overturned it would be tempting to extrapolate that 2017 is likely to follow a similar path. An unpredictable US President, the opening of Brexit negotiations with the rest of the EU and the likelihood of further rises in interest rates in the US will present plenty of opportunity for noise. Despite these factors, the ultimate determinant for equity returns will be earnings growth and valuation levels. The recent volatility has definitely reduced the premia on which many of our favoured companies trade. The quality of the portfolio’s income stream has actually improved over the past twelve months as fears of dividend cuts amongst some of the largest companies in the market have receded. One stock that we expect to perform well in 2017 is Lloyds which should deliver superior capital and income returns.

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 +41.5% +208.2% +161.1%
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 +61.4% +65.3% +61.2%
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 4.6
GlaxoSmithKline  3.7
Imperial Brands  3.4
Compass 3.3
Lloyds  3.3
BP 3.2
Centrica 3.1
Royal Mail  3.0
AstraZeneca  3.0
Total Top 10 35.4
36 other holdings 58.3
Cash & equivalent 6.3
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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