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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 12/02/2016
£1.21
Accumulation Shares
Income Shares
£1.07
Fund Size
£119M

January 2016

The Master Fund returned -0.8% during the month compared to -3.1% for the FTSE All Share Index.

The start of a new year brought little respite for investors who had been buffeted by the volatility seen in the latter half of 2015.  The weakness in the oil price persisted and the resources-heavy FTSE All Share was down over -10% at its lows, before reversing much of the loss.  In an  environment like this the Fund’s investments in defensive equities  such as Unilever and Reynolds American, combined with a willingness to hold some cash, has served shareholders comparatively well.

An investment in NewRiver Retail  was added to the portfolio following our participation in a capital raising.  NewRiver is a real estate investment trust specialising in  the ownership of undervalued shopping centres. The very well respected management team has taken a contrarian view of this unloved sector.  

By actively managing the assets they can drive income growth whilst redevelopment allows them to unlock capital value.  This strategy underpins a fully covered dividend that looks set to grow above +8% this year and translates into a 5.5% yield on the share price.

As equity valuations fell and volatility rose, conditions again met our stringent criteria for writing put options.  We wrote puts on three stocks where the strike prices of the listed options match our target valuations for the equities. The premium income generated  equates to an annualised yield on the underlying cash in excess of 9% in all three cases. In the current low interest rate environment this undoubtedly represents an attractive return.

 

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 +27.7% +177.3% +116.8%
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 +57.6% +64.7% +58.8%
Annualised Volatility +9.4% +9.5% +13.6%

* 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 4.7
Imperial Tobacco 4.0
GlaxoSmithKline 3.7
Royal Mail 3.6
Compass 3.4
Vodafone  3.4
National Grid 3.1
Reynolds American 3.1
Sky 2.9
WH Smith 2.8
Total Top 10 34.7
33 other holdings 59.2
Cash & equivalent 6.1
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.

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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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