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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 17/07/2018
£1.51
Accumulation Shares
Income Shares
£1.24
Fund Size
£164M (30/06/18)

June 2018

The Master Fund returned +1.2% during the month compared to -0.2% for the FTSE All-Share Index (TR).

As US interest rate expectations rose, and the outlook for Sino-American trade relations deteriorated, the market rally that had dominated much of the previous two months faltered. Reassuringly, the Master Fund’s consumer staples stocks delivered a robust performance over this period. The more modest multiples on which these stocks now trade is a key factor in determining the resilience of their share prices.

It is also valuation that has driven us to exit the Master Fund’s holding in Burberry.  We first bought the stock two years ago. At that time a depressed Chinese consumer and weak management structures had precipitated a share price fall that left this iconic brand trading on 16x earnings and a 3.5% yield.

Since our purchase, the demographic forces that underpin Chinese consumer spending have re-asserted themselves and both a new chief executive and creative director have been appointed.  These, and other developments, have driven the Burberry share price materially higher, leaving the stock now trading on a ten-year price/earnings multiple high of 27x and a yield of less than 2%.

The long-term future of the Burberry brand has probably altered only modestly during the last 24 months.  However, we believe that the potential returns available to investors in the company’s shares have diminished materially thus prompting us to sell the Master Fund’s holding.

Source: Lipper, Link Fund Manager Solutions (Ireland) Limited

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 +50.8% +229.1% +200.3%
Max drawdown* -11.0% -25.2% -45.6%
Annualised Volatility +8.7% +9.2% +12.8%

* 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 (%)
Royal Dutch Shell  5.6
Unilever 5.5
BP 5.0
Lloyds  4.1
Reckitt Benckiser  4.0
GlaxoSmithKline   4.0
British American Tobacco  3.9
Compass 3.4
Imperial Brands 3.3
Experian 3.2
Total Top 10 42.0
33 other holdings 55.3
Cash & equivalent 2.7
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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