This site uses some unobtrusive cookies to store information on your computer. These cookies are essential, as the site won't work as expected without them. These cookies are set when you submit a form, login or interact with the site by doing something that goes beyond clicking on simple links. 

We also use some non-essential cookies to anonymously track visitors or enhance your experience of the site. If you're not happy with this, we can disable these these cookies but some features of the site may not work. By using our site you accept the terms of our Privacy Policy.


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 22/03/2018
Accumulation Shares
Income Shares
Fund Size
£153M (28/02/18)

February 2018

The Master Fund returned -4.3% during the month compared to -3.3% for the FTSE All-Share Index (TR).

This was a difficult month for equity markets as the volatility that began in January continued, exacerbated by central bank comments in both the US and UK which hinted at faster than expected rate increases.

The expectation of higher rates created downward pressure on the utility and consumer goods holdings in your Fund and more than offset the positive contribution from individual stocks such as Royal Mail, IG Group and Compass Group which generated strong positive returns.

Although this has been a challenging market for the Fund, the opportunities to add to quality franchises are beginning to emerge.

We have continued to build the holding in RELX Group which is the kind of high-quality cash-generative business that will drive the Fund’s income growth forward.  The company continues to generate solid organic growth and develop new revenue streams, in many cases driven by technology, whilst at the same time returning excess cash flow to shareholders.  A further £700m share buyback and a 10% dividend increase were announced last month.  There were also notable dividend increases announced from our holdings in Unilever (+14%), Schroders (+22%) and Lloyds (+20%).  These are significant increases and are a function of long-term initiatives to create value for shareholders.  While such shares may be out of favour at present, they are companies which have significant long-term earnings and dividend growth potential. We will continue to use market volatility to add to such holdings.

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 +41.5% +208.6% +180.1%
Max drawdown* -9.1% -25.2% -45.6%
Annualised Volatility +8.8% +9.3% +12.9%

* 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 5.8
Unilever  5.3
Lloyds  4.3
British American Tobacco 4.0
BP 3.8
Compass Group  3.6
GlaxoSmithKline 3.3
Vodafone 3.2
Reckitt Benckiser  3.2
Imperial Brands 3.0
Total Top 10 39.5
36 other holdings 56.2
Cash & equivalent 4.3
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
  • 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)

Related Literature