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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 29/09/2016
£1.41
Accumulation Shares
Income Shares
£1.23
Fund Size
£142M

August 2016

The Master Fund returned +0.9% during the month compared to +1.9% for the FTSE All Share Index.

The shock waves produced by June’s referendum have diffused, becoming mere ripples, much sooner than expected.  In this potentially  delusory lull all eyes have again turned to the central banks.  Equity markets have reasserted their negative correlation with the perceived direction of interest rates.  The 25 basis point cut by the Bank of England early in the month saw the FTSE All Share rise higher on the rising tide of loose monetary policy,  whilst concerns that US rates might be moving in the opposite direction led to a modest retrenchment before the Federal Reserve Chairwoman’s month-end speech at Jackson Hole.

While lower interest rates will drive  equity prices higher by lowering the discount rate applied to cash flows generated by a company, we believe these returns often prove temporary.  We would rather the gains generated by the Fund’s assets came from the sustainable growth of the underlying cash flows. 

To that end we met with Inmarsat, the satellite communication company, at the beginning of the month.  The stock has been one of the weaker holdings in the portfolio, falling by almost 25% in 2016 due to concerns over slower growth in its end markets (including maritime) and a contract miss in the emerging aircraft cabin connectivity market.

We believe these challenges are largely cyclical and likely to be short lived.  Demand for mobile satellite communication services is enjoying structural growth and Inmarsat has a well invested constellation of modern satellites providing a wide moat to protect its near-30% returns on equity.  In the weeks following the meeting we made a material addition to our holding of Inmarsat at an average yield of 4.1%.

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 +40.9% +206.6% +147.2%
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 +62.5% +65.7% +60.8%
Annualised Volatility +8.8% +9.3% +13.3%

* 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 3.9
AstraZeneca  3.6
GlaxoSmithKline  3.5
Imperial Brands  3.5
Royal Mail  3.5
Compass 3.4
National Grid 3.2
Vodafone  3.2
Centrica 3.0
Total Top 10 35.6
35 other holdings 57.1
Cash & equivalent 7.3
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.

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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)