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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 28/04/2016
£1.30
Accumulation Shares
Income Shares
£1.15
Fund Size
£121M

March 2016

The Master Fund returned +2.0% during the month compared to +1.9% for the FTSE All Share Index.

For the quarter to 31st March the Master Fund return of +1.6% and the FTSE All Share Index return of –0.3% disguises the huge volatility during the period—at one stage in mid-February the index was down 11% and at that moment not many commentators predicted a rebound.

Without an anchor of sound monetary policy these swings in sentiment are likely to persist and we continue to concentrate on investing in those companies which have the resilience to generate positive returns through the investment cycle.

Long term investors will be aware that we have been highlighting the excessive concentration of income generation in the UK equity market for years. HSBC accounts for about 8% of  total UK dividend income and the company’s ability to sustain this has deteriorated in our view.

The strength and breadth of the HSBC global franchise has been  offset by poor operational performance in many territories and the holding has been sold. In its place a holding in Wells Fargo, one of the bellwether US banks, was purchased. Although the yield is lower at 3% we regard the exposure to US economic recovery and a well capitalised balance sheet is a more attractive investment. We expect the dividend to grow steadily over time.

The demand for income in a low return world continues to make lower than average volatility equity income funds an attractive choice for investors. As the prospect of higher interest rates recedes increased corporate activity may act as a support for the market as companies with strong balance sheets seek to deliver growth through cost savings and efficiency gains.

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 +30.7% +184.1% +122.7%
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 +60.0% +65.2% +59.4%
Annualised Volatility +9.1% +9.4% +13.5%

* 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
Imperial Brands 4.0
Royal Dutch Shell 4.0
Royal Mail 3.7
GlaxoSmithKline  3.6
Compass 3.4
Vodafone  3.3
National Grid 3.1
AstraZeneca  3.1
Centrica 3.0
Total Top 10 36.0
33 other holdings 57.5
Cash & equivalent 6.5
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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