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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 25/10/2016
Accumulation Shares
Income Shares
Fund Size

September 2016

The Master Fund returned -0.5% during the month compared to +1.7% for the FTSE All Share Index.

The sluggishness was caused more by an absence in the portfolio of most of the stocks which led the market rather than holding too many losers. Many more stocks lagged the market than outperformed and the leaders were concentrated in the mining sector, a few related industrials such as Weir Group and some esoteric financials like Metro Bank and Esure.

In essence the month saw some of the post-referendum gains unwind as the big international earners in the portfolio lost some of the momentum provided by the effective devaluation in late June. Sterling remains vulnerable to the inevitable uncertainty that will prevail as the Brexit negotiations evolve and we do not share the view that the weakness of sterling is an unalloyed benefit to the UK. Only for a brief period in 1984/5 has sterling ever been weaker versus the US$ than it is today. This is creating inflationary pressures which will not become apparent until next year and will undoubtedly put further pressure on profit margins for those companies most exposed to dollar imports.

On a more positive, but temporary note, the Fund’s income account has been boosted by the fact that 32% is determined in US$ and, like the UK market as a whole, this will benefit UK investors with sterling liabilities this year. The other potential by-product of the weakness of sterling could well be increased M&A activity as cash rich companies with access to cheap credit see attractive opportunities in the UK market. Despite low underlying growth rates it is possible that valuations do get driven higher as a result, thus increasing investors’ vulnerability to a market setback. Possible sectors to see takeover activity include energy, healthcare and financials.

Portfolio activity was limited to adding to existing holdings in Next and Rathbone Brothers. Both company’s share prices are far more attractively priced than they have been for some time and despite short-term headwinds we expect them to generate good returns from here. We continue to seek attractive valuation opportunities which will also support income growth. 

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 +40.2% +205.2% +151.4%
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 +61.0% +65.3% +61.1%
Annualised Volatility +8.7% +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
Compass 3.4
Royal Mail  3.3
National Grid 3.3
Vodafone  3.0
BP 3.0
Total Top 10 35.3
35 other holdings 56.4
Cash & equivalent 8.3
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
  • 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)

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