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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 27/05/2016
£1.32
Accumulation Shares
Income Shares
£1.17
Fund Size
£121M

April 2016

The Master Fund returned -0.4% during the month compared to +1.1% for the FTSE All Share Index.

The market was led by mining shares which continued to rally hard from their lows whereas a number of long standing holdings such as Dairy Crest, Sky and WH Smith gave up some ground. As a result the Fund lagged the market during the month.

Overall, markets were less volatile than in the first quarter despite weaker economic data in the US and  a consumer slowdown in the UK which was reflected in some poor results from some retail and leisure companies such as Next, which fell sharply after an extremely downbeat trading statement in late March and continued to weaken in April. Some of the gloom in the UK economy was attributed to the uncertainty being created by the EU referendum campaign and we expect this to have a dampening effect on GDP growth in the second quarter of 2016.

The currency markets have been impacted most by the Brexit issue and sterling has been trading close to its fifteen year lows versus the dollar—only rising when polls or other interventions raise the prospect of the Remain vote prevailing. This somewhat febrile atmosphere is likely to persist in the currency markets until June 23rd but gilts and equities have thus far proved more sanguine. Just under half of the direct US$ exposure was hedged back into sterling at $1.41 as it is quite possible that a vote to remain in the EU would trigger a sterling rally and we believe that to be the most likely outcome. There is a 70% chance according to the betting markets, often a more reliable barometer than opinion polls.  The winning margin is much harder to predict and needs to be decisive to avoid further debilitating uncertainty.

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 +30.3% +184.1% +122.7%
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 +58.3% +64.8% +59.7%
Annualised Volatility +9.0% +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 4.6
Royal Dutch Shell 4.2
Imperial Brands 3.8
GlaxoSmithKline  3.7
Royal Mail 3.7
AstraZeneca  3.4
Compass 3.3
Vodafone  3.3
Centrica 3.1
National Grid 3.0
Total Top 10 36.1
33 other holdings 57.1
Cash & equivalent 6.8
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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