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Trojan Fund

The investment objective of Trojan Fund is to achieve growth in capital and income in real terms over the longer term. The investment policy is to invest substantially in UK and overseas equities and fixed interest securities but Trojan Fund may also invest in collective investment schemes and money market instruments. 

In addition to the O share class referred to on this page, I & S Classes are also available. Please contact us for more information.

'O' Share Class Price 26/06/2017
307.29p
Accumulation Shares
Income Shares
253.64p
Fund Size
£4,131M

May 2017

Your Fund returned +2.1% during the month compared to +4.4% for the FTSE All-Share Index (TR).

Charles Ellis wrote an article in 1975 titled “The Loser’s Game” which states that investing is like amateur tennis. It is a loser’s game, whereby a player loses the game based on how many mistakes they make relative to their opponents.  Similarly, in investing, those who make the fewest mistakes will win over the long run.

The month end marked the 16-year anniversary of the Fund.  Our approach, as Ellis advocated, is to win by not losing.  Since the launch there have been two clear stock market cycles as measured by distinct market highs.  The first was from 2001 to 2007, when the UK stock market fell sharply after the dot com boom and then subsequently rallied thanks to low interest rates.  The second cycle began in July 2007 with the emergence of the financial crisis and has been followed by an eight-year cyclical bull market.  Over these two separate periods we have outperformed by endeavouring to protect on the downside, being more prudent when valuations were high but also being prepared to take risk when we were paid to take it.  

Back in 2001 we informed investors that, “There is a time to invest in stocks. However, there is also a time to hold high levels of liquidity - this is such a time. We will jealously guard this liquidity until such time as equity valuations reflect economic realities. This is for two reasons. Firstly to protect the capital we have and secondly it gives us the re-investment value of being able to buy equities at attractive prices after they fall.”  Sixteen years on and two cycles later, we feel no differently than we did then.

 

 

 

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 (31st May 2001)FundIndex*
Total Return +235.6% +153.8%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +67.7% +59.4%
Annualised Volatility +6.5% +13.8%

* FTSE All-Share Index (TR)

# Measures the worst investment period

Performance is calculated on a total return basis, net of fees, in sterling terms.
Top 10 HoldingsFund (%)
Gold Bullion Securities 6.2
British American Tobacco 4.0
Philip Morris 3.4
Microsoft 3.2
Coca-Cola 2.5
Altria 2.5
Nestlé  2.3
Sage 2.0
Reynolds American 2.0
Unilever 1.9
Total Top 10 30.0
23 other holdings 39.7
Cash & equivalent 30.3
Total 100.0

 

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
    Sebastian Lyon
  • Assistant Fund Manager
    Sean Beck
  • Inception Date
    31/05/2001
  • Currency
    £ Sterling
  • Available Share Class
    O, I, S
  • ISIN (O Class)
    GB00B01BP952 (Acc)
    GB0034243732 (Inc)
  • Bloomberg (O Class)
    CFTROJA_LN (Acc)
    CFTROJI_LN (Inc)
  • Sedol (O Class)
    B01BP95 (Acc)
    3424373 (Inc)

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