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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 22/03/2018
Accumulation Shares
Income Shares
Fund Size
£4,411M (28/02/18)

February 2018

Your Fund returned -1.7% during the month compared to -3.3% for the FTSE All-Share Index (TR).

February 2018 may be remembered for finally jolting markets out of their liquidity-induced stupor.  The S&P 500 witnessed its first -10% fall in two years and the so-called VIX (volatility index) increased 197% in a day.  The apparent catalyst was the January US hourly earnings figure of 2.9%, the biggest increase since 2009.  This led to higher bond yields and a fall in equity prices.  It is uncertain whether this marks the start of something more sustained.  One thing however is clear: these events highlight the fragility of a market where many participants’ perception of risk is based on backward-looking volatility.

Volatility is an outcome of market movements but perversely it has also become a target for investors.   According to the FT, almost $1trn of assets are in ‘volatility-targeting funds’. These allocate capital according to historic volatility and, by definition, are forced to sell as volatility increases, creating a self-reflexive feedback loop.


February’s movement was inadequate to warrant a shift in our asset allocation.  The S&P 500 merely retraced its gains since November; equity valuations have been on an upwards tear for over six years.  The Shiller cyclically-adjusted PE ratio is higher than in 2007 and equities in our universe are almost invariably at the upper-end of their historic ranges.  Our definition of risk is permanent capital loss.  Overpaying for assets is one way to go about it.





Performance is calculated on a total return basis, net of fees, in sterling terms.

Source: Lipper, Link Fund Solutions Limited

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 +227.0% +151.8%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +66.2% +58.7%
Annualised Volatility +6.4% +13.6%

* 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 5.6
British American Tobacco 4.0
Microsoft 3.4
Philip Morris 2.6
Dr Pepper Snapple 2.3
Coca-Cola 2.1
Berkshire Hathaway 2.0
Nestlé  1.9
Sage 1.8
Altria 1.8
Total Top 10 27.5
23 other holdings 42.6
Cash & equivalent 29.9
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
  • Investment Manager
    Charlotte Yonge
  • Inception Date
  • 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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