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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 20/09/2018
Accumulation Shares
Income Shares
Fund Size
£4,172M (31/08/18)

August 2018

Your Fund returned -0.1% during the month compared to -2.8% for the FTSE All-Share Index (TR).

August is often a quiet month in terms of volumes traded in capital markets but that does not necessarily preclude it from being an eventful one.  Indeed, macroeconomic shocks have been known to have a substantial impact on asset prices during the summer lull, with volatility often exacerbated by the paucity of market participants.

This summer, emerging market debt was in focus with Turkey centre stage.  The country’s precariously high levels of dollar-denominated debt render it powerless in the face of FX swings.  This year’s devaluation of the lira, prompted by political uncertainty, and the consequent decline in the value of its bonds, served to expose the fragilities of borrowing in someone else’s currency. 

This is the tip of the iceberg.  Almost a decade of loose monetary policy has encouraged fiscal imprudence around the world.  Both developed and emerging market debt levels have blown out.  Non-US governments borrowing in dollars will struggle to repay their debt if the dollar appreciates, as tends to happen when investors are fearful. 

None of this is sustainable.  The Fund’s UK and US sovereign debt exposure is inflation-linked and sterling and dollar-denominated respectively.  Currency devaluation is a means by which local currency debt can be managed.  Foreign currency debt is much more vulnerable.

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 +231.9% +165.8%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +66.2% +58.5%
Annualised Volatility +6.4% +13.5%

* 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
Microsoft 4.1
British American Tobacco 3.6
Coca-Cola 3.4
Unilever 3.0
Altria 2.2
Berkshire Hathaway 2.2
Nestlé 2.2
Philip Morris 2.2
Procter & Gamble 1.9
Total Top 10 31.0
20 other holdings 53.0
Cash & equivalent 16.0
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
    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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