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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 23/01/2017
295.02p
Accumulation Shares
Income Shares
243.72p
Fund Size
£3,619M

December 2016

Your Fund returned +1.0% during the month compared to +5.0% for the FTSE All-Share (TR) Index. The Fund returned +12.3% for the calendar year.

Gold bullion has been seen by many as a laggard in 2016.  A number of investors have asked us why it has been so dull of late.  In the very short term bullion has suffered from the outcome of the US election – seen as growth and US dollar positive – and the bond market sell-off.  In the last three months of 2016, gold fell by just over 12%.  Yet, set in the context of the year, bullion paid its way rising +8.6% in dollar terms and (often forgotten as it is not quoted in pounds) up +29.7% in sterling terms.  For the Trojan Fund, this was one of the best contributors to performance in 2016. It has also provided useful diversification in times of market stress such as the January to mid-February stock market sell-off and the fallout after the UK Brexit referendum.

 

 

 

Unconventional monetary policy has not gone away and is proving hard to exit.  Normalisation of interest rates is glacial in the US, with two 0.25 percentage points rate rises over the past year.  Elsewhere unconventional policy remains in the vanguard, especially in Europe and Japan.  The Trump era may bring forward the end of central bank hegemony, as the president-elect has been critical about the Federal Reserve and its role in distorting the economy since the financial crisis.  If Trump’s policies of reflation gain traction, the outcome is likely to be inflationary, which would be positive for gold.  If inflation is not forthcoming deflation will take hold once more, leading to renewed aggressive unconventional monetary policy in the United States. For the patient, gold is not a trade but essential portfolio insurance.

 

 

 

 

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 June 2001)FundIndex*
Total Return +220.9% +134.7%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +67.4% +59.4%
Annualised Volatility +6.6% +13.9%

* 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 6.8
British American Tobacco 3.8
Microsoft 3.4
Philip Morris 3.1
Coca-Cola 2.7
Altria 2.7
Imperial Oil 2.5
Sage Group 2.1
Berkshire Hathaway 2.1
ETFS Physical Gold 2.1
Total Top 10 31.3
21 other holdings 38.3
Cash & equivalent 30.4
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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