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Trojan Income Fund

The investment objective of Trojan Income Fund is to provide an above average income with the potential for capital growth in the medium term. The investment policy is to invest substantially in UK and overseas equities and fixed interest securities but Trojan Income 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 23/02/2017
Accumulation Shares
Income Shares
Fund Size

January 2017

The Fund returned -1.4% during the month compared to -0.3% for the FTSE All-Share (TR) Index.

Natural resources stocks and industrials continued to be the strongest performing sectors but, as the enthusiasm for Trump’s fiscal musings lost some of its lustre, these sectors alone were not enough to continue to support an overextended market unsettled by year-end profit warnings.

In such an environment the assertion by Richard Russell (Dow Theory Letters) that “a stock dividend is something tangible” and “in hand” whereas other drivers of returns are largely “hope and speculation” rings particularly true. We believe this applies not only at the individual stock level but also at the Fund level and were pleased to announce that the Trojan Income Fund will pay a final dividend of 4.2916p* for the six-month period to 31 January. 

When added to the 2.85p interim dividend this represents a +7.0% increase on the prior year’s distribution.  It will also continue the unbroken trend of dividend growth over the twelve years since the launch of the fund - a record exhibited by some select equities, but few funds.

However, this is not purely cosmetic.  Above-inflation dividend growth means that investors, who cannot or do not wish to draw down on their capital, experience real growth in purchasing power.  In addition, a sustainable and growing stream of distributions from a portfolio implies, all else equal, that the economic value of the underlying companies is also growing - income and capital growth are inextricably linked.

*Estimated dividend.

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 LaunchFund IA UK Equity Income FTSE All-Share Index (TR) 
Max drawdown* -25.2% -44.9% -45.6%
Annualised volatility +9.3% +12.4% +13.2%

* Measures the worst investment period 

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


Top 10 HoldingsFund (%)
Unilever 4.8
Royal Dutch Shell 4.5
GlaxoSmithKline 3.7
Imperial Brands  3.6
Lloyds 3.5
Compass  3.1
BP  3.0
Centrica 3.0
Sky 3.0
National Grid   2.9
Total Top 10 35.1
37 other holdings 58.1
Cash & equivalent 6.8
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
    Francis Brooke
  • Assistant Fund Manager
    Hugo Ure
  • Inception Date
  • Currency
    £ Sterling
  • Available Share Class
    O, I, S
  • ISIN (O Class)
    GB00B01BP176 (Acc)
    GB00B01BNW49 (Inc)
  • Bloomberg (O Class)
    TROJINC_LN (Acc)
    TROJINI_LN (Inc)
  • Sedol (O Class)
    B01BP17 (Acc)
    B01BNW4 (Inc)

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