Overview
Download factsheetA fully invested equity strategy that aims to provide investors with growing levels of income with resilient capital growth by investing at least 80% of the Fund in UK-listed companies.
What does the fund do?
We manage a concentrated portfolio of 30-50 high-quality, cash-generative companies that are capable of consistent dividend growth. At least 80% of the Fund is invested in UK equities, with the possibility of selectively owning the shares of overseas companies in the remainder.
Our long-term approach and focus on reasonably valued, high-quality, cash generative companies leads to low portfolio turnover.
Why this fund?
Troy’s UK Income Strategy has been managed in Troy’s distinctive investment style since 2004. We believe our approach to income investing is differentiated through; our conservative quality-orientated approach, our focus on total return and our prioritisation of dividend growth above high yield. We seek a sensible balance between capital and income return in order to deliver above average returns with below average volatility.
The strategy has no explicit yield target and instead we emphasise real growth and long-term sustainability of the income stream above producing the highest dividend yield today. In so doing, we aim to deliver investors a growing yield on their initial investment.
The Fund integrates ESG and stewardship in accordance with Troy’s Responsible Investment & Stewardship Policy and also adheres to Troy’s Climate Change Mitigation Policy, in accordance with article 8 of SFDR.
View our SFDR disclosure
Key facts
‘O’ ACC SHARE CLASS as at 30/10/2024
£1.141
Fund size as at 31/10/2024
£27m
‘O’ INC SHARE CLASS as at 30/10/2024
£1.1337
Performance
Source: Lipper, Waystone Management Company (IE) Limited.
15/04/2013 | 31/10/2019 | 31/10/2021 | 31/10/2023 | 30/04/2024 | |
---|---|---|---|---|---|
Since Launch | 5 Years | 3 Years | 1 Year | 6 Months | |
FTSE All-Share TR | 101.0 | 31.9 | 19.7 | 16.3 | 1.8 |
Trojan Income (Ireland) O GBP Acc | 66.0 | 2.8 | 1.2 | 11.9 | 4.0 |
Trojan Income (Ireland) O USD Acc | 75.2 | 5.5 | 2.7 | 12.1 | 4.1 |
Trojan Income (Ireland) O EUR Acc | 47.3 | -3.3 | -3.5 | 10.2 | 3.2 |
Discrete Calendar Annual Returns (%) | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Trojan Income (Ireland) O GBP Acc | 6.3 | 9.7 | 10.5 | 9.9 | 6.1 | -7.2 | 20 | -10 | 15.4 | -12.8 | 4.7 | 4.6 |
Trojan Income (Ireland) O USD Acc | 5.8 | 9.3 | 10 | 10.6 | 6.8 | -5.7 | 21.7 | -9.2 | 15.5 | -12 | 5.1 | 4.7 |
Trojan Income (Ireland) O EUR Acc | 5.8 | 9.4 | 9.9 | 9.2 | 4.8 | -8.4 | 18.2 | -10.4 | 14.4 | -14.2 | 2.9 | 3.3 |
Performance is calculated on a total return basis, net of fees. Past performance is not a guide to future performance.
Non GBP share classes are hedged. Differences in interest rates may contribute to differences in performance between share classes.
Source: Lipper, Waystone Management Company (IE) Limited.
Since Launch (15/04/2013) to 31 July 2024.
Risk and Volatility since launch
Source: Lipper, Waystone Management Company (IE) Limited.
Risk Analysis Since Launch (15/04/2013) | Trojan Income (Ireland) O GBP Acc | FTSE All-Share TR |
---|---|---|
Total Return | 66 | 101 |
Max Drawdown | -28.2 | -35.3 |
Best Month | 7.5 | 12.7 |
Worst Month | -10.9 | -15.1 |
Positive Months | 57.2 | 59.4 |
Annualised Volatility | 10.3 | 11.9 |
Performance is calculated on a total return basis, net of fees.
Maximum Drawdown measures the worst investment period
Annualised Volatility is measured by the annualised standard deviation of the monthly returns
Source: Lipper, Waystone Management Company (IE) Limited.
As at 31 July 2024.
Asset allocation
Top 10 holdings | Fund % |
---|---|
Unilever | 6.44887155589736 |
RELX | 6.24096373450239 |
Diageo | 5.70119475926979 |
Compass | 4.60184643656291 |
Reckitt Benckiser | 4.42947702610162 |
LSEG | 4.40673602929079 |
Bunzl | 4.27633677441936 |
Experian | 4.13665927678754 |
National Grid | 2.73403649953123 |
GSK | 2.52217600915457 |
Total Top 10 | 45.4982981015176 |
30 Other Equity holdings | 53.2896401332391 |
Cash | 1.21206176524335 |
Total | 100 |
Asset allocation and holdings subject to change. As at 31 July 2024.
Fund literature
Document name | Date | Open/download | Archived documents |
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Important Information
Past performance is not 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. Returns may increase or decrease as a result of currency fluctuations. 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. In line with the Fund’s prospectus, the Fund is authorised to invest in transferable securities and money market instruments issued or guaranteed by an EEA state, one or more local authorities, a third country, or a public international body to which one or more EEA states belong. The Investment Manager would only consider investing more than 35% of the Fund’s assets in UK or US government issued transferable securities or approved money market instruments.
Some of the information contained on this page: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Important information for U.S. persons
The securities described on this website are neither available nor offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. persons who are resident outside the United States of America).
For the full fund disclaimer please refer to the Fund factsheet.
Please refer to Troy’s Glossary of Terms available here.
How to invest
Find more information on how to invest in this fund and where it is available.
How to invest
Commentary
October 2024
Your Fund returned -2.6% during the month, compared to -1.6% for the FTSE All-Share Index (TR).
Macro events dominated the market narrative in October: the new UK government announced its first budget, there was growing hype around the upcoming US presidential election, and tensions in the Middle East continued to escalate. Of note from a financial markets perspective was a rise in government bond yields, with the yield on 10-year UK and US government debt both rising c. 50 basis points in the month from +4.0% to +4.4% and +3.8% to +4.3% respectively. From your Fund’s perspective, it was this move, much more so than any stock-specific news flow, that impacted returns over the month with higher bond yields putting short-term pressure on equity valuations.
The UK budget had been eagerly anticipated, with an unusually long lag between Labour regaining power on the 5th of July and Chancellor Rachel Reeves announcing her fiscal plan on the 30th of October. The reality is that with over 80% of the Fund’s aggregate revenues derived from outside the UK, the impact of domestic politics on portfolio companies is always relatively limited. We are pleased however that it is now behind us, allowing investors to look forward with more certainty as to the shape of policy under this government.
When we look across global markets, we continue to find valuations for UK companies to be particularly attractive. The UK’s is the most international of all stock markets, home to many world-class companies, providing rich opportunities for stock pickers. In the month, we started a new holding in a high-quality UK company. We look forward to sharing more details in an upcoming factsheet.