Trojan Fund

Troy

Overview

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A multi-asset fund that aims to protect investors’ capital and grow its value in real terms over the long term. We combine cautious asset allocation with careful selection of high-quality companies, purchased at fair valuations.

What does the Fund do?

Through a long-term, long-only approach, the Fund has the flexibility to invest in a broad range of asset classes. We primarily invest in developed market equities and bonds, gold-related investments, as well as cash and short-dated Treasury bills.

Why this Fund?

Aimed at investors who want a multi-asset fund emphasising capital preservation and absolute returns. The Fund’s emphasis on downside risk management and high-quality securities aim to deliver strong risk-adjusted returns over the long-term. 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

The team

Sebastian Lyon

Founder & Chief Investment Officer

Bio

Sebastian Lyon

Founder & Chief Investment Officer

Sebastian is Troy’s Chief Investment Officer and is responsible for Troy’s Multi-Asset Strategy. He is the Senior Fund Manager for the Trojan Fund and Investment Manager of Personal Assets Trust.

Sebastian began his career in 1989 at Singer & Friedlander Investment Management. Joining Stanhope Investment Management (the management company for the GEC Pension Fund) in 1995, he jointly managed the £2 billion equity portfolio and the Fund’s asset allocation. He was appointed Director in 1999, and in 2000 he left to establish Troy. Gaining his BSc in Politics from Southampton University, Sebastian holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.

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Charlotte Yonge CFA

Senior Fund Manager

Bio

Charlotte Yonge CFA

Senior Fund Manager

Charlotte is the Assistant Fund Manager of the Trojan Fund and Personal Assets Trust and Fund Manager of the Trojan Ethical Fund, with responsibility for multi-asset coverage and the analysis of global companies and their selection for Troy’s portfolios.

Charlotte joined Troy in 2013 from Ruffer Investment Management, where she worked as an Investment Associate. Graduating from Cambridge with an MA in Modern Languages, Charlotte holds the CISI Diploma and is a CFA Charterholder.

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Marc de Vos CFA

Investment Analyst

Bio

Marc de Vos CFA

Investment Analyst

Marc is an Investment Analyst working on the multi-asset mandates, with responsibility for analysis of global companies and their selection for Troy’s portfolios.

Marc joined Troy in June 2019 from RWC Asset Management, where he worked as an Investment Analyst. Marc holds a BEng in Electromechanical Engineering and a PhD in Electronic and Electrical Engineering from Southampton University. Marc is a CFA Charterholder.

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Michael Kinsella

Investment Specialist

Bio

Michael Kinsella

Investment Specialist

Michael is an investment specialist on the Multi-Asset Strategy. Michael joined the Business Development Team at Troy in May 2016 from Veritas Investment Management where he worked as an Assistant Portfolio Manager.

Michael graduated from Dublin Business School with a BA (hons) in Business Studies in 2005. Michael holds a Masters in Wealth Management from the Chartered Institute of Securities & Investments and the IMC.

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Commentary

July 2024

Your Fund returned +0.2% during the month, compared to +3.1% for the FTSE All-Share Index (TR).

In our latest Investment Report No. 81, we discuss the recent focus on election outcomes and their impact (or lack of it) on markets – see link.  For all the noise and distraction presented by politics in recent months, corporate earnings and valuations are more important in generating long term returns for investors.  Valuations remain high, which explains our continued defensiveness, with less than 30% of the portfolio in equities, although we remain poised to deploy the Fund’s liquidity when opportunities present themselves.

July offered plenty of opportunity to hear from the Fund’s holdings.  The outcome was a mixed picture, with many companies close to the consumer struggling to grow.  After a year of rising prices in 2023, as companies sought to offset rising inflation, comparisons have become harder and consumer demand has slowed.  Pent up savings have now been spent and higher interest rates are at last beginning to bite.  Nestlé and Diageo struggled to grow earnings in the first half, while valuations for both companies are close to 10-year lows.  In contrast our largest holding, Unilever, released positive interim results.  While organic revenue growth was slightly weaker than expected, the Company surprised on profitability.  A year into his tenure, the new Chief Executive, Hein Schumacher, is beginning to deliver on his strategy.  A focus on improving gross margins is allowing Unilever to significantly increase investment into marketing its brands, driving higher organic growth and stronger operating margins.  We suspect there is more to come after a few years of lacklustre performance and believe we will be rewarded for our patience.

During July the gold price surged to a new all-time-high, in US dollars, to over $2,480 per troy ounce.  We used this strength to reduce our holding.  This action brings our weighting back down to 12% of the portfolio.

Key facts

Fund Manager

Sebastian Lyon

Assistant Fund Manager

Charlotte Yonge

Inception date

31/05/2001

Currency

Sterling

Available share classes

O, I, S, X

ISIN (O Class)

GB00B01BP952 (Acc)
GB0034243732 (Inc)

Bloomberg (O Class)

CFTROJA_LN (Acc)
CFTROJI_LN (Inc)

Sedol (O Class)

B01BP95 (Acc)
3424373 (Inc)

Fund rating

© 2024 Morningstar, Inc. All Rights Reserved.

Benchmarks

For more information on the benchmarks used please refer to the ‘use of benchmarks’ section in the fund information sheet

Ongoing Charges

‘O’ (ordinary) shares: 1.03%
‘X’ (platform) shares: 0.88%

‘O’ ACC SHARE CLASS as at 19/08/2024

406.97p

Fund size as at 31/07/2024

£5,140m

‘O’ INC SHARE CLASS as at 19/08/2024

325.13p

Performance

Source: Lipper, Waystone Management UK Limited

31/05/200130/09/201430/09/201930/09/202130/09/202331/03/2024
Since Launch10 Years5 Years3 Years1 Year6 Months
Trojan O Income348.967.925.37.07.72.7
UK Retail Price Index123.851.434.026.33.01.8
FTSE All-Share TR263.483.632.223.913.46.1
Bank of England Base Rate65.813.911.110.55.32.6

Discrete Calendar Annual Returns (%)200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
Trojan O Income0.64.115.410.315.9126.11.111.614.48.52.1-3.18.93.212.34.1-310.77.412.1-3.82.75.1

Performance is calculated on a total return basis, net of fees, in sterling terms. Past performance is not a guide to future performance

Source: Lipper, Waystone Management UK Limited. Since Launch (31/05/2001) to 31 July 2024.

Risk and Volatility since launch

Source: Lipper, Waystone Management UK Limited

Risk Analysis Since Launch (31/05/2001)Trojan O IncomeFTSE All-Share TR
Total Return348.9263.4
Max Drawdown-13.7-45.6
Best Month8.912.7
Worst Month-4.7-15.1
Positive Months66.459.3
Annualised Volatility6.013.5

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

Maximum Drawdown measures the worst investment period

Annualised Volatility is measured by the annualised standard deviation of the monthly returns

Source: Lipper, Waystone Management UK Limited. As at 31 July 2024.

Asset allocation

Top 10 holdings (excluding government bonds)Fund %
Invesco Physical Gold6.61473253415383
iShares Physical Gold6.00041594318963
Unilever5.11949619256171
Visa3.12542955417097
Nestle2.65463532757455
Diageo2.47909146160673
Microsoft2.33588037098082
Alphabet2.22439165088925
Heineken Holding2.07938797421524
American Express1.59255468393474
Total Top 1034.2260156932775
8 Other Equity holdings7.1788523774314
US TIPS31.6491646534658
Short-dated Gilts11.8470996031003
US Short-dated Treasuries8.46567895630606
UK Index-Linked3.61114118304858
Cash3.02204753337042
Total100

Asset allocation and holdings subject to change. As at 31 July 2024

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive
UCITS KIID     View share classes Hide share classes

Annual Report

 January 2024 View document Download document  

Interim Report

 July 2023 View document Download document  

Fund Information Sheet

 View document Download document  
Prospectus & Additional Investor Information     View documents Hide documents

Sustainability-related Disclosures

 View document Download document  
Investment Report     View documents Hide documents
Special Paper     View papers Hide papers

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

Website Terms and Conditions

Welcome to the website of Troy Asset Management Limited (“Troy”, “we”, “our”, “us”).  Please read these terms and conditions carefully.  By accessing this website you are indicating that you have read, acknowledge and agree to be bound by the following terms and conditions and that you have read Troy’s Privacy Notice (which can be accessed here).  If you do not agree to these terms, you must stop using this website immediately.

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Troy Asset Management Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom which can be contacted at 12 Endeavour Square, London E20 1JN.  Troy is registered on the FCA’s register with firm reference number 195764.  Troy is registered with the U.S. Securities and Exchange Commission (“SEC”) as an Investment Adviser (CRD: 319174).  Registration with the SEC does not imply a certain level of skill or training.  Troy is the owner and operator of this website and can be contacted using the details set out in section 11 below.

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The securities described on this website are not intended for use and are not offered in the United States of America or to U.S. Persons.  Please see section 2 for further detail.

  1. Who may access this website – subject to local restrictions

The information on this website is directed at persons in the United Kingdom (“UK”) and not otherwise. The availability of any funds managed by Troy or services provided by Troy mentioned on this website in any jurisdiction other than the UK is subject to local restrictions.  Except as specifically set out below the funds mentioned on this website have not been registered or approved for distribution under the laws of any jurisdiction other than the UK.

If you are accessing this website from a jurisdiction other than the UK, you are required to inform yourself of and observe any applicable local restrictions.  If you choose to access the website and you do so from a country other than the UK, you do so at your own risk and Troy will not be liable for any breach of local law or regulation that you commit as a result of doing so. The information available on this website does not constitute an offer of, or an invitation to apply for or purchase, any securities.

Trojan Investment Funds and its sub-funds are UK funds established under the provisions of the European Directives on the co-ordination of laws, regulations, and administrative provisions relating to undertakings for collective investment in transferable securities (“UCITS”) (Directive 2009/65/EC) as implemented in the UK.  Trojan Investment Funds is authorised by the FCA.  Certain sub-funds are available for distribution in Ireland (for professional investors only), Singapore (for institutional investors only), Switzerland (for qualified investors only) and are registered for distribution to the public in the UK.

Trojan Fund (Ireland), Trojan Income Fund (Ireland), Trojan Global Income Fund (Ireland) and Trojan Ethical Fund (Ireland) are sub-funds of Trojan Funds (Ireland) plc which is an Irish UCITS subject to the laws of the Republic of Ireland.  Each is authorised in the Republic of Ireland by the Central Bank of Ireland, and is a scheme recognised by the FCA under the Financial Services and Markets 2000 Act (“FSMA”).  Trojan Fund (Ireland) and Trojan Income Fund (Ireland) are registered for distribution in Austria (certain share classes only), Germany (certain share classes only), Ireland, Italy (for institutional investors only), Singapore (for institutional investors only), Spain (certain share classes only), Switzerland and the UK.  Trojan Fund (Ireland) is also registered in Portugal (certain share classes only). Trojan Ethical Fund (Ireland) is registered for distribution in Ireland, Singapore (for institutional investors only), Spain (certain share classes only), Switzerland and the UK.  Trojan Global Income Fund (Ireland) is registered for distribution in Ireland, Spain (certain share classes only), Switzerland and the UK.

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This website as well as the securities described on this website are not intended for use and are not 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).  As such, by accepting these terms you represent and warrant that you are not a U.S. Person as defined under Regulation S of the United States Securities Act of 1933, as amended.

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  1. Risk warnings

The value of investments and the income from them 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.  Past performance is not a guide to future performance.

Tax legislation and the levels of relief from taxation can change at any time.  Troy does not provide tax, legal or accounting advice and therefore the information presented on this website should not be relied upon.  Please consult your own financial advisor before engaging in any transaction.

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We keep our terms and conditions under review.  These terms and conditions were most recently updated on 8 September 2023.

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  1. Contact details

Troy Asset Management Limited, 33 Davies Street, London W1K 4BP, United Kingdom; Telephone +44 (0)20 7499 4030; Email [email protected].  Troy Asset Management Limited is a limited company registered in England and Wales under company number 3930846 and has its registered office at 33 Davies Street, London W1K 4BP , United Kingdom. Except where otherwise required by applicable law or regulations, all communication and documentation sent to you by Troy will be in English.  You may communicate with us in English.

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