Trojan Income Fund (Ireland)

Troy

Overview

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A 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

The team

Commentary

June 2025

Your Fund returned -1.0% during the month, compared to +0.5% for the FTSE All-Share Index (TR).

Halma, the UK-based niche technology and engineering company, reported full year results in June. The shares rose +10.1% in the month on the back of strong numbers which showcased an impressive 22nd consecutive year of profit growth and a remarkable 46th consecutive year of dividend growth of 5% or more.

As the owner of 50 individual businesses, Halma’s model is highly diversified, providing resilience across the market cycle. Activities include commercial fire alarm systems used in the likes of the Statue of Liberty, equipment for eye tests and eye surgery, radar devices used on autonomous vehicles, and sensors for monitoring leaks in our sewer systems. The company is often referred to as a ‘serial acquirer’, due to its track record of delivering regular, value-enhancing M&A. However, in spite of the uncertain economic backdrop, it was organic growth that really stood out in these results. Organic revenue and operating profit grew +9% and +13% respectively in the year, and the company delivered strong cash generation with rising returns on capital.

Halma operates an ambitious growth model, aspiring to double earnings roughly every five years. Disciplined capital allocation and retaining their highly decentralised organisation are key. We have been impressed and reassured by management’s robust commentary on these topics during our regular interactions. Shares have rarely looked ‘cheap’ and we remain wary that they remain highly rated today. However, given the quality of the business and Halma’s long-term compounding potential, we have maintained the Fund’s c.2.5% weighting. In our view, this remains towards the lower end of Halma’s potential weight range in the portfolio and we remain alert to opportunities to buy more in the future.

 

Key facts

Fund Manager

Blake Hutchins

Assistant Fund Manager

Fergus McCorkell

Inception date

15/04/2013

Currency

Sterling
US Dollar
Euro
Singapore Dollar

Available share classes

O GBP Acc and Inc
O EUR Acc and Inc
O USD Acc and Inc
O SGD Acc and Inc
X GBP Acc and Inc
X EUR Acc and Inc
X USD Acc and Inc
X SGD Acc and Inc

ISIN (O GBP)

IE00B943NN14 (GBP Inc)
IE00B8255S12 (GBP Acc)

Bloomberg (O GBP)

TJIFOGI (GBP Inc)
TJIFOGA (GBP Acc)

Sedol (O GBP)

B943NN1 (GBP Inc)
B8255S1 (GBP Acc)

Ongoing Charges

‘O’ (ordinary) shares: 1.26%
‘X’ (platform) shares: 1.11%

‘O’ ACC SHARE CLASS as at 30/10/2024

£1.141

Fund size as at 30/06/2025

£12m

‘O’ INC SHARE CLASS as at 30/10/2024

£1.1337

Performance

Source: Lipper.

15/04/201330/06/202030/06/202230/06/202431/12/2024
Since Launch5 Years3 Years1 Year6 Months
FTSE All-Share TR122.267.335.511.29.1
Trojan Income (Ireland) O GBP Acc72.817.216.86.62.6
Trojan Income (Ireland) O USD Acc82.419.018.26.72.7
Trojan Income (Ireland) O EUR Acc51.59.111.04.81.7

Discrete Calendar Annual Returns (%)2013201420152016201720182019202020212022202320242025
Trojan Income (Ireland) O GBP Acc6.39.710.59.96.1-7.220-1015.4-12.84.76.12.6
Trojan Income (Ireland) O USD Acc5.89.31010.66.8-5.721.7-9.215.5-125.16.22.7
Trojan Income (Ireland) O EUR Acc5.89.49.99.24.8-8.418.2-10.414.4-14.22.94.51.7

Non GBP share classes are hedged. Differences in interest rates may contribute to differences in performance between share classes. Source: Lipper. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees. Since Launch (15/04/2013) to 30 June 2025.

Risk and Volatility since launch

Source: Lipper.

Risk Analysis Since Launch (15/04/2013)Trojan Income (Ireland) O GBP AccFTSE All-Share TR
Total Return72.8122.2
Max Drawdown-28.2-35.3
Best Month7.512.7
Worst Month-10.9-15.1
Positive Months56.859.6
Annualised Volatility10.411.8

Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns. Source: Lipper. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees. As at 30 June 2025.

Asset allocation

Top 10 holdingsFund %
RELX5.17615103856027
Unilever4.46388169353723
Diageo4.19523011379505
Compass3.88613436454284
Reckitt Benckiser3.86436341434546
Experian3.7406566500255
LSEG3.73638776462434
Amadeus3.67966453171923
Bunzl3.4093579046737
AJ Bell3.0063234812112
Total Top 1039.1581509570348
27 Other Equity holdings60.1878487134446
Cash0.654000329520623
Total100

Asset allocation and holdings subject to change. As at 30 June 2025.

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive

Fund Information Sheet

 View document Download document  

Interim Report

 July 2024 View document Download document  

Annual Report

 January 2025 View document Download document  
Prospectus & Additional Investor Information     View documents Hide documents
UK Reporting Status     View documents Hide documents
UCITS KIID     View share classes Hide share classes
Sustainability-related Disclosures     View documents Hide documents
Trojan Funds (Ireland) Plc Circular     View archive Hide archive

This fund is not based in the UK and is not subject to UK sustainable investment labelling and disclosure requirements.

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. 

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How to invest

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How to invest

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