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

July 2025

Your Fund returned +2.5% during the month, compared to +4.0% for the FTSE All-Share Index (TR).

Consumer staple company Reckitt was the top contributor, rising +14.5% in July. Reckitt has three separate businesses: Core Reckitt – a collection of globally leading consumer health and hygiene brands including Dettol, Durex and Nurofen. Essential Home – a long tail of lower growth homecare brands including Air Wick, Mortein and Cillit Bang. Mead Johnson – the US infant formula business. Our view is that Essential Home and Mead Johnson are comparatively weaker businesses that hold back the valuation of the Core Reckitt business. Two pieces of newsflow encouraged investors in the month.

Firstly, Reckitt announced the planned divestiture of the Essential Home business to private equity firm Advent International for up to $4.8bn. Whilst hardly a knockout price, representing a multiple of c.8x historical operating profit, this is an important and necessary step in refocusing the business on Core Reckitt. While Essential Home makes up <10% of Reckitt’s enterprise value, we suspect it has used up a disproportionate amount of management time. Sensibly (we think), Reckitt intends to return most of the disposal proceeds by way of special dividend and share buyback, rather than redeploying the capital into M&A.

The second piece of newsflow was the company’s solid half-year results. Within these, Core Reckitt delivered better-than-expected growth and strong margin progression, led by strength in Emerging Markets. Focus now turns to a potential disposal of Mead Johnson and sustaining strong delivery for Core Reckitt.

Following a share price rise of more than 30% over the past year, we used recent strength to trim the Fund’s holding in the company.

 

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 31/07/2025

£12m

‘O’ INC SHARE CLASS as at 30/10/2024

£1.1337

Performance

Source: Lipper.

15/04/201331/07/202031/07/202231/07/202431/01/2025
Since Launch5 Years3 Years1 Year6 Months
FTSE All-Share TR131.080.435.012.17.5
Trojan Income (Ireland) O GBP Acc77.122.111.45.9-0.8
Trojan Income (Ireland) O USD Acc86.923.912.66.0-0.7
Trojan Income (Ireland) O EUR Acc52.411.74.12.3-3.3

Discrete Calendar Annual Returns (%)2013201420152016201720182019202020212022202320242025
Trojan Income (Ireland) O GBP Acc6.39.710.59.96.1-7.220-1015.4-12.84.76.15.2
Trojan Income (Ireland) O USD Acc5.89.31010.66.8-5.721.7-9.215.5-125.16.25.2
Trojan Income (Ireland) O EUR Acc5.89.49.99.24.8-8.418.2-10.414.4-14.22.94.52.3

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 31 July 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 Return77.1131.0
Max Drawdown-28.2-35.3
Best Month7.512.7
Worst Month-10.9-15.1
Positive Months57.159.9
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 31 July 2025.

Asset allocation

Top 10 holdingsFund %
RELX4.9971558700689
Compass4.46134985078903
Unilever4.29432323881227
Diageo4.10652564562162
Reckitt Benckiser3.97140710112918
LSEG3.96789368464958
Experian3.85529046908474
Amadeus3.56080272967809
BAT3.32298701929219
Spirax3.30142588934532
Total Top 1039.8391614984709
26 Other Equity holdings58.8389081159012
Cash1.32193038562785
Total100

Asset allocation and holdings subject to change. As at 31 July 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.  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. For the full fund disclaimer please refer to the Fund factsheet. Please refer to Troy’s Glossary of Terms available here.

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How to invest

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How to invest

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