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 Co-Manager of the Trojan Fund and 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 Co-Manager of the Trojan Fund and Personal Assets Trust and Fund Manager of the Trojan Ethical Fund.

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

Charlotte is also a Co-Founder of GAIN (Girls Are INvestors), a charity established to inform and inspire the next generation of young women to enter the investment management industry in the UK.

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Marc de Vos CFA

Fund Manager

Bio

Marc de Vos CFA

Fund Manager

Marc is a Fund Manager 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

September 2025

Your Fund returned +0.7% during the month, compared to +1.9% for the FTSE All-Share Index (TR).

September saw further announcements of massive deals in the Artificial Intelligence (AI) sector. At the end of the month NVIDIA announced plans to invest $100bn in OpenAI. The proceeds are likely to be used to secure Graphics Processing Unit (GPU) capacity, with part of the investment ultimately flowing back to NVIDIA as sales. Such vendor financing deals are not a new financial innovation. Similar financing arrangements were common in the dot-com era to fund the fibre build-out. Ironically, Jensen Huang (CEO of NVIDIA) is one of the few tech leaders remaining from this period. The circularity of the deal raises questions on sustainability of GPU demand and increases the fragility of the continued AI-driven rally.

The scale of the investment into AI is also becoming visible at a national level. Harvard economist Jason Furman suggests investment in information processing equipment and software was responsible for 92% of GDP growth [1]in the first half of the year, or put another way, the rest of the economy is not growing much. Such calculations are crude and exclude a partial offset in the form of rising imports, but they give a sense of the scale of the investments. If the AI investments prove to be unprofitable or demand for AI products takes longer to materialise than expected, then it could lead to a slowdown that is meaningful for the overall economy.

Within the multi-asset strategy our exposure to AI is primarily through established, profitable businesses like Microsoft or Alphabet. Both long-term holdings have very profitable cloud computing, software and advertising businesses that drive profits, allowing them to invest in AI optionality.

Despite the exuberance in valuations within the AI sector, the majority of holdings within the strategy are trading on reasonable valuations. 14 of the 20 companies held are currently trading below their 10-year average price-to-earnings multiple. We continue to follow the impact of AI on economies and markets, whilst avoiding areas where expectations (and valuations) appear frothy.

[1] Source: Financial Times, “Does GDP growth minus AI capex equal zero?”

Key facts

Co-Manager

Sebastian Lyon

Co-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

© 2025 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: 1.01%
‘X’ (platform) shares: 0.86%

‘O’ ACC SHARE CLASS as at 10/10/2025

446.58p

Fund size as at 30/09/2025

£5,023m

‘O’ INC SHARE CLASS as at 10/10/2025

352.83p

Performance

Source: Lipper.

31/05/200130/09/201530/09/202030/09/202230/09/202431/03/2025
Since Launch10 Years5 Years3 Years1 Year6 Months
Trojan O Inc382.275.525.416.07.43.7
UK Retail Price Index134.057.038.517.34.93.1
FTSE All-Share TR322.2118.384.150.016.211.6
Bank of England Base Rate73.318.515.714.74.62.1
Discrete Calendar Annual Returns (%)2001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025
Trojan O Inc0.64.115.410.315.9126.11.111.614.48.52.1-3.18.93.212.34.1-310.77.412.1-3.82.76.75.8

Source: Lipper. Since Launch (31/05/2001) to 30 September 2025. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms. 

Risk and Volatility since launch

Source: Lipper.

Risk Analysis Since Launch (31/05/2001)Trojan O IncFTSE All-Share TR
Total Return382.2322.2
Max Drawdown-13.7-45.6
Best Month8.912.7
Worst Month-4.7-15.1
Positive Months66.859.6
Annualised Volatility6.013.3

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

Asset allocation

Top 10 holdings (excluding government bonds)Fund %
iShares Gold ETC6.66964642175243
Invesco Gold ETC5.75277125540387
Unilever4.62823116455962
Alphabet4.50707066826454
Visa3.35408575242766
Diageo2.90846678802347
Agilent2.51197333546128
Heineken2.37304055449087
Nestle2.20822503675401
Microsoft2.16185145274504
Total Top 1037.0753624298828
13 Other Equity holdings16.870461104271
US TIPS16.3402895990091
UK Index-Linked12.7330765697261
Japanese Government Bonds8.22681608473604
Short-dated Gilts6.39003240359959
Cash2.36396180877548
Total100

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

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive
Investment Report     View documents Hide documents
Special Paper     View papers Hide papers

Fund Information Sheet

 View document Download document  

Interim Report

 July 2025 View document Download document  

Annual Report

 January 2025 View document Download document  
UCITS KIID     View share classes Hide share classes
Sustainability-related Disclosures     View documents Hide documents
Prospectus & Additional Investor Information     View documents Hide documents

Sustainable Investment Labels Statement
Sustainable investment labels help investors find products that have a specific sustainability goal. This fund does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective.  Despite not having a sustainable investment objective, when investing in companies, Troy integrates the analysis of sustainability characteristics into its investment decision-making. Troy also considers the steps companies are taking in relation to climate change mitigation.

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. For the full fund disclaimer please refer to the Fund factsheet. Please refer to Troy’s Glossary of Terms available here.

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).

How to invest

Find more information on how to invest in this fund and where it is available.

How to invest

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