Trojan Feeder Fund (Ireland)

Trojan Feeder Fund (Ireland) invests in the Trojan Fund (the ‘Master Fund’). The investment objective of the Master Fund is to achieve growth in capital and income in real terms over the longer-term. The Master Fund’s policy is to invest substantially in UK and overseas equities and fixed interest securities but it may also invest in collective investment schemes and money market instruments.

In addition to the GBP O share class referred to on this page, other currency share classes are available. Please contact us for more information.

'O' Share Class Price 18/02/2019
Accumulation Shares
Income Shares
£1.22
Fund Size
£294M (31/01/19)

January 2019

The Master Fund returned +1.2% during the month compared to +4.2% for the FTSE All-Share Index (TR).

Equity markets have entered 2019 with December’s turmoil a distant memory.  The most clearly identifiable catalyst for the reversal in sentiment has been a change in narrative from the Federal Reserve.  Quantitative tightening is no longer on autopilot and we can expect more flexible monetary policy if economic conditions deteriorate.  This does not alter the fact that growth is slowing, valuations are elevated and debt levels remain precariously high in many sectors of the global economy.  It is also worth noting that historic periods of market weakness have tended to coincide with periods of monetary easing, not monetary tightening.  It is unclear what impact central banks will be able to have if we enter a more difficult period for economic growth.

Meanwhile, the UK continues to grapple with its own unique issues.  As referenced in November’s Fact Sheet, this is of importance for the Fund, not on account of significant exposure to the UK economy (which is small for the Trojan Fund), but because the Fund has significant overseas exposure and reports in sterling to predominantly sterling-based investors.  Exposure to non-sterling assets is therefore a risk to the Fund’s NAV.  The most significant of these exposures is to the US dollar.  We further increased the dollar hedge at the start of the month with a view to minimising the Fund’s downside if sterling strengthens.  The Fund’s net dollar exposure has been reduced from 14% a year ago to 5% today. 

 

Total Return to 31 January 2019 Since Launch 31/01/09
10 Years
31/01/14
5 Years
31/01/16
3 Years
31/01/18
1 Year
31/07/18
6 Months 

Trojan Feeder Fund O Inc GBP ##

+22.5% N/A +28.0% +12.9% -1.5% -1.3%
Trojan Fund O Inc# +228.0% +82.4% +29.9% +13.6% -1.4% -1.3%
LIBID* GBP 1 Month# +47.8% +4.3% +1.7% +1.0% +0.5% +0.3%
FTSE All-Share Index (TR)# +150.3% +163.7% +31.2% +28.5% -3.8% -8.4%

 * London Inter Bank Bid Rate

Discrete Calendar Annual Returns (%) 2001# 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD
Trojan Fund O Inc +0.6% +4.1% +15.4% +10.3% +15.9% +12.0% +6.1% +1.1% +11.6% +14.4% +8.5% +2.1% -3.1% +8.9% +3.2% +12.3% +4.1% -3.0% +1.2%
Trojan Feeder Fund O Inc GBP                       -0.1% -3.5% +8.2% +2.9% +11.8% +3.9% -3.0% +1.2%

# From 31/05/2001

## From 13/02/2012

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

NB: Prior to its conversion into a feeder fund of Trojan Fund on 23rd June 2014, the Feeder Fund was run as Trojan International Fund (Ireland), a mirror fund of Trojan Fund. Trojan International Fund (Ireland) was launched on 13th February 2012. Performance is calculated on a total return basis, net of fees, in sterling terms.

Please note all data unless otherwise specified refers to the Master Fund.

Source: Lipper, Link Fund Solutions (Ireland) Limited

The source of performance data has been changed. This change may have resulted in variations from previously published performance figures.

Risk Analysis Since Launch Trojan Feeder
Fund## 
Trojan Fund# FTSE All-Share
ndex (TR)#
Total Return +22.5% +228.0% +150.3%
Max drawdown* -9.8% -13.7% -45.6%
Annualised Volatility +5.4% +6.3% +13.5%

* Measures the worst investment period

## From 13/02/2012

# From 31/05/2001

Please note all data unless otherwise specified refers to the Master Fund.

Top 10 Holdings Fund %
Gold Bullion Securities 6.9
Microsoft 4.0
Coca-Cola 3.7
British American Tobacco 2.9
Unilever 2.8
Nestlé 2.3
Procter & Gamble 2.2
Berkshire Hathaway 2.2
Philip Morris 2.1
ETFS Physical Swiss Gold 2.0
Total Top 10 31.1
19 Other Holdings 51.0
Cash & Equivalent 17.9
Total  100.0

 

Please note all data unless otherwise specified refers to the Master Fund.

 

Past performance is not necessarily 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. 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.

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