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 13/12/2018
Accumulation Shares
Income Shares
£1.22
Fund Size
£326M (31/10/18)

October 2018

The Master Fund returned +0.3% during the month compared to -5.2% for the FTSE All-Share Index (TR).

October saw a return of volatility to global markets.  The S&P 500, which this year has been largely impervious to woes in other markets, saw its worst monthly performance since 2010.  Market commentaries point to a number of ‘catalysts’ for this reversal in sentiment:  slowing growth, fragility of the Italian banking system, tariff wars between China and the US.  Identifying the straw that breaks the camel’s back is a difficult task.  It is clear however that continued high valuations are burdened by weighty investor expectations.  We have seen the share prices of some expensively valued, economically sensitive businesses fall significantly in recent weeks, including those in the luxury goods and tech sectors.  The earnings of such companies are generally growing but remain vulnerable to a downturn in economic growth.  We would expect share prices to fall further if this occurs. 

 

Nine years into an economic recovery, it is by design that the Trojan Fund’s exposure to more cyclical businesses is low.  The overall equity allocation also remains modest as valuations remain close to historic highs.  The companies in which the Fund is invested have generally held up better than the wider market thanks to their more defensive earnings profiles. 

We continue to monitor a select group of franchises, including several not yet held in the Fund.  When these reach our valuation targets, we will increase the allocation to equities.  Where such companies are more cyclical, one must be wary of ostensibly low multiples of earnings but where the earnings are nearing a cyclical peak. 

 
Total Return to 31 October 2018 Since Launch 31/10/08
10 Years
31/10/13
5 Years
31/10/15
3 Years
31/10/17
1 Year
30/04/18
6 Months 

Trojan Feeder Fund O Inc GBP ##

+23.9% N/A +24.2% +15.3% +0.0% +2.2%
Trojan Fund O Inc# +232.1% +100.4% +26.2% +16.1% +0.0% +2.2%
LIBID* GBP 1 Month# +47.6% +5.0% +1.7% +0.9% +0.4% +0.3%
FTSE All-Share Index (TR)# +153.8% +156.7% +30.5% +25.4% -1.5% -3.5%

 * 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
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% -0.6%
Trojan Feeder Fund O Inc GBP                       -0.1% -3.5% +8.2% +2.9% +11.8% +3.9% -0.7%

# 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 +23.9% +232.1% +153.8%
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 6.4
Microsoft 3.9
Coca-cola 3.7
British American Tobacco 3.3
Unilever 2.9
Philip Morris 2.6
Altria 2.6
Nestlé 2.3
Berkshire Hathaway 2.2
Procter & Gamble 2.1
Total Top 10 32.0
20 Other Holdings 53.0
Cash & Equivalent 15.0
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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