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Trojan Fund (Ireland)

The Fund seeks to achieve growth in capital, ahead of inflation (UK Retail Prices Index), over the longer term (5 to 7 years). The Fund employs a long-term, long only approach and has the flexibility to invest across a broad range of asset classes, most commonly a combination of high quality developed market equities, developed market government bonds, gold and cash.

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 19/06/2019
Accumulation Shares
Income Shares
£1.28
Fund Size
£280M (31/05/19)

Past performance is not a guide to future performance.

May 2019

The Fund (O Acc GBP) returned +0.9% during the month.

We added Medtronic to the portfolio in May.  Medtronic is a global leader in the manufacturing of a number of medical devices including coronary stents, heart valves, and drug delivery and monitoring equipment. Inventor of the world’s first pace maker in the 1950s, Medtronic is at the forefront of developing innovative technology to treat disease.  Demand for these medical interventions has grown consistently as populations in developed countries get older and emerging markets modernise their healthcare provision. 

The stock, which we have followed closely since 2011, has not partaken in the re-rating enjoyed by most high-quality businesses over the past five years. 

 

This is due to a number of factors, including management’s guidance to investors which has often been too optimistic or insufficiently clear.  We saw the company’s CEO, Omar Ishrak, present in New York in May and it is evident that management has learnt from past mistakes.  Moreover, we believe that the business today is in very good shape.  The company’s pipeline of products is strong and the long-term technology focus of engineers ensures this.  Sales from robotics and data analytics are just beginning to be realised; Medtronic’s entrenched positioning in the operating room should enable it to capitalise on these secular growth opportunities.

The shares were purchased for the Fund at around 16x forward earnings.  We think this is fair value for a company which can continue to defensively compound earnings at attractive rates of growth.   

 

 

 

Total Return to 31 May 2019 Since Launch 31/05/14
5 Years
31/05/16
3 Years
31/05/18
1 Year
30/11/18
6 Months 

Trojan Fund (Ireland) O Acc GBP #

+28.2% +27.7% +14.2% +4.8% +3.5%
LIBID* GBP 1 Month# +2.8% +1.8% +1.0% +0.6% +0.3%
UK Retail Price Index +22.8% +12.6% +10.0% +2.7% +1.3%

 * London Inter Bank Bid Rate

Discrete Calendar Annual Returns (%) 2012 2013 2014 2015 2016 2017 2018 2019 YTD
Trojan Fund (Ireland) O Inc GBP -0.1% -3.5% +8.2% +2.9% +11.8% +3.9% -3.0% +6.0%

# From 13/02/2012

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

NB: Prior to its conversion on 29 March 2019 the Fund was a feeder fund called the Trojan Feeder Fund (Ireland).

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 
Fund (Ireland)#
Total Return +28.2%
Max drawdown* -9.8%
Annualised Volatility +5.3%

* Measures the worst investment period

# From 13/02/2012

Top 10 Holdings Fund %
Gold Bullion Securities 6.5
Microsoft 4.6
Coca-Cola 3.7
Unilever 3.3
British American Tobacco 3.0
Nestlé 2.5
Procter & Gamble 2.4
Phillip Morris 2.1
Berkshire Hathaway 2.0
Sage 2.0
Total Top 10 32.1
19 Other Holdings 50.0
UK T-Bills 13.2
Cash 4.7
Total  100.0

Asset allocation and holdings subject to change.

 

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. 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.

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

How to Invest