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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 14/02/2020
Accumulation Shares
Income Shares
Fund Size
£320M (31/12/19)

Past performance is not a guide to future performance.

December 2019

Your Fund (O Acc GBP) returned +0.7% during the month.

A return of +10.3% in 2019 was a respectable outcome in the context of the Fund’s caution, with an equity weighting which remained below 40% throughout the year.  All major asset classes delivered a positive return in 2019, more than retracing the de-rating that occurred in 2018.  The single most important driver of this was monetary policy and, specifically, the Federal Reserve’s reversal of its monetary tightening in 2018. 

The global economy has also remained above water and looks set to continue on a positive tack for the time being.  Trade tensions have abated since the summer and a global downturn looks to have been averted for now.  The S&P 500 in the US has made a new high and valuations have returned to historically elevated levels.  In an environment of near-zero interest rates however, a deterioration in cash flows will be the most likely cause of lower valuations.


Whilst our overall equity allocation remains broadly unchanged on 2018, 2019 also presented us with opportunities to improve the quality of our equity portfolio.  We took advantage of bouts of weakness in the share prices of Medtronic and Alphabet to start holdings in two excellent businesses.  We also took the opportunity to divest of several companies where we have less confidence in their future earnings power.  The most recent of these has been the sale of a small holding in Imperial Oil.  Energy is a non-core sector for us.  We favour businesses whose ability to compound cash flows is underpinned by durable competitive advantages.


Total Return 13/02/2012
Since Launch
5 Years
3 Years
1 Year
6 Months
Trojan (Ireland) O GBP Acc +36.1% +27.3% +12.5% +11.2% +1.5%
UK Retail Price Index +22.6% +14.3% +9.9% +3.1% +0.8%
Bank of England Base Rate +4.1% +2.6% +1.7% +0.8% +0.4%
Discrete Calendar Annual Returns (%) 2012 2014 2015 2016 2017 2018 2019 2020
Trojan (Ireland) O GBP Acc -0.1% +8.2% +2.9% +11.8% +3.9% -3.0% +10.3% +1.9%

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

Source: Lipper, Link Fund Solutions Limited. Since Launch (31/05/2001) to 31 January 2020.

Risk Analysis Since Launch (13/02/2012) Trojan (Ireland) O GBP Inc
Total Return +36.1%
Max Drawdown -9.8%
Best Month +4.9%
Worst Month -4.7%
Positive Months +61.1%
Annualised Volatility +5.3%

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

Source: Lipper, Link Fund Solutions Limited. 

Top 10 Holdings Fund %
Gold Bullion Securities 7.1
Microsoft 5.0
Unilever 3.0
Coca-Cola 2.9
British American Tobacco 2.8
Nestlé 2.7
Procter & Gamble 2.4
ETFS Physical Swiss Gold 2.2
Philip Morris 2.1
Berkshire Hathaway 2.1
Total Top 10 32.3
20 Other Holdings 48.2
UK T-Bills 13.3
Cash 6.2
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