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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 26/07/2021
Accumulation Shares
Income Shares
Fund Size
£498m (30/06/21)

Past performance is not a guide to future performance.

June 2021

Your Fund (O Acc GBP) returned +1.7% during the month.

June saw a continuation in Treasury yields declining from their March peak.  This follows a significant jump up in yields from a low base last August, turbocharged by the vaccine announcements in November and the reality of economies reopening.  The US 10-year yield troughed at around 0.5% last summer, peaking at just below 1.75% by the end of March this year.  At the time of writing, the yield has since dropped to below 1.3%.  Arguably the most influential number in financial markets, in so far as it feeds into the cost of capital for other asset classes, the 10-year yield and its drivers are pored over by investors and market commentators alike. Substantial moves are analysed for their insight into future growth and inflation. 

The reality is that, over short time periods, the bond market is often as confused as everyone else.  It is subject to myriad forces pulling in opposite directions and prone to mood swings accentuated by the prevailing narrative.  The rise in yields to March reflected conviction in a sustained economic recovery, in contrast to the despondency about the future manifest at last year’s lows.  The shift towards lower yields reflects tempered enthusiasm for the seamless reopening of economies, as well as a more sanguine view about the future trajectory of inflation. 

We are open-minded about the unknowable but clear on the immutable facts.  Unknown is where inflation will end up.  The short term will be noisy; pent-up consumer demand coupled with supply chain bottlenecks, could well drive inflation prints higher over the next few months.  A longer-term determinant of inflation will be fiscal stimulus: whether it is sustained and to what extent beyond recent emergency measures, and whether it can drive higher spending in the real economy.

One thing is clear: the policy response to COVID has added to global indebtedness.  In order to keep servicing costs on this debt affordable, interest rates will have to stay low.  We would expect that inflation remains above the rate of interest, engendering an environment of negative real yields.  How negative will depend largely on the inflation rate.

In the portfolio, we continue to hold US TIPS as well as gold to protect against this.  We added to duration in March as real rates rose and will continue to take advantage of short-term moves that we think overstate the ability of central bankers to normalise monetary policy.

Total Return 13/02/2012
Since Launch
5 Years
3 Years
1 Year
6 Months
Trojan (Ireland) O GBP Acc +51.6% +28.8% +23.6% +8.1% +5.9%
UK Retail Price Index +26.8% +14.7% +7.2% +3.1% +2.2%
Bank of England Base Rate +4.3% +2.1% +1.4% +0.1% 0.0%
Discrete Calendar Annual Returns (%) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Trojan (Ireland) O GBP Acc -0.1% -3.5% +8.2% +2.9% +11.8% +3.9% -3.0% +10.3% +7.2% +5.9%

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

Source: Lipper, Link Fund Manager Solutions (Ireland) Limited. Since Launch (13/02/2012) to 30 April 2021.

Risk Analysis Since Launch (13/02/2012) Trojan (Ireland) O GBP Inc
Total Return +51.6%
Max Drawdown -10.1%
Best Month +4.9%
Worst Month -4.7%
Positive Months +61.6%
Annualised Volatility +5.5%

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

Maximum Drawdown measures the worst investment period

Annualised Volatility is measured by the annualised standard deviation of the monthly returns 

Source: Lipper, Link Fund Manager Solutions (Ireland) Limited.

Top 10 holdings (excluding government bonds) Fund %
Microsoft 6.0
Gold Bullion Securities 5.7
Alphabet 5.1
Unilever 4.0
Visa 3.7
Philip Morris International 3.6
Nestlé 3.5
Diageo 3.3
Invesco Physical Gold 3.1
Medtronic 3.0
Total Top 10 41.0
10 Other Equity holdings 14.5
Index-Linked Bonds 32.6
UK T-Bills 7.3
Cash 4.6
TOTAL 100.0


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

Troy Asset Management Limited ("Troy") is aware that fraudsters are using the trading name "Trojan Funds" in an attempt to defraud the public. The fraudulent URL (www.trojan-funds.com) is being used and emails are also being sent to members of the public in an attempt to commit investment fraud. We confirm that the trading name and email address which the fraudsters are using ([email protected]) are not linked with Troy or any funds managed by Troy, including Trojan Investment Funds and Trojan Funds (Ireland) plc.

Troy does not have any affiliation with "Trojan Funds" and has notified the relevant authorities of this scam. Troy will never contact members of the public to make any payments to us over the phone or via email in relation to making an investment. We urge you to stay alert to the dangers of investment fraud, even if documents or websites refer to genuine products and appear legitimate. Any potential investors should exercise extreme caution. Troy will take no responsibility for any potential losses you may incur.

If you believe you have received an email of this nature, or are in any doubt regarding the legitimacy of any communications purporting to be from Troy, please contact [email protected]. Further information on protecting yourself from scams can be found on the FCA website https://www.fca.org.uk/consumers/protect-yourself-scams. Alternatively you can report scams to the FCA at https://www.fca.org.uk/consumers/report-scam-us.