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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 16/09/2020
Accumulation Shares
Income Shares
Fund Size
£393m (31/08/20)

Past performance is not a guide to future performance.

August 2020

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

The recovery in US stock markets since the end of March has been breath-taking.  While some moves appear rational, buoyed by lower bond yields and supportive monetary policy, growth and stability have been sought-after qualities.  The narrative of a ‘K’-shaped recovery, in which some sectors gain from the pandemic such as online retailers, as others like airlines suffer, is explicable.  Yet there is a growing sense that over-extrapolation and exuberance is being built into some share prices.

This bifurcation of the stock market has led to talk of a bubble.  While valuations have risen and the number of trillion dollar companies, like Apple, Microsoft and Alphabet, makes headlines, comparisons with the 2000 tech bubble appear easy but are misguided.  The difference today is that these companies are profitable and not buoyed by an internet investment boom.  As Christopher Wood of Jeffries points out, “For the moment these [Big tech] companies’ dominant share of total market cap does not look out of line with their share of earnings when a premium is put on the quality of their earnings.

On this point, Facebook, Apple, Alphabet (Google), Netflix, and Microsoft account for a combined 23.5% of S&P500 total market cap and 14.8% of the S&P500 2020 consensus forecast earnings.”

Resilience, permanence, scarcity and sustainability are qualities we look for in the equities we want to hold. The past six months prove how difficult it is to value the equity of a business with declining cash flows, especially when they are saddled with debt.  There is, no doubt, room for rotation into the distressed parts of the market over the short term.  Should that occur, we have plenty of dry powder to increase our equity exposure to more resilient businesses if they fall from favour.


Total Return 13/02/2012
Since Launch
5 Years
3 Years
1 Year
6 Months
Trojan (Ireland) O GBP Acc +42.8% +38.1% +14.4% +6.0% +6.9%
UK Retail Price Index +23.6% +13.2% +7.1% +0.9% +0.8%
Bank of England Base Rate +4.2% +2.4% +1.6% +0.4% +0.1%
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% +6.9%

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

Source: Lipper, Link Fund Solutions Limited. Since Launch (13/02/2012) to 31 July 2020.

Risk Analysis Since Launch (13/02/2012) Trojan (Ireland) O GBP Inc
Total Return +42.8%
Max Drawdown -10.1%
Best Month +4.9%
Worst Month -4.7%
Positive Months +61.8%
Annualised Volatility +5.4%

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