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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 12/11/2019
Accumulation Shares
Income Shares
£1.30
Fund Size
£309M (30/09/19)

Past performance is not a guide to future performance.

September 2019

The Fund (O Acc GBP) returned -1.0% during the month.

Bond yields have been grinding lower for much of this year, which has benefitted the Fund.  The shift towards an ever greater amount of negative yielding fixed income securities ($14.7tn at last count, having peaked at $17tn at the end of August) has made other assets, including gold bullion, provide a yield pick-up.  This is indicative of the perverse financial environment we live in.  The snap back in bond yields during September led to a rotation into parts of the stock market which the Fund is not exposed to – cyclical value stocks.  Such rotation is bound to occur from time to time and in this instance proved short-lived.  We will not manage the portfolio for these inevitable short term moves, preferring to focus on the long-term strengths of the businesses we hold.

In September we met with the Chief Financial Officer of Procter & Gamble.  Despite evidence that the world economy is slowing, P&G is firing on all cylinders and momentum in the business looks set to continue.  Big brands are here to stay despite many protestations to the contrary.  Online shelf space, while infinite in theory, is limited in practice to the top search results.  E-tailers like Amazon will not relegate their largest revenue generators to the second page. Meanwhile even unicorn consumer goods start-ups are struggling to make profits.  P&G is more competitive today than it has been for many years which is borne out in current trading.  Its strong brands, like Pampers, are now backed by a leaner business, with greater accountability setting the group up for continued success.

 

 

Total Return 13/02/2012 Since Launch 30/09/2014 5 Years 30/09/2016 3 Years 30/09/2018 1 Year 31/03/2019 6 Months
Trojan (Ireland) O GBP Acc +33.3% +32.2% +10.4% +7.9% +6.1%
UK Retail Price Index +22.6% +13.2% +10.1% +2.7% +2.3%
Bank of England Base Rate +3.8% +2.5% +1.5% +0.8% +0.4%
Discrete Calendar Annual Returns (%) 2012 2013 2014 2015 2016 2017 2018 2019
Trojan (Ireland) O GBP Acc -0.1% -3.5% +8.2% +2.9% +11.8% +3.9% -3.0% +10.1%

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 30 September 2019.

Risk Analysis Since Launch (13/02/2012) Trojan (Ireland) O GBP Inc
Total Return +33.3%
Max Drawdown -9.8%
Best Month +4.9%
Worst Month -4.7%
Positive Months +60.4%
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 4.8
Unilever 3.0
Coca-Cola 3.0
British American Tobacco 2.9
Nestlé 2.7
Procter & Gamble 2.4
ETFS Physical Swiss Gold 2.2
Berkshire Hathaway 2.1
Philip Morris 2.0
Total Top 10 32.2
20 Other Holdings 48.9
UK T-Bills 14.5
Cash 4.4
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