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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 16/08/2019
Accumulation Shares
Income Shares
£1.32
Fund Size
£310M (31/07/19)

Past performance is not a guide to future performance.

June 2019

The Fund (O Acc GBP) returned +2.0% during the month.

June saw the gold price rise from $1,305 to over $1,400.  This move has taken the precious metal back to levels not seen since 2013.  When viewed in sterling terms, the gold price is now a whisker away from its all-time high. 

We wrote about gold in September last year, following our addition to the holding at around $1,200.  Sentiment towards gold had ground lower since 2013 as expectations for higher interest rates, particularly in the US, weighed on a non-yielding asset.  Fast forward nine months, and c.$13trn of the world’s debt is now offering a negative yield-to-maturity.  Suddenly gold’s ‘yield credentials’ are less problematic for investors. 

 

Gold’s primary attraction is its age-old status as a store of value.  As quantitative tightening ambitions fade and talk of currency wars dominate the headlines, gold’s status as a currency which central bankers cannot print is increasingly valuable.  Alan Greenspan noted that, “If the dollar or any other currency would be universally accepted at all times, central banks would see no necessity to hold gold at all. The fact that they do so, shows that such currencies are not a universal replacement for gold.”

Gold continues to provide a vital hedge against monetary instability, whilst offering valuable diversification in times of equity market stress. 

Total Return to 30 June 2019 Since Launch 30/06/14
5 Years
30/06/16
3 Years
30/06/18
1 Year
31/12/18
6 Months 

Trojan Fund (Ireland) O Acc GBP #

+30.8% +30.0% +11.1% +6.7% +8.1%
LIBID* GBP 1 Month# +2.8% +1.8% +1.1% +0.6% +0.3%
UK Retail Price Index +21.5% +12.8% +9.9% +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% +8.1%

# 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 +30.8%
Max drawdown* -9.8%
Annualised Volatility +5.3%

* Measures the worst investment period

# From 13/02/2012

Top 10 Holdings Fund %
Gold Bullion Securities 6.9
Microsoft 4.8
Coca-Cola 3.8
Unilever 3.2
British American Tobacco 2.9
Nestlé 2.6
Procter & Gamble 2.4
ETFS Physical Swiss Gold 2.2
Berkshire Hathaway 2.2
Sage 2.1
Total Top 10 33.1
20 Other Holdings 50.9
UK T-Bills 12.6
Cash 3.4
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