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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 22/09/2021
Accumulation Shares
Income Shares
Fund Size
£551m (31/08/21)

Past performance is not a guide to future performance.

August 2021

Your Fund (O Acc GBP) returned +1.0% during the month.

August saw increased volatility in Treasury yields after a steady decline since the March peak. 10-year yields started August at 1.2%, down from a March high of 1.7%. Through August, increased concerns around inflation and early tapering drove 10-year yields higher to a peak of 1.35%. Real yields also moved higher with the 10-year real yield moving from -1.2% at the end of July to -1.0% at the end of August.

Treasury yields are the key determinant of the cost of capital for investors and businesses around the world, which in turn impacts equity markets. They also affect the affordability of the significant debt owed by governments around the world.

Volatility in Treasury yields was likely to increase during the illiquid summer months and as investors analysed every word spoken at the Federal Reserve’s Jackson Hole Economic Symposium during August. Some regional Federal Reserve representatives had publicly spoken about early tapering ahead of the event.

Jerome Powell spent a large portion of his speech explaining his view that recent headline inflation of +5.4% (core +4.3%) was transitory.

The speech rightly highlighted that the drivers of the current inflation are concentrated in a small selection of very cyclical sectors benefitting from reopening, including used cars and hotels. Some other sectors have also had short-term supply constraints and wage growth has yet to rise to concerning levels.

The spread of the delta variant in the US, particularly in the Southern states where restrictions have largely eased, is also a cause for concern. Recent consumer confidence and employment data suggests the coronavirus may yet affect the economic recovery.

The speech at Jackson Hole gave some reassurance to Treasury markets that any tapering will be delayed until later in the year, at the earliest. It is worth remembering that the Federal Reserve is currently purchasing $80bn of Treasuries and $40bn of mortgage-backed securities each month. The Fed’s ownership of the Treasury market has expanded from 6% in 2009 to 22% in 2021. The Fed purchased 82% of Treasury issuance since March 2020, meaning fiscal largesse has been effectively funded by the central bank.

Despite the uncertainty on short-term inflation and the timeline on tapering, we remain of the view that the vast debts amassed during Covid require a negative real yield to reduce the burden on governments around the world. We continue to hold TIPS and gold to protect against the heightened risk of inflation and financial repression.


Total Return 13/02/2012
Since Launch
5 Years
3 Years
1 Year
6 Months
Trojan (Ireland) O GBP Acc +57.0% +30.5% +26.8% +9.9% +12.0%
UK Retail Price Index +28.4% +15.5% +7.5% +4.2% +3.2%
Bank of England Base Rate +4.3% +2.0% +1.3% +0.1% +0.1%
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% +9.7%

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 31 July 2021.

Risk Analysis Since Launch (13/02/2012) Trojan (Ireland) O GBP Inc
Total Return +57.0%
Max Drawdown -10.1%
Best Month +4.9%
Worst Month -4.7%
Positive Months +62.3%
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 %
Alphabet 5.9
Microsoft 5.9
Gold Bullion Securities 5.7
Unilever 3.7
Visa 3.6
Nestlé 3.4
Diageo 3.1
Medtronic 3.1
Invesco Physical Gold 3.1
Agilent Technologies 2.6
Total Top 10 40.0
9 Other Equity holdings 11.6
Index-Linked Bonds 31.8
UK T-Bills 8.6
Cash 8.0
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.