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 21/01/2022
Accumulation Shares
Income Shares
Fund Size

Past performance is not a guide to future performance.

December 2021

Your Fund (O Acc GBP) returned +0.9% during the month.

Over the calendar year 2021, your Fund returned 11.8%. The Fund’s return was achieved with less than 50% equity exposure throughout the year. 

Careful equity selection continued to drive returns with the strongest contribution to performance coming from Alphabet (+67%) and Microsoft (+54%).  Both companies continued to deliver strong revenue and profit growth.  Despite these robust returns, Microsoft ended the year on a similar price to earnings valuation# to the start of the year, while Alphabet’s valuation fell.

Perhaps more surprising was a strong performance from Diageo (+43%), despite being affected by the pandemic.  Even with hospitality businesses closed for much of the year, the spirits company demonstrated the resilience of its brand portfolio, especially benefitting from a strong US performance and the canny decision to shift the portfolio towards tequila a few years ago.  Long-term holdings in American Express (+38%) and Nestlé (+23%) also contributed to returns.

Ironically perhaps, in the second year of a pandemic, one of the few stocks to detract from performance was a medical device company.  Medtronic (-9%) failed to perform but it should recover once demand normalises for hospital procedures.

Gold (-3%) also failed to shine in 2021.  Its performance must be seen in the context of a strongly rising equity market, as well as two very strong years for the gold price, rising from just over $1200 start-2019 to over $2000 in August 2020.  We believe gold will continue to offer unique protection against fiat currency debasement.

Elsewhere in the portfolio, our choice of Index-Linked over conventional bonds proved propitious.  Nominal yields* rose but this was more than offset by future inflation expectations rising.  As a result, our index-linked bonds contributed positively. 

As we ended the year, November’s inflation figures made uncomfortable reading.  UK RPI reached +7.1% (year over year), the highest since 1991, while the US CPI was +6.8%, a level not seen since 1982.  We remain firmly in an era of financial repression and negative real interest rates**.  We do not necessarily expect these inflationary forces to be transitory and expect the investment environment to become more challenging as a result.

*A bond's nominal yield, depicted as a percentage, is calculated by dividing all the annual interest payments by the face, or par, value of the bond.
**Where the rate of interest is below the rate of inflation.
#Price to earnings is calculated by dividing the company’s share price by its earnings per share.

Total Return 13/02/2012
Since Launch
5 Years
3 Years
1 Year
6 Months
Trojan (Ireland) O GBP Acc +60.1% +33.3% +32.3% +11.8% +5.6%
UK Retail Price Index +32.1% +17.7% +10.0% +6.4% +3.4%
Bank of England Base Rate +4.4% +2.0% +1.1% +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% +11.8%

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 November 2021.

Risk Analysis Since Launch (13/02/2012) Trojan (Ireland) O GBP Inc
Total Return +60.1%
Max Drawdown -10.1%
Best Month +4.9%
Worst Month -4.7%
Positive Months +62.7%
Annualised Volatility +5.4%

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 5.8
Alphabet 5.8
Gold Bullion Securities 5.6
Visa 4.1
Nestlé 3.7
Diageo 3.5
Unilever 3.5
Invesco Physical Gold 3.0
American Express 2.4
Medtronic 2.4
Total Top 10 39.8
8 other holdings 9.9
Index-Linked Bonds 30.6
UK T-Bills 13.2
Cash 6.5
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