Our website uses cookies and similar technologies. By continuing to use our site, you are agreeing to our use of cookies and similar technologies. For more detail click here to read our Privacy Notice.

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 14/04/2021
Accumulation Shares
Income Shares
Fund Size
£433m (31/03/21)

Past performance is not a guide to future performance.

February 2021

Your Fund (O Acc GBP) returned -1.7% during the month.

Six months ago investors favoured the reliability of consistent profitability and growth, but, for now, markets continue to prefer the risk-on, ‘re-opening trade’.  Today, value-orientated stocks and cyclical companies are finding favour.  Over the longer term, these sectors have tended not to generate attractive returns for shareholders; they are often structurally challenged and were among the most severely hit in the market falls of a year ago.  Such sectors include energy, cruise lines and cinemas.  A number of cyclical companies have larger enterprise values today (once debt and new equity are added) than prevailed prior to the pandemic.  We carefully select our equities to generate returns consistently over the cycle and they tend to lag during periods of recovery and reflation.

Sentiment seems to have travelled from one side of the boat to the other.  We have experienced this before in 2003, 2009 and 2013.  In such periods of market rotation the conservative, well-financed and defensive are replaced for the cyclical and geared.  But excellent businesses do not die and such moments of unpopularity can provide excellent opportunities.  Some of our best long-term investments have been made at such times.

During February, bond yields moved higher as investors anticipated the reopening of the economy in the second half of the year.  We have been aware of the asymmetric risk in the bond market and have preferred to eschew conventional bonds for Index-Linked, which have benefited from rising inflation expectations.  We have also kept our duration* of linkers relatively short at 4-5 years.  Despite yields surging, our long-term view remains that interest rates can only rise so far and that monetary and fiscal stimulus will remain accommodative as we exit this crisis with multi-decade high government and corporate debt levels.  Index-linked and gold will have a key role to play as negative real yields prevail.

If there is a lesson from 2020, we prefer to look somewhat dull, as opposed to the excitement of high volatility in both directions.


*Duration is a measure of sensitivity of a bond’s price to changes in interest rates

Total Return 13/02/2012
Since Launch
5 Years
3 Years
1 Year
6 Months
Trojan (Ireland) O GBP Acc +42.9% +26.9% +18.4% +9.0% +0.2%
UK Retail Price Index +24.4% +13.4% +6.4% +1.2% +0.6%
Bank of England Base Rate +4.3% +2.2% +1.5% +0.1% 0.0%
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% -0.1%

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 March 2021.

Risk Analysis Since Launch (13/02/2012) Trojan (Ireland) O GBP Inc
Total Return +43.0%
Max Drawdown -10.1%
Best Month +4.9%
Worst Month -4.7%
Positive Months +60.6%
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 %
Gold Bullion Securities 5.8
Microsoft 5.5
Alphabet 4.6
Unilever 4.0
Visa 3.6
Philip Morris International 3.4
Nestlé 3.3
Invesco Physical Gold 3.2
Medtronic 3.1
Diageo 3.0
Total Top 10 39.5
10 Other Equity holdings 14.5
Index-Linked Bonds 32.2
UK T-Bills 8.4
Cash 5.4
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