Trojan Income Feeder Fund (Ireland)

Trojan Income Feeder Fund (Ireland) (the ‘Feeder Fund’) invests in Trojan Income Fund (the ‘Master Fund’) through a master-feeder structure. The investment objective of the Master Fund is to provide an above average income with the potential for capital growth in the medium term.

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 18/02/2019
Accumulation Shares
Income Shares
£1.17
Fund Size
£165M (31/01/19)

January 2019

The Master Fund produced a return of +3.1% during the month compared to a return of +4.2% for the FTSE All-Share Index (TR).

The Master Fund captured about three quarters of the rally from the December lows, helped by stocks such as Next and Dairy Crest whose positive trading statements pushed up share prices by more than 20% and 15% respectively. The market was effectively discounting a further deterioration in trading over Christmas, but the sharp rebound reflects the degree to which many stocks in the UK have been de-rated. It appears that the UK equity market is almost friendless in professional asset allocation circles. The combination of Brexit uncertainty, the growing possibility of a radical Labour government and an index virtually devoid of technology stocks has resulted in the market yield approaching 4.5% - higher than it has been since the Global Financial Crisis of 2008-9.

At the same time, dividend cover in the market as a whole has been improving in recent years from a low point of 1.3x in 2015 to just under 2x today. So the yield is higher and the sustainability of the underlying dividends has increased. This is not to say that there are no examples of unsustainable dividends and there will no doubt be some further individual adjustments, but in aggregate we believe that the income prospects for the market are better than they were three years ago.

We are pleased to inform investors that the final dividend for the O GBP Income share class will be 2.91p, making a total dividend for the year to January 31st of 4.65p. This represents a 3.3% increase over the previous year’s total dividend.

Total Return to 31 January 2019 Since Launch 31/01/09
10 Years
31/01/14
5 Years
31/01/16
3 Years
31/01/18
1 Year
31/07/18
6 Months 

Trojan Income Feeder Fund O Acc GBP ##

+43.5% N/A +39.0% +12.4% -2.9% -6.3%
Trojan Income Fund O Acc# +213.5% +161.3% +40.4% +13.0% -2.8% -6.3%
LIBID* GBP 1 Month# +29.3% +4.3% +1.7% +1.0% +0.5% +0.3%
FTSE All-Share Index (TR)# +178.5% +163.7% +31.2% +28.5% -3.8% -8.4%

 * London Inter Bank Bid Rate

Discrete Calendar Annual Returns (%) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
YTD
Trojan Income Fund O Acc +11.7% +16.8% +5.0% -12.1% +14.7% +14.4% +6.3% +9.9% +20.2 +10.0% +10.7% +10.2% +6.3% -7.1% +3.1%
Trojan Income Feeder Fund O Acc GBP                 +6.3% +9.7% +10.5% +9.9% +6.1% -7.2% +3.0%

# From 30/09/2004

## From 15/04/2013

Performance is calculated on a total return basis, net of fees, in sterling terms.

Please note all data unless otherwise specified refers to the Master Fund.

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 Income
Feeder Fund## 
Trojan Income
Fund#
FTSE All-Share
Index (TR)#
Total Return +43.5% +213.5% +178.5%
Max drawdown* -11.0% -25.2% -45.6%
Annualised Volatility +8.8% +9.2% +12.8%

* Measures the worst investment period

## From 15/04/2013

# From 30/09/2004

Please note all data unless otherwise specified refers to the Master Fund.

Top 10 Holdings Fund %
Unilever 5.5
Royal Dutch Shell 5.1
BP 4.7
GlaxoSmithKline 4.4
Lloyds 4.3
Reckitt Benckiser 4.0
National Grid 3.6
Compass 3.5
Experian 3.3
Imperial Brands 3.1
Total Top 10 41.5
31 Other Holdings 53.0
Cash & Equivalent 5.5
Total  100.0

 

Please note all data unless otherwise specified refers to the Master Fund.

 

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. 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.

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

How to Invest