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Trojan Income Fund (Ireland)

The investment objective of the Fund is to seek to achieve income with the potential for capital growth in the medium term (3 to 5 years). The Fund must invest at least 80% of its assets in UK equities.

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 15/01/2020
Accumulation Shares
Income Shares
£1.3070
Fund Size
£222M

Past performance is not a guide to future performance.

December 2019

The Fund (O Acc GBP) produced a return of +3.3% during the month compared to a return of +1.2% for the FTSE All-Share Index (TR).

December was a notable month in UK politics, with the third general election in 5 years resulting in a landslide Conservative majority of 80 parliamentary seats, the largest since 1987. Short term, this provides an incrementally better backdrop for investment in the UK, and equity and currency markets have understandably reflected this view in subsequent movements. A better backdrop notwithstanding, 2020 may well see further volatility in UK assets, particularly if the government remain insistent that any transition arrangement with the EU will cease at the end of the year, creating a tighter timetable for trade negotiation.  

Looking back at 2019, it was a pleasing year for the Fund, which posted a total return of +20.0% - marginally higher than the +19.2% of the FTSE All-Share Index (TR) in what was an exceptionally strong year for the market.

This can be put down to stock-specific gains within the Fund, such as in the case of WH Smith and Experian, but also due to the fact that market performance was broad-based and not simply led by cyclical companies, which we consistently seek to avoid. To have achieved this in 2019, having protected capital better than the market in 2018, is a satisfactory outcome.

Turning to 2020 and beyond, we continue to invest selectively in competitively advantaged, resilient, growing companies that can compound free cash flow, and thus dividends per share, well into the future. Some of these quality businesses will inevitably not have the very highest of dividend yields today, but will deliver the compounding value and dividend growth we seek for the long term.

Source: Lipper, Link Fund Solutions Limited

Name 15/04/2013
Since Launch
31/12/2014
5 Years
31/12/2016
3 Years
31/12/2018
1 Year
30/06/2019
6 Months
FTSE All-Share TR +61.0% +43.8% +22.0% +19.2% +5.5%
Trojan Income Feeder(Ireland) O GBP Acc +67.2% +43.5% +18.2% +20.0% +6.8%
Discrete Calendar Annual Returns (%) 2013 2015 2016 2017 2018 2019
Trojan Income Feeder(Ireland) O GBP Acc +6.3% +10.5% +9.9% +6.1% -7.2% +20.0%

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

Source: Lipper, Link Fund Solutions Limited. Since Launch (15/04/2013) to 31 December 2019.

Source: Lipper, Link Fund Solutions (Ireland) Limited

 

Risk Analysis Since Launch (15/04/2013) FTSE All-Share TR Trojan Income Feeder(Ireland) O GBP Acc
Total Return +61.0% +67.2%
Max drawdown -18.7% -11.0%
Best Month +6.8% +5.7%
Worst Month -5.7% -5.4%
Positive Months +58.8% +57.5%
Annualised Volatility +10.0% +8.5%

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 standard deviation of annual returns. 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 Holdings Fund %
Unilever 5.2
GlaxoSmithKline 4.3
Royal Dutch Shell 4.3
BP 4.2
Lloyds 4.2
Compass 4.2
National Grid 3.5
Experian 3.4
AstraZeneca 3.4
RELX 3.1
Total Top 10 49.8
31 Other Holdings 53.1
Cash & Equivalent 7.1
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.

How to Invest

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

How to Invest