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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 14/04/2021
Accumulation Shares
Income Shares
Fund Size
£195m (31/03/21)

Past performance is not a guide to future performance.

February 2021

The Fund produced a return of -2.8% during the month compared to a return of +2.0% for the FTSE All-Share Index (TR).

Markets have continued a sharp rotation away from quality growth in favour of economically sensitive stocks in anticipation of a strong post-COVID economic recovery.  This began in late October and if anything gathered pace in February as government commitment to huge stimulus packages across the world combined with the undoubted success of vaccines raised confidence in growth and inflation expectations.

The strong share price moves in many of the stocks and sectors most damaged by pandemic lockdowns were mirrored by the sharp de-ratings of more dependable franchises such as consumer staples, which had weathered the crisis relatively well. Large holdings in your Fund such as Unilever, Experian and RELX delivered significant negative returns in February. Although the portfolio does contain ‘recovery stocks’ like WH Smith and Compass, which returned +25% and +11% respectively, it does not have any material exposure to more volatile sectors like mining or many companies with high levels of financial leverage.

These periods of difficult relative performance in a rising market have happened before in the long life of this Fund. Most recently in late 2016 after the election of Donald Trump, in 2009 as the world recovered from the 2008 financial crisis and also in the period before the GFC when optimism about the global economy reached new heights, and the merits of reliable companies that could deliver consistent returns through the investment cycle became undervalued by the market. At all these times this presented an opportunity for the Fund to add new holdings in the type of company which we favoured and increase exposure to those which were temporarily depressed.

Our advantage is that by holding to our investment principles we can look through short-term periods like this in the knowledge that we continue to improve the quality of the overall portfolio along with resilience to the business cycle. The UK market has been through a torrid transition in recent years and your Fund has evolved in anticipation of that – this was why it protected capital effectively a year ago when the market fell so sharply. With a newly rebased dividend we believe that the portfolio will be able to drive total returns and dividend growth in the years to come.


Source: Lipper, Link Fund Solutions Limited

Name 15/04/2013
Since Launch
5 Years
3 Years
1 Year
6 Months
FTSE All-Share TR +52.7% +35.7% +9.9% +26.7% +18.5%
Trojan Income (Ireland) O GBP Acc +49.5% +14.3% +6.9% +10.4% +0.7%
Discrete Calendar Annual Returns (%) 2013 2014 2015 2016 2017 2018 2019 2020 2021
Trojan Income (Ireland) O GBP Acc +6.3% +9.7% +10.5% +9.9% +6.1% -7.2% +20.0% -10.0% -0.7%

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

Source: Lipper, Link Fund Manager Solutions (Ireland) Limited. Since Launch (15/04/2013) to 31 March 2021.

Source: Lipper, Link Fund Manager Solutions (Ireland) Limited


Risk Analysis Since Launch (15/04/2013) FTSE All-Share TR Trojan Income (Ireland) O GBP Acc
Total Return +52.7% +49.5%
Max drawdown -35.3% -28.2%
Best Month +12.7% +6.8%
Worst Month -15.1% -10.9%
Positive Months +57.9% +55.8%
Annualised Volatility +12.6% +10.4%

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 Fund %
Diageo 6.0
Reckitt Benckiser 6.0
Unilever 5.5
Experian 5.1
RELX 5.0
Paychex 3.8
British American Tobacco 3.5
Compass Group 3.5
Nestlé 3.4
GlaxoSmithKline 3.4
Total Top 10 45.4
27 other holdings 52.7
Cash & equivalent 1.9
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.

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