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 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 02/04/2020
Accumulation Shares
Income Shares
£1.0124
Fund Size
£206M (29/02/20)

Past performance is not a guide to future performance.

February 2020

The Fund (O Acc GBP) produced a return of -8.3% during the month compared to a return of -8.9% for the FTSE All-Share Index (TR).

This was the biggest single calendar month fall in UK equities since the Global Financial Crisis.

After markets had appeared remarkably sanguine about the COVID-19 epidemic while it remained largely confined to China, the emergence of new cases in South Korea, Iran and then Italy prompted a reassessment of the potential global economic impact. In the second half of February both the UK and US equity markets fell by over 10% as the likelihood of significant earnings and growth downgrades became much more likely. Given the strong returns generated in 2019, valuations were already extended and vulnerable to bad news. As is often the case, the catalyst for the market’s fall was not one of the usual macroeconomic suspects. The uncertainty surrounding the effect of the previously unknown virus will continue until the extent and severity of the outbreak is fully understood.

All sectors of the market were marked down in the sell-off, but two stocks in the portfolio managed a positive return in February – IG Group and SSE. The completion of the sale of Sage and a reduction in the holding in WH Smith in the first half of the month also helped to mitigate the impact of falling prices.

While market fluctuations are likely to continue, we anticipate opportunities will arise to add to existing holdings and start new ones. We have recently initiated a holding in Paychex, a US company specialising in software and outsourcing services in the areas of payroll, HR and employee benefits for small/medium-sized businesses. Paychex continues to ride the structural wave towards outsourcing in the US, and provides the portfolio with exposure to a capital-light, high-returns business, with negligible debt and a current dividend yield in excess of 3%.

Source: Lipper, Link Fund Solutions Limited

Name 15/04/2013
Since Launch
28/02/2015
5 Years
28/02/2017
3 Years
28/02/2019
1 Year
31/08/2019
6 Months
FTSE All-Share TR +41.9% +19.1% +4.7% -1.4% -5.5%
Trojan Income Feeder(Ireland) O GBP Acc +52.1% +24.0% +4.8% +3.6% -5.1%
Discrete Calendar Annual Returns (%) 2013 2015 2016 2017 2018 2019 2020
Trojan Income Feeder(Ireland) O GBP Acc +6.3% +10.5% +9.9% +6.1% -7.2% +20.0% -9.1%

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 29 February 2020.

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 +41.9% +52.1%
Max drawdown -18.7% -11.0%
Best Month +6.8% +5.7%
Worst Month -8.9% -8.3%
Positive Months +57.3% +56.1%
Annualised Volatility +10.6% +9.1%

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