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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 21/01/2021
Accumulation Shares
Income Shares
£1.1414
Fund Size
£222m (31/12/20)

Past performance is not a guide to future performance.

December 2020

The Fund produced a return of +1.2% during the month compared to a return of +3.9% for the FTSE All-Share Index (TR).

Investor sentiment continued to recover in the month, helped by news of further regulatory approvals for COVID-19 vaccines and the long-awaited signing of a trade deal between Britain and the EU.

For the calendar year 2020, the UK market fell by -9.8% (TR). Your Fund delivered a similar return of -10.0%, but as is often the case, by taking a different path. Having protected capital considerably better during the market sell-off in the earlier part of the year, the Fund has also had a less dramatic recovery. In recent months, cyclical stocks in particular have led the market higher, whilst more defensive assets have been left behind. As always in such periods, we look for opportunities to add to out-of-favour holdings where the underlying operational momentum is strong.

Reflecting on portfolio activity over the year as a whole, this has been a productive period with various changes that we believe will underpin future resilience and returns for investors. We disposed of companies that no longer fit our investment criteria whilst further aligning the Fund to those high-quality companies in which we are confident of future income and capital growth. Sales included Lloyds Banking Group, BP, Royal Dutch Shell and Land Securities. New holdings include Croda, Intertek, Paychex and the Fund’s most recent addition, InterContinental Hotels Group.

Looking beyond 2020, and with the threat of a disorderly exit from the EU behind us, we would expect the relative value of UK assets to be better supported than in recent years, not least by foreign buyers/investors. The UK is home to many excellent companies, particularly those with international earnings, enviable economics and healthy dividend growth prospects. It is to such companies that your Fund is overwhelmingly exposed.

 

Source: Lipper, Link Fund Solutions Limited

Name 15/04/2013
Since Launch
31/12/2015
5 Years
31/12/2017
3 Years
31/12/2019
1 Year
30/06/2020
6 Months
FTSE All-Share TR +45.2% +28.5% -2.7% -9.8% +9.3%
Trojan Income (Ireland) O GBP Acc +50.5% +16.9% +0.3% -10.0% +2.1%
Discrete Calendar Annual Returns (%) 2013 2016 2017 2018 2019 2020 2020
Trojan Income (Ireland) O GBP Acc +6.3% +9.9% +6.1% -7.2% +20.0% -10.0% 0.0%

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 2020.

Source: Lipper, Link Fund Solutions (Ireland) Limited

 

Risk Analysis Since Launch (15/04/2013) FTSE All-Share TR Trojan Income (Ireland) O GBP Acc
Total Return +45.2% +50.5%
Max drawdown -35.3% -28.2%
Best Month +12.7% +6.8%
Worst Month -15.1% -10.9%
Positive Months +57.6% +56.5%
Annualised Volatility +12.7% +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 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