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Trojan Income Fund (Ireland)

The Fund seeks to provide income with the potential for capital growth in the medium (3 to 5 years) term. The investment policy is to invest at least 80% of its Net Asset Value in UK equities and fixed interest securities but may also invest in collective investment schemes and money market instruments.

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 16/08/2019
Accumulation Shares
Income Shares
£1.22
Fund Size
£198M (31/07/19)

Past performance is not a guide to future performance.

July 2019

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).

Investors could be forgiven for being enticed by a FTSE All-Share dividend yield of over 4% with ten year gilt yields at 0.5% and cash yielding close to zero. However, the headline UK equity market yield disguises an unusually polarised index. Companies with attractive dividend growth profiles and robust cover have seen their share prices rise, consequently shrinking their yields. Meanwhile, many mature companies with leaner growth prospects and stretched payout ratios have seen their yields rise to what we believe in many cases are unsustainable levels. It is this latter group that has skewed the overall yield on the market and which now act as a considerable drag on the rate of future UK equity income growth.

Our commitment to investors has always been to provide a balance between return income and capital growth.

In our view, to grow the Fund’s dividend in current market conditions represents too great a risk to capital. For some time we have been lowering the Fund’s exposure to higher yielding stocks in the portfolio and adding names with better dividend growth potential.  The recent period of strong performance has helped us to implement these changes to the portfolio. 

As a result the interim dividend for the six months to the end of July will be unchanged at 1.74p. As always, we will monitor the Fund’s income stream carefully and it is quite likely that the final dividend is slightly lower than in the previous year.

It is by holding a portfolio of companies that produce growing and sustainable dividends that we can continue to deliver our long-term ambition. This is to preserve the real value of our investors’ capital, and to provide a return that can compound over time.

 

 

Total Return to 30 June 2019 Since Launch 30/06/14
5 Years
30/06/16
3 Years
30/06/18
1 Year
31/12/18
6 Months 

Trojan Income Fund (Ireland) O Acc GBP #

+56.7% +39.6% +16.9% +3.9% +12.4%
LIBID* GBP 1 Month# +2.3% +1.8% +1.1% +0.6% +0.3%
FTSE All-Share Index (TR)# +52.6% +35.8% +29.5% +0.6% +13.0%

 * London Inter Bank Bid Rate

Discrete Calendar Annual Returns (%) 2013 2014 2015 2016 2017 2018 2019
YTD
Trojan Income Fund (Ireland) O Acc GBP +6.3% +9.7% +10.5% +9.9% +6.1% -7.2% +12.4%

# From 15/04/2013

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

 

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
Fund (Ireland) # 
FTSE All-Share
Index (TR)#
Total Return +56.6% +52.6%
Max drawdown* -11.0% -18.7%
Annualised Volatility +8.7% +10.0%

* Measures the worst investment period

# From 15/04/2013

 

Top 10 Holdings Fund %
Unilever 5.8
Royal Dutch Shell 5.1
BP 4.7
GlaxoSmithKline 4.1
Lloyds 4.0
Compass 4.0
Experian 3.5
RELX 3.4
National Grid 3.3
AstraZeneca 3.2
Total Top 10 41.1
29 Other Holdings 52.6
Cash & Equivalent 6.3
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