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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 24/06/2021
Accumulation Shares
Income Shares
£1.1848
Fund Size
£190m

Past performance is not a guide to future performance.

May 2021

The Fund produced a return of +0.4% during the month compared to a return of +1.1% for the FTSE All-Share Index (TR).

High quality UK-listed income companies such as Croda, Experian, Reckitt Benckiser and InterContinental Hotels Group make up the core of your portfolio. However, the mandate’s flexibility means we are able to make select overseas investments where our global research process identifies exceptional investment opportunities in other equity markets. At the month end, non-UK stocks accounted for c. 15% of portfolio assets. Such investments are made not as a reflection of any geographic asset allocation process but rather on a stock–by-stock basis in order to add diversification to the portfolio, to access business models not represented in the UK market or simply when we find great opportunities.

CME, or the Chicago Mercantile Exchange as it was originally, is one such example. CME owns and operates the leading futures exchange in the world, with a dominant position in exchange-traded interest rate, FX, energy, and metal derivative contracts. Improving economic activity, the potential for increased interest rate volatility, and a structural trend towards exchange-traded derivative contracts all support trading volume. With very high margins on incremental revenues, increasing volumes is the key driver of profit growth for CME.

Further opportunities for growth stem from the 2018 acquisition of NEX Group, and their investment in the attractive S&P Index business.

Importantly, the company’s enviable scale (it owns the world’s five most liquid futures contracts) and capital-light business model mean CME requires minimal additional capital to sustain its growth, giving rise to an abundance of genuinely excess cash flow. This tends to be returned to investors in the form of a growing and sustainable ordinary dividend, augmented by regular special dividends.

As well as being a worthy income growth stock, CME’s volumes have historically been positively corelated with interest rate and equity market volatility. This means an investment in CME brings differentiation and diversification to the portfolio, further justifying its place amongst our select group of overseas holdings.

Source: Lipper, Link Fund Solutions Limited

Name 15/04/2013
Since Launch
31/05/2016
5 Years
31/05/2018
3 Years
31/05/2020
1 Year
30/11/2020
6 Months
FTSE All-Share TR +61.1% +40.5% +5.9% +23.1% +15.2%
Trojan Income (Ireland) O GBP Acc +56.6% +18.4% +5.1% +5.8% +5.3%
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% +4.0%

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 30 April 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 +61.1% +56.6%
Max drawdown -35.3% -28.2%
Best Month +12.7% +6.8%
Worst Month -15.1% -10.9%
Positive Months +58.8% +56.7%
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 6.5
Reckitt Benckiser 5.4
Unilever 5.4
RELX 5.3
Experian 5.2
Paychex 3.6
Croda International 3.6
British American Tobacco 3.4
Nestlé 3.4
GlaxoSmithKline 3.3
Total Top 10 45.1
29 other holdings 52.5
Cash & Equivalent 2.4
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.

How to Invest

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

How to Invest

Troy Asset Management Limited ("Troy") is aware that fraudsters are using the trading name "Trojan Funds" in an attempt to defraud the public. The fraudulent URL (www.trojan-funds.com) is being used and emails are also being sent to members of the public in an attempt to commit investment fraud. We confirm that the trading name and email address which the fraudsters are using ([email protected]) are not linked with Troy or any funds managed by Troy, including Trojan Investment Funds and Trojan Funds (Ireland) plc.

Troy does not have any affiliation with "Trojan Funds" and has notified the relevant authorities of this scam. Troy will never contact members of the public to make any payments to us over the phone or via email in relation to making an investment. We urge you to stay alert to the dangers of investment fraud, even if documents or websites refer to genuine products and appear legitimate. Any potential investors should exercise extreme caution. Troy will take no responsibility for any potential losses you may incur.

If you believe you have received an email of this nature, or are in any doubt regarding the legitimacy of any communications purporting to be from Troy, please contact [email protected]. Further information on protecting yourself from scams can be found on the FCA website https://www.fca.org.uk/consumers/protect-yourself-scams. Alternatively you can report scams to the FCA at https://www.fca.org.uk/consumers/report-scam-us.
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