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 11/08/2020
Accumulation Shares
Income Shares
Fund Size
£197m (31/07/20)

Past performance is not a guide to future performance.

July 2020

The Fund produced a return of -1.6% during the month compared to a return of -3.6% for the FTSE All-Share Index (TR).

In the month, we spoke with the management of Croda following their first half results. The company is a recent addition to the portfolio and exhibits many of the qualities we look for in a Troy stock. Croda is a speciality chemicals business that generates sales predominantly by producing ingredients derived from natural oils. One of the great attractions of Croda is their diversity: they sell thousands of products to thousands of customers, with their formulations used in everything from sunscreen, deodorants, and makeup, through to vaccines, textiles, and natural crop protections. Moreover, these ingredients are often critical to their product’s function, but typically cost a fraction of the customer’s raw material costs and retail sales value. To give one well-known example, Croda’s Matrixyl is the ‘magic’ ingredient in anti-ageing creams.

Diversity, vital products, and plenty of proprietary know-how mean Croda generates far more attractive economics than commodity chemicals businesses. The quality of the business model has enabled them to comfortably weather COVID-related impacts so far, with no furloughing or cutting of staff. Sales and profits were modestly down, but operating margins remained high at 24% and free cash flow (FCF) generation continues to be healthy. 

The company have long paid a sensible dividend equating to around 50% of FCF in any given year. This level of pay-out leaves ample cash to reinvest in the business for future growth, while still allowing the company to announce recently their 29th successive year of dividend growth.

Not all companies in the wider market, or indeed the Fund, have proven as robust as Croda through the global pandemic. The challenges so far this year have been crystallised for investors through wide-ranging cancellations, cuts, or deferrals of dividends. In the UK market, Q2 dividends were less than half the level paid out last year.

Whilst your Fund has been more resilient so far, it has not been immune, and will pay out an interim dividend of 2.0p versus 3.05p a year ago. The reduction also reflects our active portfolio decisions taken over the past ~18 months to bolster dividend growth and sustainability at the expense of headline yield, of which our investment in Croda is a good example. In spite of this re-basing, we are confident that recent and ongoing changes improve the durability of underlying FCF growth, thereby supporting the Fund’s long-term potential for future income.


Source: Lipper, Link Fund Solutions Limited

Name 15/04/2013
Since Launch
5 Years
3 Years
1 Year
6 Months
FTSE All-Share TR +28.1% +8.4% -9.1% -17.8% -17.8%
Trojan Income (Ireland) O GBP Acc +45.1% +15.3% -1.2% -9.9% -12.6%
Discrete Calendar Annual Returns (%) 2013 2015 2016 2017 2018 2019 2020
Trojan Income (Ireland) O GBP Acc +6.3% +10.5% +9.9% +6.1% -7.2% +20.0% -13.3%

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 July 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 +28.1% +45.1%
Max drawdown -35.3% -28.2%
Best Month +6.8% +6.8%
Worst Month -15.1% -10.9%
Positive Months +57.5% +55.2%
Annualised Volatility +12.1% +10.1%

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