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Trojan Fund

The investment objective of the Trojan Fund is to seek to achieve growth in capital (net of fees), ahead of inflation (UK Retail Prices Index), over the longer term (5 to 7 years).

The policy is to invest globally in government and public securities (such as sovereign debt and treasury bills), corporate bonds, equities and equity-related securities, private equity, precious metals, cash, cash equivalents and deposits.

In addition to the O share class referred to on this page, I & S Classes are also available. Please contact us for more information.

'O' Share Class Price 12/11/2019
Accumulation Shares
Income Shares
Fund Size
£4,293M (30/09/19)

Past performance is not a guide to future performance.

September 2019

Your Fund returned -1.0% during the month compared to +3.0% for the FTSE All-Share Index (TR).

Bond yields have been grinding lower for much of this year, which has benefitted the Fund.  The shift towards an ever greater amount of negative yielding fixed income securities ($14.7tn at last count, having peaked at $17tn at the end of August) has made other assets, including gold bullion, provide a yield pick-up.  This is indicative of the perverse financial environment we live in.  The snap back in bond yields during September led to a rotation into parts of the stock market which the Fund is not exposed to – cyclical value stocks.  Such rotation is bound to occur from time to time and in this instance proved short-lived.  We will not manage the portfolio for these inevitable short term moves, preferring to focus on the long-term strengths of the businesses we hold.


In September we met with the Chief Financial Officer of Procter & Gamble.  Despite evidence that the world economy is slowing, P&G is firing on all cylinders and momentum in the business looks set to continue.  Big brands are here to stay despite many protestations to the contrary.  Online shelf space, while infinite in theory, is limited in practice to the top search results. E-tailers like Amazon will not relegate their largest revenue generators to the second page. Meanwhile even unicorn consumer goods start-ups are struggling to make profits.  P&G is more competitive today than it has been for many years which is borne out in current trading.  Its strong brands, like Pampers, are now backed by a leaner business, with greater accountability setting the group up for continued success.



Source: Lipper, Link Fund Solutions Limited



Total Return 31/05/2001 Since Launch 30/09/2009 10 Years 30/09/2014 5 Years 30/09/2016 3 Years 30/09/2018 1 Year 31/03/2019 6 Months
Trojan O Income +258.1% +81.0% +34.0% +11.1% +8.1% +6.4%
UK Retail Price Index +67.5% +35.5% +13.2% +10.1% +2.7% +2.3%
FTSE All-Share TR +174.9% +121.0% +38.9% +21.7% +2.7% +4.6%
Bank of England Base Rate +47.7% +5.1% +2.5% +1.5% +0.8% +0.4%
Discrete Calendar Annual Returns (%) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Trojan O Income +0.6% +4.1% +15.4% +10.3% +15.9% +12.0% +6.1% +1.1% +11.6% +14.4% +8.5% +2.1% -3.1% +8.9% +3.2% +12.3% +4.1% -3.0% +10.5%

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

Source: Lipper, Link Fund Solutions Limited. Since Launch (31/05/2001) to 30 September 2019.

Source: Lipper, Link Fund Solutions 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 (31/05/2001) Trojan O Income FTSE All-Share TR
Total Return +258.1% +174.9%
Max Drawdown -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +66.8% +58.6%
Annualised Volatility +6.3% +13.4%

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 standard deviation of annual returns. 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 Holdings Fund %
Gold Bullion Securities 7.3
Microsoft 5.0
Unilever 3.1
Coca-Cola 3.0
British American Tobacco 3.0
Nestlé 2.7
Procter & Gamble 2.5
ETFS Physical Swiss Gold 2.3
Berkshire Hathaway 2.1
Philip Morris 2.0
Total Top 10 33.0
20 Other Holdings 49.7
UK T-Bills 13.0
Cash 4.3
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. In line with the Fund’s prospectus, the Fund is authorised to invest in transferable securities and money market instruments issued or guaranteed by an EEA state, one or more local authorities, a third country, or a public international body to which one or more EEA states belong.  The Investment Manager would only consider investing more than 35% of the Fund’s assets in UK or US government issued transferable securities or approved money market instruments. 

Some of the information contained on this page: (1) is proprietary to Morningstar and/or its content providers​; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 


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