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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 02/04/2020
Accumulation Shares
Income Shares
Fund Size
£4,417M (29/02/20)

Past performance is not a guide to future performance.

February 2020

Your Fund returned -1.9% during the month compared to -8.9% for the FTSE All-Share Index (TR).

In our Investment Report No.63, published mid-February, we noted that the level of investor complacency was reaching an extreme.  Whilst we certainly did not predict coronavirus, we expected volatility to pick up from unsustainably low levels.  Initially, markets ignored the threat to economic growth and corporate profitability posed by the outbreak of the virus in China.  It was perceived as an isolated incident - a single quarter of business interruption, with the expectation of a ‘V’-shaped recovery in Q2.  The news that the virus had then spread to Italy on the weekend of 22/23 February changed everything.  In anticipation of a wider global impact, shares sold off worldwide.

Lower interest rates will not offset an economic slowdown.  Markets recognise the inherent fragility of the financial system and the interconnected nature of the global economy.  The challenge for central banks will be what to do if a recession emerges later this year, with monetary policy almost exhausted.  Interest rates are close to zero and QE has played out with government bond yields at record lows.  Fiscal policy will be required to support the global economy, with long-term implications for asset prices.  If recession is averted, a sharp bounce in equities could be expected.  We remain open-minded as to the outcome.

The Fund entered 2020 with the allocation to equities at close to all-time-lows (33%).  At the end of February, following the steep falls in share prices, we increased our equity allocation by 5 percentage points.  Despite the recent de-rating, equities are not cheap.  If markets should become more febrile in the coming months we are well positioned to exploit subsequent falls. For long-term investors there are reasons for optimism.



Source: Lipper, Link Fund Solutions Limited



Total Return 31/05/2001
Since Launch
10 Years
5 Years
3 Years
1 Year
6 Months
Trojan O Income +259.1% +70.8% +27.4% +8.9% +8.7% -0.7%
UK Retail Price Index +66.8% +32.6% +13.2% +8.3% +2.0% -0.4%
FTSE All-Share TR +152.4% +93.0% +19.1% +4.7% -1.4% -5.5%
Bank of England Base Rate +49.7% +5.2% +2.6% +1.7% +0.8% +0.4%
Discrete Calendar Annual Returns (%) 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Trojan O Income +0.6% +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% +10.7% +0.1%

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 29 February 2020.

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 +259.1% +152.4%
Max Drawdown -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +66.7% +58.2%
Annualised Volatility +6.2% +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 (excluding government bonds) Fund %
Gold Bullion Securities 7.4
Microsoft 4.9
Unilever 3.3
British American Tobacco 3.0
Nestlé 2.5
Alphabet 2.4
ETFS Physical Swiss Gold 2.3
Coca-Cola 2.1
Procter & Gamble 2.1
Philip Morris 2.1
Total Top 10 32.1
18 other holdings 42.2
UK T-Bills 21.5
Cash 4.2
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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