Trojan Fund

The investment objective of Trojan Fund is to achieve growth in capital and income in real terms over the longer term. The investment policy is to invest substantially in UK and overseas equities and fixed interest securities but Trojan Fund may also invest in collective investment schemes and money market instruments.

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 18/02/2019
Accumulation Shares
Income Shares
Fund Size
£4,061M (31/01/19)

January 2019

Your Fund returned +1.2% during the month compared to +4.2% for the FTSE All-Share Index (TR).

Equity markets have entered 2019 with December’s turmoil a distant memory.  The most clearly identifiable catalyst for the reversal in sentiment has been a change in narrative from the Federal Reserve.  Quantitative tightening is no longer on autopilot and we can expect more flexible monetary policy if economic conditions deteriorate.  This does not alter the fact that growth is slowing, valuations are elevated and debt levels remain precariously high in many sectors of the global economy.  It is also worth noting that historic periods of market weakness have tended to coincide with periods of monetary easing, not monetary tightening.  It is unclear what impact central banks will be able to have if we enter a more difficult period for economic growth.

Meanwhile, the UK continues to grapple with its own unique issues.  As referenced in November’s Fact Sheet, this is of importance for the Fund, not on account of significant exposure to the UK economy (which is small for the Trojan Fund), but because the Fund has significant overseas exposure and reports in sterling to predominantly sterling-based investors.  Exposure to non-sterling assets is therefore a risk to the Fund’s NAV.  The most significant of these exposures is to the US dollar.  We further increased the dollar hedge at the start of the month with a view to minimising the Fund’s downside if sterling strengthens.  The Fund’s net dollar exposure has been reduced from 14% a year ago to 5% today. 


Source: Lipper, Link Fund Solutions Limited

The source for performance data has been changed. This change may have resulted in variations from previously published performance figures. These variations are deemed to be immaterial both individually and cumulatively.


Total Return to 31 January 2019 31/05/01
Since Launch
10 Years
5 Years
3 Years
1 Year
6 Months 
Trojan Fund O Inc +228.0% +82.4% +29.9% +13.6% -1.4% -1.3%
LIBID* GBP 1 Month +47.8% +4.3% +1.7% +1.0% +0.5% +0.3%

IA Flexible Investment (TR)

+133.5% +122.8% +35.0% +28.1% -4.0% -5.2%
FTSE All-Share Index (TR) +150.3% +163.7% +31.2% +28.5% -3.8% -8.4%

 * London Inter Bank Bid Rate

Discrete Calendar Annual Returns (%) 2001# 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD
Trojan Fund O Inc +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% +1.2%

# From launch (31/05/01)

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


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 Fund
O Inc
FTSE All-Share
Index (TR)
Total Return +228.0% +150.3%
Max Drawdown# -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +66.0% +58.0%
Annualised Volatility +6.3% +13.5%

#Measures the worst investment period

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

Top 10 Holdings Fund %
Gold Bullion Securities 6.9
Microsoft 4.0
Coca-Cola 3.7
British American Tobacco 2.9
Unilever 2.8
Nestlé 2.3
Procter & Gamble 2.2
Berkshire Hathaway 2.2
Philip Morris 2.1
ETFS Physical Swiss Gold 2.0
Total Top 10 31.1
19 Other Holdings 51.0
Cash & Equivalent 17.9
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. 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