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 18/04/2019
Accumulation Shares
Income Shares
252.35p
Fund Size
£4,125M (31/03/19)

March 2019

Your Fund returned +1.9% during the month compared to +2.7% for the FTSE All-Share Index (TR).

During the month we met with the management of A.G. Barr, the makers of IRN-BRU.  Three years ago the UK Treasury announced a sugar tax on carbonated soft drinks in its March budget.  This, combined with poor weather, caused A.G. Barr’s share price to sag.  Having sold the Fund’s holding at higher levels in 2014, we took the opportunity to repurchase a stake in the company at a lower valuation.  Since then, management has effected an impressive transformation of its portfolio. Previously, the vast majority of its beverages would have been caught by the tax but thanks to a reformulation of its recipes, nearly 100% of the portfolio now contains less sugar than the threshold at which the tax applies. 

Such a transformation was not without risk but 2018’s results attest to the fact that it has been a resounding success.  Revenues grew +6%, with volumes growing more, reflective of management’s decision to ensure consumers kept choosing Scotland’s national drink.  Having kept a lid on its prices, the company now has substantial scope to close some of the gap versus competitors, a visible tailwind for revenues and margins over the next couple of years.  Challenges such as these are not new to A.G. Barr, which has successfully navigated 144 years of uncertainty by listening to its consumers. 

N.B. During the month the Irish domiciled Trojan Fund (Ireland) converted from a feeder fund of the Trojan Fund to a directly investing fund.  This change of structure is responsible for the £280m change in the size of the Trojan Fund. 

 

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 March 2019 31/05/01
Since Launch
31/03/09
10 Years
31/03/14
5 Years
31/03/16
3 Years
31/03/18
1 Year
30/09/18
6 Months 
Trojan Fund O Inc +236.7% +94.7% +29.1% +12.2% +4.2% +1.7%
LIBID* GBP 1 Month +48.0% +4.1% +1.8% +1.0% +0.5% +0.3%

IA Flexible Investment (TR)

+140.0% +136.6% +35.5% +26.4% +3.3% -2.5%
FTSE All-Share Index (TR) +162.9% +186.8% +34.5% +31.3% +6.4% -1.8%

 * 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% +3.8%

# 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 +236.7% +162.9%
Max Drawdown# -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +66.4% +58.4%
Annualised Volatility +6.3% +13.4%

#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 6.7
Microsoft 4.3
Coca-Cola 3.5
British American Tobacco 3.4
Unilever 3.0
Nestlé 2.5
Philip Morris 2.4
Procter & Gamble 2.4
Berkshire Hathaway 2.1
Sage 2.0
Total Top 10 32.3
19 Other Holdings 51.1
Cash & Equivalent 16.6
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. 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. 

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