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 20/05/2022
Accumulation Shares
Income Shares
Fund Size
£6,496m (30/04/22)

Past performance is not a guide to future performance.

April 2022

Your Fund returned -0.3% during the month compared to +0.3% for the FTSE All-Share Index (TR). 

The subdued returns above belie a high level of volatility.  The UK stock market remains supported by a high exposure to energy and commodities, but elsewhere the picture is less benign.  The MSCI World Index was down -8.3% and the Nasdaq Composite fell -13.2% in local currency during April.  Investors are struggling to reconcile a world of high historical valuations and tightening monetary conditions.  The stimulus put in place just over two years ago, in the teeth of the pandemic, is being reversed.  Moreover, inflationary pressures are looking less transitory by the day, with the tragic events in Ukraine prolonging those forces further into 2022 and beyond.  Inflation’s corrosive effects on savings are being felt across asset classes.

During April, several companies held in the Fund reported financial results for the first three months of 2022. Understandably, these results were particularly scrutinised to understand how companies are coping with higher inflation and volatile trading conditions.

The Fund’s consumer staples holdings reported reassuring revenue growth, with price rises largely offsetting cost inflation. As an example, Procter and Gamble reported +5% price growth combined with +3% volume growth. The price growth, together with continued volume growth, demonstrates the value that consumers continue to see in P&G’s premium-priced products.

Our technology holdings also continued to deliver exceptional growth as the world digitises further. Microsoft, a company held in the Fund since 2010, reported revenue growth of +18% in the quarter, well ahead of their cost growth. The company’s progress was broad-based, as Microsoft Office 365 revenue grew +17%, while the cloud infrastructure business grew +46%.

There is a chance that the exceptional rates of growth at these companies could slow due to factors outside of their control. As discount rates rise, we continue to have a keen eye on valuations and corporates’ ability to offset inflationary pressures. Our view is that the Fund’s franchises are sufficiently strong to adapt to changing market conditions and continue to grow their businesses over the coming years. We are mindful of exuberance in parts of the market and aim to avoid the risk of overpaying.

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 +333.0% +66.8% +31.7% +27.1% +8.0% +2.4%
UK Retail Price Index +85.7% +33.4% +19.5% +12.2% +7.4% +3.7%
FTSE All-Share TR +208.0% +100.8% +26.6% +14.1% +8.7% +3.1%
Bank of England Base Rate +50.2% +4.4% +2.0% +1.0% +0.2% +0.2%
Discrete Calendar Annual Returns (%) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
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% +10.7% +7.4% +12.1% +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 30 April 2022.

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 +333.0% +208.0%
Max Drawdown -13.7% -45.6%
Best Month +8.9% +12.7%
Worst Month -4.7% -15.1%
Positive Months +66.9% +59.0%
Annualised Volatility +6.2% +13.7%

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 the annualised standard deviation of the monthly returns 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings (excluding government bonds) Fund %
Gold Bullion Securities 6.1
Microsoft 5.0
Alphabet 4.7
Visa 4.2
Invesco Physical Gold 3.3
Unilever 3.2
Nestlé 3.1
Diageo 2.9
American Express 2.8
Franco-Nevada 2.7
Total Top 10 38.1
8 Other Equity holdings 9.5
Index Linked Bonds 35.4
UK T-Bills 13.7
Cash 3.3
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. 

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