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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 11/08/2020
Accumulation Shares
Income Shares
Fund Size
£5,050m (31/07/20)

Past performance is not a guide to future performance.

July 2020

Your Fund returned +1.1% during the month compared to -3.6% for the FTSE All-Share Index (TR).

July 2020 marked a new all-time high for the gold price in dollar terms and the yellow metal has been an important contributor to the Fund’s performance.  Gold is an alternative currency, which resides outside the financial system and which is supply-constrained.  It therefore offers an appealing alternative to fiat currencies, which can be printed ad infinitum.  This characteristic is currently being put to the test in an unprecedented experiment, as policymakers worldwide ease monetary policy even further in order to manage the current crisis. 

The immediate upshot of this has been nominal yields falling to the floor, both at the short end of the yield curve, thanks to interest rate cuts, and at the longer end thanks to asset purchases.  The potential second-order effect of recent central bank and government policy is that inflation is more of a risk, particularly as fiscal stimulus puts this money to work in the real economy.  Since mid-March breakeven rates of inflation have risen to reflect this.


The combination of these two factors means that real yields have fallen and in the case of the US 10-year bond, have fallen to -1%, the lowest on record. Whilst positive real yields create an opportunity cost to owning gold, gold provides a unique store of value when real yields are negative. Given high levels of indebtedness worldwide, policymakers can ill-afford to allow real yields to rise.

Additionally, rising geopolitical tensions and dollar weakness have also contributed to gold’s recent strength.  Whilst we do not expect the latter to persist (at least versus sterling), geopolitics seem unlikely to become more benign.  Such concerns have been critical in driving investor and central bank demand for gold.  Together with negative real yields, they provide a backdrop which supports gold’s continued ascent over the long term.




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 +281.7% +77.5% +37.2% +15.5% +6.1% +4.3%
UK Retail Price Index +68.0% +30.9% +13.2% +7.3% +1.1% +0.7%
FTSE All-Share TR +127.7% +73.0% +8.4% -9.1% -17.8% -17.8%
Bank of England Base Rate +49.8% +5.0% +2.4% +1.7% +0.5% +0.1%
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% +6.4%

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 31 July 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 +281.7% +127.7%
Max Drawdown -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -15.1%
Positive Months +67.0% +58.3%
Annualised Volatility +6.3% +13.8%

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 7.7
Microsoft 5.5
Unilever 3.8
Alphabet 3.8
Nestlé 3.4
Diageo 3.0
Philip Morris 2.8
Visa 2.7
Franco-Nevada 2.5
Invesco Physical Gold ETC 2.4
Total Top 10 37.5
11 Other Equity holdings 14.0
Index Linked Bonds 27.2
UK T-Bills 13.9
Cash 7.4
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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