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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 18/09/2019
Accumulation Shares
Income Shares
Fund Size
£4,309M (31/08/19)

Past performance is not a guide to future performance.

August 2019

Your Fund returned +0.5% during the month compared to -3.6% for the FTSE All-Share Index (TR).

August has seen bond yields fall precipitously.  Towards the end of May, we sold some of the Fund’s holdings in short-dated UK index-linked gilts, trading on negative real yields, and reinvested the proceeds into 20-year US TIPS (Treasury Inflation Protected Securities).  The real yield on these bonds has since more than halved, leading to a c. 15% price appreciation. 

This is a microcosm of the wider bond market.  In the US, the 30-year conventional bond fell below 2% for the first time.  Elsewhere in the world investors are actually paying to lend.  At the end of August the amount of negative-yielding debt (both sovereign and corporate) reached $17trn globally. 


Lower yields indicate a number of things.  They are first an output, reflecting the bond market’s expectations for future interest rates, based on estimations of economic growth.  By this measure the outlook has deteriorated significantly. 

They are also an input.  Financial institutions with long-dated liabilities, measure the present value of these liabilities with reference to long-term rates.  A lower discount rate means a larger liability.  As a result, institutions from pension funds to life insurance companies are faced with deteriorating balance sheets and a consequent need to maximise returns to fund these deficits.  This is leading to higher risk taking at a time when assets are expensive.

The Fund’s cautious stance reflects growing risks to valuations and cash flows.



Source: Lipper, Link Fund Solutions Limited



Total Return 31/05/2001 Since Launch 31/08/2009 10 Years 31/08/2014 5 Years 31/08/2016 3 Years 31/08/2018 1 Year 28/02/2019 6 Months
Trojan O Income +261.7% +91.7% +33.7% +12.7% +9.0% +9.5%
UK Retail Price Index +66.2% +35.0% +12.6% +9.5% +1.9% +1.6%
FTSE All-Share TR +167.0% +124.8% +31.2% +20.2% +0.4% +4.3%
Bank of England Base Rate +47.6% +5.1% +2.5% +1.4% +0.8% +0.4%
Discrete Calendar Annual Returns (%) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
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% +11.6%

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 August 2019.

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 +261.7% +167.0%
Max Drawdown -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +67.1% +58.4%
Annualised Volatility +6.3% +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 Fund %
Gold Bullion Securities 7.4
Microsoft 4.9
Unilever 3.3
Coca-Cola 3.0
Nestlé 2.8
British American Tobacco 2.8
Procter & Gamble 2.4
ETFS Physical Swiss Gold 2.3
Berkshire Hathaway 2.1
American Express 2.0
Total Top 10 33.0
20 Other Holdings 50.1
UK T-Bills 12.1
Cash 4.8
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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