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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 22/10/2020
Accumulation Shares
Income Shares
Fund Size
£5,164m (30/09/20)

Past performance is not a guide to future performance.

September 2020

Your Fund returned +0.1% during the month compared to -1.7% for the FTSE All-Share Index (TR).

During market weakness in the first quarter of this year, we built a holding in Visa.  In September we met (virtually) with the company.  This served to reinforce our conviction in the uniquely well-placed payments network companies – we have also owned American Express since 2014.

Whilst the shift towards digital payments has been occurring for some time, there is evidence that this is now accelerating as ecommerce gains critical mass and governments around the world are shaping regulation to drive the share of digital payments, which incur less cost and help reduce crime.  During the pandemic, cash has also become a vector for virus transmission, causing more merchants to accept card and encourage contactless payments.

There are also substantial opportunities in digitising payments between businesses (B2B) and other channels such as bill payments and government disbursements in addition to the core C2B (consumer to business) payments which make up the majority of the card networks’ businesses today. 

Visa is uniquely well placed to benefit as payments digitise around the world.  Over the course of more than six decades, Visa has built up c. 100m relationships with merchants and with thousands of issuing banks, building a network and a brand known for its reliability and ubiquity. Any challenger to this would need to replicate the broad reach and trusted reputation that Visa has built up and, most importantly, would need to persuade consumers of the merits of switching.  

Thanks to these economies of scale, Visa consistently generates operating margins around 65%, with a free cash flow margin* of over 50% and the company has very low net debt to EBITDA1 of 0.2x.  The fixed cost base is very low, enabling the company to remain cash generative even in a severe downturn. 

*Free cash flow margin measures free cash flow as a percentage of sales in a given period  
1Earnings before interest, taxes, depreciation and amortization.

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 +284.5% +68.8% +39.9% +16.7% +7.4% +9.0%
UK Retail Price Index +68.4% +30.2% +13.0% +6.6% +0.8% +0.2%
FTSE All-Share TR +129.3% +63.9% +18.6% -9.3% -16.6% +7.0%
Bank of England Base Rate +49.8% +5.0% +2.4% +1.6% +0.4% +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% +7.1%

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 Sepember 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 +284.5% +129.3%
Max Drawdown -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -15.1%
Positive Months +66.8% +58.2%
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 7.4
Microsoft 5.5
Unilever 3.9
Alphabet 3.7
Nestlé 3.4
Visa 2.8
Diageo 2.8
Philip Morris International 2.7
Medtronic 2.5
British American Tobacco 2.3
Total Top 10 36.9
9 Other Equity holdings 14.3
Index Linked Bonds 29.9
UK T-Bills 13.5
Cash 5.3
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. 

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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