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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 19/06/2019
Accumulation Shares
Income Shares
260.39p
Fund Size
£4,012M (31/05/19)

Past performance is not a guide to future performance.

May 2019

Your Fund returned +0.9% during the month compared to -3.0% for the FTSE All-Share Index (TR).

We added Medtronic to the portfolio in May.  Medtronic is a global leader in the manufacturing of a number of medical devices including coronary stents, heart valves, and drug delivery and monitoring equipment. Inventor of the world’s first pace maker in the 1950s, Medtronic is at the forefront of developing innovative technology to treat disease.  Demand for these medical interventions has grown consistently as populations in developed countries get older and emerging markets modernise their healthcare provision. 

The stock, which we have followed closely since 2011, has not partaken in the re-rating enjoyed by most high-quality businesses over the past five years. 

This is due to a number of factors, including management’s guidance to investors which has often been too optimistic or insufficiently clear.  We saw the company’s CEO, Omar Ishrak, present in New York in May and it is evident that management has learnt from past mistakes.  Moreover, we believe that the business today is in very good shape.  The company’s pipeline of products is strong and the long-term technology focus of engineers ensures this.  Sales from robotics and data analytics are just beginning to be realised; Medtronic’s entrenched positioning in the operating room should enable it to capitalise on these secular growth opportunities.

The shares were purchased for the Trojan Fund at around 16x forward earnings.  We think this is fair value for a company which can continue to defensively compound earnings at attractive rates of growth.

 

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 May 2019 31/05/01
Since Launch
31/05/09
10 Years
31/05/14
5 Years
31/05/16
3 Years
31/05/18
1 Year
30/11/18
6 Months 
Trojan Fund O Inc +244.0% +91.6% +29.6% +15.0% +4.9% +3.6%
LIBID* GBP 1 Month +48.1% +4.1% +1.8% +1.0% +0.6% +0.3%

IA Flexible Investment (TR)

+142.4% +116.2% +34.8% +27.3% -0.3% +2.8%
FTSE All-Share Index (TR) +161.8% +149.4% +29.3% +28.4% -3.2% +4.9%

 * 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% +6.1%

# 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 +244.0% +161.8%
Max Drawdown# -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +66.7% +58.3%
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 4.7
Coca-Cola 3.8
Unilever 3.3
British American Tobacco 3.0
Nestlé 2.6
Procter & Gamble 2.4
Philip Morris 2.2
Berkshire Hathaway 2.1
American Express 2.0
Total Top 10 32.9
19 Other Holdings 51.1
UK T-Bills 12.9
Cash 3.1
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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