Trojan Fund

Troy

Overview

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A multi-asset fund that aims to protect investors’ capital and grow its value in real terms over the long term. We combine cautious asset allocation with careful selection of high-quality companies, purchased at fair valuations.

What does the Fund do?

Through a long-term, long-only approach, the Fund has the flexibility to invest in a broad range of asset classes. We primarily invest in developed market equities and bonds, gold-related investments, as well as cash and short-dated Treasury bills.

Why this Fund?

Aimed at investors who want a multi-asset fund emphasising capital preservation and absolute returns. The Fund’s emphasis on downside risk management and high-quality securities aim to deliver strong risk-adjusted returns over the long-term. The Fund integrates ESG and stewardship in accordance with Troy’s Responsible Investment & Stewardship Policy and also adheres to Troy’s Climate Change Mitigation Policy, in accordance with article 8 of SFDR.

View our SFDR disclosure

The team

Sebastian Lyon

Founder & Chief Investment Officer

Bio

Sebastian Lyon

Founder & Chief Investment Officer

Sebastian is Troy’s Chief Investment Officer and is responsible for Troy’s Multi-Asset Strategy. He is the Co-Manager for the Trojan Fund and Personal Assets Trust.

Sebastian began his career in 1989 at Singer & Friedlander Investment Management. Joining Stanhope Investment Management (the management company for the GEC Pension Fund) in 1995, he jointly managed the £2 billion equity portfolio and the Fund’s asset allocation. He was appointed Director in 1999, and in 2000 he left to establish Troy. Gaining his BSc in Politics from Southampton University, Sebastian holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.

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Charlotte Yonge CFA

Senior Fund Manager

Bio

Charlotte Yonge CFA

Senior Fund Manager

Charlotte is the Co-Manager of the Trojan Fund and Personal Assets Trust and Fund Manager of the Trojan Ethical Fund.

Charlotte joined Troy in 2013 from Ruffer Investment Management, where she worked as an Investment Associate. Graduating from Cambridge with an MA in Modern Languages, Charlotte holds the CISI Diploma and is a CFA Charterholder.

Charlotte is also a Co-Founder of GAIN (Girls Are INvestors), a charity established to inform and inspire the next generation of young women to enter the investment management industry in the UK.

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Marc de Vos CFA

Fund Manager

Bio

Marc de Vos CFA

Fund Manager

Marc is a Fund Manager working on the multi-asset mandates, with responsibility for analysis of global companies and their selection for Troy’s portfolios.

Marc joined Troy in June 2019 from RWC Asset Management, where he worked as an Investment Analyst. Marc holds a BEng in Electromechanical Engineering and a PhD in Electronic and Electrical Engineering from Southampton University. Marc is a CFA Charterholder.

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Michael Kinsella

Investment Specialist

Bio

Michael Kinsella

Investment Specialist

Michael is an investment specialist on the Multi-Asset Strategy. Michael joined the Business Development Team at Troy in May 2016 from Veritas Investment Management where he worked as an Assistant Portfolio Manager.

Michael graduated from Dublin Business School with a BA (hons) in Business Studies in 2005. Michael holds a Masters in Wealth Management from the Chartered Institute of Securities & Investments and the IMC.

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Commentary

April 2025

Your Fund returned +0.7% during the month, compared to -0.2% for the FTSE All-Share Index (TR).

The modest returns of the Fund and the FTSE All-Share belie the volatility that shook markets during April. Intra month, the FTSE All-Share saw a drawdown of -10% at worst in April, compared to -1.9% for the Fund (Source: Bloomberg).

The trigger for markets to fall was the unprecedented tariffs announced on so-called ‘Liberation Day’ on 2nd April. The hardline stance on trade shocked markets that appeared to have largely assumed Trump was bluffing when he said “Tariff is the most beautiful word in the dictionary”. Markets appear not to agree and the dollar, Treasury bonds and US equities all swiftly fell. The days that followed included a series of back-and-forth announcements on exemptions, partial suspension and threats to replace the Federal Reserve Chair that only served to exacerbate uncertainty.

Looking through the noise, there are likely to be longer-term impacts. The most immediate is that the tariff burden has risen to a level that is likely to trigger a recession if sustained. Whilst we seek to avoid precise economic forecasts, we are cognisant of the growing risks to the economy.  Longer-term, the price reactions of both currencies and bonds are potentially indicative of lasting change. As equities fell, so did the dollar and long-dated US Treasuries, with the 10-year yield reaching 4.5%. These moves suggest that aggressive trade actions against allies have damaged the safe-haven status of US assets. Our view is that this has the potential to sustain as the US’s credibility is undermined.

Amongst the falls in equities, there are select opportunities in some high-quality businesses. We added c. 5% to equities during the month in the knowledge that there may well be further downside in markets, but that we should be incrementally more positive as equity valuations fall. The rapidly changing US environment also requires us to consider whether the US dollar and Treasuries will continue to offer the protection needed for our investors. As discussed in the latest Investment Report, we have reduced our net dollar exposure from ~24% to 10% and our inflation-linked bond duration to 2.5 years. We have also added a 8% Japanese Yen holding, which is a currency that we expect to act as a safe haven should the macro environment deteriorate further.

Key facts

Co-Manager

Sebastian Lyon

Co-Manager

Charlotte Yonge

Inception date

31/05/2001

Currency

Sterling

Available share classes

O, I, S, X

ISIN (O Class)

GB00B01BP952 (Acc)
GB0034243732 (Inc)

Bloomberg (O Class)

CFTROJA_LN (Acc)
CFTROJI_LN (Inc)

Sedol (O Class)

B01BP95 (Acc)
3424373 (Inc)

Fund rating

© 2025 Morningstar, Inc. All Rights Reserved.

Benchmarks

For more information on the benchmarks used please refer to the ‘use of benchmarks’ section in the fund information sheet

Ongoing Charges

‘O’ (ordinary) shares: 1.01%
‘X’ (platform) shares: 0.86%

‘O’ ACC SHARE CLASS as at 08/05/2025

431.3p

Fund size as at 30/04/2025

£5,015m

‘O’ INC SHARE CLASS as at 08/05/2025

340.64p

Performance

Source: Lipper.

31/05/200130/04/201530/04/202030/04/202230/04/202431/10/2024
Since Launch10 Years5 Years3 Years1 Year6 Months
Trojan O Income368.265.626.58.16.63.5
UK Retail Price Index126.953.235.118.12.71.2
FTSE All-Share TR277.575.967.922.67.55.6
Bank of England Base Rate70.416.713.813.55.12.4
Discrete Calendar Annual Returns (%)2001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025
Trojan O Income0.64.115.410.315.9126.11.111.614.48.52.1-3.18.93.212.34.1-310.77.412.1-3.82.76.72.7

Source: Lipper. Since Launch (31/05/2001) to 30 April 2025. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms. 

Risk and Volatility since launch

Source: Lipper.

Risk Analysis Since Launch (31/05/2001)Trojan O IncomeFTSE All-Share TR
Total Return368.2277.5
Max Drawdown-13.7-45.6
Best Month8.912.7
Worst Month-4.7-15.1
Positive Months66.658.9
Annualised Volatility6.013.4

Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns. Source: Lipper, as at 30 April 2025. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms.

Asset allocation

Top 10 holdings (excluding government bonds)Fund %
iShares Physical Gold ETC5.70803723255528
Unilever4.93591050645977
Invesco Physical Gold ETC4.92493259754169
Alphabet3.56105284775324
Diageo3.3790476701448
Visa3.37357279574259
Heineken Holding2.69867152794866
Nestle2.55146831164745
VeriSign2.29243879388538
Microsoft2.09754765517949
Total Top 1035.5226799388583
11 Other Equity holdings11.672522434252
US TIPS26.2270400010653
Fixed Income8.4835588327878
Short-dated Gilts7.87337425695243
Cash6.61077600839243
UK Index-Linked3.61004852769179
Total100

Asset allocation and holdings subject to change. As at 30 April 2025

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive
Investment Report     View documents Hide documents
Special Paper     View papers Hide papers

Fund Information Sheet

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Interim Report

 July 2024 View document Download document  

Annual Report

 January 2024 View document Download document  
UCITS KIID     View share classes Hide share classes
Sustainability-related Disclosures     View documents Hide documents
Prospectus & Additional Investor Information     View documents Hide documents

Sustainable Investment Labels Statement

Sustainable investment labels help investors find products that have a specific sustainability goal. This fund does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective.  Despite not having a sustainable investment objective, when investing in companies, Troy integrates the analysis of sustainability characteristics into its investment decision-making. Troy also considers the steps companies are taking in relation to climate change mitigation.

Important Information

Past performance is not 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. 

Important information for U.S. persons

The securities described on this website are neither available nor offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. persons who are resident outside the United States of America).

For the full fund disclaimer please refer to the Fund factsheet.

Please refer to Troy’s Glossary of Terms available here.

How to invest

Find more information on how to invest in this fund and where it is available.

How to invest

Website Terms and Conditions

Welcome to the website of Troy Asset Management Limited (“Troy”, “we”, “our”, “us”).  Please read these terms and conditions carefully.  By accessing this website you are indicating that you have read, acknowledge and agree to be bound by the following terms and conditions and that you have read Troy’s Privacy Notice (which can be accessed here).  If you do not agree to these terms, you must stop using this website immediately.

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Troy Asset Management Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom which can be contacted at 12 Endeavour Square, London E20 1JN.  Troy is registered on the FCA’s register with firm reference number 195764.  Troy is registered with the U.S. Securities and Exchange Commission (“SEC”) as an Investment Adviser (CRD: 319174).  Registration with the SEC does not imply a certain level of skill or training.  Troy is the owner and operator of this website and can be contacted using the details set out in section 11 below.

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The securities described on this website are not intended for use and are not offered in the United States of America or to U.S. Persons.  Please see section 2 for further detail.

  1. Who may access this website – subject to local restrictions

The information on this website is directed at persons in the United Kingdom (“UK”) and not otherwise. The availability of any funds managed by Troy or services provided by Troy mentioned on this website in any jurisdiction other than the UK is subject to local restrictions.  Except as specifically set out below the funds mentioned on this website have not been registered or approved for distribution under the laws of any jurisdiction other than the UK.

If you are accessing this website from a jurisdiction other than the UK, you are required to inform yourself of and observe any applicable local restrictions.  If you choose to access the website and you do so from a country other than the UK, you do so at your own risk and Troy will not be liable for any breach of local law or regulation that you commit as a result of doing so. The information available on this website does not constitute an offer of, or an invitation to apply for or purchase, any securities.

Trojan Investment Funds and its sub-funds are UK funds established under the provisions of the European Directives on the co-ordination of laws, regulations, and administrative provisions relating to undertakings for collective investment in transferable securities (“UCITS”) (Directive 2009/65/EC) as implemented in the UK.  Trojan Investment Funds is authorised by the FCA.  Certain sub-funds are available for distribution in Ireland (for professional investors only), Singapore (for institutional investors only), Switzerland (for qualified investors only) and are registered for distribution to the public in the UK.

Trojan Fund (Ireland) and Trojan Income Fund (Ireland) are registered for distribution in Austria (certain share classes only), Germany (certain share classes only), Ireland, Italy (for institutional investors only), Singapore (for institutional investors only), Spain (certain share classes only), Switzerland and the UK. Certain shares classes of the Trojan Fund (Ireland) are also registered in Belgium, France, Luxembourg, Netherlands and Portugal. Trojan Ethical Fund (Ireland), Trojan Global Equity Fund (Ireland) and Trojan Global Income Fund (Ireland) are registered for distribution in Ireland, Belgium (certain share classes only), France (certain share classes only), Germany (certain share classes only), Luxembourg (certain share classes only), Netherlands (certain share classes only), Spain (certain share classes only), Singapore (for institutional investors only), Switzerland and the UK.

  1. Important information for U.S. Persons

This website as well as the securities described on this website are not intended for use and are not offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. Persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. Persons who are resident outside the United States of America).  As such, by accepting these terms you represent and warrant that you are not a U.S. Person as defined under Regulation S of the United States Securities Act of 1933, as amended.

U.S. Persons interested in services provided by Troy should instead contact us directly on [email protected] or call +44 (0)20 7499 4030.

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The products and services described on this website may not be suitable for all investors.  Troy does not provide investment advice or make personal recommendations to investors.  If you wish to obtain advice about the suitability, or have any doubt about the suitability, for you of products managed by Troy or services provided by Troy, you should contact a financial adviser.

Should you have any general queries or require support relating to Troy or its products and services, please do email [email protected] or call +44 (0)20 7499 4030.

  1. Risk warnings

The value of investments and the income from them 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.  Past performance is not a guide to future performance.

Tax legislation and the levels of relief from taxation can change at any time.  Troy does not provide tax, legal or accounting advice and therefore the information presented on this website should not be relied upon.  Please consult your own financial advisor before engaging in any transaction.

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We keep our terms and conditions under review.  These terms and conditions were most recently updated on 29 August 2024.

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  1. Contact details

Troy Asset Management Limited, 33 Davies Street, London W1K 4BP, United Kingdom; Telephone +44 (0)20 7499 4030; Email [email protected].  Troy Asset Management Limited is a limited company registered in England and Wales under company number 3930846 and has its registered office at 33 Davies Street, London W1K 4BP , United Kingdom. Except where otherwise required by applicable law or regulations, all communication and documentation sent to you by Troy will be in English.  You may communicate with us in English.

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