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 04/07/2022
Accumulation Shares
Income Shares
Fund Size
£6,432m (31/05/22)

Past performance is not a guide to future performance.

May 2022

Your Fund returned -2.5% during the month compared to +0.7% for the FTSE All-Share Index (TR). 

Global stock markets continued to be highly volatile in May as investors absorbed stubbornly high inflation data, combined with a rising yield environment. Our Index-Linked bonds and gold declined with equity markets, while sterling was unchanged, having been weak for much of the year-to-date.

Notable fallers during the month were staples companies such as Procter & Gamble, Nestlé and Diageo. These stocks had held up well, showing their traditional defensive qualities, but surprise announcements from US retailers, Walmart and Target, led to a reappraisal of short-term prospects for staples companies.

The retailers announced that their quarterly profits would be hit by changing consumer demands, leaving them with undesired stock that will likely be sold at a discount. This appears to be a hangover from the period a year ago when sales for goods were flattered by lockdowns and stimulus cheques.  Consumers may remain in rude health in the U.S. but are shifting their spending to services as the economy reopens. 

In the second half of 2021 and early in 2022, we reduced the Fund’s equity exposure.  Among the disposals we decided to reduce holdings in staples companies, including Diageo, Procter & Gamble and Nestlé.  While we admire their financial strength and predictable earnings, which make them highly suitable long-term holdings for this mandate, valuations had reached decade highs.

This is no reflection of our views of the companies, nor their qualities as long term investments. The reduction reflected the prospective returns available across the equity market, which to us looked modest.

This picture is gradually improving with the share price falls that have occurred this year, but valuations remain stretched from a historical perspective.  An abundance of cheap capital over the past decade has inflated asset prices across the board giving fewer places to hide. 

It is ironic that despite being criticised for being dreadful in inflationary times, cash has been one of the most defensive asset classes in 2022.

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 +322.2% +62.9% +25.8% +22.7% +5.1% -1.4%
UK Retail Price Index +92.1% +38.0% +23.2% +15.7% +10.8% +6.5%
FTSE All-Share TR +210.1% +117.0% +22.2% +18.4% +8.3% +6.2%
Bank of England Base Rate +50.4% +4.5% +2.1% +1.0% +0.3% +0.3%
Discrete Calendar Annual Returns (%) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
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% +10.7% +7.4% +12.1% -2.4%

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 May 2022.

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 +322.2% +210.1%
Max Drawdown -13.7% -45.6%
Best Month +8.9% +12.7%
Worst Month -4.7% -15.1%
Positive Months +66.7% +59.1%
Annualised Volatility +6.2% +13.7%

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 the annualised standard deviation of the monthly returns 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings (excluding government bonds) Fund %
Gold Bullion Securities 5.8
Microsoft 4.9
Alphabet 4.7
Visa 4.2
Unilever 3.3
Invesco Physical Gold 3.2
Nestlé 2.9
Diageo 2.7
American Express 2.7
Franco-Nevada 2.6
Total Top 10 36.9
8 Other Equity holdings 9.9
Index Linked Bonds 36.1
UK T-Bills 13.7
Cash 3.4
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. 

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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).

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