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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 16/08/2019
Accumulation Shares
Income Shares
Fund Size
£4,251M (31/07/19)

Past performance is not a guide to future performance.

July 2019

Your Fund returned +2.5% during the month compared to +2.0% for the FTSE All-Share Index (TR).

The UK stock market continued to display the two-tiered characteristics we described in our latest investment report (No.60),  offering the invidious choice of overvalued quality or cheap ‘value’ stocks that are cyclically or structurally challenged.  To some extent these share price moves have been justified by the resilient earnings profiles of a number of our holdings.  Company results for the first half of 2019 continued to demonstrate this backdrop of winners and losers.  Retailers, banks and commercial property continue to struggle while staples remain resilient.

Investors coalescing around a small number of successful companies brings its own dangers, particularly as it relates to valuation risk. We have looked to cut exposures in a rising market, acknowledging that the fragility of the current rally in part derives from ample liquidity and ultra-low interest rates.


As part of this we materially reduced our holding in Sage during the month.  The shares had surged in 2019, recovering from a management-induced wobble last year.  The Trojan Fund has held the shares for 13 years but the valuation (26x prospective earnings) failed to reflect our concerns that Sage may be falling behind its accounting software peers in moving their business into the cloud.  We do not doubt the defensive nature of their recurring revenues but a valuation this high must be justified by growth.  Following our sale, Sage’s shares closed the month down -10% after announcing worse than expected Q3 revenues.


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 30 June 2019 31/05/01
Since Launch
10 Years
5 Years
3 Years
1 Year
6 Months 
Trojan Fund O Inc +251.1% +102.2% +31.7% +11.9% +6.9% +8.3%
LIBID* GBP 1 Month +48.2% +4.1% +1.8% +1.1% +0.6% +0.3%

IA Flexible Investment (TR)

+149.9% +125.2% +39.5% +28.0% +3.1% +10.6%
FTSE All-Share Index (TR) +171.4% +167.1% +35.8% +29.5% +0.6% +13.0%

 * 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% +8.3%

# 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 +251.1% +171.4%
Max Drawdown# -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +66.8% +58.5%
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 7.1
Microsoft 5.1
Coca-Cola 3.3
Unilever 3.1
British American Tobacco 3.0
Nestlé 2.7
Procter & Gamble 2.7
Philip Morris 2.3
ETFS Physical Swiss Gold 2.2
American Express 2.2
Total Top 10 33.7
20 Other Holdings 50.6
UK T-Bills 12.2
Cash 3.5
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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