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 02/12/2021
Accumulation Shares
Income Shares
Fund Size
£5,975m (31/10/21)

Past performance is not a guide to future performance.

October 2021

Your Fund returned +0.7% during the month compared to +1.8% for the FTSE All-Share Index (TR). 

Agilent Technologies was first bought across the multi-asset mandates in 2019. The company is a global leader in manufacturing and selling life science tools that identify, quantify and analyse physical and biological properties of substances.  We remain a top-20 shareholder today and, over the summer, engaged with the management team on their carbon commitments.  This is part of an ongoing endeavour to transition our portfolio companies to net zero, and follows our signing up to the Net Zero Asset Managers’ Initiative in July.

Agilent originally committed to a 10% emission reduction target by 2024 but remained in a minority of our investee companies in not making a more ambitious long-term commitment.  We engaged with the company’s Head of Sustainability and the Head of Investor Relations in July, stating our desire to see emission reduction targets in line with the goals set out in the Paris Agreement.  We also stipulated our wish to see a strategy that outlined the actions to be taken to achieve this, as well as the use of climate-scenario analysis to inform the strategy.  In addition, we wanted to see the company implement the recommendations of the Task Force for Climate-related Financial Disclosures (‘TCFD’).

Following a positive conversation, the company subsequently announced, at the end of October, its commitment to achieving net-zero Green House Gases (GHG) emissions no later than 2050. Agilent committed to an interim GHG reduction targets with a target reduction of 50% (scope 1&2) by 2030 and scope 3 emissions1 by at least 30% (with a stretch goal of 40%) from the base year of 2019. In addition to setting the interim targets for achieving net-zero GHG emissions, Agilent committed to the Science Based Targets Initiatives Business Ambition for 1.5 degrees Celsius, and is adopting the TCFD recommendations.

We first met with the company in 2018 and have had a constructive dialogue since becoming shareholders.  This engagement, following the implementation of our climate mitigation strategy, is testament to the positive impact that we, as long-term shareholders, can have on both future returns and companies’ wider impact on the environment.  We will continue to monitor closely their implementation of the strategy.

1All other indirect emissions from the burning of fuels.


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 +322.7% +65.1% +29.9% +27.3% +12.1% +5.4%
UK Retail Price Index +77.2% +29.7% +16.5% +8.5% +4.9% +2.5%
FTSE All-Share TR +198.6% +106.9% +31.4% +17.6% +35.4% +5.4%
Bank of England Base Rate +50.0% +4.5% +2.0% +1.2% +0.1% +0.1%
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
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% +9.6%

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 October 2021.

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 +322.7% +198.6%
Max Drawdown -13.7% -45.6%
Best Month +8.9% +12.7%
Worst Month -4.7% -15.1%
Positive Months +66.9% +59.2%
Annualised Volatility +6.2% +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 the annualised standard deviation of the monthly returns 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings (excluding government bonds) Fund %
Microsoft 6.2
Alphabet 6.0
Gold Bullion Securities 5.6
Nestlé 3.6
Unilever 3.5
Visa 3.3
Diageo 3.3
Invesco Physical Gold 3.0
Medtronic 2.8
American Express 2.6
Total Top 10 39.9
8 Other Equity holdings 10.0
Index Linked Bonds 31.9
UK T-Bills 13.3
Cash 4.9
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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