Trojan Income Fund

The investment objective of Trojan Income Fund is to provide an above average income with the potential for capital growth in the medium term. The investment policy is to invest substantially in UK and overseas equities and fixed interest securities but Trojan Income 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 13/12/2018
Accumulation Shares
Income Shares
176.23p
Fund Size
£2,742M (31/10/18)

October 2018

Your Fund produced a return of -2.8% during the month compared to a return of -5.2% for the FTSE All-Share Index (TR).

This was a torrid month for equities worldwide – in fact the worst one month decline since May 2012.

As is often the case in such market setbacks, more volatile small and mid-cap stocks led the market fall whereas more defensive companies held up well. This played to your Fund’s strengths.

Concerns that rising US interest rates might choke off economic growth were the main factor which precipitated the market weakness. Disappointing results from both Amazon and Alphabet further exacerbated the declines and a number of companies pointed towards a more challenging 2019.

In the UK the Budget was held in October. The OBR 2018 GDP growth forecasts were downgraded slightly to 1.3% but future year forecasts were upgraded, allowing the Chancellor the flexibility to flag the ending of austerity. However, the Brexit process continues to dominate Parliament and the risk of a ‘No Deal’ outcome is becoming a greater probability. This would undoubtedly increase both market and currency volatility.

Within the portfolio the most resilient performers like National Grid and AstraZeneca held up particularly well while the worst offenders were Royal Mail and Schroders.

Despite political and economic uncertainty the Fund yield of over 4% continues to provide support.

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 October 2018 30/09/04
Since Launch
31/10/08
10 Years
31/10/13
5 Years
31/10/15
3 Years
31/10/17
1 Year
30/04/18
6 Months
Trojan Income Fund +221.0% +174.0% +41.7% +15.9% -0.8% +0.7%
LIBID* GBP 1 month +29.1% +5.0% +1.7% +0.9% +0.4% +0.3%
IA UK Equity Income (TR) +178.2% +167.8% +28.9% +15.9% -3.6% -4.9%
FTSE All-Share Index (TR) +182.4% +156.7% +30.5% +25.4% -1.5% -3.5%

*London Inter Bank Bid Rate

Discrete Calendar
Annual Returns (%)
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD
Trojan Income Fund +11.7 +16.8 +5.0 -12.1 +14.7 +14.4 +6.3 +9.9 +20.2 +10.0 +10.7 +10.2 +6.3% -2.0%

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 Trojan Income
Fund O Acc
IA UK Equity
Income (TR)
FTSE All-Share
Index (TR)
Max drawdown* -25.2% -44.9% -45.6%
Annualised volatility +9.2% +12.0% +12.8%

*Measures the worst investment period

Performance is calculated on a total return basis, net of fees, in sterling terms.

Top 10 Holdings Fund %
Unilever 5.7
Royal Dutch Shell 5.4
BP 5.1
GlaxoSmithKline 4.3
Reckitt Benckiser 4.3
Lloyds 3.9
British American Tobacco 3.7
National Grid 3.4
Imperial Brands 3.3
Compass  3.1
Total Top 10 42.2
31 Other Holdings 54.2
Cash & Equivalent 3.6
Total  100.0

 

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. 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.

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

How to Invest