Overview
Download factsheetA fully invested equity strategy that aims to provide investors with growing levels of income with resilient capital growth by investing at least 80% of the Fund in UK-listed companies with the possibility of selectively owning the shares of overseas companies in the remainder.
What does the fund do?
We manage a concentrated portfolio of 30-50 high-quality, cash-generative companies that are capable of consistent dividend growth.
Our long-term approach and focus on reasonably valued, high-quality, cash-generative companies leads to low portfolio turnover.
Why this fund?
The Trojan Income Fund has been managed in Troy’s distinctive investment style since 2004. We believe our approach to income investing is differentiated through; our conservative quality-orientated process, our focus on total return and our prioritisation of dividend growth above high yield. We seek a sensible balance between capital and income return in order to deliver above average returns with below average volatility.
The strategy has no explicit yield target and instead we emphasise real growth and long-term sustainability of the income stream above producing the highest dividend yield today. In so doing, we aim to deliver investors a growing yield on their initial investment.
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
Key facts
‘O’ ACC SHARE CLASS as at 25/04/2024
351.25p
Fund size as at 31/03/2024
£729m
‘O’ INC SHARE CLASS as at 25/04/2024
165.63p
Performance
Source: Lipper, Waystone Management Limited.
30/09/2004 | 28/02/2014 | 28/02/2019 | 28/02/2021 | 28/02/2023 | 31/08/2023 | |
---|---|---|---|---|---|---|
Since Launch | 10 Years | 5 Years | 3 Years | 1 Year | 6 Months | |
FTSE All-Share TR | 263.9 | 63.0 | 27.7 | 25.2 | 0.6 | 3.9 |
IA UK All Companies TR | 256.5 | 49.8 | 21.0 | 10.8 | 0.1 | 4.1 |
Trojan Income O Acc | 254.6 | 50.1 | 10.6 | 12.2 | 4.1 | 3.8 |
Discrete Calendar Annual Returns (%) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Trojan Income O Acc | 3.7 | 11.7 | 16.8 | 4.9 | -12.1 | 14.7 | 14.4 | 6.3 | 9.9 | 20.2 | 10 | 10.7 | 10.2 | 6.3 | -7.1 | 20.4 | -9.6 | 15.6 | -12.5 | 5.1 | 0.8 |
Performance is calculated on a total return basis, net of fees, in sterling terms. Past performance is not a guide to future performance
Source: Lipper, Waystone Management Limited.
Since Launch (30/09/2004) to 31 March 2024.
Risk and Volatility since launch
Source: Lipper, Waystone Management Limited.
Risk Analysis Since Launch (30/09/2004) | Trojan Income O Acc | IA UK All Companies TR | FTSE All-Share TR |
---|---|---|---|
Total Return | 254.6 | 256.5 | 263.9 |
Max Drawdown | -28.1 | -46.5 | -45.6 |
Best Month | 7.6 | 14.1 | 12.7 |
Worst Month | -10.8 | -18.6 | -15.1 |
Positive Months | 61.4 | 60.5 | 60.1 |
Annualised Volatility | 10.1 | 14.1 | 13.1 |
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, Waystone Management Limited.
. As at 31 March 2024.
Asset allocation
Top 10 holdings | Fund % |
---|---|
Diageo | 6.99621449685653 |
Unilever | 6.83574021051593 |
RELX | 6.68581212063371 |
Reckitt Benckiser | 5.00929987561695 |
Experian | 4.46818460055043 |
Compass | 3.954761858848 |
Bunzl | 3.85770293170603 |
LSEG | 3.51107976811405 |
GSK | 3.44524991417143 |
IHG | 2.75513933536902 |
Total Top 10 | 47.5191851123821 |
31 Other Equity holdings | 51.1766225793956 |
Cash | 1.30419230822234 |
Total | 100 |
Asset allocation and holdings subject to change. As at 31 March 2024.
Fund literature
Document name | Date | Open/download | Archived documents |
---|---|---|---|
Factsheet | View archive | ||
Newsletters | View newsletters | ||
UCITS KIID | View share classes | ||
Fund Information Sheet |
View document Download document | ||
Prospectus & Additional Investor Information | View documents | ||
Sustainability-related Disclosures |
View document Download document | ||
Annual Report |
January 2023 | View document Download document | |
Interim Report |
July 2023 | View document Download document |
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Factsheet
View archive Open Download -
Newsletters
View newsletters Open Download -
UCITS KIID
View share classes Download -
Fund Information Sheet
Open Download -
Prospectus & Additional Investor Information
View documents Open Download -
Sustainability-related Disclosures
Open Download -
Annual Report
Date: January 2023 Open Download -
Interim Report
Date: July 2023 Open Download
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
Commentary
March 2024
Your Fund delivered a return of +1.4% during the month compared to +4.8% for the FTSE All-Share Index (TR).
With global GDP remaining robust and inflation sticky, certain cyclical areas of the market were particularly buoyant. This included strong returns from banking, energy, and mining stocks in which your fund does not invest. At the same time, some of the more defensive sectors, such as consumer staples and utilities, underperformed. Reckitt shares declined for a second consecutive month, impacted by market concerns about litigation charges in the US against a minor product line in its Mead Johnson infant formula business. While there is uncertainty over the scale of any potential charges, this is balanced against a notably depressed valuation. We continue to hold the shares, having long been attracted to Reckitt’s strong portfolio of brands, the vast majority of which sit outside the Mead Johnson business.
Several more portfolio companies reported full year 2023 results over the period and we have been impressed by their collective resilience and progress. This includes testing and assurance company Intertek which, following an extended period of pandemic-related disruption, delivered strong organic sales growth as well as record earnings in the year.
With its robust margins and high incremental returns on capital, Intertek is typical of the high-quality, cash-generative company we like. The growth outlook is healthy, with the company exposed to many positive structural trends, including sustainability accreditation and auditing, renewable energy, and electrification. In a world of increasing regulation, Intertek’s globally recognised brand and reputation provide a valuable stamp of quality assurance for thousands of companies and their customers alike.
Intertek’s shares had been sluggish, which provided us with opportunities to add to the holding at attractive prices in 2023. Following its recent rally, the shares trade at a c.5% free cash flow yield which supports a c.3% dividend yield, a rating that looks attractive when compared to its historical range. Given the strong quality profile of the business and its ability to grow at a healthy rate, we feel positive about the ability of the shares to compound into the long term.