Trojan Income Fund

The investment objective of the Trojan Income Fund is to seek to achieve income with the potential for capital growth in the medium term (3 to 5 years).

The Fund must invest at least 80% of its assets in UK equities.

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
£2,582m (31/10/21)

Past performance is not a guide to future performance.

October 2021

Your Fund delivered a total return of +1.4% during the month compared to +1.8% for the FTSE All-Share Index (TR).

Troy has always gravitated towards companies that we think can perform well in ‘all weathers’, and this includes through periods of heightened inflation. It is fair to say that the market has recently appeared sceptical that some of our consumer goods companies can do this. Helpfully, over the past few weeks we have had updates from P&G, Unilever, Reckitt and Nestlé, and also from many of their peers. We offer three takeaways from these latest data points.

1) Not all consumer staples businesses are created equal. Whilst commoditised categories have been challenged, premium products are faring much better, benefitting from higher gross margins to absorb cost increases as well as superior volume growth in many cases.  Diageo with its premium spirits like Johnnie Walker, or Nestlé in coffee and pet care, are good examples. Both companies trade at close to all-time-high share prices, as does Procter & Gamble.

2) Years such as these are testing for consumer goods businesses. With ‘cost of goods sold’ inflation running at perhaps +10% to +15% on average, these really are extreme times. Whilst demand for Unilever’s and Reckitt’s products is stable, even in recessions, managing price in response to input cost inflation is always difficult, and only comes through with a time lag.

3) These companies have been here before.  Whilst not finding it easy, they are managing their way through the current backdrop and are leaning on decades or even centuries of experience of doing so. We are not complacent, but we think the investment cases for these companies are far from broken and are reassured by how they are collectively faring.

Outside of consumer staples, we are seeing plenty of positive progress; other large holdings such as RELX, Paychex, Experian and Croda are currently very well placed to weather these unusual times. Resilience and appropriate diversity of company and industry exposures remain core to our process.

Source: Lipper, Link Fund Solutions Limited

Total Return 30/09/2004
Since Launch
10 Years
5 Years
3 Years
1 Year
6 Months
Trojan Income O Acc +260.8% +107.1% +18.1% +12.4% +17.8% +5.1%
IA UK Equity Income TR +223.5% +108.8% +26.1% +16.3% +38.4% +4.4%
FTSE All-Share TR +232.2% +106.9% +31.4% +17.6% +35.4% +5.4%
Discrete Calendar Annual Returns (%) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Trojan Income O Acc +3.7% +11.7% +16.8% +4.9% -12.1% +14.7% +14.4% +6.3% +9.9% +20.2% +10.0% +10.7% +10.2% +6.3% -7.1% +20.4% -9.6% +9.0%

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

Source: Lipper, Link Fund Solutions Limited. Since Launch (30/09/2004) to 31 October 2021.

Source: Lipper, Link Fund Solutions Limited

Risk Analysis Since Launch (30/09/2004) Trojan Income O Acc IA UK Equity Income TR FTSE All-Share TR
Total Return +260.8% +223.5% +232.2%
Max Drawdown -28.1% -44.9% -45.6%
Best Month +6.8% +15.7% +12.7%
Worst Month -10.8% -18.4% -15.1%
Positive Months +62.4% +62.4% +60.5%
Annualised Volatility +9.8% +13.3% +13.3%

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 Fund %
Diageo 6.2
Experian 5.9
RELX 5.5
Croda International 4.7
Reckitt Benckiser 4.6
Unilever 4.5
Paychex 4.2
AstraZeneca 3.3
Nestlé 3.2
GlaxoSmithKline 3.1
Total Top 10 45.2
30 other holdings 51.6
Cash & equivalent 3.2
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. 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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