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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 26/02/2021
Accumulation Shares
Income Shares
Fund Size
£3,322m (31/01/21)

Past performance is not a guide to future performance.

January 2021

Your Fund delivered a total return of -1.8% during the month compared to -0.8% for the FTSE All-Share Index (TR).

The start of the year was characterised by a strong sense of optimism. Vaccine data continued to provide hope that an end to the pandemic was in sight and the newly agreed trade deal between the UK and the EU supported a relief rally in domestic equities and sterling. On the other side of the Atlantic, order and due process finally prevailed, replacing the destabilising forces that had hitherto marred America’s transition to a new President.

All of this supported a continuation of the ‘risk-on’ trends that had dominated the final months of 2020. During the first five trading days of the year, the FTSE All-Share rose over 5%, led by a slew of more cyclical and indebted companies pricing in a reopening of the economy.  At the same time, investors reduced positions in the more stable investments that had served them best through the pandemic. During such periods, the portfolio’s performance can often appear pedestrian on a relative basis and the opening days of the 2021 were no exception.

However, periods in which higher quality companies fall out of favour can provide opportunities to patient investors. Although Reckitt Benckiser delivered strong returns through the first half of 2020, the shares gave back these gains in the final quarter. This retrenchment reflected a wider market rotation rather than a fundamental deterioration in the underlying performance of the company. With a free cash flow* yield once again closing on 5%, we chose to add to this top 10 portfolio holding in the expectation that it can continue to grow its dividend at an attractive rate for many years.

After such an aggressive rally, recent weeks have shown signs that exuberance may be giving way to more circumspect behaviour as it becomes apparent that the pandemic will be a constraint on the economy for some time yet. Whatever the prevailing conditions, we will continue to seek out the opportunities that arise from short-term mispricing to strengthen the long-term income and growth prospects of your portfolio.


*The FCF yield is the free cash flow generated by the company divided by its market value.


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 +225.0% +102.4% +17.2% +0.8% -10.6% +2.1%
IA UK Equity Income TR +178.3% +78.3% +20.2% -4.0% -9.1% +14.5%
FTSE All-Share TR +185.0% +71.4% +31.5% -1.6% -7.5% +12.5%
Discrete Calendar Annual Returns (%) 2004 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Trojan Income O Acc +3.7% +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% -1.8%

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 January 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 +225.0% +178.3% +185.0%
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 +61.7% +61.7% +59.2%
Annualised Volatility +9.9% +13.5% +13.6%

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 %
Unilever 5.9
RELX 5.2
Reckitt Benckiser 5.2
Experian 4.9
Diageo 4.7
GlaxoSmithKline 4.1
AstraZeneca 4.0
British American Tobacco 3.7
Nestlé 3.6
Paychex 3.4
Total Top 10 44.7
27 other holdings 51.3
Cash & equivalent 4.0
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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