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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 27/11/2020
Accumulation Shares
Income Shares
Fund Size
£3,169m (31/10/20)

Past performance is not a guide to future performance.

October 2020

Your Fund delivered a total return of -6.0% during the month compared to -3.8% for the FTSE All-Share Index (TR).

This was a difficult month for markets as a growing ‘second wave’ of coronavirus in many countries prompted renewed restrictions on populations. The economic rebound seen in the summer months has stalled and market concerns about the soaring cost of economic support have returned to the fore.

Although your Fund has held up well since the crisis began in February/March, the share prices of some of the largest and hitherto most resilient holdings suffered setbacks in October. These included Unilever, Reckitt Benckiser, RELX, and AstraZeneca. These companies are all core holdings in the portfolio and we regard this rotation away from consumer goods names in particular to be a temporary feature of recent market volatility.

Areas of the market that held up better in the month included utilities like National Grid and some of our REIT holdings such as Assura Group and Primary Healthcare Properties. These businesses continue to deliver consistent dividend and capital growth as they build out their GP surgery portfolio.  

The Covid-inspired global economic shock has prompted huge amounts of sovereign bond issuance at ultra-low interest rates as Governments scramble to support their battered economies.

There seems little likelihood of rising interest rates in the short term and central banks continue to inject additional liquidity through quantitative easing. This is likely to continue to support asset prices, but leaves economies vulnerable to a turn in the interest rate cycle when it eventually happens.

UK equities have suffered the twin impact of the Covid-19 crisis and the uncertainty surrounding the Brexit talks with the EU. Although a free trade deal is still possible, the likelihood of ‘no deal’ being agreed before the end of the transition period on December 31st is increasing. The economic impact of this is hard to judge but we do believe that UK assets, particularly public companies with strong international franchises, are reaching valuation levels that make them very attractive to overseas buyers. We would not be surprised to see an increase in mergers & acquisition activity in 2021 when the outcome of negotiations is clear.

No significant changes were made to the portfolio this month. However, we remain alert to new opportunities, especially amidst any further volatility. Reassuringly, our pipeline of potential new ideas remains in good shape.

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 +206.3% +97.3% +10.7% -5.3% -13.3% -3.5%
IA UK Equity Income TR +133.8% +55.4% -2.6% -19.0% -20.3% -4.7%
FTSE All-Share TR +145.4% +53.7% +8.9% -14.4% -18.6% -2.0%
Discrete Calendar Annual Returns (%) 2004 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Trojan Income O Acc +3.7% +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% -16.4%

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 2020.

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 +206.3% +133.8% +145.4%
Max Drawdown -28.1% -44.9% -45.6%
Best Month +6.8% +10.9% +9.9%
Worst Month -10.8% -18.4% -15.1%
Positive Months +61.7% +61.7% +59.1%
Annualised Volatility +9.9% +13.1% +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 standard deviation of annual returns. 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings Fund %
Unilever 6.2
Reckitt Benckiser 5.8
Experian 5.6
RELX 4.5
AstraZeneca 4.4
GlaxoSmithKline 4.1
Nestlé 4.0
British American Tobacco 3.6
Paychex 3.6
Diageo 3.3
Total Top 10 45.0
27 other holdings 50.6
Cash & Equivalent 4.4
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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