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 18/04/2019
Accumulation Shares
Income Shares
Fund Size
£2,803M (31/03/19)

March 2019

Your Fund produced a return of +3.8% during the month compared to a return of +2.7% for the FTSE All-Share Index (TR).

As the US Federal Reserve cut its projections for interest rate rises during 2019, it helped drive asset prices higher. This meant that March proved to be another month of strong equity returns. It has also perpetuated leveraged investors’ access to cheap debt. This phenomenon, combined with the relative strength of the dollar, has continued to make itself felt within your Fund via a series of bids for UK-based holdings. Dairy Crest and Jardine Lloyd Thompson, both recipients of bids in recent months, were joined by satellite communication provider Inmarsat, which received an approach from a private equity-backed consortium..

It has been apparent to us for some time that Inmarsat’s strategy was less than ideally suited to a public listing. Building a state of the art constellation of satellites necessitates a large and lumpy capital expenditure programme, and subsequent returns on this capital can be slow to crystallise.

Patience has been required to see the rewards generated by Inmarsat’s latest maritime and in-cabin aviation offerings. However, we are confident that with these new products, demand for Inmarsat’s mobile satellite services will grow, as will the value of the assets that underpin this service.

It is of little surprise then that private equity investors have offered to take this asset out of the hands of an increasingly disillusioned public equity market.

NB. During the month the Irish domiciled Trojan Income Fund (Ireland) converted from a feeder fund of the Trojan Income Fund to a directly investing fund. This change of structure is responsible for the £170m change in the size of the Trojan Income Fund.


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 March 2019 30/09/04
Since Launch
10 Years
5 Years
3 Years
1 Year
6 Months
Trojan Income Fund +232.7% +196.2% +41.0% +17.1% +9.1% +0.7%
LIBID* GBP 1 month +29.4% +4.1% +1.8% +1.0% +0.5% +0.3%
IA UK Equity Income (TR) +184.9% +190.3% +28.8% +19.4% +3.5% -3.2%
FTSE All-Share Index (TR) +192.5% +186.8% +34.5% +31.3% +6.4% -1.8%

*London Inter Bank Bid Rate

Discrete Calendar Annual Returns (%) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD
Trojan Income Fund O Acc +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% -7.1% +9.4%

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% +12.7%

*Measures the worst investment period

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

Top 10 Holdings Fund %
Unilever 5.9
Royal Dutch Shell 5.0
BP 4.9
GlaxoSmithKline 4.5
Lloyds 4.5
Reckitt Benckiser 4.2
Compass 3.7
 National Grid 3.6
British American Tobacco 3.6
Experian 3.4
Total Top 10 43.3
31 Other Holdings 53.0
Cash & Equivalent 3.7
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. 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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