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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 22/09/2021
Accumulation Shares
Income Shares
183.26p
Fund Size
£2,738m (31/08/21)

Past performance is not a guide to future performance.

August 2021

Your Fund delivered a total return of +1.5% during the month compared to +2.7% for the FTSE All-Share Index (TR).

Divergence came in large part from our non-ownership of large UK banks and life insurers, which performed well over the month. Returns in the six months since February have been strong for your Fund at +14.7%.

Over recent months, we have built investments in two leading UK self-storage companies, Big Yellow Group and Safestore Holdings.

We are drawn to the self-storage sector for various reasons; firstly, there is growing structural demand from both residential and business customers. The secure, well-located and flexible nature of units is driving more businesses, including those benefiting from the rise in e-commerce, to self-storage, in order to help fulfil their logistics needs.

Secondly, supply is tight and looks set to remain so. Big Yellow and Safestore have long records of operating in the market and have established relationships within the industry that are hard to replicate. It is notable how difficult it is, even for these incumbents, to find new space, particularly in desirable and densely populated, urban locations.

Such strong demand and tight supply are evidenced by the ~90% occupancy levels currently enjoyed by both companies. These dynamics enable them to gently raise prices across much of their respective estate, which results in good like-for-like revenue growth.

A further feature of self-storage is the fact that, once operational, a site requires very little incremental operating cost or capital expenditure. This is something that does not hold true for office or retail space, both of which can require substantial renovation costs every few years.  Good growth in revenues along with low incremental expense result in highly cash-generative businesses.

Both companies are attractive additions to the portfolio’s Real Estate Investment Trust holdings, and ought to contribute nicely to the Fund’s aggregate cashflow and dividend growth for years to come.

Source: Lipper, Link Fund Solutions Limited

Total Return 30/09/2004
Since Launch
31/08/2011
10 Years
31/08/2016
5 Years
31/08/2018
3 Years
31/08/2020
1 Year
28/02/2021
6 Months
Trojan Income O Acc +262.5% +120.0% +18.2% +9.4% +12.2% +14.7%
IA UK Equity Income TR +226.4% +120.8% +27.5% +10.5% +31.5% +14.3%
FTSE All-Share TR +229.4% +110.2% +33.3% +11.4% +26.9% +13.3%
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% +9.5%

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 July 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 +262.5% +226.4% +229.4%
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 +62.6% +62.6% +60.6%
Annualised Volatility +9.9% +13.4% +13.4%

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 5.8
RELX 5.5
Unilever 4.9
Croda International 4.5
Reckitt Benckiser 4.5
Paychex 4.0
Nestlé 3.2
AstraZeneca 3.2
GlaxoSmithKline 3.1
Total Top 10 44.9
29 other holdings 53.0
Cash & equivalent 2.1
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. 

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

How to Invest

Troy Asset Management Limited ("Troy") is aware that fraudsters are using the trading name "Trojan Funds" in an attempt to defraud the public. The fraudulent URL (www.trojan-funds.com) is being used and emails are also being sent to members of the public in an attempt to commit investment fraud. We confirm that the trading name and email address which the fraudsters are using ([email protected]) are not linked with Troy or any funds managed by Troy, including Trojan Investment Funds and Trojan Funds (Ireland) plc.

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