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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 17/05/2021
Accumulation Shares
Income Shares
175.88p
Fund Size
£2,919m (30/04/21)

Past performance is not a guide to future performance.

April 2021

Your Fund delivered a total return of +4.4% during the month compared to +4.3% for the FTSE All-Share Index (TR).

Performance across the UK market was broad based in the month, as optimism around the global economic recovery continued to build.

The Fund has grown its investment in specialist industrial companies in recent years. The days of the UK economy being dominated by heavy industrial activity are long gone, but the UK market is home to a select group of world-class businesses which retain an industrial focus. When investing in this area we look, amongst other things, for companies that have a highly diverse customer base, that are not overly capital intensive and who strategically avoid commoditised activities which lack pricing power.  One such company is Diploma plc, a more recent addition to the portfolio. 

Diploma is a distributor of numerous small, relatively low-cost items such as rubber seals, cabling, fasteners, and medical components. Many items represent a tiny cost for customers, but perform an essential role, such as seals for hydraulic cylinders. Diploma deliberately targets growing, niche end-markets in which service quality, rather than price, is the determining factor upon which business is won and retained.

The company seeks to add value beyond just providing the product, including the provision of technical advice or by manufacturing custom parts/kits. The strategy is highly successful, leading to strong customer retention and profit margins that are far above those of typical distributors. Diploma primarily competes with much smaller local operators and they are winning share thanks to the superior offering their greater scale bestows.

An investment in Diploma has been highly rewarding for its shareholders over longer timeframes, and central to this has been a continual cycle of reinvestment back into the business, both organically and also inorganically through small acquisitions. Diploma acquire small, privately-held companies in fast-growing niches. These are available at attractive prices and offer good returns on investment. We believe Diploma has an enormous opportunity for redeploying capital, capable of funding capital and income growth for years to come.

In adding Diploma to the likes of Croda, Intertek and Victrex, your Fund currently has ~10% of its assets in this select industrial subset of the UK market. With further strong candidates present in our Investment Universe, we expect this allocation to grow further in the future.

Source: Lipper, Link Fund Solutions Limited

Total Return 30/09/2004
Since Launch
30/04/2011
10 Years
30/04/2016
5 Years
30/04/2018
3 Years
30/04/2020
1 Year
31/10/2020
6 Months
Trojan Income O Acc +243.3% +102.5% +21.3% +7.7% +8.1% +12.1%
IA UK Equity Income TR +209.7% +89.7% +29.8% +5.9% +26.2% +32.5%
FTSE All-Share TR +215.2% +81.0% +39.9% +7.7% +25.9% +28.5%
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% +3.7%

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 30 April 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 +243.3% +209.7% +215.2%
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 +61.8% +62.3% +59.8%
Annualised Volatility +10.0% +13.5% +13.5%

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 6.3
Reckitt Benckiser 5.6
Experian 5.5
Unilever 5.4
RELX 5.0
Paychex 3.6
Compass Group 3.5
Nestlé 3.5
GlaxoSmithKline 3.4
Croda International 3.4
Total Top 10 45.5
26 other holdings 53.2
Cash & equivalent 1.3
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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