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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 02/04/2020
Accumulation Shares
Income Shares
153.76p
Fund Size
£3,150M (29/02/20)

Past performance is not a guide to future performance.

February 2020

Your Fund produced a return of -8.3% during the month compared to a return of -8.9% for the FTSE All-Share Index (TR).

This was the biggest single calendar month fall in UK equities since the Global Financial Crisis.

After markets had appeared remarkably sanguine about the COVID-19 epidemic while it remained largely confined to China, the emergence of new cases in South Korea, Iran and then Italy prompted a reassessment of the potential global economic impact. In the second half of February both the UK and US equity markets fell by over 10% as the likelihood of significant earnings and growth downgrades became much more likely. Given the strong returns generated in 2019, valuations were already extended and vulnerable to bad news. As is often the case, the catalyst for the market’s fall was not one of the usual macroeconomic suspects. The uncertainty surrounding the effect of the previously unknown virus will continue until the extent and severity of the outbreak is fully understood.

All sectors of the market were marked down in the sell-off, but two stocks in the portfolio managed a positive return in February – IG Group and SSE. The completion of the sale of Sage and a reduction in the holding in WH Smith in the first half of the month also helped to mitigate the impact of falling prices.

While market fluctuations are likely to continue, we anticipate opportunities will arise to add to existing holdings and start new ones. We have recently initiated a holding in Paychex, a US company specialising in software and outsourcing services in the areas of payroll, HR and employee benefits for small/medium-sized businesses. Paychex continues to ride the structural wave towards outsourcing in the US, and provides the portfolio with exposure to a capital-light, high-returns business, with negligible debt and a current dividend yield in excess of 3%.

Source: Lipper, Link Fund Solutions Limited

Total Return 30/09/2004
Since Launch
28/02/2010
10 Years
28/02/2015
5 Years
28/02/2017
3 Years
28/02/2019
1 Year
31/08/2019
6 Months
Trojan Income O Acc +233.3% +132.8% +25.3% +5.4% +4.0% -4.9%
IA UK Equity Income TR +176.6% +104.2% +14.6% +2.4% -1.3% -2.4%
FTSE All-Share TR +180.8% +93.0% +19.1% +4.7% -1.4% -5.5%
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% -9.0%

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 29 February 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 +233.3% +176.6% +180.8%
Max Drawdown -25.2% -44.9% -45.6%
Best Month +6.6% +10.9% +9.9%
Worst Month -8.3% -12.5% -13.2%
Positive Months +62.2% +62.2% +59.5%
Annualised Volatility +9.3% +12.1% +12.8%

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 5.0
GlaxoSmithKline 4.5
Lloyds 4.0
National Grid 4.0
Compass 3.8
RELX 3.8
British American Tobacco 3.8
Reckitt Benckiser 3.6
Experian 3.5
Royal Dutch Shell 3.4
Total Top 10 39.4
31 other holdings 52.6
Cash & Equivalent 8.0
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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How to Invest