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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 12/11/2019
Accumulation Shares
Income Shares
191.46p
Fund Size
£3,177M (30/09/19)

Past performance is not a guide to future performance.

September 2019

Your Fund produced a return of +1.6% during the month compared to a return of +3.0% for the FTSE All-Share Index (TR) as the market rallied from the recent lows in August.

The 30th September was a significant landmark in the life of your Fund, marking the 15th anniversary of its launch in 2004.

The original aims of the Fund were threefold; to generate a reliable growing income stream, to place a greater emphasis on absolute rather than relative returns and to deliver top-quartile performance over meaningful periods with lower than average volatility.

All three remain at the core of our process and have underpinned the Fund’s ability to navigate some of the most eventful market conditions in financial history. We are pleased that investor demand for consistent risk-adjusted returns we identified fifteen years ago has been proven by the growth of the Fund, which has outpaced both the market and the peer group.

Of the 80 funds in the UK Equity Income sector back then, only 37 remain in it after a number of fund closures, mergers or transfers to other IA sectors. New fund launches have brought the number back up to 85 today. We are pleased to note that your Fund’s total return since launch ranks it 3/37 of the ‘survivors’. The financial landscape of 2004 is almost unrecognisable today; the UK base rate was 4.75% and at a premium to the FTSE All-Share’s yield of ~3.2%. In the post-GFC ultra-low interest rate era the hunger for income is unrelenting. Equity income investors must balance demands for yield with the need to protect capital.

For some time we have recognised that the UK market has bifurcated into a group of high-yielding large caps with limited income growth potential and a larger number of lower yielding stocks with better cover and prospects of dividend increases. In order to succeed for the next fifteen years, our challenge is to find the correct balance between the two, maintaining our focus on the sustainability of income.

 

Source: Lipper, Link Fund Solutions Limited

Total Return 30/09/2004 Since Launch 30/09/2009 10 Years 30/09/2014 5 Years 30/09/2016 3 Years 30/09/2018 1 Year 31/03/2019 6 Months
Trojan Income O Acc +256.4% +161.5% +47.4% +16.8% +7.9% +7.1%
IA UK Equity Income TR +193.2% +122.3% +32.0% +14.2% -0.4% +3.0%
FTSE All-Share TR +205.9% +121.0% +38.9% +21.7% +2.7% +4.6%
Discrete Calendar Annual Returns (%) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
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% +17.2%

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 September 2019.

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 +256.4% +193.2% +205.9%
Max Drawdown -25.2% -44.9% -45.6%
Best Month +6.6% +10.9% +9.9%
Worst Month -6.9% -12.5% -13.2%
Positive Months +62.8% +62.2% +60.0%
Annualised Volatility +9.1% +11.9% +12.7%

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 5.3
Royal Dutch Shell 4.6
BP 4.4
GlaxoSmithKline 4.3
Compass 4.2
Lloyds 4.1
Experian 3.5
National Grid 3.5
AstraZeneca 3.3
British American Tobacco 3.2
Total Top 10 40.4
29 Other Holdings 52.8
Cash & Equivalent 6.8
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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