Overview
Download factsheetA fully invested equity strategy that aims to provide investors with growing levels of income with resilient capital growth by investing at least 80% of the Fund in UK-listed companies with the possibility of selectively owning the shares of overseas companies in the remainder.
What does the fund do?
We manage a concentrated portfolio of 30-50 high-quality, cash-generative companies that are capable of consistent dividend growth.
Our long-term approach and focus on reasonably valued, high-quality, cash-generative companies leads to low portfolio turnover.
Why this fund?
The Trojan Income Fund has been managed in Troy’s distinctive investment style since 2004. We believe our approach to income investing is differentiated through; our conservative quality-orientated process, our focus on total return and our prioritisation of dividend growth above high yield. We seek a sensible balance between capital and income return in order to deliver above average returns with below average volatility.
The strategy has no explicit yield target and instead we emphasise real growth and long-term sustainability of the income stream above producing the highest dividend yield today. In so doing, we aim to deliver investors a growing yield on their initial investment.
The Fund integrates ESG and stewardship in accordance with Troy’s Responsible Investment & Stewardship Policy and also adheres to Troy’s Climate Change Mitigation Policy, in accordance with article 8 of SFDR.
View our SFDR disclosure
The team
Blake is Senior Fund Manager responsible for Troy’s UK Income Strategy.
Blake is manager of the Trojan Income Fund and Trojan Ethical Income Fund. Blake joined Troy in 2019 from Investec Asset Management where he was lead manager on the UK Equity Income fund and co-manager on the Global Quality Equity Income Fund. Prior to that, Blake managed retail and institutional UK equity funds at Columbia Threadneedle. Blake holds a MA Hons in Economics and Politics from the University of Edinburgh.
Fergus is the Assistant Manager of the Trojan Income Fund and has responsibility for the analysis of global companies and their selection for Troy’s portfolios.
Joining Troy in 2017 following an internship, Fergus holds a BA in Biological Sciences and a doctorate in Zoology (Biomechanics) from the University of Oxford. Fergus is a CFA Charterholder.
Aniruddha is an Investment Analyst and is responsible for the analysis of global companies and their selection for Troy’s portfolios.
Aniruddha joined Troy in September 2019 on an internship before becoming a permanent member of the investment team in January 2020. He holds a B.Eng. degree from the University of Pune and an MPhil Finance and Economics from the University of Cambridge. Aniruddha is a CFA Charterholder.
Key facts
‘O’ ACC SHARE CLASS as at 08/09/2025
390.97p
Fund size as at 31/08/2025
£498m
‘O’ INC SHARE CLASS as at 08/09/2025
177.37p
Performance
Source: Lipper.
| 30/09/2004 | 31/08/2015 | 31/08/2020 | 31/08/2022 | 31/08/2024 | 28/02/2025 | |
|---|---|---|---|---|---|---|
| Since Launch | 10 Years | 5 Years | 3 Years | 1 Year | 6 Months | |
| FTSE All-Share TR | 361.2 | 108.5 | 77.7 | 38.6 | 12.6 | 7.1 |
| IA UK All Companies TR | 326.4 | 79.0 | 52.9 | 29.2 | 6.8 | 5.8 |
| Trojan Income O Acc | 290.6 | 50.0 | 20.9 | 16.2 | 3.1 | 0.8 |
| Discrete Calendar Annual Returns (%) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 10.7 | 10.2 | 6.3 | -7.1 | 20.4 | -9.6 | 15.6 | -12.5 | 5.1 | 6.5 | 4.3 |
Source: Lipper. Since Launch (30/09/2004) to 31 August 2025. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms.
Risk and Volatility since launch
Source: Lipper.
| Risk Analysis Since Launch (30/09/2004) | Trojan Income O Acc | IA UK All Companies TR | FTSE All-Share TR |
|---|---|---|---|
| Total Return | 291 | 326 | 361 |
| Max Drawdown | -28 | -46 | -46 |
| Best Month | 8 | 14 | 13 |
| Worst Month | -11 | -19 | -15 |
| Positive Months | 61 | 61 | 61 |
| Annualised Volatility | 10 | 14 | 13 |
Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns. Source: Lipper, as at 31 August 2025. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms.
Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| Diageo | 4.65501801719296 |
| Unilever | 4.64565744033658 |
| RELX | 4.48487722642811 |
| Compass | 4.31081424202504 |
| LSEG | 4.06710296430789 |
| Reckitt Benckiser | 3.96949111448923 |
| Spirax | 3.82974210221162 |
| Experian | 3.78191015125626 |
| Amadeus | 3.71730402939782 |
| Bunzl | 3.66697063225772 |
| Total Top 10 | 41.1288879199032 |
| 26 Other Equity holdings | 59.2411679699031 |
| Cash | -0.370055889806296 |
| Total | 100 |
Asset allocation and holdings subject to change. As at 31 August 2025.
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
| Factsheet | View archive | ||
| Newsletters | View newsletters | ||
|
Fund Information Sheet |
View document Download document | ||
|
Interim Report |
July 2024 | View document Download document | |
|
Annual Report |
January 2025 | View document Download document | |
| UCITS KIID | View share classes | ||
| Sustainability-related Disclosures | View documents | ||
| Prospectus & Additional Investor Information | View documents |
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Factsheet
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Newsletters
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Fund Information Sheet
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Interim Report
Date: July 2024 Open Download -
Annual Report
Date: January 2025 Open Download -
UCITS KIID
View share classes Download
-
Sustainability-related Disclosures
View documents Open
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-
Prospectus & Additional Investor Information
View documents Open
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Sustainable Investment Labels Statement
Sustainable investment labels help investors find products that have a specific sustainability goal. This fund does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective. Despite not having a sustainable investment objective, when investing in companies, Troy integrates the analysis of sustainability characteristics into its investment decision-making. Troy also considers the steps companies are taking in relation to climate change mitigation.
Important Information
Past performance is not 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. For the full fund disclaimer please refer to the Fund factsheet. Please refer to Troy’s Glossary of Terms available here.
Important information for U.S. persons
The securities described on this website are neither available nor offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. persons who are resident outside the United States of America).
How to invest
Find more information on how to invest in this fund and where it is available.
How to invest
Commentary
August 2025
Your Fund returned -1.1% during the month, compared to +0.9% for the FTSE All-Share Index (TR).
Industrial engineer Spirax Group was the Fund’s top contributor in August, rising +15% on the back of reporting solid half-year results. Spirax shares have had a difficult few years. The company benefitted from a booming life sciences end market during the pandemic which contributed to the shares becoming considerably over valued, reaching an eye-watering >50x Price to earnings ratio (P/E) in 2021. Since then, the company has suffered earnings downgrades and a de-rating to c.20x P/E, resulting in a more than halving of the share price. We have long considered Spirax to be an extremely high-quality business and so with earnings downgrades potentially bottoming and cash flows improving, we started a position earlier this year and have added to it since. These results were a step in the right direction, with group sales and profits growing organically by +3% and +7% respectively despite the difficult economic and tariff background.
Global spirits leader Diageo and distributor Bunzl were also strong contributors in the month, both rising by +11%. Diageo announced full year results that were in line with market expectations with guidance for profit growth for the year ahead also supportive for the shares given the low valuation of c.15x P/E. Bunzl’s half year results were also reassuring, particularly after the company announced a surprise profit warning in April which revealed the company was suffering specific issues in their North American business. We added to the shares following this warning at a valuation of c.12x P/E, and having met with the company in the month, we are cautiously optimistic that the key issues are beginning to resolve.
The main detractors to performance were information services company RELX and accountancy software provider Sage, which sold off 12% and 11% respectively on market-wide concerns around the threat of generative AI. Only a few months ago, Sage and RELX were deemed to be “AI winners”, taking valuations towards 30x P/E in both cases. Given the nascency of the technology, it is too early to say how AI will impact software and data companies in the long term. We do however take significant comfort from the fact that both RELX and Sage provide critical services, based on deep expert knowledge, and are highly embedded into their customers’ workflows. They are also integrating generative AI into their products and so far, both are seeing uplifts in their growth rates from this new functionality. Having reduced our holdings in both companies over the past year, valuations have once again become more interesting to us.