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
Key facts
‘O’ ACC SHARE CLASS as at 18/03/2024
351.73p
Fund size as at 29/02/2024
£752m
‘O’ INC SHARE CLASS as at 18/03/2024
165.85p
Performance
Source: Lipper, Link Fund Solutions Limited
30/09/2004 | 28/02/2014 | 28/02/2019 | 28/02/2021 | 28/02/2023 | 31/08/2023 | |
---|---|---|---|---|---|---|
Since Launch | 10 Years | 5 Years | 3 Years | 1 Year | 6 Months | |
FTSE All-Share TR | 263.9 | 63.0 | 27.7 | 25.2 | 0.6 | 3.9 |
IA UK All Companies TR | 256.5 | 49.8 | 21.0 | 10.8 | 0.0 | 4.1 |
Trojan Income O Acc | 254.6 | 50.1 | 10.6 | 12.2 | 4.1 | 3.8 |
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 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | 0.8 |
Performance is calculated on a total return basis, net of fees, in sterling terms. Past performance is not a guide to future performance
Source: Lipper, Link Fund Solutions Limited. Since Launch (30/09/2004) to 29 February 2024.
Risk and Volatility since launch
Source: Lipper, Link Fund Solutions Limited
Risk Analysis Since Launch (30/09/2004) | Trojan Income O Acc | IA UK All Companies TR | FTSE All-Share TR |
---|---|---|---|
Total Return | 255 | 256 | 264 |
Max Drawdown | -28 | -46 | -46 |
Best Month | 8 | 14 | 13 |
Worst Month | -11 | -19 | -15 |
Positive Months | 61 | 60 | 60 |
Annualised Volatility | 10 | 14 | 13 |
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. As at 29 February 2024.
Asset allocation
Top 10 holdings | Fund % |
---|---|
Diageo | 6.99621449685653 |
Unilever | 6.83574021051593 |
RELX | 6.68581212063371 |
Reckitt Benckiser | 5.00929987561695 |
Experian | 4.46818460055043 |
Compass | 3.954761858848 |
Bunzl | 3.85770293170603 |
LSEG | 3.51107976811405 |
GSK | 3.44524991417143 |
IHG | 2.75513933536902 |
Total Top 10 | 47.5191851123821 |
31 Other Equity holdings | 51.1766225793956 |
Cash | 1.30419230822234 |
Total | 100 |
Asset allocation and holdings subject to change. As at 29 February 2024.
Fund literature
Document name | Date | Open/download | Archived documents |
---|---|---|---|
Factsheet | View archive | ||
Newsletters | View newsletters | ||
UCITS KIID | View share classes | ||
Fund Information Sheet |
View document Download document | ||
Prospectus & Additional Investor Information | View documents | ||
Sustainability-related Disclosures |
View document Download document | ||
Annual Report |
January 2023 | View document Download document | |
Interim Report |
July 2023 | View document Download document |
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Factsheet
View archive Open Download -
Newsletters
View newsletters Open Download -
UCITS KIID
View share classes Download -
Fund Information Sheet
Open Download -
Prospectus & Additional Investor Information
View documents Open Download -
Sustainability-related Disclosures
Open Download -
Annual Report
Date: January 2023 Open Download -
Interim Report
Date: July 2023 Open Download
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. In line with the Fund’s prospectus, the Fund is authorised to invest in transferable securities and money market instruments issued or guaranteed by an EEA state, one or more local authorities, a third country, or a public international body to which one or more EEA states belong. The Investment Manager would only consider investing more than 35% of the Fund’s assets in UK or US government issued transferable securities or approved money market instruments.
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.
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).
For the full fund disclaimer please refer to the Fund factsheet.
How to invest
Find more information on how to invest in this fund and where it is available.
How to invest
Commentary
February 2024
Your Fund delivered a return of -0.2% during the month compared to +0.2% for the FTSE All-Share Index (TR).
February is always busy for us, with many companies reporting their full year numbers. This provides an opportunity to reflect on new data points and to meet with management teams.
RELX was the top contributor to the Fund in the month as the shares reacted positively to another solid earnings report, which included +8% growth in the full-year dividend. InterContinental Hotels Group (IHG) was also a strong performer with the shares rising +11.7% in the month after the company used their full year results to flag the potential for material margin expansion as well as an increased share buyback and +10% dividend growth.
The two biggest detractors in the month were Reckitt and St. James’s Place. Reckitt reported a reasonable set of underlying results, good cash generation and +5% dividend growth, however also revealed that they had identified an understatement of trade spend in their middle eastern business that caused the company to miss sales and profit estimates. St. James’s Place announced that the company had booked a large provision relating to an industry-wide regulatory investigation into the historic charging of advice fees. Concurrently, the new CEO used his inaugural results presentation to announce a significant rebasing of the dividend.
Despite these two disappointments, the significant majority of holdings that have reported in recent weeks are delivering strong results and healthy dividend growth and we look forward to hearing from more of our portfolio companies in the coming weeks.