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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 27/07/2021
Accumulation Shares
Income Shares
183.00p
Fund Size
£2,735m (30/06/21)

Past performance is not a guide to future performance.

June 2021

Your Fund delivered a total return of +1.6% during the month compared to +0.2% for the FTSE All-Share Index (TR).

This positive monthly return continues the trend of improved performance since the end of February, which marked the point when a four-month period of sharp sector rotation began to reverse again. As we have often said in the past, such extreme changes of market sentiment can have a significant impact on short-term relative performance. Our firm belief is that over the longer term your Fund will deliver competitive returns despite occasional setbacks such as this.

Individual companies that performed well in the month included the two major pharmaceutical companies, AstraZeneca and GlaxoSmithKline, as well as Croda (the speciality chemicals company) and RELX (the global information and analytics provider). Since the end of February, your Fund has produced double-digit returns, in excess of the market. This reflects the fact that many of these high-quality companies have bounced back from excessively depressed valuations.

A new holding in Admiral Group has been initiated. This specialist motor insurance company has a 21% share of the UK market but still has plenty of scope to grow in the UK as well as in Europe. The business generates a market-leading return on equity and regularly produces more cash than it needs, resulting in a comfortably affordable ordinary dividend that is regularly supplemented by special payouts. We believe that this is a high-quality UK franchise capable of sustaining attractive value creation and enhancing the Fund’s future dividend growth.

As the global economy moves into a post-pandemic phase, led by more fully vaccinated nations such as the UK, the longer-term impact of the virus, both human and economic, will become apparent. The inflationary consequences will be critical. The coming months will determine whether the sharp rises in the price of some commodities and products are being caused by temporary bottlenecks or something more permanent that can challenge the disinflationary trends that have prevailed over recent years.

 

Source: Lipper, Link Fund Solutions Limited

Total Return 30/09/2004
Since Launch
30/06/2011
10 Years
30/06/2016
5 Years
30/06/2018
3 Years
30/06/2020
1 Year
31/12/2020
6 Months
Trojan Income O Acc +250.1% +106.0% +20.1% +6.4% +8.2% +5.8%
IA UK Equity Income TR +214.5% +94.8% +33.7% +5.5% +25.5% +12.1%
FTSE All-Share TR +219.2% +85.5% +36.9% +6.3% +21.5% +11.1%
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% +5.8%

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 +250.1% +214.5% +219.2%
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 +62.2% +62.2% +60.2%
Annualised Volatility +9.9% +13.4% +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 6.4
Reckitt Benckiser 5.3
Unilever 5.2
Experian 5.2
RELX 4.9
Paychex 3.8
Croda International 3.7
Nestlé 3.4
GlaxoSmithKline 3.3
AstraZeneca 3.3
Total Top 10 44.7
29 other holdings 52.6
Cash & equivalent 2.7
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. 

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

How to Invest

Troy Asset Management Limited ("Troy") is aware that fraudsters are using the trading name "Trojan Funds" in an attempt to defraud the public. The fraudulent URL (www.trojan-funds.com) is being used and emails are also being sent to members of the public in an attempt to commit investment fraud. We confirm that the trading name and email address which the fraudsters are using ([email protected]) are not linked with Troy or any funds managed by Troy, including Trojan Investment Funds and Trojan Funds (Ireland) plc.

Troy does not have any affiliation with "Trojan Funds" and has notified the relevant authorities of this scam. Troy will never contact members of the public to make any payments to us over the phone or via email in relation to making an investment. We urge you to stay alert to the dangers of investment fraud, even if documents or websites refer to genuine products and appear legitimate. Any potential investors should exercise extreme caution. Troy will take no responsibility for any potential losses you may incur.

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