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 20/05/2022
Accumulation Shares
Income Shares
Fund Size
£2,106m (30/04/22)

Past performance is not a guide to future performance.

April 2022

Your Fund delivered a total return of +0.1% during the month compared to +0.3% for the FTSE All-Share Index (TR).

Market volatility remained high on the back of the US, UK and EU reporting the highest inflation numbers (CPI) in more than three decades.  

Amidst these times of macroeconomic uncertainty, we remain focused on analysing individual companies. One sector in which we continue to find good opportunities is ‘value-added distribution’. The UK market is home to many high-quality distributors which possess the characteristics we like, such as: having a diversified supplier and customer base, selling essential products that are a small proportion of a customer’s overall costs, fragmented competition, and a value-added service proposition that deepens competitive advantage. Earlier this year, we initiated a holding in Bunzl, an international distributor of everyday consumables to a diverse set of industries and geographies. Bunzl’s products are ‘not for resale’ items that are vital to their customers’ operations. These include food and retail packaging to the foodservice industry and grocery chains; safety and protective equipment to healthcare operators; and a wide range of cleaning supplies and products.

Bunzl is the dominant global player in its niche, enabling the company to derive material cost advantages over its competitors. The company act as their ‘customers’ warehouse’, freeing up working capital and overhead by providing a customised, one-stop-shop solution with daily delivery.

We have followed and admired Bunzl for some time, taking every chance to understand the company better. One concern we had was around the sustainability of packaging materials. At its most recent investor day, the company addressed these concerns head-on, highlighting the limited exposure to environmentally unfriendly packaging materials and the steps being taken to transition away from them. Importantly, Bunzl’s unique scale and expertise allow them to engage with both suppliers and customers to drive positive change.

Bunzl has the defensive economics and long runway for growth that we seek in new ideas for the Fund. With a dividend yield over 2% covered sufficiently by an earnings yield over 5%, we believe investors can expect good returns from this investment over the long term.



Source: Lipper, Link Fund Solutions Limited

Total Return 30/09/2004
Since Launch
10 Years
5 Years
3 Years
1 Year
6 Months
Trojan Income O Acc +258.4% +97.4% +12.3% +5.8% +4.4% -0.7%
IA UK Equity Income TR +230.8% +104.3% +19.1% +12.5% +6.8% +2.3%
FTSE All-Share TR +242.7% +100.8% +26.6% +14.1% +8.7% +3.1%
Discrete Calendar Annual Returns (%) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
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% +15.6% -6.3%

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 31 March 2022.

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 +258.4% +230.8% +242.7%
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 +62.6% +61.6% +60.2%
Annualised Volatility +10.0% +13.2% +13.2%

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 6.7
RELX 6.2
Experian 5.3
Reckitt Benckiser 5.1
Unilever 4.9
GlaxoSmithKline 4.5
Croda International 4.2
Compass Group 3.6
Nestlé 3.4
Procter & Gamble 3.2
Total Top 10 47.2
29 other holdings 51.3
Cash & equivalent 1.5
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