Trojan Fund (Ireland)

Troy

A multi-asset fund that aims to protect investors’ capital and grow its value in real terms over the long term. We combine cautious asset allocation with careful selection of high-quality companies, purchased at fair valuations.

What does the Fund do?

Through a long-term, long-only approach, the Fund has the flexibility to invest in a broad range of asset classes. We primarily invest in developed market equities and bonds, gold-related investments, as well as cash and short-dated Treasury bills.

Why this Fund?

Aimed at investors who want a multi-asset fund emphasising capital preservation and absolute returns. The Fund’s emphasis on downside risk management and high-quality securities aim to deliver strong risk-adjusted returns over the long-term. 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

Commentary

March 2024

Your Fund (O Acc GBP) returned +2.2% during the month.

We have held an exposure to gold in the Fund for many years.  It has provided essential portfolio insurance and diversification.  Since last November, bullion has been flirting with its all-time high of c.$2050/oz reached during the summer of 2020.

In March, the gold price surged to new highs in all major currencies, closing the month at $2230/oz, a rise of +8% over the month.  Many have been surprised by this strength in the price of bullion.  After all, inflation has been falling and interest rates have stayed high (an opportunity cost for holding zero-yielding gold).  Bonds yielding less than 0%, hitherto seen as a support for gold buying (and once amounting to $18tn in value back in 2020) have disappeared like a melting snowman in the sun of tighter monetary policy.

We believe the dynamic has changed, which supports these higher prices.  Firstly, central bank buying has been highly supportive since the invasion of Ukraine two years ago.  Secondly, geopolitical risks remain elevated, whether it is the worsening relations between major powers or the deterioration of conditions in the Middle East.  Finally, as we approach the presidential election, there is an awareness of ever-increasing government debt levels in the United States.  The fiscal position is on an unsustainable path.  Politicians seem oblivious to Herb Stein’s words; “If something cannot go on forever, it will stop.”  Gold is beginning to reflect the probability inflation will be sticky as central banks choose easier monetary policy over a burgeoning interest expense.

This is no bubble.  Western investors have been reducing exposure to gold over the past three years, as gold ETCs (Exchange Traded Commodities) have suffered material outflows.  Debasement is alive and well.

Key facts

Fund Manager

Sebastian Lyon

Assistant Fund Manager

Charlotte Yonge

Inception date

13/02/2012

Currency

Sterling
US Dollar
Euro
Singapore Dollar

Available Share Class

O GBP Acc and Inc
O EUR Acc and Inc
O USD Acc and Inc
O SGD Acc and Inc
I EUR Acc and Inc
I USD Acc and Inc
X GBP Acc and Inc
X EUR Acc and Inc
X USD Acc and Inc
X SGD Acc and Inc
X AUD Acc and Inc

ISIN (O GBP Class)

IE00B757JT68 (Acc)
IE00B6127M75 (Inc)

Bloomberg (O GBP Class)

TROITOA_ID (Acc)
TROITOI_ID (Inc)

Sedol (O GBP Class)

B757JT6 (Acc)
B6127M7 (Inc)

Fund rating

© 2024 Morningstar, Inc. All Rights Reserved.

‘O’ ACC SHARE CLASS as at 22/04/2024

£1.625

Fund size as at 31/03/2024

£560m

‘O’ INC SHARE CLASS as at 22/04/2024

£1.5983

Performance

Source: Lipper, Waystone Management Company (IE) Limited.

.

13/02/201228/02/201428/02/201928/02/202128/02/202331/08/2023
Since Launch10 Years5 Years3 Years1 Year6 Months
Bank of England Base Rate11.910.88.37.35.02.6
UK Retail Price Index58.848.732.627.73.70.4
Trojan (Ireland) O GBP Acc57.861.228.012.62.91.6
Trojan (Ireland) O USD Acc63.567.830.913.33.11.6
Trojan (Ireland) O EUR Acc38.142.819.77.71.20.8
Discrete Calendar Annual Returns (%)2012201320142015201620172018201920202021202220232024
Trojan (Ireland) O GBP Acc-0.1-3.58.22.911.83.9-310.37.211.8-3.92.50.1
Trojan (Ireland) O USD Acc0-3.97.82.411.65-1.611.97.711.8-3.62.90.1
Trojan (Ireland) O EUR Acc-0.6-47.82.110.22.6-4.38.76.210.9-5.60.8-0.2

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, Waystone Management Company (IE) Limited.

. Since Launch (13/02/2012) to 31 March 2024.

Risk and Volatility since launch

Source: Lipper, Waystone Management Company (IE) Limited.

.

Risk Analysis Since Launch (13/02/2012)Trojan (Ireland) O GBP Acc
Total Return57.8
Max Drawdown-10.1
Best Month4.9
Worst Month-4.7
Positive Months60.4
Annualised Volatility5.3

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, Waystone Management Company (IE) Limited.

. As at 31 March 2024.

Asset allocation

Top 10 holdings (excluding government bonds)Fund %
iShares Physical Gold6.4401267359372
Invesco Physical Gold5.30530267148336
Unilever3.94644083374179
Visa3.2896792279025
Nestle2.81218782745683
Diageo2.69021794423934
Microsoft2.34721437964614
Alphabet1.93356431539439
Becton Dickinson1.85984404449484
Procter & Gamble1.78013836023968
Total Top 1032.4047163405361
8 Other Equity holdings7.12392465255395
US TIPS36.1185010245511
Short-dated Gilts13.794012703624
US Short-dated Treasuries6.48404470651071
UK Index-Linked3.41634610967827
Cash0.65845446254586
Total100

Asset allocation and holdings subject to change. As at 31 March 2024.

Fund literature

Document name Date Open/download Archived documents
Prospectus & Additional Investor Information     View documents Hide documents
Factsheet     View archive Hide archive
UCITS KIID     View share classes Hide share classes

Fund Information Sheet

View document Download document  
Investment Report     View documents Hide documents
Special Paper     View papers Hide papers

Annual Report

January 2023 View document Download document  

Interim Report

July 2023 View document Download document  
Sustainability-related Disclosures     View documents Hide documents
PRIIPS KID     View share classes Hide share classes
PRIIPS KID Past Performance     View share classes Hide share classes
Performance Scenario     View documents Hide documents
UK Reporting Status     View documents Hide documents

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. 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.

Please refer to Troy’s Glossary of Terms available here.

How to invest

Find more information on how to invest in this fund and where it is available.

How to invest

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Trojan Investment Funds and its sub-funds are UK funds established under the provisions of the European Directives on the co-ordination of laws, regulations, and administrative provisions relating to undertakings for collective investment in transferable securities (“UCITS”) (Directive 2009/65/EC) as implemented in the UK.  Trojan Investment Funds is authorised by the FCA.  Certain sub-funds are available for distribution in Ireland (for professional investors only), Singapore (for institutional investors only), Switzerland (for qualified investors only) and are registered for distribution to the public in the UK.

Trojan Fund (Ireland), Trojan Income Fund (Ireland), Trojan Global Income Fund (Ireland) and Trojan Ethical Fund (Ireland) are sub-funds of Trojan Funds (Ireland) plc which is an Irish UCITS subject to the laws of the Republic of Ireland.  Each is authorised in the Republic of Ireland by the Central Bank of Ireland, and is a scheme recognised by the FCA under the Financial Services and Markets 2000 Act (“FSMA”).  Trojan Fund (Ireland) and Trojan Income Fund (Ireland) are registered for distribution in Austria (certain share classes only), Germany (certain share classes only), Ireland, Italy (for institutional investors only), Singapore (for institutional investors only), Spain (certain share classes only), Switzerland and the UK.  Trojan Fund (Ireland) is also registered in Portugal (certain share classes only). Trojan Ethical Fund (Ireland) is registered for distribution in Ireland, Singapore (for institutional investors only), Spain (certain share classes only), Switzerland and the UK.  Trojan Global Income Fund (Ireland) is registered for distribution in Ireland, Spain (certain share classes only), Switzerland and the UK.

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Troy Asset Management Limited, 33 Davies Street, London W1K 4BP, United Kingdom; Telephone +44 (0)20 7499 4030; Email [email protected].  Troy Asset Management Limited is a limited company registered in England and Wales under company number 3930846 and has its registered office at 33 Davies Street, London W1K 4BP , United Kingdom. Except where otherwise required by applicable law or regulations, all communication and documentation sent to you by Troy will be in English.  You may communicate with us in English.

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