Trojan Income Fund (Ireland)

Troy

Overview

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A 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.

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. At least 80% of the Fund is invested in UK equities, with the possibility of selectively owning the shares of overseas companies in the remainder.

Our long-term approach and focus on reasonably valued, high-quality, cash generative companies leads to low portfolio turnover.

Why this fund?

Troy’s UK Income Strategy 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 approach, 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 Hutchins CFA

Senior Fund Manager

Bio

Blake Hutchins CFA

Senior Fund Manager

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.

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Fergus McCorkell CFA

Fund Manager

Bio

Fergus McCorkell CFA

Fund Manager

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.

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Aniruddha Kulkarni CFA

Investment Analyst

Bio

Aniruddha Kulkarni CFA

Investment Analyst

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.

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Commentary

December 2025

Your Fund returned -1.0% during the month, compared to +2.2% for the FTSE All-Share Index TR.

2025 was a very strong year for the UK market, with the FTSE All-Share rising +24%, its best performance since 2009. Returns were driven by low starting valuations and exceptional strength in several large index constituents.

By contrast, the Fund returned +2.4% over the year. Strategies with a quality bias, such as ours, materially underperformed, while value-oriented approaches delivered strong returns. Financials led the market higher, with Banks gaining +69% and Insurance +47% as higher interest rates boosted profitability. Aerospace & Defence (+77%) and Metals & Mining (+40%) also performed strongly amid geopolitical uncertainty and enthusiasm for gold. We do not own companies in these sectors on quality grounds, and this weighed on relative performance.

There were, however, several strong contributors over the year, including British American Tobacco, Next, Reckitt, GSK and Smiths Group. The main detractors were Diageo, Bunzl, LSEG, Auto Trader and RELX. The latter three were affected by a broad sell-off in software and data businesses linked to concerns around AI. We remain attentive to developments in this area but believe companies with genuinely proprietary data and deeply embedded mission-critical software are well placed as AI adoption evolves.

Valuations for quality UK companies are notably attractive in our opinion. Around 70% of the Fund’s holdings trade below their ten-year average Price/Earnings ratios, while the Fund’s look-through valuation[1] implies a c.6% earnings yield and a dividend yield above 3%. We therefore look ahead to the New Year and beyond with confidence in the quality, resilience and income potential of the portfolio.

We wish readers a happy and healthy 2026.

[1] The fund’s valuation based on the value of its underlying investments.

Key facts

Fund Manager

Blake Hutchins

Assistant Fund Manager

Fergus McCorkell

Inception date

15/04/2013

Currency

Sterling
US Dollar
Euro
Singapore Dollar

Available share classes

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

ISIN (O GBP)

IE00B943NN14 (GBP Inc)
IE00B8255S12 (GBP Acc)

Bloomberg (O GBP)

TJIFOGI (GBP Inc)
TJIFOGA (GBP Acc)

Sedol (O GBP)

B943NN1 (GBP Inc)
B8255S1 (GBP Acc)

Ongoing Charges

‘O’ (ordinary) shares: 1.26%
‘X’ (platform) shares: 1.11%

‘O’ ACC SHARE CLASS as at 07/01/2026

£1.1485

Fund size as at 31/12/2025

£9.6m

‘O’ INC SHARE CLASS as at 07/01/2026

£1.1091

Performance

Source: Lipper.

15/04/201331/12/201531/12/202031/12/202231/12/202430/06/2025
Since Launch10 Years5 Years3 Years1 Year6 Months
FTSE All-Share TR152.6123.473.946.524.013.7
Trojan Income (Ireland) O GBP Acc72.333.814.513.82.4-0.3
Trojan Income (Ireland) O USD Acc81.942.916.214.32.4-0.3
Trojan Income (Ireland) O EUR Acc46.915.54.16.0-1.4-3.1
Discrete Calendar Annual Returns (%)2013201420152016201720182019202020212022202320242025
Trojan Income (Ireland) O GBP Acc6.39.710.59.96.1-7.220-1015.4-12.84.76.12.4
Trojan Income (Ireland) O USD Acc5.89.31010.66.8-5.721.7-9.215.5-125.16.22.4
Trojan Income (Ireland) O EUR Acc5.89.49.99.24.8-8.418.2-10.414.4-14.22.94.5-1.4

Non GBP share classes are hedged. Differences in interest rates may contribute to differences in performance between share classes. Source: Lipper. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees. Since Launch (15/04/2013) to 31 December 2025.

Risk and Volatility since launch

Source: Lipper.

Risk Analysis Since Launch (15/04/2013)Trojan Income (Ireland) O GBP AccFTSE All-Share TR
Total Return72.3152.6
Max Drawdown-28.2-35.3
Best Month7.512.7
Worst Month-10.9-15.1
Positive Months55.961.2
Annualised Volatility10.311.6

Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns. Source: Lipper. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees. As at 31 December 2025.

Asset allocation

Top 10 holdingsFund %
LSEG4.61802041542642
Unilever4.38444229289373
Compass4.12297941096825
RELX3.99466851152952
Diageo3.70227300116133
BAT3.40895782431001
Amadeus3.34179110783896
Spirax3.15100650531362
GSK3.12894056152844
Bunzl3.09236821976067
Total Top 1036.945447850731
28 Other Equity holdings62.599314452316
Cash0.455237696952975
Total100

Asset allocation and holdings subject to change. As at 31 December 2025.

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive

Fund Information Sheet

 View document Download document  

Interim Report

 July 2025 View document Download document  

Annual Report

 January 2025 View document Download document  
Prospectus & Additional Investor Information     View documents Hide documents
UK Reporting Status     View documents Hide documents
UCITS KIID     View share classes Hide share classes
Sustainability-related Disclosures     View documents Hide documents
Trojan Funds (Ireland) Plc Circular     View archive Hide archive

This fund is not based in the UK and is not subject to UK sustainable investment labelling and disclosure requirements.

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.

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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 available.

How to invest

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