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.
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
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.
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 Oxford University. Fergus is a CFA Charterholder.
Aniruddha Kulkarni CFA
Investment Analyst
Aniruddha is an Investment Analyst and has the responsibility of the analysis of global companies and their selection for Troy’s portfolios.
Aniruddha joined Troy in September 2019 on an internship before becoming an 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.
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: 1.17%
‘X’ (platform) shares: 1.02%
‘O’ ACC SHARE CLASS as at 04/11/2024
£1.1431
Fund size as at 30/09/2024
£29m
‘O’ INC SHARE CLASS as at 04/11/2024
£1.1357
Performance
Source: Lipper, Waystone Management Company (IE) Limited.
15/04/2013 | 31/10/2019 | 31/10/2021 | 31/10/2023 | 30/04/2024 | |
---|---|---|---|---|---|
Since Launch | 5 Years | 3 Years | 1 Year | 6 Months | |
FTSE All-Share TR | 101.0 | 31.9 | 19.7 | 16.3 | 1.8 |
Trojan Income (Ireland) O GBP Acc | 66.0 | 2.8 | 1.2 | 11.9 | 4.0 |
Trojan Income (Ireland) O USD Acc | 75.2 | 5.5 | 2.7 | 12.1 | 4.1 |
Trojan Income (Ireland) O EUR Acc | 47.3 | -3.3 | -3.5 | 10.2 | 3.2 |
Discrete Calendar Annual Returns (%) | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Trojan Income (Ireland) O GBP Acc | 6.3 | 9.7 | 10.5 | 9.9 | 6.1 | -7.2 | 20 | -10 | 15.4 | -12.8 | 4.7 | 4.6 |
Trojan Income (Ireland) O USD Acc | 5.8 | 9.3 | 10 | 10.6 | 6.8 | -5.7 | 21.7 | -9.2 | 15.5 | -12 | 5.1 | 4.7 |
Trojan Income (Ireland) O EUR Acc | 5.8 | 9.4 | 9.9 | 9.2 | 4.8 | -8.4 | 18.2 | -10.4 | 14.4 | -14.2 | 2.9 | 3.3 |
Performance is calculated on a total return basis, net of fees. Past performance is not a guide to future performance.
Non GBP share classes are hedged. Differences in interest rates may contribute to differences in performance between share classes.
Source: Lipper, Waystone Management Company (IE) Limited.
Since Launch (15/04/2013) to 30 September 2024.
Risk and Volatility since launch
Source: Lipper, Waystone Management Company (IE) Limited.
Risk Analysis Since Launch (15/04/2013) | Trojan Income (Ireland) O GBP Acc | FTSE All-Share TR |
---|---|---|
Total Return | 66 | 101 |
Max Drawdown | -28.2 | -35.3 |
Best Month | 7.5 | 12.7 |
Worst Month | -10.9 | -15.1 |
Positive Months | 57.2 | 59.4 |
Annualised Volatility | 10.3 | 11.9 |
Performance is calculated on a total return basis, net of fees.
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 30 September 2024.
Asset allocation
Top 10 holdings | Fund % |
---|---|
Unilever | 6.44887155589736 |
RELX | 6.24096373450239 |
Diageo | 5.70119475926979 |
Compass | 4.60184643656291 |
Reckitt Benckiser | 4.42947702610162 |
LSEG | 4.40673602929079 |
Bunzl | 4.27633677441936 |
Experian | 4.13665927678754 |
National Grid | 2.73403649953123 |
GSK | 2.52217600915457 |
Total Top 10 | 45.4982981015176 |
30 Other Equity holdings | 53.2896401332391 |
Cash | 1.21206176524335 |
Total | 100 |
Asset allocation and holdings subject to change. As at 30 September 2024.
Fund literature
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Fund Information Sheet |
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Annual Report |
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Interim Report |
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Prospectus & Additional Investor Information
View documents Hide documents Open Download - Trojan Funds (Ireland) plc Singapore Information Memorandum Open Download
- UK Country Supplement – Trojan Funds (Ireland) Plc Open Download
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Performance Scenario
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PRIIPS KID Past Performance
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PRIIPS KID
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UK Reporting Status
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Factsheet
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UCITS KIID
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Fund Information Sheet
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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
Commentary
September 2024
Your Fund returned -0.1% during the month, compared to -1.3% for the FTSE All-Share Index (TR).
September saw significant moves by the Central Banks of the world’s two largest economies, China and the US. The US Federal Reserve lowered interest rates for the first time in over four years. At 0.5%, the quantum of the reduction was greater than some had anticipated, and markets currently expect further easing of the policy rate in the months ahead. A backdrop of stabilising inflation, peaking interest rates and solid economic growth, particularly in the US, has provided a good environment for developed market equities so far this year. By contrast, Chinese economic data has continued to disappoint and there are increasing fears that their economy is stuck in a deflationary spiral. Significant government stimulus was therefore announced in the month, including a reduction in borrowing costs and other measures to support the country’s property market. Stocks seen to benefit, including mining companies, rallied strongly in response to these measures.
Following a period of strong performance, we exited Procter & Gamble (P&G) in the month. Since the Fund purchased shares in 2017, P&G has undergone a hugely successful turnaround. Measures included the disposal of underperforming businesses and a significant refocus on productivity and growth. In some ways, P&G created the playbook that portfolio holding Unilever is now successfully following. It will not be lost on readers that activist investor Nelson Peltz was on the board of P&G during its turnaround years and now also sits on Unilever’s. We continue to admire P&G as a business and it retains its place in Troy’s investment universe; it is highly resilient, it has unparalleled scale in the key US market and it has a strong management team and balance sheet. However, we have observed slowing growth and market share trends in recent quarters and, with the share price at an all-time high and valuation at 26x NTM PE, we decided to take profits. Proceeds from the sale are being used to purchase a new holding which we look forward to discussing in an upcoming factsheet.