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?

The Trojan Income Fund 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 Manager of the Trojan Income Fund and Co-Manager of Troy Income & Growth Trust. 

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 Troy Income & Growth Trust 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.

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Hugo Ure CFA

Senior Fund Manager

Bio

Hugo Ure CFA

Senior Fund Manager

Hugo is Co-Manager of Troy Income & Growth Trust. He is Manager of the Trojan Ethical Income Fund.

Hugo joined Troy in 2009 from Kleinwort Benson, where he was an equity analyst. Hugo gained his MA in Geology from Oxford University in 1999, following which he spent five years serving with the Scots Guards. He holds the CISI Diploma and 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 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.

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Commentary

October 2023

Your Fund delivered a return of -3.3% during the month compared to -4.1% for the FTSE All-Share Index (TR).

The tragic developments in Israel and Palestine hurt market sentiment as it renewed investors’ focus on the elevated macroeconomic and geopolitical risks. All sectors excluding Utilities delivered negative returns for the UK index. Financials was the worst performing sector following results from most of the large banks including Lloyds and Barclays, causing their share prices to fall more than 10% in the month. Your Fund has no exposure to banks which meant that while it was not immune, it reassuringly outperformed the All-Share Index in a weak market.

The Fund’s top contributors in the month of October were RELX (+3.5%) and CME (+7.1%). RELX reported a strong Q3 trading update, reiterating its ambitions to grow revenue and profit above historical trends. CME, which is one of your Fund’s overseas holdings, also provided a good update on performance. The company has a monopoly over the trading of US interest rate derivatives which play a key role in helping hedge interest rate risks. As we move from a decade of artificially low rates to a more normalized environment, demand for its products will structurally support revenue growth. Other notable performers were Diageo (2.4%) and Compass Group (3.7%), both top 5 holdings in the Fund.

The biggest detractors for the month were St James’s Place (-23.1%), Unilever (-4.3%), Reckitt Benckiser (-5.4%), and Croda (-10.9%). The Consumer Staples sector was weak despite reporting results that were in line with market expectations. St James’s Place and Croda both warned that profits would be lower than expected. For St James’s Place, this was because of a change in fee structure in response to the FCA’s Consumer Duty. Whilst disruptive in the short term, we view this as a significant move in making the client proposition more competitive going forward. Croda saw sequential improvements in trading, however the pace of recovery was slower than expected. These are all high-quality businesses with compelling valuations. They remain core holdings in the Fund.

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 (GBP)

IE00B943NN14 (GBP Inc)
IE00B8255S12 (GBP Acc)

Bloomberg (GBP)

TJIFOGI (GBP Inc)
TJIFOGA (GBP Acc)

Sedol (GBP)

B943NN1 (GBP Inc)
B8255S1 (GBP Acc)

‘O’ ACC SHARE CLASS as at 08/12/2023

£1.0846

Fund size as at 31/10/2023

£36m

‘O’ INC SHARE CLASS as at 08/12/2023

£1.0938

Performance

Source: Lipper, Link Fund Manager Solutions (Ireland) Limited.

15/04/201330/11/201830/11/202030/11/202231/05/2023
Since Launch5 Years3 Years1 Year6 Months
FTSE All-Share TR78.026.827.31.81.6
Trojan Income (Ireland) O GBP Acc52.54.22.5-0.4-1.5
Discrete Calendar Annual Returns (%)20132014201520162017201820192020202120222023
Trojan Income (Ireland) O GBP Acc6.39.710.59.96.1-7.220-1015.4-12.80.7

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, Link Fund Manager Solutions (Ireland) Limited. Since Launch (15/04/2013) to 30 November 2023.

Risk and Volatility since launch

Source: Lipper, Link Fund Manager Solutions (Ireland) Limited

Risk Analysis Since Launch (15/04/2013)Trojan Income (Ireland) O GBP AccFTSE All-Share TR
Total Return52.578.0
Max Drawdown-28.2-35.3
Best Month7.512.7
Worst Month-10.9-15.1
Positive Months56.759.1
Annualised Volatility10.612.2

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 Manager Solutions (Ireland) Limited. As at 30 November 2023.

Asset allocation

Top 10 holdingsFund %
RELX7.2062210985825
Unilever6.95694627751294
Diageo6.28131560372948
Reckitt Benckiser5.91279194282203
Experian4.18222212020215
Bunzl3.83426120618357
Compass3.73566278759066
GSK3.15159591730523
LSEG3.10961920076294
Paychex2.68870749776801
Total Top 1047.0593436524595
31 Other Equity holdings49.3993104247894
Cash3.54134592275112
Total100

Asset allocation and holdings subject to change. As at 30 November 2023.

Fund literature

Document name Date Open/download Archived documents
Performance Scenario     View documents Hide documents
PRIIPS KID Past Performance     View share classes Hide share classes
PRIIPS KID     View share classes Hide share classes
Factsheet     View archive Hide archive
UCITS KIID     View share classes Hide share classes
UK Reporting Status     View archive Hide archive

Fund Information Sheet

 View document Download document  
Prospectus & Additional Investor Information     View documents Hide documents

Annual Report

 January 2023 View document Download document  

Interim Report

 July 2023 View document Download document  
Sustainability-related Disclosures     View documents Hide documents

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. 

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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.

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