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 with the possibility of selectively owning the shares of overseas companies in the remainder.
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.
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 process, 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
Key facts
‘O’ ACC SHARE CLASS as at 13/12/2024
383.12p
Fund size as at 30/11/2024
£608m
‘O’ INC SHARE CLASS as at 13/12/2024
178.68p
Performance
Source: Lipper, Waystone Management Limited.
30/09/2004 | 30/11/2014 | 30/11/2019 | 30/11/2021 | 30/11/2023 | 31/05/2024 | |
---|---|---|---|---|---|---|
Since Launch | 10 Years | 5 Years | 3 Years | 1 Year | 6 Months | |
FTSE All-Share TR | 307.7 | 81.1 | 32.2 | 25.5 | 15.7 | 1.9 |
IA UK All Companies TR | 294.4 | 68.9 | 21.5 | 11.4 | 15.5 | 1.3 |
Trojan Income O Acc | 282.2 | 51.6 | 5.6 | 4.9 | 13.2 | 6.6 |
Discrete Calendar Annual Returns (%) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | 10.7 | 10.2 | 6.3 | -7.1 | 20.4 | -9.6 | 15.6 | -12.5 | 5.1 | 8.7 |
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, Waystone Management Limited.
Since Launch (30/09/2004) to 30 November 2024.
Risk and Volatility since launch
Source: Lipper, Waystone Management Limited.
Risk Analysis Since Launch (30/09/2004) | Trojan Income O Acc | IA UK All Companies TR | FTSE All-Share TR |
---|---|---|---|
Total Return | 282.2 | 294.4 | 307.7 |
Max Drawdown | -28.1 | -46.5 | -45.6 |
Best Month | 7.6 | 14.1 | 12.7 |
Worst Month | -10.8 | -18.6 | -15.1 |
Positive Months | 61.6 | 60.7 | 60.3 |
Annualised Volatility | 10.0 | 13.9 | 13.0 |
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 Limited. As at 30 November 2024.
Asset allocation
Top 10 holdings | Fund % |
---|---|
Unilever | 6.1101396533049 |
RELX | 5.99514089030664 |
Diageo | 5.32983914544545 |
Compass | 4.69409085190377 |
LSEG | 4.50209345497909 |
Reckitt Benckiser | 4.38129151243224 |
Bunzl | 4.25107384480711 |
Experian | 3.91638320993296 |
IHG | 2.72784533970536 |
Smiths | 2.69332063358624 |
Total Top 10 | 44.6012185364038 |
29 Other Equity holdings | 53.5990229394653 |
Cash | 1.79975852413091 |
Total | 100 |
Asset allocation and holdings subject to change. As at 30 November 2024.
Fund literature
Document name | Date | Open/download | Archived documents |
---|---|---|---|
Factsheet | View archive | ||
Newsletters | View newsletters | ||
UCITS KIID | View share classes | ||
Fund Information Sheet |
View document Download document | ||
Prospectus & Additional Investor Information | View documents | ||
Sustainability-related Disclosures | View documents | ||
Annual Report |
January 2024 | View document Download document | |
Interim Report |
July 2024 | View document Download document |
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Factsheet
View archive Open Download -
Newsletters
View newsletters Open Download -
UCITS KIID
View share classes Download -
Fund Information Sheet
Open Download -
Prospectus & Additional Investor Information
View documents Open Download -
Sustainability-related Disclosures
View documents Open Download -
Annual Report
Date: January 2024 Open Download -
Interim Report
Date: July 2024 Open Download
Sustainable Investment Labels Statement
Sustainable investment labels help investors find products that have a specific sustainability goal. This fund does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective. Despite not having a sustainable investment objective, when investing in companies, Troy integrates the analysis of sustainability characteristics into its investment decision-making. Troy also considers the steps companies are taking in relation to climate change mitigation.
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
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<p><strong>Sustainable Investment Labels Statement</strong></p>
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<p>Sustainable investment labels help investors find products that have a specific sustainability goal. This fund does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective. Despite not having a sustainable investment objective, when investing in companies, Troy integrates the analysis of sustainability characteristics into its investment decision-making. Troy also considers the steps companies are taking in relation to climate change mitigation.</p>
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Find more information on how to invest in this fund and where it is available.
How to invest
Commentary
November 2024
Your Fund returned +3.6% during the month, compared to +2.5% for the FTSE All-Share Index (TR).
US and UK stock markets reacted positively to November’s US election results which saw a Republican clean sweep and a return of Donald Trump to the White House.
In recent months, we have been building new positions in Amadeus IT Group and Rentokil Initial, two global leaders in their respective industries. Amadeus is a Spanish-listed software company focused on the air travel and hospitality industries. Through its leading software solutions, Amadeus acts as a toll on air travel globally, with the company earning fees across the booking to boarding process. It also provides online reservation systems for large, international hotel networks such as IHG and Marriott. Not only should Amadeus benefit from the continued growth in global travel and hospitality, but due to its superior scale and significantly stronger balance sheet, we expect the company to continue taking share from competitors. Amadeus is attractively valued, offering healthy growth, a c.5% free cash flow yield and >2% dividend yield. It joins an exciting group of software/data holdings within the portfolio including Sage, RELX, Experian, LSEG and Paychex.
Rentokil is a leading business services company that generates 80% of sales providing pest control services in over 90 countries. We find the pest control industry to be attractive. It grows steadily over time, benefiting from increased urbanisation and rising wealth trends. Demand is also relatively non-discretionary and repeating which results in sticky customer relationships and recurring revenues. There are also natural benefits of local scale that come from operating a dense service network allowing for attractive incremental economics. Rentokil shares have derated materially over the past 18 months and we believe the current valuation of c.17x PE and a c.2.3% dividend yield is attractive given the underlying quality of the business.