UK Equity Income

Troy

Our approach

Troy’s UK Equity Income Strategy aims to provide growing levels of income with resilient capital growth by investing predominantly in the shares of UK-listed companies.

The Strategy applies Troy’s distinctive approach, investing with an absolute not relative mindset and targeting above-average returns with below-average volatility. The Strategy leverages the stock picking expertise of Troy’s Investment Team to create a concentrated portfolio of high-quality companies, capable of delivering consistent dividend growth. We seek to buy shares in companies at attractive valuations and hold them for a long time.

Income focus

Provide an attractive and regular stream of income which can grow in real terms. We seek companies capable of consistent dividend growth, rather than those with the highest yields

Risk management

Minimise the risk of capital loss by emphasising business risk, valuation, the avoidance of poor corporate behaviours (ESG Risk) and absolute over relative returns

Low volatility

Aim to deliver top-quartile performance over the medium term, whilst exposing investors to lower than average volatility

How we invest

The UK Equity Income Strategy invests in 30-50 high-quality businesses capable of consistent dividend growth. The Strategy predominantly focuses on UK-listed companies but may also selectively invest in the shares of overseas businesses. Our long-term approach and focus on reasonably valued, cash-generative companies leads to low portfolio turnover.

The UK market is large, international and has strong corporate governance standards. We have consistently been able to identify high-quality UK companies that meet our investment criteria and today follow c.70 world-class, UK-listed businesses.

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.

Our investment process is highlighted below;

1

Own what we consider durable business franchises with exceptional economics, sustainable competitive advantages, and high-quality management teams.

2

We seek companies with an ability and willingness to pay growing dividends, supported by strong balance sheets and funded from genuinely surplus cash flow.

3

We look to buy at reasonable valuations based on free cash flow.

 

Our UK Equity Income Mandates

UK Equity Income team

Aniruddha Kulkarni CFA

Investment Analyst

Bio

Blake Hutchins CFA

Senior Fund Manager

Bio

Fergus McCorkell CFA

Fund Manager

Bio

Hugo Ure CFA

Senior Fund Manager

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.

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.

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.

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.

Website Terms and Conditions

Welcome to the website of Troy Asset Management Limited (“Troy”, “we”, “our”, “us”).  Please read these terms and conditions carefully.  By accessing this website you are indicating that you have read, acknowledge and agree to be bound by the following terms and conditions and that you have read Troy’s Privacy Notice (which can be accessed here).  If you do not agree to these terms, you must stop using this website immediately.

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Troy Asset Management Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom which can be contacted at 12 Endeavour Square, London E20 1JN.  Troy is registered on the FCA’s register with firm reference number 195764.  Troy is registered with the U.S. Securities and Exchange Commission (“SEC”) as an Investment Adviser (CRD: 319174).  Registration with the SEC does not imply a certain level of skill or training.  Troy is the owner and operator of this website and can be contacted using the details set out in section 11 below.

This website describes Troy’s capabilities and is for information purposes only.  Nothing in this website should be construed as investment, tax, legal, accounting or other advice.

The securities described on this website are not intended for use and are not offered in the United States of America or to U.S. Persons.  Please see section 2 for further detail.

  1. Who may access this website – subject to local restrictions

The information on this website is directed at persons in the United Kingdom (“UK”) and not otherwise. The availability of any funds managed by Troy or services provided by Troy mentioned on this website in any jurisdiction other than the UK is subject to local restrictions.  Except as specifically set out below the funds mentioned on this website have not been registered or approved for distribution under the laws of any jurisdiction other than the UK.

If you are accessing this website from a jurisdiction other than the UK, you are required to inform yourself of and observe any applicable local restrictions.  If you choose to access the website and you do so from a country other than the UK, you do so at your own risk and Troy will not be liable for any breach of local law or regulation that you commit as a result of doing so. The information available on this website does not constitute an offer of, or an invitation to apply for or purchase, any securities.

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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This website as well as the securities described on this website are not intended for use and are not 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).  As such, by accepting these terms you represent and warrant that you are not a U.S. Person as defined under Regulation S of the United States Securities Act of 1933, as amended.

U.S. Persons interested in services provided by Troy should instead contact us directly on [email protected] or call +44 (0)20 7499 4030.

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The products and services described on this website may not be suitable for all investors.  Troy does not provide investment advice or make personal recommendations to investors.  If you wish to obtain advice about the suitability, or have any doubt about the suitability, for you of products managed by Troy or services provided by Troy, you should contact a financial adviser.

Should you have any general queries or require support relating to Troy or its products and services, please do email [email protected] or call +44 (0)20 7499 4030.

  1. Risk warnings

The value of investments and the income from them 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.  Past performance is not a guide to future performance.

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Changes to website content

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We keep our terms and conditions under review.  These terms and conditions were most recently updated on 8 September 2023.

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  1. Contact details

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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