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Trojan Feeder Fund (Ireland)

Trojan Feeder Fund (Ireland) invests in the Trojan Fund (the ‘Master Fund’). The investment objective of the Master Fund is to achieve growth in capital and income in real terms over the longer-term. The Master Fund’s policy is to invest substantially in UK and overseas equities and fixed interest securities but it may also invest in collective investment schemes and money market instruments.

In addition to the GBP O share class referred to on this page, other currency share classes are available. Please contact us for more information.

GBP Share Class Price 12/07/2018
£1.23
Accumulation Shares
Income Shares
£1.22
Fund Size
£354M (31/05/18)

May 2018

The Master Fund returned +1.0% during the month compared to +2.8% for the FTSE All-Share Index (TR).

Stock markets continued to recover following their February swoon but the rally appeared to peter out during the middle of the month with flashpoints in emerging markets (Argentina and Turkey) and in Italy.

The calmness of 2017, in which Argentina could issue 100-year bonds, has given way to a harsher reality.  In May, Argentina and Turkey were required to raise interest rates to defend their plummeting currencies.  In Italy, bond yields spiked to four-year highs as the Governor of the Bank of Italy warned that the country was ‘a few short steps away’ from losing the ‘asset of trust’.  Yields remain at elevated levels indicating there is no immediate return to ‘normal’.  Italian government debt at US$2.7tn will soon be larger than German government debt and Mario Draghi’s 2012 promise to do ‘whatever it takes’ to save the Euro may soon be tested by a new Italian government seeking growth via an independent fiscal policy.

Forecasting the sensitivities of markets to the fallout of emerging market debt problems or the ramifications of a populist-led Italian government is a mug’s game.  Nevertheless, there is a notable change with this cycle; in the period that prevailed prior to the financial crisis, it was economics and markets which drove a political response.  Today, in a delayed response to the crisis, the roles are reversed with politics impacting markets.

 

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

The source of performance data has been changed.  This change may have resulted in variations from previously published performance figures.

Risk Analysis Since LaunchFeeder Fund ##Master Fund #FTSE All-Share Index (TR) #
Total Return

+22.4%

+227.9% +170.4%
Max drawdown* -9.8% -13.7% -45.6%
Annualised Volatility +5.6% +6.4% +13.6%

 * Measures the worst investment period

## From 13/02/2012

# From 31/05/2001

Please note all data unless otherwise specified refers to the Master Fund.
Performance is calculated on a total return basis, net of fees, in sterling terms.
Top 10 HoldingsFund (%)
Gold Bullion Securities 5.9
British American Tobacco 3.6
Microsoft 3.4
Unilever 2.8
Coca-Cola  2.2
Philip Morris 2.1
Altria 2.0
Berkshire Hathaway 1.9
Nestlé 1.9
Imperial Oil 1.9
Total Top 10 27.7
21 other holdings 45.7
Cash & equivalent 26.6
Total 100.0

Please note all data unless otherwise specified refers to the Master Fund.

Past performance is not necessarily 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. 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.

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

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Key Facts

  • Fund Manager
    Sebastian Lyon
  • Assistant Fund Manager
    Charlotte Yonge
  • Inception Date
    13/02/2012 (launched as Trojan International Fund)
  • Currency
    £ Sterling, US Dollar, Euro and Singapore Dollar
  • Available Share Class
    O GBP Acc and Inc, O EUR Acc and Inc, O USD Acc and Inc, O SGD Acc and Inc, I EUR Acc and Inc
  • ISIN (GBP)
    IE00B757JT68 (Acc)
    IE00B6127M75 (Inc)
  • Bloomberg (GBP)
    TROITOA_ID (Acc)
    TROITOI_ID (Inc)
  • Sedol (GBP)
    B757JT6 (Acc)
    B6127M7 (Inc)

 

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