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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 16/10/2018
£1.22
Accumulation Shares
Income Shares
£1.20
Fund Size
£327M (30/09/18)

September 2018

The Master Fund returned -0.2% during the month compared to +0.7% for the FTSE All-Share Index (TR).

During the summer we added the Fund’s gold holding.  The price of the yellow metal has been dull of late.  This is not particularly surprising.  As a non-interest bearing asset, gold has faced the combined headwinds of a rising US dollar, rising short-term interest rates and rising Treasury bond yields.  In fact, considering these factors, gold has arguably held up better than expected.  A misconception about gold remains.  It is not merely held for protection against an inflationary outcome but against a deflationary one as well.  Our view remains that unprecedented monetary and fiscal stimulus globally may lead to unintended consequences.  A rising yield environment presents a challenge to traditional asset classes.  Gold has proven, over the long term to have a negative correlation with stock markets, which may provide essential portfolio insurance as investment conditions become more challenging.         

With the Federal Reserve raising interest rates for the first time in a decade and shrinking its balance sheet via quantitative tightening (‘QT’), a prop for asset prices is being removed.  This attempt to normalise monetary policy has never been tried before.  If QE had the effect of raising asset prices, we believe QT should have the opposite effect.

Peter Bernstein, the financial historian, said that having ‘a small position in gold makes sense’.  The Fund’s exposure is 9%.  Much smaller than this would not provide sufficient downside protection.  Much larger than this and it becomes speculative.  With markets becoming more febrile, this remains essential insurance in a multi-asset portfolio.


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

+23.6%

+231.1% +167.7%
Max drawdown* -9.8% -13.7% -45.6%
Annualised Volatility +5.4% +6.4% +13.5%

 

* 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 6.1
Microsoft 4.2
British American Tobacco 3.5
Coca-Cola  3.5
Unilever 2.9
Altria 2.3
Berkshire Hathaway 2.3
Philip Morris 2.3
Nestlé 2.2
Imperial Oil 1.9
Total Top 10 31.2
20 other holdings 52.9
Cash & equivalent 15.9
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.

Find Out More

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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