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 16/11/2018|
The Master Fund returned +0.3% during the month compared to -5.2% for the FTSE All-Share Index (TR).
October saw a return of volatility to global markets. The S&P 500, which this year has been largely impervious to woes in other markets, saw its worst monthly performance since 2010. Market commentaries point to a number of ‘catalysts’ for this reversal in sentiment: slowing growth, fragility of the Italian banking system, tariff wars between China and the US. Identifying the straw that breaks the camel’s back is a difficult task. It is clear however that continued high valuations are burdened by weighty investor expectations. We have seen the share prices of some expensively valued, economically sensitive businesses fall significantly in recent weeks, including those in the luxury goods and tech sectors. The earnings of such companies are generally growing but remain vulnerable to a downturn in economic growth. We would expect share prices to fall further if this occurs.
Nine years into an economic recovery, it is by design that the Trojan Fund’s exposure to more cyclical businesses is low. The overall equity allocation also remains modest as valuations remain close to historic highs. The companies in which the Fund is invested have generally held up better than the wider market thanks to their more defensive earnings profiles.
We continue to monitor a select group of franchises, including several not yet held in the Fund. When these reach our valuation targets, we will increase the allocation to equities. Where such companies are more cyclical, one must be wary of ostensibly low multiples of earnings but where the earnings are nearing a cyclical peak.
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 Launch||Feeder Fund ##||Master Fund #||FTSE All-Share Index (TR) #|
* Measures the worst investment period
## From 13/02/2012
# From 31/05/2001
|Top 10 Holdings||Fund (%)|
|Gold Bullion Securities||6.4|
|British American Tobacco||3.3|
|Procter & Gamble||2.1|
|Total Top 10||32.0|
|20 other holdings||53.0|
|Cash & equivalent||15.0|
Please note all data unless otherwise specified refers to the Master Fund.
How to Invest
You may invest directly, via a broker or adviser, or through a number of online fund platforms.
- Fund Manager
- Assistant Fund Manager
- Inception Date
13/02/2012 (launched as Trojan International Fund)
£ 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)
- Bloomberg (GBP)
- Sedol (GBP)