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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 20/04/2018
£1.20
Accumulation Shares
Income Shares
£1.19
Fund Size
£376M (31/03/18)

March 2018

The Master Fund returned -1.1% during the month compared to -1.8% for the FTSE All-Share Index (TR).

We have sold the Fund’s holding of Becton, Dickinson and Company. Becton was first acquired for the Fund in 2010. We were attracted then by the company’s pristine balance sheet, the shares’ lowly valuation, management’s sensible attitude towards capital allocation and the business model of selling repetitively consumable medical devices to healthcare providers across the globe. Becton was clearly a suitable candidate for long-term investment and the shares have performed well. 

More recently however, Becton’s management has placed greater emphasis on acquiring growth and scale through transformative acquisitions. The latest business to be bought, CR Bard, is a similarly wonderful franchise but its acquisition has come at the expense of an extended balance sheet and will depress Becton’s returns on invested capital for years. We prefer our investee companies to create goodwill rather than expensively acquire it.

 

The recent rise in the benchmark US 10-year Treasury yield has elicited selling of stocks that enjoy sustainable revenues. Their projected resilient long-term cash flows have perversely become a hindrance to valuation as market discount rates have risen. We have therefore used the recent market sell-off to add to the core holdings of Altria and Unilever at attractive levels of valuation and appealing dividend yields.

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

+20.8%

+223.2% +147.2%
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 5.6
British American Tobacco 3.8
Microsoft 3.2
Unilever 2.6
Philip Morris 2.5
Dr Pepper Snapple 2.4
Altria 2.1
Coca-Cola  2.1
Berkshire Hathaway 1.8
Nestlé 1.8
Total Top 10 27.9
22 other holdings 41.4
Cash & equivalent 30.7
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
    Sean Beck
  • 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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