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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 17/08/2017
Accumulation Shares
Income Shares
Fund Size

July 2017

The Master Fund returned -0.4% during the month compared to +1.2% for the FTSE All-Share Index (TR).

July proved to be more eventful than anticipated for the Fund’s holdings in the tobacco sector.  As expected, British American Tobacco completed its acquisition of the 57.8% it did not already own of its US counterpart, Reynolds American.  Smoking is considerably more affordable in the US than in the UK and Reynolds has a strong and growing market share in the country.  However, the cost of the deal, at a multiple of over 16x EBITDA, in addition to the increased leverage that it brings to BAT’s balance sheet, prompted us to reduce our holdings in the combined entity from almost 6% prior to the deal to 4.1% following its closure.  


Three days after the acquisition had completed, the US Food and Drug Administration (FDA) announced that it would begin a public dialogue around reducing nicotine levels in combustible cigarettes to ‘non-addictive levels’.  This saw the Master Fund’s holdings in Altria (c. 2%) and British American Tobacco fall -9% and -7% respectively on the day.  Importantly, the FDA can only make changes based on rigorous scientific evidence; its experience with menthol cigarettes is instructive.  In 2011 a scientific advisory committee established by the FDA recommended that menthol cigarettes be banned for the benefit of public health.  Six years later, they are still widely available.  We suspect that the initial share price reaction is a case of ‘sell first, ask questions later.’







Performance is calculated on a total return basis, net of fees, in sterling terms.

Source: Lipper, Capita Asset Services

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


+230.6% +150.5%
Max drawdown* -9.8% -13.7% -45.6%
Annualised Volatility +5.8% +6.5% +13.7%
Annualised Volatility +4.0% +7.7% +5.8%

 * 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 3.7
Philip Morris 3.2
Microsoft 3.2
Coca-Cola 2.4
Nestlé  2.2
Altria 2.1
Sage 1.9
Unilever 1.9
EFTS Physical Gold 1.8
Total Top 10 28.3
22 other holdings 42.9
Cash & equivalent 28.8
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
    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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