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Trojan Income Feeder Fund (Ireland)

Trojan Income Feeder Fund (Ireland) (the ‘Feeder Fund’) invests in Trojan Income Fund (the ‘Master Fund’) through a master-feeder structure. The investment objective of the Master Fund is to provide an above average income with the potential for capital growth in the medium term. 

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 19/10/2017
£1.48
Accumulation Shares
Income Shares
£1.25
Fund Size
£169M

June 2017

The Master Fund returned -1.4 during the month compared to +1.2% for the FTSE All-Share Index (TR).

This was a poor month for the Master Fund with a trio of unrelated stock and sector specific events combining to impact the NAV by nearly 2%.

The announcement of a failed lung cancer drug trial caused AstraZeneca to fall by more than 15%, effectively reversing the gains of the year to date and returning the share price to its January lows. This was a blow to the company’s important immuno-oncology franchise. The share price adjustment has reflected the future loss of revenue and we believe the valuation is now reasonable.

Provident Financial is a longstanding holding within the Fund and has delivered excellent returns due to the growth of Vanquis, its credit card business. This success has reduced dependence on the original home collected credit business whose business model has been undergoing modernisation.

Management misjudged the execution risk of this change leading to a material profits shortfall this year and a reduction in 2018 estimates. Although the impact on the share price has been significant (-15%), following a meeting with the CEO we believe that the changes will strengthen the company in the long run.

The third event was the announcement by US regulators that renewed a commitment to reducing nicotine levels in cigarettes. This affected the tobacco holdings in the Fund by about -11%. In recent years the Fund’s investments in the tobacco sector have reduced as valuations became more challenging. We expect this will continue as other attractive income generating opportunities arise.

Despite the Fund’s disappointing capital performance, the income account remains robust and the interim dividend for the six months to 31st July has been set at 2.95p. This represents a +3.5% increase on the previous interim dividend and the prospects for the full year are encouraging.

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 Launch 30th Sept. 2004Feeder Fund ##Master Fund #FTSE-All Share Index (TR)#
Total Return +46.8% +220.2% +178.7%
Max drawdown* -9.1% -25.2% -45.6%
Annualised Volatility +8.9% +9.3% +13.0%

* Measures the worst investment period

## From 15/04/2013

# From 30/09/2004

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 (%)
Unilever 5.9
Royal Dutch Shell 4.7
GlaxoSmithKline  3.4
Lloyds  3.4
British American Tobacco 3.4
Compass  3.3
Imperial Brands 3.1
Vodafone 3.0
National Grid 2.9
AstraZeneca 2.9
Total Top 10 36.0
36 other holdings 55.3
Cash & equivalent 8.7
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
    Francis Brooke
  • Assistant Fund Manager
    Hugo Ure
  • Inception Date
    15/04/2013
  • Currency
    £ Sterling, US Dollar, Euro and Singapore Dollar
  • Available Share Class
    GBP Acc and Inc, EUR Acc and Inc, USD Acc and Inc, SGD Acc and Inc
  • ISIN (GBP)
    IE00B943NN14 (GBP Inc)
    IE00B8255S12 (GBP Acc)
  • Bloomberg (GBP)
    TJIFOGI (GBP Inc)
    TJIFOGA (GBP Acc)
  • Sedol (GBP)
    B943NN1 (GBP Inc)
    B8255S1 (GBP Acc)

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