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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 21/02/2018
£1.41
Accumulation Shares
Income Shares
£1.16
Fund Size
£169M (31/01/18)

January 2018

The Master Fund returned -1.5% during the month compared to -1.9% for the FTSE All-Share Index (TR).

There were encouraging updates from both Next and IG Group in January, with Next using its prodigious cash flow generation to start a new share buyback programme.  Next has been a superb example of how intelligent capital allocation can enhance shareholder returns in the long term.  In fact over one third of the company’s share capital has been bought back over the past decade.

The performance of equities and the Fund was held back by concerns over the impact of rising bond yields. Interest rates and bond yields have risen from low levels following firmer economic data, recently boosted by the Trump tax cuts.

Market earnings growth has indeed accelerated over the past year in response.  However, this growth is from a return on equity base which is high by historic standards. Cost pressures and higher interest rates, not to mention ongoing technological change, may act as a brake on strong market earnings growth.  We focus on companies where healthy returns and growth can be sustained in the long run and prefer shares where better economic conditions are helpful for the investment case, rather than being essential.  Ultimately this is what drives the sustainable income and capital growth we seek to deliver in the Fund.   The total estimated Fund dividend for the January year end is 7.53p, an increase of over 5% year-on-year.  The Fund dividend has now increased at a compound rate of 5% since 2005, comfortably ahead of inflation.


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

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 30th Sept. 2004Feeder Fund ##Master Fund #FTSE-All Share Index (TR)#
Total Return +47.8% +222.6% +189.6%
Max drawdown* -9.1% -25.2% -45.6%
Annualised Volatility +8.5% +9.2% +12.9%

* 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 (%)
Royal Dutch Shell 5.9
Unilever  5.2
British American Tobacco 4.2
Lloyds  4.1
BP 3.7
Reckitt Benckiser  3.5
Vodafone 3.3
Compass Group  3.2
GlaxoSmithKline 3.1
 Imperial Brands 3.1
Total Top 10 39.3
36 other holdings 57.6
Cash & equivalent 3.1
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
    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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