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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 15/06/2018
Accumulation Shares
Income Shares
Fund Size
£160M (30/04/18)

April 2018

The Master Fund returned +4.6% during the month compared to +6.4% for the FTSE All-Share Index (TR).

A number of factors contributed to the rally, which broke a three-month run of negative returns for UK Equities. Sterling weakened after a strong run, partly due to weak Q1 GDP numbers which reduced market expectations of higher interest rates. The oil price continued to rise on the back of rising global demand and constrained supply. M&A activity continued to pick up. A surprise decision was taken by Walmart to merge ASDA into J Sainsbury, thus abandoning its twenty-year attempt to conquer the UK food retail market. Whitbread announced a demerger and First Group, the train operator, received a private equity approach.

Within the portfolio there were robust returns from the oil majors who continue to display capital discipline, thus increasing investor confidence that rising cash flows would find their way back to shareholders rather than marginal exploration projects.

Other companies that produced notable positive returns were Next and Domino’s Pizza. Both are UK consumer stocks that can buck the economic trend due to the strength of their individual franchises.

Some individual holdings were reduced after significant share price rises. These included Royal Mail, which continues to thrive following the resolution of the dispute with unions over the company pension fund, as well as Severn Trent and SSE. The aggregate exposure to utilities continues to be reduced.

Valuations are looking attractive at present as reflected in the Master Fund’s yield of over 4%.


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 +46.2% +218.9% +192.7%
Max drawdown* -11.0% -25.2% -45.6%
Annualised Volatility +8.8% +9.3% +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 (%)
Unilever 5.9
Royal Dutch Shell 5.8
BP 4.4
Lloyds  4.0
British American Tobacco 3.9
GlaxoSmithKline  3.7
Compass 3.6
Vodafone   3.3
Reckitt Benckiser 3.1
National Grid 3.1
Total Top 10 40.8
36 other holdings 56.6
Cash & equivalent 2.7
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.

Find Out More

Key Facts

  • Fund Manager
    Francis Brooke
  • Assistant Fund Manager
    Hugo Ure
  • Inception Date
  • 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)
  • Sedol (GBP)
    B943NN1 (GBP Inc)
    B8255S1 (GBP Acc)

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