This site uses some unobtrusive cookies to store information on your computer. These cookies are essential, as the site won't work as expected without them. These cookies are set when you submit a form, login or interact with the site by doing something that goes beyond clicking on simple links. 

We also use some non-essential cookies to anonymously track visitors or enhance your experience of the site. If you're not happy with this, we can disable these these cookies but some features of the site may not work. By using our site you accept the terms of our Privacy Policy.


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 20/04/2018
Accumulation Shares
Income Shares
Fund Size
£152M (31/03/18)

March 2018

The Master Fund returned -1.2% during the month compared to -1.8% for the FTSE All-Share Index (TR).

In what was another difficult month for equity markets two of the strongest positive contributions to the portfolio’s performance came from GlaxoSmithKline (GSK) and Reckitt Benckiser (RB).  This is noteworthy for two reasons.

Firstly, both stocks had been cited as participants in the auction for Pfizer’s consumer healthcare unit.  The assets, which include major US vitamins brand Centrum and analgesics brand Advil, were for sale with a price tag in the region of $20bn - a sum that neither suitor could sensibly afford.  For this reason the market responded positively to announcements towards the end of the month that both companies had withdrawn from the process.  RB can now concentrate on digesting last year’s acquisition of Mead Johnson and rebuilding its balance sheet.

GSK also made what we believe to be an important capital allocation decision. The company chose to buy in the remaining 36.5% of its consumer healthcare JV with Novartis, rather than pursue the Pfizer portfolio. The JV is an asset GSK already knows intimately and the cost of taking full control was a more modest $13bn.    In a time of cheap debt such displays of capital discipline are all too rare.

The other noteworthy point about these two stocks is that they have both experienced a significant de-rating over the last 18 months.  For the first time in many years GlaxoSmithKline and Reckitt Benckiser are trading at discounts to their ten-year average valuations (as measured by the multiple of earnings on which the share price trades).  And they are not alone.  An increasing number of our core stocks are nearing this threshold, indicating a significant improvement in the long-term returns that are available from the portfolio for today’s investor.

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 +39.8% +204.9% +175.0%
Max drawdown* -11.0% -25.2% -45.6%
Annualised Volatility +8.7% +9.2% +12.8%

* 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 5.3
Lloyds  4.2
BP  4.1
British American Tobacco 4.1
GlaxoSmithKline  3.6
Compass Group  3.5
Reckitt Benckiser 3.4
Vodafone   3.2
National Grid 3.0
Total Top 10 40.3
36 other holdings 57.1
Cash & equivalent 2.6
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)

Related Literature