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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 23/06/2017
£1.51
Accumulation Shares
Income Shares
£1.29
Fund Size
£174M

May 2017

The Master Fund returned +4.8% during the month compared to +4.4% for the FTSE All-Share Index (TR).

The strong return was driven by double-digit returns from a number of holdings led by Vodafone (+16%), AstraZeneca (+13%), Burberry (+12%), Rathbone Brothers (+12%) and Reckitt Benckiser (+12%).

The eclectic nature of this list shows that there was no particular theme driving the market but, what it did represent, was the continuing rotation in favour of quality businesses. This continued the reversal of the violent swing into economically sensitive and cyclical stocks in the second half of 2016. Although not all of that lost ground has been made up, the recent moves have vindicated the Fund’s long-term commitment to quality income growth stocks rather than switching styles in order to chase short-term performance.

Dividend announcements remained positive and the Fund received an additional boost from special dividends announced by Compass Group and New River Retail. We never rely on special dividends to fund the dividend but the types of companies we favour, predominantly cash-generative and self-financing, will inevitably have a higher propensity to generate surplus capital.

Uncertainties surrounding the General Election and forthcoming Brexit negotiations have not impacted the market. Signs that the economy is slowing and that US tax reforms look to be delayed until 2018 are likely to act as headwinds. Valuations are again fairly stretched and we do not expect significant earnings growth to effect a derating.

However, the growing income stream continues to present attractions to investors and will continue to do so in the era of ultra-low interest rates which we expect to continue for some time. With cash balances being increased by funds arising from the Sky and Reynolds American transactions in the coming months, the Fund has plenty of scope to take advantage of appropriate opportunities.

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 +53.4% +234.6% +182.4%
Max drawdown* -9.1% -25.2% -45.6%
Annualised Volatility +8.8% +9.3% +13.1%

* 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 5.6
Royal Dutch Shell 4.5
GlaxoSmithKline  3.5
Lloyds  3.3
Compass  3.3
AstraZeneca 3.2
Imperial Brands 3.1
Vodafone 2.9
BP 2.9
National Grid 2.8
Total Top 10 35.1
37 other holdings 57.5
Cash & equivalent 7.4
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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