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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 12/07/2018
£1.52
Accumulation Shares
Income Shares
£1.25
Fund Size
£163M (31/05/18)

May 2018

The Master Fund returned +2.0% during the month compared to +2.8% for the FTSE All-Share Index (TR).

During the first weeks of May the market continued unabated in its robust rebound from the first quarter lows. It was only as renewed concerns around emerging markets, US protectionism and the stability of the EU project that the UK equity market experienced a short period of ‘risk-off’ trading towards the end of the month. The UK 10-year gilt yield fell sharply, from above 1.5% to below 1.2%, a level not seen since December 2017.

Although Troy’s investment horizon is long term, there is value in analysing such performance snapshots because they provide an insight into the characteristics of the portfolio. In particular, it was important to see robust capital preservation from the portfolio’s consumer holdings.

Stocks such as Unilever, Compass and Coca-Cola (which make up over 10% of the portfolio) all made robust contributions to the Fund’s performance during this short period of weakness. These stocks, and others within their sectors, have experienced a sustained, and at times painful, derating over recent quarters. The lower valuations on which they now trade reinforces their already strong defensive credentials in periods of pessimism. Both Coca-Cola and Unilever trade on dividend yields in excess of 3%. Compass has typically paid a much more modest dividend but currently yields 2.3%. All three stocks trade on price/earnings multiples that are more attractive than their five-year averages. Such snapshots provide us with increased confidence as the market cycle matures. 

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 +49.0% +225.2% +200.9%
Max drawdown* -11.0% -25.2% -45.6%
Annualised Volatility +8.8% +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 (%)
Unilever 5.9
Royal Dutch Shell 5.5
BP 4.9
Lloyds  4.1
GlaxoSmithKline  3.9
British American Tobacco  3.8
Reckitt Benckiser  3.7
Compass 3.3
Experian 3.2
National Grid 3.1
Total Top 10 41.4
33 other holdings 55.4
Cash & equivalent 3.2
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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