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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 11/12/2017
£1.47
Accumulation Shares
Income Shares
£1.23
Fund Size
£173M

October 2017

The Master Fund returned +1.0% during the month compared to +1.9% for the FTSE All-Share Index (TR).

Markets moved higher, led by commodity stocks which responded favourably to positive macroeconomic data. US GDP growth in Q3 of +3.0% was better than expected, while the Eurozone continued to exhibit signs of recovery.

The resulting continuing cyclical bias in the equity market favours sectors like mining and housebuilding where we struggle to find value without increasing portfolio volatility. Within the portfolio the most notable transactions were to reduce AstraZeneca after a strong recovery in the share price and to increase BP which had lagged somewhat. 

Two of the strongest performers in the Fund this month were Hiscox and Lancashire. Both are specialist insurers with particular areas of underwriting expertise which have in recent years returned surplus capital to investors in the form of special dividends. This year the prospect of firmer rates has led these companies to decide to retain surplus capital in order to increase underwriting capacity. We never budget to receive special dividends so this will not impact our projection for the Fund’s income account.

We are pleased to confirm that Mark Wharrier arrived at Troy in October to join the Troy UK Income team. His extensive experience in managing UK equity portfolios, particularly those with an income orientation, is highly complementary and he will be a great addition to our team.

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 +48.2% +223.5% +186.6%
Max drawdown* -9.1% -25.2% -45.6%
Annualised Volatility +8.6% +9.4% +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 5.3
Unilever  5.3
British American Tobacco 3.9
Lloyds  3.7
BP 3.6
Compass  3.4
Reckitt Benckiser  3.3
Imperial Brands 3.1
GlaxoSmithKline  3.0
Vodafone 3.0
Total Top 10 37.6
37 other holdings 54.7
Cash & equivalent 7.7
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.

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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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