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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 16/11/2018
£1.45
Accumulation Shares
Income Shares
£1.18
Fund Size
£160M (30/09/18)

September 2018

The Master Fund produced a return of -0.3% during the month compared to a return of +0.7% for the FTSE All-Share Index (TR).

Midway through the month Jardine Lloyd Thompson (JLT) announced it had reached an agreement to be purchased by Marsh & McLennan (MMC) at an offer price of £19.15 per share, representing a 34% premium to the prior day closing price. JLT is an insurance and reinsurance broker focussed on specialty areas such as aviation and political risk. Its market cap is less than 15% the size of MMC, yet it holds a top-five market position.

We have always been impressed by JLT’s management, and this was integral to the reasoning behind our initial purchase in 2010 (at ~£5.80). 

They have steered the company from being a wholesale broker centred on London to a global leader in specialty risk. The company has invested continually to ensure they can offer genuine added value as the role of brokers has evolved into sophisticated risk modelling, tailored to clients’ profiles. The shrewd acquisition of Towers Watson’s reinsurance business in 2014 brought valuable analytics capabilities.

Validation of JLT’s strategy can be found in their 6% average annual organic sales growth over the past decade. MMC recognised the long-term potential that should stem from the company’s focus on markets in which it has unique expertise and the capital investments made to face a technology-driven modern world.

With attractive valuations and a depressed currency, the UK appears good value to would-be international acquirers. It seems unlikely JLT will be the last in this year’s bout of UK acquisitions by foreign buyers.

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 +51.3% +230.3% +197.9%
Max drawdown* -11.0% -25.2% -45.6%
Annualised Volatility +8.6% +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  5.6
Royal Dutch Shell  5.2
BP 4.9
Reckitt Benckiser  4.6
GlaxoSmithKline   4.1
Lloyds   3.9
British American Tobacco  3.7
Compass 3.3
Imperial Brands  3.2
Experian 3.2
Total Top 10 41.7
32 other holdings 54.2
Cash & equivalent 4.1
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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