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Trojan Fund

 

The investment objective of Trojan Fund is to achieve growth in capital and income in real terms over the longer term. The investment policy is to invest substantially in UK and overseas equities and fixed interest securities but Trojan Fund may also invest in collective investment schemes and money market instruments. 

In addition to the O share class referred to on this page, I & S Classes are also available. Please contact us for more information.

'O' Share Class Price 20/04/2018
294.39p
Accumulation Shares
Income Shares
242.03p
Fund Size
£4,336M (31/03/18)

March 2018

Your Fund returned -1.1% during the month compared to -1.8% for the FTSE All-Share Index (TR).

 

We have sold the Fund’s holding of Becton, Dickinson and Company. Becton was first acquired for the Fund in 2010. We were attracted then by the company’s pristine balance sheet, the shares’ lowly valuation, management’s sensible attitude towards capital allocation and the business model of selling repetitively consumable medical devices to healthcare providers across the globe. Becton was clearly a suitable candidate for long-term investment and the shares have performed well.  

More recently however, Becton’s management has placed greater emphasis on acquiring growth and scale through transformative acquisitions. The latest business to be bought, CR Bard, is a similarly wonderful franchise but its acquisition has come at the expense of an extended balance sheet and will depress Becton’s returns on invested capital for years. We prefer our investee companies to create goodwill rather than expensively acquire it.

 

The recent rise in the benchmark US 10-year Treasury yield has elicited selling of stocks that enjoy sustainable revenues. Their projected resilient long-term cash flows have perversely become a hindrance to valuation as market discount rates have risen. We have therefore used the recent market sell-off to add to the core holdings of Altria and Unilever at attractive levels of valuation and appealing dividend yields.

 

 

 

 

Performance is calculated on a total return basis, net of fees, in sterling terms.

Source: Lipper, Link Fund Solutions 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 (31st May 2001)FundIndex*
Total Return +223.2% +147.2%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +65.8% +58.4%
Annualised Volatility +6.4% +13.5%

* FTSE All-Share Index (TR)

# Measures the worst investment period

Performance is calculated on a total return basis, net of fees, in sterling terms.
Top 10 HoldingsFund (%)
Gold Bullion Securities 5.6
British American Tobacco 3.8
Microsoft 3.2
Unilever 2.6
Philip Morris 2.5
Dr Pepper Snapple 2.4
Altria 2.1
Coca-Cola  2.1
Berkshire Hathaway 1.8
Nestlé 1.8
Total Top 10 27.9
22 other holdings 41.4
Cash & equivalent 30.7
Total 100.0

 

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
    Sebastian Lyon
  • Assistant Fund Manager
    Sean Beck
  • Investment Manager
    Charlotte Yonge
  • Inception Date
    31/05/2001
  • Currency
    £ Sterling
  • Available Share Class
    O, I, S
  • ISIN (O Class)
    GB00B01BP952 (Acc)
    GB0034243732 (Inc)
  • Bloomberg (O Class)
    CFTROJA_LN (Acc)
    CFTROJI_LN (Inc)
  • Sedol (O Class)
    B01BP95 (Acc)
    3424373 (Inc)

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