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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 15/06/2018
Accumulation Shares
Income Shares
Fund Size
£4,330M (30/04/18)

April 2018

Your Fund returned +0.5% during the month compared to +6.4% for the FTSE All-Share Index (TR).

With April comes corporate results season and a subsequent confirmation of, or adjustment to, investor expectations.  The last quarter, which was not particularly eventful in terms of the numbers reported for Troy stocks, underlined a clear change in the mood of the market.

The first thing to note is that some modest changes to expectations have seen severe share price reactions.  The most notable examples of this in the Trojan Fund were Sage and Philip Morris, both c. 2% holdings.  In moving its customers from a license to a subscription-based model, Sage’s growth rate has accelerated and expectations had been raised to ambitious levels.  These proved too high for the current year and organic growth has been revised down from +8% to +7% for 2018.  This is still a very attractive rate but the shares were down -19% on the news (they have since returned to the pre-announcement level).

Philip Morris International’s results disappointed when its sales of reduced-risk products came in lower than expected.  The company still believes it can grow +8% this year but Q1 has seen widespread optimism (the shares returned +20% last year) convert to greater pessimism (those gains have been erased in 2018).

This investor nervousness has occurred in the context of a more pervasive sector rotation away from defensive companies towards more cyclical sectors like energy and retail.  A de-rating of companies with robust fundamentals should provide us with opportunities to add to the Fund’s equities. 

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 +224.8% +163.1%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +66.0% +58.6%
Annualised Volatility +6.4% +13.6%

* 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 5.7
British American Tobacco 3.7
Microsoft 3.2
Unilever 2.7
Coca-Cola 2.1
Philip Morris 2.1
Altria 1.9
Berkshire Hathaway 1.9
Nestlé 1.9
ETFS Physical Swiss Gold 1.8
Total Top 10 27.0
22 other holdings 43.8
Cash & equivalent 29.2
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
  • 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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