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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 28/04/2017
300.47p
Accumulation Shares
Income Shares
248.01p
Fund Size
£3,834M

March 2017

Your Fund returned +0.5% during the month compared to +1.2% for the FTSE All-Share Index (TR).

An update in March from A.G. Barr, the Scottish soft drinks manufacturer, brought the curtain down on the latest results season. Barr has endured a difficult trading period driven by long spells of inclement weather and an intensely competitive retail environment. Sentiment has also been soured by the UK government’s decision to introduce a levy on the soft drinks industry. Barr was founded in 1875 and it hasn’t survived and thrived by resting on its laurels. An established commitment and ability to adapt to changing tastes are predicated on the reliability of cash flows emanating from Barr’s portfolio of enduring and well-loved brands.

 

Recently, management announced that 90 per cent of company-owned volumes will avoid the “sugar tax” altogether. A long-standing sugar-reduction programme is just the latest incarnation of Barr’s willingness to adjust to evolving consumer preferences. The widespread desire of consumers to reduce their sugar intake should smooth the introduction of lower calorie IRN-BRU, the company’s flagship brand. The soft drinks levy is an additional cost for the UK industry to shoulder and we hope it acts to curtail promotional pricing of the two global cola brands. More constructive cola pricing would improve profitability for all soft drinks manufacturers.  

Barr’s board has also approved an 8 per cent increase in the dividend and a £30 million share buyback.  We share its confidence in the company’s outlook. 

 

 

 

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

Source: Lipper, Capita Asset Services

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 June 2001)FundIndex*
Total Return +231.5% +144.1%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +67.9% +59.5%
Annualised Volatility +6.5% +13.8%

* 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 6.6
British American Tobacco 4.0
Philip Morris 3.5
Microsoft 3.2
Altria 2.6
Coca-Cola 2.5
Nestlé  2.2
Reynolds American 2.1
ETFS Physical Gold 2.0
Imperial Oil 2.0
Total Top 10 30.7
22 other holdings 39.4
Cash & equivalent 29.9
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
  • 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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