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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 27/07/2017
304.23p
Accumulation Shares
Income Shares
251.12p
Fund Size
£4,161M

June 2017

Your Fund returned -1.1% during the month compared to -2.5% for the FTSE All-Share Index (TR).

We recently met with the CEO of the Fund’s newest equity holding, Franco-Nevada. Franco is based in Toronto, Canada and is the world’s premier precious metals royalty and stream company. Royalties and streams are economic interests that provide the holder the right to revenue or production from underlying mineral deposits. Crucially, Franco does not operate mines or conduct exploration. It is not on the hook for ongoing capital expenditure or unanticipated operating cost increases. Instead the Company’s business model is focused on managing and growing a portfolio of cash-generative streams and royalties. 

Franco’s financial results in the short term are tied to the price of gold and the amount of production from its portfolio of producing interests. A higher gold price results in higher corporate revenues. However, historically greater shareholder value has been created during commodity slumps. The Board, collectively itself a material shareholder, has deployed considerable sums of capital, at advantageous parts of the cycle, to shore up the over-extended balance sheets of actual mining companies such as Glencore in exchange for new streams that allow Franco to buy ounces of gold and silver at material discounts to prevailing market prices. Franco’s management recognises it operates in a cyclical industry and so retains the valuable commodity of cash on the Company’s balance sheet, at all times, to take advantage of the impatient and imprudent.

Dividends have grown every year since its 2008 IPO and we expect further distribution increases in the years to come. 

 

 

 

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 (31st May 2001)FundIndex*
Total Return +231.9% +147.6%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +67.4% +59.1%
Annualised Volatility +6.5% +13.7%

* 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 6.0
British American Tobacco 3.8
Philip Morris 3.3
Microsoft 3.0
Altria 2.4
Coca-Cola 2.4
Nestlé  2.3
Sage 1.9
Reynolds American 1.9
ETFS Physical Gold 1.8
Total Top 10 28.8
23 other holdings 41.9
Cash & equivalent 29.3
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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