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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 16/03/2018
Accumulation Shares
Income Shares
Fund Size
£4,485M (31/01/18)

January 2018

Your Fund returned -0.4% during the month compared to -1.9% for the FTSE All-Share Index (TR).

Sovereign bond yields are rising in response to a synchronised pickup in global economic activity and the increased anecdotal evidence that inflationary forces are beginning to
coalesce. For now the intense deflationary fears that have encouraged trillions of pounds to be directed towards negative yielding bonds are dissipating. Investors are now faced with the conundrum of faster growing economies running up against elevated asset prices. Rising growth, wages and even company earnings may ironically leave equities exposed to the removal of a major support for stock prices – a low discount rate applied to future corporate cash flows. What is good for Main Street may not prove good for Wall Street. 

Another example of seemingly good news possibly being bad was the announcement that the Fund’s investee holding of Dr Pepper Snapple Group is merging with Keurig Green Mountain. Dr Pepper shareholders will receive $103 and change as a special dividend and will get to keep their shares. This will be at the expense of being massively diluted by new shares issued to parties controlling Keurig and a highly leveraged balance sheet. The nature of the proposed transaction is likely to lead to the Fund’s decreased participation in the attractive cash-generative soft drinks industry. Brand Dr Pepper aficionados will appreciate that an enforced watering down of the Fund’s ownership of this unique business could very well be one of the worst things that could happen. 






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 +232.7% +160.3%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +66.5% +59.0%
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 5.4
British American Tobacco 4.1
Microsoft 3.5
Philip Morris 2.5
Dr Pepper Snapple 2.3
Coca-Cola 2.2
Sage 1.9
Nestlé  1.9
Berkshire Hathaway 1.9
Altria 1.9
Total Top 10 27.6
23 other holdings 42.4
Cash & equivalent 30.0
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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