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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 16/11/2018
302.47p
Accumulation Shares
Income Shares
247.86p
Fund Size
£4,143M (31/10/18)

October 2018

Your Fund returned +0.3% during the month compared to -5.2% for the FTSE All-Share Index (TR).

October saw a return of volatility to global markets.  The S&P 500, which this year has been largely impervious to woes in other markets, saw its worst monthly performance since 2010.  Market commentaries point to a number of ‘catalysts’ for this reversal in sentiment:  slowing growth, fragility of the Italian banking system, higher interest rates and Sino-American tariff wars.  Identifying the straw that breaks the camel’s back is a difficult task.  It is clear however that continued high valuations are burdened by weighty investor expectations.  We have seen the share prices of some expensively valued, economically sensitive businesses fall significantly in recent weeks, including those in the luxury goods and tech sectors.  The earnings of such companies are generally growing but remain vulnerable to a downturn in economic growth.  We would expect share prices to fall further if this occurs. 

Nine years into an economic recovery, it is by design that the Trojan Fund’s exposure to more cyclical businesses is low.  The overall equity allocation also remains modest as valuations remain close to historic highs.  The companies in which the Fund is invested have generally held up better than the wider market thanks to their more defensive earnings profiles. 

We continue to monitor a select group of franchises, including several not yet held in the Fund.  When these reach our valuation targets, we will increase the allocation to equities.  Where such companies are more cyclical, one must be wary of ostensibly low multiples of earnings but where the earnings are nearing a cyclical peak. 

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 +232.1% +153.8%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +66.0% +58.4%
Annualised Volatility +6.3% +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 6.4
Microsoft 3.9
Coca-Cola 3.7
British American Tobacco 3.3
Unilever 2.9
Philip Morris 2.6
Altria 2.6
Nestlé 2.3
Berkshire Hathaway 2.2
Procter & Gamble 2.1
Total Top 10 32.0
20 other holdings 53.0
Cash & equivalent

15.0

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
    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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