This site uses some unobtrusive cookies to store information on your computer. These cookies are essential, as the site won't work as expected without them. These cookies are set when you submit a form, login or interact with the site by doing something that goes beyond clicking on simple links. 

We also use some non-essential cookies to anonymously track visitors or enhance your experience of the site. If you're not happy with this, we can disable these these cookies but some features of the site may not work. By using our site you accept the terms of our Privacy Policy.

Close

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 19/10/2017
304.91p
Accumulation Shares
Income Shares
250.98p
Fund Size
£4,223M

August 2017

Your Fund returned +1.1% during the month compared to +1.4% for the FTSE All-Share Index (TR).

Markets have been becalmed for several months.  Perhaps this is just a summer lull but volatility has remained remarkably subdued.  In August, in the face of heightened geopolitical risk and the most damaging Atlantic hurricane season in a decade, stock markets refused to be blown off course.  Safer assets caught a bid with gold and fixed-interest securities performing well but the paradox remains that both risk and non-risk assets are presently highly positively correlated.

The veiled threats of monetary tightening from central bankers are yet to become reality.  The recent cyclical upswing has, so far, failed to lift long-term interest rates but it is unlikely that the recent benign environment of low volatility will continue for much longer.  If growth continues then wage pressures are likely to build.  If, on the other hand, growth dissipates, which would be expected at this stage in the cycle, stocks would be vulnerable to weaker profits, especially with valuations this high. 

Central banks will eventually have to do more than just signal tightening and move to act by raising rates and attempting to shrink their balance sheets.  We have long said that any attempt to normalise the unconventional monetary policy, in place since 2009, was likely to prove problematic, but after much talk and little action it seems such an attempt may be approaching.

After a calm summer we anticipate a more volatile autumn.

 

 

 

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 +234.1% +154.0%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +67.2% +59.5%
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 6.1
British American Tobacco 3.7
Microsoft 3.2
Philip Morris 3.2
Coca-Cola 2.4
Nestlé  2.2
Altria 2.0
Sage 1.9
Unilever 1.9
ETFS Physical Gold 1.9
Total Top 10 28.5
22 other holdings 42.9
Cash & equivalent 28.6
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)

Related Literature