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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 18/01/2018
304.92p
Accumulation Shares
Income Shares
250.99p
Fund Size
£4,475M (31/12/17)

December 2017

Your Fund returned +0.8% during the month compared to +4.8% for the FTSE All-Share Index (TR).

December saw the 14th consecutive positive month for the S&P 500, the first time this has happened in the index’s 90-year history.  Numerous indicators are signalling excessively bullish investor sentiment.  US mutual fund cash allocations (according to ICI data) are at multi-decade lows whilst the volatility of the S&P, as measured by the CBOE’s ‘VIX’ index, is still below 10; this compares with a high of 81 in 2008.  Since we wrote about the corporate bond market in August, spreads on US corporate bonds have tightened further.

Whilst 2017 saw an improvement in global growth, the increase in asset prices has more than reflected this.  Following two years of standstill, the earnings of the S&P 500’s companies are estimated to have increased +12% in 2017; the index’s price level rose +19%.  Earnings for the US stock market are projected to increase +12% in 2018, before accounting for the expected one-off tax benefit.  Expectations are high.

We entered 2017 with considerable caution and we venture into 2018 with more.  It is unclear when the reality check arrives.  The fault of our being early shows up in the Fund’s small positive return versus the market’s larger one.  By virtue of expressing our pessimism through a low equity allocation and high liquidity, strong markets should not hurt us in absolute terms.  Conversely, lower valuations would enable us to invest our cash and generate higher returns in the future.   


 

 

 

 

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 +234.2% +165.4%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +66.8% +59.3%
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 5.5
British American Tobacco 4.2
Microsoft 3.4
Philip Morris 2.6
Coca-Cola 2.2
Sage 2.1
Altria 2.1
Nestlé  2.0
Dr Pepper Snapple 1.9
Berkshire Hathaway 1.9
Total Top 10 27.9
23 other holdings 42.2
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
  • Investment 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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