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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 23/11/2017
304.36p
Accumulation Shares
Income Shares
250.53p
Fund Size
£4,373M

October 2017

Your Fund returned +0.7% during the month compared to +1.9% for the FTSE All-Share Index (TR).

This month’s small positive performance for the Fund masks an uncharacteristically eventful reporting season for some of our companies.   As long-term investors (13 out of the top 15 stocks in your Fund have been held for over five years and 4 have been held for over 10), we do not place excessive weight on any one quarter’s numbers.  The same cannot always be said for the market. 

Microsoft, a company first bought for the Trojan Fund in 2010, reported a strong set of results.  Revenue increased 11% and earnings per share +17%.  Commercial cloud revenues have grown to a current run-rate of $20bn, as the company is successfully managing a transition to a new subscription-based business model.  This has required a significant amount of investment which is paying off and holders of the shares have been handsomely rewarded. Microsoft’s total return since the Fund’s first purchase in 2010 has been 302%* and the shares rose +6% on the day of its earnings in October.

Hershey by contrast fell over -5% on the day of its numbers.  Although revenues were palatable, growing +1.1% in the context of a tricky US market, operating margins fell slightly due to planned investments and higher freight costs.  We are happy to sacrifice short-term margin gains when companies invest behind manufacturing and distribution capabilities.  The Fund added to its small holding in the business on weakness.  The maker of Hershey’s Kisses has generated returns on invested capital averaging 23% over the past 5 years*.

*Source:  Bloomberg, 31 October 2017


 

 

 

 

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 +231.9% +157.6%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +67.0% +59.4%
Annualised Volatility +6.5% +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 5.7
British American Tobacco 4.2
Microsoft 3.5
Philip Morris 2.7
Coca-Cola 2.3
Nestlé  2.1
Sage 2.0
Altria 1.9
Berkshire Hathaway 1.9
Dr Pepper Snapple 1.8
Total Top 10 28.1
22 other holdings 43.6
Cash & equivalent 28.3
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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