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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 16/08/2018
Accumulation Shares
Income Shares
Fund Size
£4,171M (30/06/18)

June 2018

Your Fund returned +0.2% during the month compared to -0.2% for the FTSE All-Share Index (TR).

Trump tariffs and Italian politics dominated the headlines in June but equity markets have barely moved from where they started the year.

Our asset allocation continues to be driven by fundamental analysis.  In the case of our equity holdings, we look for companies which we believe can continue to compound returns on capital at attractive rates into the future.  This year’s de-rating of various staple sectors has led us to add to holdings in companies such as Unilever and Altria.  However our equity weighting in aggregate has not increased which one might expect given that its weighted-average valuation has declined.     


This is largely due to deteriorating capital allocation and an increase in corporate leverage.  Stocks in the Fund have not been exempt from the recent flurry in deal activity, facilitated by low rates of interest.  In April we sold Dr Pepper, whose merger with Keurig Green Mountain was referenced in January’s fact sheet.       

In April we sold the Fund’s small holding in Hershey, initiated 18 months ago.  This holding period was much shorter than usual but when Hershey agreed to acquire Amplify Snack Brands in December for $1.6bn or 48x (adjusted) earnings, it was clear that the facts had changed.  A meeting with management confirmed their appetite for further deals, outside of its core chocolate market where Hershey has high market shares and a proven track record.  In seeking to preserve capital, we must also endeavour to avoid disasters; these include expensive acquisitions and over-levered balance sheets.

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 +228.5% +169.9%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +66.3% +58.5%
Annualised Volatility +6.4% +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 5.9
British American Tobacco 3.7
Microsoft 3.6
Unilever 2.9
Coca-Cola 2.3
Philip Morris 2.2
Altria 2.1
Nestlé 2.0
Berkshire Hathaway 2.0
Imperial Oil 1.9
Total Top 10 28.6
20 other holdings 46.4
Cash & equivalent 25.0
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
  • 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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