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 23/05/2017
303.66p
Accumulation Shares
Income Shares
250.65p
Fund Size
£3,977M

April 2017

Your Fund returned -0.8% during the month compared to -0.4% for the FTSE All-Share Index (TR).

Theresa May’s call for a snap election in June had a significant impact on markets last month.  The pound appreciated strongly and UK multinationals that had benefited from a weaker sterling post-Brexit gave back some of their gains.  Two thirds of the Fund’s dollar exposure is hedged back to sterling; the unhedged portion detracted from returns.

We are often asked how the Trojan Fund prepares for and responds to political events.  Those familiar with the Fund will have noticed that its asset allocation has remained steady in contrast to the political turbulence of the past year.  The inference is that we do not position for binary political events.

That is not to say the Fund’s asset allocation is determined in a political vacuum.  The increasing politicisation of markets is ignored at investors’ peril. According to BCA Research, world trade is below its peak of 50% of GDP.  The populist policies of Donald Trump seek to reinforce this reversal of globalisation, posing a significant threat to corporate profitability.  The political agenda is supported by the fact that corporate profitability as a % of GDP is near multi-decade highs while the inverse is true of employee compensation.  Such is the backdrop to markets placing ever-higher valuations upon corporate earnings.  Our equity exposure remains towards the lower end of its historical range. 

 


 

 

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 (30th June 2001)FundIndex*
Total Return +228.7% +143.2%
Max Drawdown # -13.7% -45.6%
Best Month +8.9% +9.9%
Worst Month -4.7% -13.2%
Positive Months +67.5% +59.2%
Annualised Volatility +6.5% +13.8%

* 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
British American Tobacco 3.9
Philip Morris 3.2
Microsoft 3.2
Altria 2.4
Coca-Cola 2.4
Nestlé  2.2
Reynolds American 2.0
Sage 2.0
ETFS Physical Gold 2.0
Total Top 10 29.7
23 other holdings 39.8
Cash & equivalent 30.5
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