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Trojan Income Fund

The investment objective of Trojan Income Fund is to provide an above average income with the potential for capital growth in the medium term. The investment policy is to invest substantially in UK and overseas equities and fixed interest securities but Trojan Income 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 16/11/2018
317.44p
Accumulation Shares
Income Shares
178.75p
Fund Size
£2,742M (31/10/18)

October 2018

The Fund produced a return of -2.8% during the month compared to a return of -5.2% for the FTSE All-Share Index (TR).

This was a torrid month for equities worldwide – in fact the worst one-month decline since May 2012.

As is often the case in such market setbacks, more volatile small and mid-cap stocks led the market fall whereas more defensive companies held up well. This played to your Fund’s strengths.

Concerns that rising US interest rates might choke off economic growth were the main factor which precipitated the market weakness. Disappointing results from both Amazon and Alphabet further exacerbated the declines and a number of companies pointed towards a more challenging 2019.

In the UK the Budget was held in October. The OBR 2018 GDP growth forecasts were downgraded slightly to 1.3% but future year forecasts were upgraded, allowing the Chancellor the flexibility to flag the ending of austerity. However, the Brexit process continues to dominate Parliament and the risk of a ‘No Deal’ outcome is becoming a greater probability. This would undoubtedly increase both market and currency volatility.

Within the portfolio the most resilient performers like National Grid and AstraZeneca held up particularly well while the worst offenders were Royal Mail and Schroders.

Despite political and economic uncertainty the Fund yield of over 4% continues to provide support.

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 LaunchFund IA UK Equity Income FTSE All-Share Index (TR) 
Max drawdown* -25.2% -44.9% -45.6%
Annualised volatility +9.2% +12.0% +12.8%

 

* Measures the worst investment period 

Performance is calculated on a total return basis, net of fees, in sterling terms.

 

Top 10 HoldingsFund (%)
Unilever  5.7
Royal Dutch Shell  5.4
BP 5.1
GlaxoSmithKline    4.3
Reckitt Benckiser 4.3
Lloyds 3.9
British American Tobacco 3.7
National Grid 3.4
Imperial Brands  3.3
Compass  3.1
Total Top 10 42.2
31 other holdings 54.2
Cash & equivalent 3.6
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
    Francis Brooke
  • Assistant Fund Manager
    Hugo Ure
  • Inception Date
    30/09/2004
  • Currency
    £ Sterling
  • Available Share Class
    O, I, S
  • ISIN (O Class)
    GB00B01BP176 (Acc)
    GB00B01BNW49 (Inc)
  • Bloomberg (O Class)
    TROJINC_LN (Acc)
    TROJINI_LN (Inc)
  • Sedol (O Class)
    B01BP17 (Acc)
    B01BNW4 (Inc)

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