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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 25/09/2017
318.31p
Accumulation Shares
Income Shares
186.71p
Fund Size
£3,429M

August 2017

The Fund produced a return of -0.3% during the month compared to a return of +1.4% for the FTSE All-Share Index (TR).

The return was dominated by the impact of a further profit warning from Provident Financial which had a negative impact of about 0.8% on the Fund. This was very disappointing.

The extent to which the company misjudged the restructuring of a core division has been extremely damaging. A management team which had built a reputation for competence and skilful execution of strategy has been found wanting, and the result has been a material diminution of equity value. We still believe that there is significant value in the Vanquis Bank franchise, but the home-collected credit business will struggle to return to previous levels of profitability.

Investors will know that our aim is to minimise the impact of capital loss on the Fund. We often forego potential upside in investments because of the possible downside risk, and this helps to lower the Fund’s volatility. But on this occasion we have not succeeded in that aim, which is a cause for regret. The holding was at least a significantly smaller proportion of the Fund when these problems arose than it was three years ago.

Although the Provident Financial interim dividend will now not be paid, we still expect the Fund to deliver real dividend growth in the year to January 31st 2018. 

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 LaunchFund IA UK Equity Income FTSE All-Share Index (TR) 
Max drawdown* -25.2% -44.9% -45.6%
Annualised volatility +9.3% +12.2% +13.0%

* Measures the worst investment period 

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

 

Top 10 HoldingsFund (%)
Unilever 5.6
Royal Dutch Shell 4.7
GlaxoSmithKline 3.4
Compass    3.4
British American Tobacco 3.4
Lloyds 3.3
Imperial Brands 3.2
National Grid 3.1
Reckitt Benckiser 3.1
Vodafone 3.0
Total Top 10 36.2
36 other holdings 55.8
Cash & equivalent 8.0
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
    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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