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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 18/01/2018
325.99p
Accumulation Shares
Income Shares
191.21p
Fund Size
£3,342M (31/12/17)

December 2017

The Fund produced a return of +2.5% during the month compared to a return of +4.8% for the FTSE All-Share Index (TR).

Equity markets rallied hard into the year end and the FTSE All-Share total return for the year of +13.1% proved a tough comparator for many funds, particularly those with a defensive bias such as your Fund.

Mining shares led the way in December with Utilities bringing up the rear. Centrica (-5%) and SSE (-4%) were the Fund’s laggards. The best performers were a wide-ranging group of companies including WH Smith (+12%), IG Group (+11%), Assura (+9%) and Land Securities (+8%). Source: Bloomberg  

Our focus at present is to re-examine all of the companies in the portfolio in order to identify any stocks where free cash flow growth prospects no longer match our expectations. We have reduced a small group of holdings for those reasons and the proceeds have been reinvested in RELX, a new investment, and by adding to one or two existing holdings. By reducing the number of holdings slightly, we believe that we will improve the overall quality of the portfolio and consequently its resilience in the event of a pullback in markets, which we believe to be quite likely given the current valuation levels.

Although this has been a dull period for the Fund, the income generation remains strong and we expect the final dividend for the year, to 31st January 2018, will show a healthy increase in real terms, maintaining the unbroken record of dividend growth since the Fund was launched in 2004. Keeping volatility low and delivering real growth of capital and income to investors have been the primary objectives since then and will continue to be so.

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% +12.1% +12.9%

* Measures the worst investment period 

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

 

Top 10 HoldingsFund (%)
Royal Dutch Shell 5.6
Unilever  5.2
British American Tobacco 4.1
Lloyds  3.8
BP 3.7
Reckitt Benckiser 3.4
Compass  3.3
Vodafone 3.3
Imperial Brands 3.2
GlaxoSmithKline  3.0
Total Top 10 38.6
37 other holdings 55.4
Cash & equivalent 6.0
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 Managers
    Hugo Ure & Mark Wharrier
  • 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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