Trojan Fund

Troy

Overview

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A multi-asset fund that aims to protect investors’ capital and grow its value in real terms over the long term. We combine cautious asset allocation with careful selection of high-quality companies, purchased at fair valuations.

What does the Fund do?

Through a long-term, long-only approach, the Fund has the flexibility to invest in a broad range of asset classes. We primarily invest in developed market equities and bonds, gold-related investments, as well as cash and short-dated Treasury bills.

Why this Fund?

Aimed at investors who want a multi-asset fund emphasising capital preservation and absolute returns. The Fund’s emphasis on downside risk management and high-quality securities aim to deliver strong risk-adjusted returns over the long-term. The Fund integrates ESG and stewardship in accordance with Troy’s Responsible Investment & Stewardship Policy and also adheres to Troy’s Climate Change Mitigation Policy, in accordance with article 8 of SFDR.

View our SFDR disclosure

The team

Sebastian Lyon

Founder & Chief Investment Officer

Bio

Sebastian Lyon

Founder & Chief Investment Officer

Sebastian is Troy’s Chief Investment Officer and is responsible for Troy’s Multi-Asset Strategy. He is the Senior Fund Manager for the Trojan Fund and Investment Manager of Personal Assets Trust.

Sebastian began his career in 1989 at Singer & Friedlander Investment Management. Joining Stanhope Investment Management (the management company for the GEC Pension Fund) in 1995, he jointly managed the £2 billion equity portfolio and the Fund’s asset allocation. He was appointed Director in 1999, and in 2000 he left to establish Troy. Gaining his BSc in Politics from Southampton University, Sebastian holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.

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Charlotte Yonge CFA

Senior Fund Manager

Bio

Charlotte Yonge CFA

Senior Fund Manager

Charlotte is the Assistant Fund Manager of the Trojan Fund and Personal Assets Trust and Fund Manager of the Trojan Ethical Fund, with responsibility for multi-asset coverage and the analysis of global companies and their selection for Troy’s portfolios.

Charlotte joined Troy in 2013 from Ruffer Investment Management, where she worked as an Investment Associate. Graduating from Cambridge with an MA in Modern Languages, Charlotte holds the CISI Diploma and is a CFA Charterholder.

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Marc de Vos CFA

Investment Analyst

Bio

Marc de Vos CFA

Investment Analyst

Marc is an Investment Analyst working on the multi-asset mandates, with responsibility for analysis of global companies and their selection for Troy’s portfolios.

Marc joined Troy in June 2019 from RWC Asset Management, where he worked as an Investment Analyst. Marc holds a BEng in Electromechanical Engineering and a PhD in Electronic and Electrical Engineering from Southampton University. Marc is a CFA Charterholder.

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Michael Kinsella

Investment Specialist

Bio

Michael Kinsella

Investment Specialist

Michael is an investment specialist on the Multi-Asset Strategy. Michael joined the Business Development Team at Troy in May 2016 from Veritas Investment Management where he worked as an Assistant Portfolio Manager.

Michael graduated from Dublin Business School with a BA (hons) in Business Studies in 2005. Michael holds a Masters in Wealth Management from the Chartered Institute of Securities & Investments and the IMC.

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Commentary

October 2024

Your Fund returned +0.8% during the month, compared to -1.6% for the FTSE All-Share Index (TR).

October saw the release of the much-anticipated Labour budget in the UK. Rachel Reeves announced changes that raised taxes by £40bn, alongside increased borrowing and spending. The bulk of the additional tax burden is to be shouldered by businesses through employers’ National Insurance contributions.

Markets were quick to digest the news. UK gilts sold off aggressively (yields higher with prices lower), with 10-year yields rising around 30bps to 4.5%. Markets are likely questioning the impact on inflation in the UK, as two thirds of the additional spending announced is on current expenses as opposed to capital spending. Question marks also remain as to whether the gilt market can absorb an additional £32bn of debt issuance (bringing the total to ~£300bn this fiscal year, a record excluding Covid) as well as how much tax will actually be raised, since some of this increase relies on changes to capital gains tax where owners are generally not forced to sell assets.

The sell-off in gilts pushed the yield differential between German and UK 10-year debt to above 2%, close to the highs seen after the Truss mini-budget. If sustained, higher bond yields will impact government finances through higher interest costs, sucking funding from other more productive uses. The Office for Budget Responsibility forecasts the UK will spend £122bn on annual interest by the end of the decade.

The outlook for inflation and the growing fiscal concerns continue to give us reasons to be cautious on duration risk in the bond market. We do not own any UK bonds with a duration over three years and described similar concerns in Investment Report No. 82 for the US. As concerns the UK economy, on average companies held in the portfolio derive only ~3.5% of sales from the UK. Experiences like this UK budget continue to strengthen our preference for building a globally diverse portfolio that is not excessively impacted by storms in any single market.

Key facts

Fund Manager

Sebastian Lyon

Assistant Fund Manager

Charlotte Yonge

Inception date

31/05/2001

Currency

Sterling

Available share classes

O, I, S, X

ISIN (O Class)

GB00B01BP952 (Acc)
GB0034243732 (Inc)

Bloomberg (O Class)

CFTROJA_LN (Acc)
CFTROJI_LN (Inc)

Sedol (O Class)

B01BP95 (Acc)
3424373 (Inc)

Fund rating

© 2024 Morningstar, Inc. All Rights Reserved.

Benchmarks

For more information on the benchmarks used please refer to the ‘use of benchmarks’ section in the fund information sheet

Ongoing Charges

‘O’ (ordinary) shares: 1.03%
‘X’ (platform) shares: 0.88%

‘O’ ACC SHARE CLASS as at 20/11/2024

412.93p

Fund size as at 31/10/2024

£4,970m

‘O’ INC SHARE CLASS as at 20/11/2024

329.95p

Performance

Source: Lipper, Waystone Management UK Limited

31/05/200131/10/201431/10/201931/10/202131/10/202330/04/2024
Since Launch10 Years5 Years3 Years1 Year6 Months
Trojan O Income352.367.527.97.08.23.0
UK Retail Price Index123.150.833.824.62.90.9
FTSE All-Share TR257.581.931.919.716.31.8
Bank of England Base Rate66.514.311.511.05.32.6
Discrete Calendar Annual Returns (%)200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
Trojan O Income0.64.115.410.315.9126.11.111.614.48.52.1-3.18.93.212.34.1-310.77.412.1-3.82.75.9

Performance is calculated on a total return basis, net of fees, in sterling terms. Past performance is not a guide to future performance

Source: Lipper, Waystone Management UK Limited. Since Launch (31/05/2001) to 31 October 2024.

Risk and Volatility since launch

Source: Lipper, Waystone Management UK Limited

Risk Analysis Since Launch (31/05/2001)Trojan O IncomeFTSE All-Share TR
Total Return352.3257.5
Max Drawdown-13.7-45.6
Best Month8.912.7
Worst Month-4.7-15.1
Positive Months66.559.1
Annualised Volatility6.013.5

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

Maximum Drawdown measures the worst investment period

Annualised Volatility is measured by the annualised standard deviation of the monthly returns

Source: Lipper, Waystone Management UK Limited. As at 31 October 2024.

Asset allocation

Top 10 holdings (excluding government bonds)Fund %
Invesco Physical Gold6.81516954323339
iShares Physical Gold5.98654659545091
Unilever5.03536875195031
Visa3.42892123890688
Nestle2.6479575734581
Alphabet2.44378353702103
Microsoft2.29950295977427
Diageo2.27905108517047
Heineken Holding2.0362895019855
VeriSign1.53231867946116
Total Top 1034.504909466412
8 Other Equity holdings6.52770047735884
US TIPS33.0609032458721
Short-dated Gilts12.0661889948013
US Short-dated Treasuries9.04379763110255
UK Index-Linked3.63011588836319
Cash1.16638429608989
Total100

Asset allocation and holdings subject to change. As at 31 October 2024

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive
UCITS KIID     View share classes Hide share classes

Annual Report

 January 2024 View document Download document  

Interim Report

 July 2024 View document Download document  

Fund Information Sheet

 View document Download document  
Prospectus & Additional Investor Information     View documents Hide documents

Sustainability-related Disclosures

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Investment Report     View documents Hide documents
Special Paper     View papers Hide papers

Important Information

Past performance is not 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. Returns may increase or decrease as a result of currency fluctuations. 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. In line with the Fund’s prospectus, the Fund is authorised to invest in transferable securities and money market instruments issued or guaranteed by an EEA state, one or more local authorities, a third country, or a public international body to which one or more EEA states belong.  The Investment Manager would only consider investing more than 35% of the Fund’s assets in UK or US government issued transferable securities or approved money market instruments. 

Some of the information contained on this page: (1) is proprietary to Morningstar and/or its content providers​; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 

Important information for U.S. persons

The securities described on this website are neither available nor offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. persons who are resident outside the United States of America).

For the full fund disclaimer please refer to the Fund factsheet.

Please refer to Troy’s Glossary of Terms available here.

How to invest

Find more information on how to invest in this fund and where it is available.

How to invest

Website Terms and Conditions

Welcome to the website of Troy Asset Management Limited (“Troy”, “we”, “our”, “us”).  Please read these terms and conditions carefully.  By accessing this website you are indicating that you have read, acknowledge and agree to be bound by the following terms and conditions and that you have read Troy’s Privacy Notice (which can be accessed here).  If you do not agree to these terms, you must stop using this website immediately.

This website uses cookies and similar technologies.  Information about our use of cookies is included in our Privacy Notice accessed here.  You can edit your cookie settings on this website.

Troy Asset Management Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom which can be contacted at 12 Endeavour Square, London E20 1JN.  Troy is registered on the FCA’s register with firm reference number 195764.  Troy is registered with the U.S. Securities and Exchange Commission (“SEC”) as an Investment Adviser (CRD: 319174).  Registration with the SEC does not imply a certain level of skill or training.  Troy is the owner and operator of this website and can be contacted using the details set out in section 11 below.

This website describes Troy’s capabilities and is for information purposes only.  Nothing in this website should be construed as investment, tax, legal, accounting or other advice.

The securities described on this website are not intended for use and are not offered in the United States of America or to U.S. Persons.  Please see section 2 for further detail.

  1. Who may access this website – subject to local restrictions

The information on this website is directed at persons in the United Kingdom (“UK”) and not otherwise. The availability of any funds managed by Troy or services provided by Troy mentioned on this website in any jurisdiction other than the UK is subject to local restrictions.  Except as specifically set out below the funds mentioned on this website have not been registered or approved for distribution under the laws of any jurisdiction other than the UK.

If you are accessing this website from a jurisdiction other than the UK, you are required to inform yourself of and observe any applicable local restrictions.  If you choose to access the website and you do so from a country other than the UK, you do so at your own risk and Troy will not be liable for any breach of local law or regulation that you commit as a result of doing so. The information available on this website does not constitute an offer of, or an invitation to apply for or purchase, any securities.

Trojan Investment Funds and its sub-funds are UK funds established under the provisions of the European Directives on the co-ordination of laws, regulations, and administrative provisions relating to undertakings for collective investment in transferable securities (“UCITS”) (Directive 2009/65/EC) as implemented in the UK.  Trojan Investment Funds is authorised by the FCA.  Certain sub-funds are available for distribution in Ireland (for professional investors only), Singapore (for institutional investors only), Switzerland (for qualified investors only) and are registered for distribution to the public in the UK.

Trojan Fund (Ireland) and Trojan Income Fund (Ireland) are registered for distribution in Austria (certain share classes only), Germany (certain share classes only), Ireland, Italy (for institutional investors only), Singapore (for institutional investors only), Spain (certain share classes only), Switzerland and the UK. Trojan Fund (Ireland) is also registered in Portugal (certain share classes only). Trojan Ethical Fund (Ireland) is registered for distribution in Ireland, Singapore (for institutional investors only), Spain (certain share classes only), Switzerland and the UK. Trojan Global Income Fund (Ireland) is registered for distribution in Ireland, Spain (certain share classes only), Switzerland and the UK.

  1. Important information for U.S. Persons

This website as well as the securities described on this website are not intended for use and are not offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. Persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. Persons who are resident outside the United States of America).  As such, by accepting these terms you represent and warrant that you are not a U.S. Person as defined under Regulation S of the United States Securities Act of 1933, as amended.

U.S. Persons interested in services provided by Troy should instead contact us directly on [email protected] or call +44 (0)20 7499 4030.

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The products and services described on this website may not be suitable for all investors.  Troy does not provide investment advice or make personal recommendations to investors.  If you wish to obtain advice about the suitability, or have any doubt about the suitability, for you of products managed by Troy or services provided by Troy, you should contact a financial adviser.

Should you have any general queries or require support relating to Troy or its products and services, please do email [email protected] or call +44 (0)20 7499 4030.

  1. Risk warnings

The value of investments and the income from them 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.  Past performance is not a guide to future performance.

Tax legislation and the levels of relief from taxation can change at any time.  Troy does not provide tax, legal or accounting advice and therefore the information presented on this website should not be relied upon.  Please consult your own financial advisor before engaging in any transaction.

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Changes to website content

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We keep our terms and conditions under review.  These terms and conditions were most recently updated on 29 August 2024.

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Troy is the owner or licensee of all intellectual property rights (including copyright and database rights) that subsist in this website, and in the material published on it.  No right is granted to use the website:

(i) to create a database (electronic or otherwise) that includes material downloaded or otherwise obtained from the website except where expressly permitted on this website or by written agreement with Troy;

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  1. Contact details

Troy Asset Management Limited, 33 Davies Street, London W1K 4BP, United Kingdom; Telephone +44 (0)20 7499 4030; Email [email protected].  Troy Asset Management Limited is a limited company registered in England and Wales under company number 3930846 and has its registered office at 33 Davies Street, London W1K 4BP , United Kingdom. Except where otherwise required by applicable law or regulations, all communication and documentation sent to you by Troy will be in English.  You may communicate with us in English.

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