Trojan Fund (Ireland)

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.

Charlotte is also a Co-Founder of GAIN (Girls Are INvestors), a charity established to inform and inspire the next generation of young women to enter the investment management industry in the UK.

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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

November 2024

Your Fund (O Acc GBP) returned +0.7% during the month.

November was a busy month for our investment team, with colleagues meeting companies across the world, from Switzerland to Seattle.  Of portfolio holdings, we met with Unilever, Nestlé, Microsoft, Heineken, Pernod and Visa, alongside various other companies not currently owned.  The preparation that goes into these meetings, combined with the discussions that follow, provide invaluable insights into current holdings and new ideas.

The most in-depth company encounters are often investor days hosted by the companies themselves, and we attended Unilever’s, Nestlé’s and Mastercard’s in the month.  Unilever’s event underlined our confidence in the company’s improved execution, which we wrote about in depth in October’s fact sheet.  When it comes to Nestlé, the shares have been weak since we reduced the holding at the beginning of 2022.  In hindsight, we should have sold more but we believe that there is a margin of safety in today’s valuation of 16x earnings and 4% dividend yield.  The investor day served to underline that Nestlé’s end-markets will remain challenging for some time, but that the company is increasing investment behind its brands and improving the focus of its innovation efforts.  We believe that shareholder returns from here are likely to be compelling.

One of our colleagues attended the Mastercard investor day and another met with Visa’s CFO.  We currently own Visa and American Express in the Fund.  These meetings, combined with an in-depth update on the sector written by the team, have helped in re-emphasising to us the attractiveness of investing in these payments networks.  Visa and Amex are both well placed to enable the switch of commercial (business-to-business) payments from cash, cheque or bank transfer, to card transactions.  Businesses have been slower than consumers to digitise, but this is now happening from a low base.  On top of that, Visa’s revenues are increasingly comprised of value-added services which are growing strongly double digits.  We believe that, as the consumer card market becomes more mature, these will provide strong drivers of sales growth for many years to come.

Key facts

Fund Manager

Sebastian Lyon

Assistant Fund Manager

Charlotte Yonge

Inception date

13/02/2012

Currency

Sterling
US Dollar
Euro
Singapore Dollar
Australian Dollar

Available Share Class

O GBP Acc and Inc
O EUR Acc and Inc
O USD Acc and Inc
O SGD Acc and Inc
I EUR Acc and Inc
I USD Acc and Inc
X GBP Acc and Inc
X EUR Acc and Inc
X USD Acc and Inc
X SGD Acc and Inc
X AUD Acc and Inc

ISIN (O GBP Class)

IE00B757JT68 (Acc)
IE00B6127M75 (Inc)

Bloomberg (O GBP Class)

TROITOA_ID (Acc)
TROITOI_ID (Inc)

Sedol (O GBP Class)

B757JT6 (Acc)
B6127M7 (Inc)

Fund rating

© 2024 Morningstar, Inc. All Rights Reserved.

Ongoing Charges

‘O’ (ordinary) shares: 1.11%
‘X’ (platform) shares: 0.96%

‘O’ ACC SHARE CLASS as at 20/12/2024

£1.6761

Fund size as at 30/11/2024

£546m

‘O’ INC SHARE CLASS as at 20/12/2024

£1.6341

Performance

Source: Lipper, Waystone Management Company (IE) Limited.

13/02/201230/11/201430/11/201930/11/202130/11/202331/05/2024
Since Launch10 Years5 Years3 Years1 Year6 Months
Bank of England Base Rate16.314.711.911.45.32.6
UK Retail Price Index64.252.034.324.33.61.1
Trojan (Ireland) O GBP Acc68.060.326.65.98.33.7
Trojan (Ireland) O USD Acc74.067.528.26.68.33.7
Trojan (Ireland) O EUR Acc45.340.918.40.86.62.8
Discrete Calendar Annual Returns (%)2012201320142015201620172018201920202021202220232024
Trojan (Ireland) O GBP Acc-0.1-3.58.22.911.83.9-310.37.211.8-3.92.56.5
Trojan (Ireland) O USD Acc0-3.97.82.411.65-1.611.97.711.8-3.62.96.5
Trojan (Ireland) O EUR Acc-0.6-47.82.110.22.6-4.38.76.210.9-5.60.85

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

Non GBP share classes are hedged. Differences in interest rates may contribute to differences in performance between share classes.

Source: Lipper, Waystone Management Company (IE) Limited.

Since Launch (13/02/2012) to 30 November 2024.

Risk and Volatility since launch

Source: Lipper, Waystone Management Company (IE) Limited.

Risk Analysis Since Launch (13/02/2012)Trojan (Ireland) O GBP Acc
Total Return68
Max Drawdown-10.1
Best Month4.9
Worst Month-4.7
Positive Months62.1
Annualised Volatility5.2

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

Maximum Drawdown measures the worst investment period

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

Source: Lipper, Waystone Management Company (IE) Limited.

As at 30 November 2024.

Asset allocation

Top 10 holdings (excluding government bonds)Fund %
Invesco Physical Gold6.67995212868291
iShares Physical Gold5.8747192016946
Unilever4.96428633187965
Visa3.75908961189153
Nestle2.45721777655765
Alphabet2.42102080762286
Microsoft2.38581651202634
Diageo2.19980559239474
Heineken Holding1.80381132033576
VeriSign1.63919369965928
Total Top 1034.1849129827453
8 Other Equity holdings6.71539367143303
US TIPS33.4404995938236
Short-dated Gilts11.2103686685508
US Short-dated Treasuries8.75088601821639
UK Index-Linked3.63824333555431
Cash2.05969572967658
Total100

Asset allocation and holdings subject to change. As at 30 November 2024.

Fund literature

Document name Date Open/download Archived documents
Prospectus & Additional Investor Information     View documents Hide documents
UK Reporting Status     View documents Hide documents
Factsheet     View archive Hide archive
UCITS KIID     View share classes Hide share classes

Fund Information Sheet

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

Annual Report

 January 2024 View document Download document  

Interim Report

 July 2024 View document Download document  
Sustainability-related Disclosures     View documents Hide documents
PRIIPS KIDs     View share classes Hide share classes
PRIIPS KIDs Past Performance     View share classes Hide share classes
Performance Scenario     View documents Hide documents

This fund is not based in the UK and is not subject to UK sustainable investment labelling and disclosure requirements.

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

This fund is not based in the UK and is not subject to UK sustainable investment labelling and disclosure requirements.

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.

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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.

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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. Certain shares classes of the Trojan Fund (Ireland) are also registered in Belgium, France, Luxembourg, Netherlands and Portugal. Trojan Ethical Fund (Ireland), Trojan Global Equity Fund (Ireland) and Trojan Global Income Fund (Ireland) are registered for distribution in Ireland, Belgium (certain share classes only), France (certain share classes only), Germany (certain share classes only), Luxembourg (certain share classes only), Netherlands (certain share classes only), Spain (certain share classes only), Singapore (for institutional investors only), Switzerland and the UK.

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  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.

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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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  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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