Overview
Download factsheetA fully invested equity strategy that aims to provide investors with growing levels of income with resilient capital growth by investing at least 80% of the Fund in UK-listed companies with the possibility of selectively owning the shares of overseas companies in the remainder.
What does the fund do?
We manage a concentrated portfolio of 30-50 high-quality, cash-generative companies that are capable of consistent dividend growth.
Our long-term approach and focus on reasonably valued, high-quality, cash-generative companies leads to low portfolio turnover.
Why this fund?
The Trojan Income Fund has been managed in Troy’s distinctive investment style since 2004. We believe our approach to income investing is differentiated through; our conservative quality-orientated process, our focus on total return and our prioritisation of dividend growth above high yield. We seek a sensible balance between capital and income return in order to deliver above average returns with below average volatility.
The strategy has no explicit yield target and instead we emphasise real growth and long-term sustainability of the income stream above producing the highest dividend yield today. In so doing, we aim to deliver investors a growing yield on their initial investment.
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
Blake is Senior Fund Manager responsible for Troy’s UK Income Strategy.
Blake is manager of the Trojan Income Fund and Trojan Ethical Income Fund. Blake joined Troy in 2019 from Investec Asset Management where he was lead manager on the UK Equity Income fund and co-manager on the Global Quality Equity Income Fund. Prior to that, Blake managed retail and institutional UK equity funds at Columbia Threadneedle. Blake holds a MA Hons in Economics and Politics from the University of Edinburgh.
Fergus is the Assistant Manager of the Trojan Income Fund and has responsibility for the analysis of global companies and their selection for Troy’s portfolios.
Joining Troy in 2017 following an internship, Fergus holds a BA in Biological Sciences and a doctorate in Zoology (Biomechanics) from Oxford University. Fergus is a CFA Charterholder.
Aniruddha is an Investment Analyst and has the responsibility of the analysis of global companies and their selection for Troy’s portfolios.
Aniruddha joined Troy in September 2019 on an internship before becoming an permanent member of the investment team in January 2020. He holds a B. Eng. degree from the University of Pune and an MPhil Finance and Economics from the University of Cambridge. Aniruddha is a CFA Charterholder.
Key facts
‘O’ ACC SHARE CLASS as at 20/01/2025
384.69p
Fund size as at 31/12/2024
£582m
‘O’ INC SHARE CLASS as at 20/01/2025
179.42p
Performance
Source: Lipper, Waystone Management Limited.
| 30/09/2004 | 31/12/2014 | 31/12/2019 | 31/12/2021 | 31/12/2023 | 30/06/2024 | |
|---|---|---|---|---|---|---|
| Since Launch | 10 Years | 5 Years | 3 Years | 1 Year | 6 Months | |
| FTSE All-Share TR | 302.9 | 81.9 | 26.5 | 18.5 | 9.5 | 1.9 |
| IA UK All Companies TR | 289.0 | 67.2 | 15.5 | 5.2 | 8.1 | 1.1 |
| Trojan Income O Acc | 274.5 | 48.3 | 2.2 | -2.1 | 6.5 | 4.0 |
| Discrete Calendar Annual Returns (%) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Trojan Income O Acc | 3.7 | 11.7 | 16.8 | 4.9 | -12.1 | 14.7 | 14.4 | 6.3 | 9.9 | 20.2 | 10 | 10.7 | 10.2 | 6.3 | -7.1 | 20.4 | -9.6 | 15.6 | -12.5 | 5.1 | 6.5 |
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 Limited.
Since Launch (30/09/2004) to 31 December 2024.
Risk and Volatility since launch
Source: Lipper, Waystone Management Limited.
| Risk Analysis Since Launch (30/09/2004) | Trojan Income O Acc | IA UK All Companies TR | FTSE All-Share TR |
|---|---|---|---|
| Total Return | 274.5 | 289.0 | 302.9 |
| Max Drawdown | -28.1 | -46.5 | -45.6 |
| Best Month | 7.6 | 14.1 | 12.7 |
| Worst Month | -10.8 | -18.6 | -15.1 |
| Positive Months | 61.3 | 60.5 | 60.1 |
| Annualised Volatility | 10.0 | 13.9 | 13.0 |
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 Limited. As at 31 December 2024.
Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| Unilever | 6.0655183059911 |
| Diageo | 5.94721914431675 |
| RELX | 5.7219741269613 |
| Compass | 4.80362873713183 |
| Reckitt Benckiser | 4.55103493142088 |
| LSEG | 4.46290381869605 |
| Bunzl | 4.07383839588811 |
| Experian | 3.7209273622512 |
| IHG | 2.86625788067063 |
| Amadeus IT | 2.75605501831102 |
| Total Top 10 | 44.9693577216389 |
| 28 Other Equity holdings | 53.9125085640034 |
| Cash | 1.11813371435773 |
| Total | 100 |
Asset allocation and holdings subject to change. As at 31 December 2024.
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
| Factsheet | View archive | ||
| Newsletters | View newsletters | ||
|
Fund Information Sheet |
View document Download document | ||
|
Interim Report |
July 2024 | View document Download document | |
|
Annual Report |
January 2024 | View document Download document | |
| UCITS KIID | View share classes | ||
| Sustainability-related Disclosures | View documents | ||
| Prospectus & Additional Investor Information | View documents |
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Factsheet
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Newsletters
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Fund Information Sheet
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Interim Report
Date: July 2024 Open Download -
Annual Report
Date: January 2024 Open Download -
UCITS KIID
View share classes Download
-
Sustainability-related Disclosures
View documents Open
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-
Prospectus & Additional Investor Information
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Sustainable Investment Labels Statement
Sustainable investment labels help investors find products that have a specific sustainability goal. This fund does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective. Despite not having a sustainable investment objective, when investing in companies, Troy integrates the analysis of sustainability characteristics into its investment decision-making. Troy also considers the steps companies are taking in relation to climate change mitigation.
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
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<p><strong>Sustainable Investment Labels Statement</strong></p>
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<p>Sustainable investment labels help investors find products that have a specific sustainability goal. This fund does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective. Despite not having a sustainable investment objective, when investing in companies, Troy integrates the analysis of sustainability characteristics into its investment decision-making. Troy also considers the steps companies are taking in relation to climate change mitigation.</p>
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Find more information on how to invest in this fund and where it is available.
How to invest
Commentary
December 2024
Your Fund returned -2.0% during the month, compared to -1.2% for the FTSE All-Share Index (TR).
Stock markets succumbed to some year-end profit taking with interest rate sensitive sectors such as Real Estate and Utilities being particularly soft in the month, in response to rising bond yields.
Your Fund delivered a return of +6.5% in 2024 compared to a return of +9.5% for the FTSE All-Share Index with the Fund lagging in H1 but outperforming in H2. The top three contributors to returns were Unilever, RELX and Compass Group, whilst St. James’s Place, Diageo and Croda detracted most. The Index’s return was boosted by exceptional strength from the Banking sector, to which the Fund has no exposure, with HSBC rising +36%, Barclays +82% and NatWest Group +96%.
In terms of activity over the year, we made new investments in Halma, Informa, Amadeus IT and Rentokil. While all in different industries, they are each global businesses, leaders in their niche, and were purchased at what we deem attractive valuations. As well as these four new holdings, we also exited six positions, bringing the number of holdings down to 38 as we seek to prioritise capital in our best ideas.
Looking ahead to 2025, we feel positive about our quality-focused approach. The majority of your Fund is exposed to relatively defensive revenues and profits, therefore we expect another year of good growth in the companies aggregate cash flows. We also continue to think UK equities remain notably cheap. As a result, we enter 2025 with much of the Fund and several of our watchlist companies at what we consider compelling valuations. As ever, we will look for opportunities to improve the quality, growth and valuation of the portfolio over the year, helping to drive attractive total returns.
Finally, we would like to thank our investors for their ongoing support and wish you a happy, healthy and prosperous New Year.