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Troy Trojan (Class X) Class X - Accumulation

Sell:114.24p Buy:114.24p Change: 0.02p (0.02%)
Prices as at 2 July 2020
Change: 0.02p (0.02%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 2 July 2020
Change: 0.02p (0.02%)
Prices as at 2 July 2020
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund is on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. However, this is not a recommendation to buy.

The idea behind this fund is simple. Grow investors' money over the long term and limit the volatility that comes with only investing in shares.

Sebastian Lyon has managed the fund since launch in 2001 and, as a part-owner of Troy Asset Management, he's incentivised to perform. He invests in quality companies when their share prices are at attractive levels. Then he rotates into bonds, gold and cash when he thinks stock markets have less potential to grow.

We think it could be a good addition to a more defensive investment portfolio. Or it could bring some stability to a broader portfolio.

Our view on the sector

Total Return funds try to grow investors' money over the medium-to-long-term by making money when markets are rising, and sheltering it when they fall. Most invest in a combination of assets from shares and bonds to cash, commodities and currencies. They're not guaranteed to make money though. Like any investment they will fall as well as rise in value. The return is determined by the manager's skill and each fund will have a different investment process. That's why we think each fund should be judged on its own merits.

Performance Analysis

The performance of this fund rests on the manager's ability to invest in areas of the market that go on to perform well. Investments in medium-sized companies boosted performance in the period following its launch. Raising cash in the run up to the financial crisis also proved fruitful - the fund significantly outperformed its peers throughout this period. The fund is conservatively invested so we'd expect it to lag stock markets when they're rising quickly, but to hold up better when markets aren't doing so well.

Investment Philosophy

Sebastian Lyon aims to shelter investors' money during uncertain economic times and grow their wealth over the long term. He thinks protecting capital during tough times can provide a good foundation to grow when the outlook improves.

Process and Portfolio Construction

The fund is constructed around four 'pillars'. The first contains large, established companies that make products or deliver services that consumers will buy again and again. The manager has flexibility to invest across the globe, but the share portfolio is mainly invested in the UK and the US.

The second pillar is made from index-linked bonds. These could offer protection from rising inflation, which the manager believes could be a consequence of quantitative easing (money printing).

The third pillar consists of physical gold and gold mining shares. Gold tends to do better when economic and stock market conditions are tougher.

The final pillar is cash. It's held in currencies such as sterling and US dollar and allows the manager to take advantage of new opportunities quickly.

While the portfolio contains a diverse range of investments, it is concentrated. This approach means each investment can contribute significantly to overall returns, but it can increase risk.

question mark Manager Track Record Based on HL Quantitative Research

  • Trojan (data from group)
  • Trojan O Accumulation
  • FTSE All-Share TR

Fund Track Record

01/07/15 to 01/07/16 01/07/16 to 01/07/17 01/07/17 to 01/07/18 01/07/18 to 01/07/19 01/07/19 to 01/07/20
Annual return 15.72% 4.04% -0.94% 7.11% 7.36%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Information about the fund

Fund manager biography

manager photo
Manager Name: Sebastian Lyon
Manager start date: 30 May 2001
Manager located in: London

Sebastian graduated from Southampton University in 1989, following which he worked at Singer & Friedlander Investment Management. In 1995 he moved to Stanhope Investment Management (the management company for the GEC Pension Fund) where jointly he managed the £2 billion equity portfolio and the Fund's asset allocation. He was appointed Director in 1999. In 2000 he left to establish Troy.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account