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Troy Trojan (Class X) Class X - Income

Sell:130.20p Buy:130.20p Change: 0.11p (0.09%)
Prices as at 19 June 2024
Change: 0.11p (0.09%)
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 19 June 2024
Change: 0.11p (0.09%)
Prices as at 19 June 2024
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.

Rather than trying to shoot the lights out and perform strongly at all times, this fund aims to grow investors' money steadily over the long run, while limiting losses when markets fall. It tries to experience less ups and downs than the broader global stock market or a portfolio that's mainly invested in shares. As a result, it could form the foundation of a broad investment portfolio, bring some stability to a more adventurous portfolio, or provide some long-term growth potential to a more conservative portfolio.

Sebastian Lyon has managed this fund since its launch in 2001, using the same investment philosophy that was founded when Lyon helped to set up Troy Asset Management. We like his dedication to this same philosophy. The manager is a part-owner of Troy Asset Management, so we believe he's incentivised to perform, and for his funds and the business to do well over the long term.

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 chart to the right shows the fund's performance since launch in 2001. Over this time it's comfortably achieved its objective of growing by more than inflation, measured by the UK Retail Price Index. Since launch it's also performed better than the broader UK stock market, as measured by the FTSE All Share index, which we think is impressive for a more conservative fund. It's achieved this with lower volatility than the market. Please remember past performance isn't a guide to future returns.

Importantly, the fund has tended to come into its own and hold up well in weaker markets, and we have seen this during times when global markets have stumbled. Exposure to assets such as cash and gold have generally provided some resilience, while the shares of companies that provide everyday consumer essentials, have also tended to hold up relatively well. Remember though, the fund will go up and down in value, so you could get back less than you invest.

Investment Philosophy

Lyon aims to keep things simple. He aims to shelter investors' wealth during uncertain economic times and grow it over the long term. He thinks protecting capital during tough times can provide a good foundation for growth when the outlook improves.

Process and Portfolio Construction

The fund is constructed around four 'pillars'. The first contains large, established companies Lyon thinks can grow sustainably over the long run, and endure tough economic conditions. He has tended to focus on companies based in developed markets, such as the UK and US. This includes some of the world's best-known companies with highly recognisable brands. The manager has the freedom to invest in higher-risk smaller companies as well, but the fund hasn't had much exposure to this area of the market for several years.

The rest of the fund is made up of investments that could bring some stability to the portfolio during more difficult markets. The second pillar is made from bonds, including US index-linked bonds, which could shelter investors if inflation rises. Some of the fund is also invested in traditional UK government bonds (gilts).

The third pillar consists of gold-related investments, including physical gold. Gold often acts as a safe haven during times of uncertainty, or could perform well if inflation takes off or key global currencies weaken. The final pillar is cash. This provides important shelter when stock markets stumble.

While the fund 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 O Income
  • Trojan O Accumulation
  • UK Retail Price Index

Source: Refinitiv Lipper

Fund Track Record

19/06/19 to 19/06/20 19/06/20 to 19/06/21 19/06/21 to 19/06/22 19/06/22 to 19/06/23 19/06/23 to 19/06/24
Annual return 8.58% 7.83% 0.52% 2.44% 6.10%

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: Charlotte Yonge
Manager start date: 28 June 2018
Manager located in: London

Charlotte is the Fund Manager of the Trojan Ethical Fund and Assistant Fund Manager of the Trojan 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.

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