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Troy Trojan Income Inclusive - Class I - Accumulation

Sell:308.03p Buy:308.03p Change: 3.01p (0.97%)
Prices as at 7 July 2020
Change: 3.01p (0.97%)
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 7 July 2020
Change: 3.01p (0.97%)
Prices as at 7 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.

We like fund managers with a clear approach they stick to through thick and thin. Francis Brooke fits the bill in this respect. He invests in a small selection of more stable businesses proven to endure.

Like any companies these businesses come in and out of favour. But their resilience in tougher times, plus strong growth when the outlook is better, can result in excellent long-term returns.

We think Brooke's more cautious investment style adds something different to an equity income portfolio.

Brooke's a shareholder in Troy Asset Management. We think that's a good thing as his interests are tied to investors' interests. The fund's part of the Wealth 50 list of our favourite funds.

Our view on the sector

Equity income funds are popular with investors. Most aim to generate a rising income, and increase the value of your original investment, over the long term. The income can be paid out, or reinvested in the fund to boost long-term growth. Different fund managers take different approaches to income investing. Some focus on larger companies that are seen to be more stable and have paid regular dividends for many years. Others invest in higher-risk small and medium-sized companies. These might pay a lower income to start with, but have more growth potential. We think carefully chosen equity income funds can form the cornerstone of almost any portfolio.

Performance Analysis

Francis Brooke has managed the fund since 2004. In that time he's grown it more than the broad UK stock market. It's also experienced less severe ups and downs. His focus on more resilient businesses that tend to grow steadily year after year has seen the fund hold up fairly well when the market's going through a rough patch. The 2008 financial crisis is a good example of this, when the manager avoided investing in banks that performed poorly. But the fund has usually lagged when the market's climbed quickly. Past performance doesn't indicate or guarantee how the fund will do in the future though.

Investment Philosophy

The manager believes the most important thing in investing is to protect the value of investments. Sheltering wealth when the going gets tough means there's less to make back once the good times return.

Process and Portfolio Construction

Francis Brooke mainly looks for larger businesses he thinks will keep steadily growing for years to come. He wants companies that make enough cash to keep paying and growing dividends over the long term too. He takes into account what's happening in the economy but ultimately it's the strength of the business that's most important.

A lot of the companies he likes are in sectors like consumer goods. He tends to avoid sectors such as mining, technology and construction as he thinks the profits and dividends of companies in these areas are less predictable.

The manager only invests in a handful of companies. That means each one can have a meaningful impact on performance, but it adds risk. He invests mostly in UK companies, but also in a number of overseas businesses to give some international diversification.

question mark Manager Track Record Based on HL Quantitative Research

  • Trojan Income O Acc
  • FTSE All-Share TR

Fund Track Record

07/07/15 to 07/07/16 07/07/16 to 07/07/17 07/07/17 to 07/07/18 07/07/18 to 07/07/19 07/07/19 to 07/07/20
Annual return 10.04% 8.26% 2.11% 5.86% -7.16%

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.

Fund Management Group Comment

Troy was set up in 2000 with the backing of Lord Weinstock who was best known for building GEC, which later became Marconi. Lord Weinstock was also an owner of several thoroughbred racehorses, including Troy, which was the winner of the 1979 Epsom Derby. This is how Troy Asset Management got its name. The firm manages four funds but the philosophy behind each fund is the same - reducing losses during downturns means you do not have to regain as much when markets recover. All the company's executive directors and fund managers are shareholders in Troy and in Trojan Investment Funds meaning their interests are aligned with those of investors.

Information about the fund

Fund manager biography

manager photo
Manager Name: Blake Hutchins
Manager start date: 7 October 2019
Manager located in: UK

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 Colombia Threadneedle. Blake holds a MA Hons in Economics and Politics from the University of Edinburgh.

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Manager Name: Hugo Ure
Manager start date: 1 August 2009
Manager located in: London

Hugo is manager of Trojan Ethical Income Fund, co-manager of Troy Income & Growth Trust and assistant fund manager of the Trojan Income Fund and Trojan Income Feeder Fund. He joined Troy Asset Management in January 2009. Hugo graduated from Oxford University in 1999, following which he spent five years in the British Army serving with the Scots Guards. In 2004 he left to join Kleinwort Benson where, after a short period in portfolio management, he focused on equity analysis until his move to Troy in January 2009. Hugo is currently co-manager of the Troy Income & Growth Trust and assistant manager of the Trojan Income Fund. He has also had primary responsibility for a £75m segregated charity portfolio since 2012. Hugo is a CFA charterholder.

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Manager Name: Francis Brooke
Manager start date: 30 September 2004
Manager located in: London

Francis graduated from Edinburgh University in 1986, following which he worked at Kleinwort Benson Securities and Foreign & Colonial Management Ltd, where he was appointed Director in 1995. From 1997 to 2004 he worked for Merrill Lynch Investment Managers as a Director, and managed over £1.5 billion of UK Equities. He was also a member of both the Asset Allocation & Sector Strategy Committees at MLIM. In 2004 he left to join 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