Troy Trojan Income Class X - Income

The fund aims to achieve a combination of income and capital growth over the medium term. Since Blake Hutchins took over the fund’s management in 2019, its investment style of focusing on quality companies rather than those that are more sensitive to economic conditions has been out of favour, which has held back returns. Our analysis also suggests this fund has underperformed peers with a similar investment style.

The amount of income paid by the fund also hasn’t been as consistent or grown as much as we’d like to see, particularly when compared to peers. Please note the fund takes charges from capital, which could boost the income paid, but reduce the potential for capital growth.

The fund’s quality-focused investment style means we typically expect the fund to provide investors with some shelter during periods of market weakness. However, we don’t expect the fund to outperform the broader market in a strongly rising market.

Hutchins looks for high quality, resilient companies that can generate sustainable and growing cash flows. The manager believes one of the most important things 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.

Blake Hutchins 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.

The manager looks to buy and hold through the market cycle, rather than trade frequently during sharp market rallies or falls.

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. The fund has the flexibility to invest up to 20% overseas.