fund

Rated

This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

Trojan Fund X

  • 124.59p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 127.18p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.85%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.87%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.40%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 27 July 2021, fund data last updated 23 August 2019

The flagship fund of Troy Asset Management, an independent investment boutique founded in 2000. Its objective is to provide capital preservation as well as consistent positive returns. To achieve this, manager Sebastian Lyon allocates the portfolio across mainstream asset classes – typically equities, bonds (including index-linked), gold and cash – according to his view of valuations and the economic outlook. He also undertakes bottom up company research, though the equity portfolio is generally restricted to large, stable companies based in the UK, Europe and the US.

Fund summary

Sector Flexible Investment
Structure OEIC
Launched
Size £5,636m
Yield 0.40%
Charging basis Income
Dividends paid 31 Mar, 30 Sep

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Annual management charge 0.85%
Ongoing charges figure 0.87%

Allocation

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Investment process

The investment process is twofold: •Top-down process: Lyon sets the asset allocation based on his views on the economic environment and on how current markets compare with history. He switches between mainstream asset classes (cash, fixed interest, gold bullion ETFs and equities) depending on relative values and outlook. He can also hedge currency exposure. •Bottom-up process: Troy follows around 200 companies, primarily large-cap stocks in developed markets. The manager favours companies with high returns on invested capital that can be sustained through durable competitive advantages. These will typically have sound balance sheets, management that acts in shareholders’ best interests and generally attractive yields. Typically this leads him towards sectors such as consumer staples, healthcare and software companies. He relies on others for companies' valuation models and does not put much emphasis on company meetings. The process is "contrarian" – Lyon likes it when people find his companies dull as it suggests that the market is missing the opportunity. Portfolio turnover is low at around 20%.

Since launch this fund has consistently met its performance target, providing volatility similar to that of bonds but with higher rates of return. The manager has achieved this through an innovative approach to multi-asset investing, using assets like index-linked bonds and gold often ignored by mainstream managers. The fund benefits from Lyon’s detailed knowledge of economic history, which enables him to ignore short-term market trends and bubbles in favour of longer-term growth opportunities. The long only approach means falls in value do occur and the fund will be more volatile than absolute return/hedge funds with the ability to short. The portfolio largely mirrors that of the Personal Assets Trust, also run by Lyon.

Manager research

Average monthly relative returns

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Track record

Periods of worst performance

Absolute 0.00% ()
Relative 0.00% ()

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Portfolio

Within the equity portfolio, the Fund invests in c. 25-45 companies. The equity weighting has ranged from as little as 25% up to 75%. The cash weighting can range from 0% to 50%.

Key Investor Information - Income

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Key Investor Information - Accumulation

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