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 Income X

  • 95.60p
    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.

  • 105.26p
    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.

  • 3.50%
    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 19 January 2021

The Trojan Income fund aims to provide an above average income with the potential for capital growth in the medium term. The manager invests predominantly in large and mid cap UK equities, but some overseas companies may also feature in the portfolio. The fund follows the Troy house approach of focusing on capital preservation, so manager Francis Brooke favours quality, defensive companies and may also make use of cash if he believes the market to be overvalued.

Fund summary

Sector UK Equity Income
Structure OEIC
Launched
Size £3,378m
Yield 3.50%
Charging basis Capital
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

As with all Troy funds this has a focus on capital preservation and consequently may hold up to 20% cash depending on the overall level of equity valuations. The remainder of the portfolio is constructed on a primarily bottom-up basis, though the macro view will also impact sector and stock selection. Brooke favours quality companies with high returns on invested capital sustained by durable competitive advantages - special assets (brands, relationships, networks, intellectual property) that protect them from competitors. He also looks for sound balance sheets so that management can allocate capital flexibly; and management that acts in the best interests of shareholders. He buys these companies when their shares are quoted at a price that underestimates future cash flows. The investment process draws the fund towards certain sectors, particularly consumer goods, healthcare and business software. More cyclical, capital intensive sectors are avoided – the fund seldom invests in miners, aerospace or housebuilders. Troy’s investment universe consists of around 200 companies, of which 100 are in the UK and the remainder in the US and Europe. Of these Brooke picks 35-50 for the fund. Stock turnover is low.

The fund’s focus on capital preservation makes it particularly suitable for more cautious investors. During the turbulent markets of recent years it has been one of the least volatile funds in the UK Equity Income sector, but also one of the top performers. Historically the fund has typically provided a degree of protection in weak markets, though it has often lagged strongly rising markets. The portfolio and process are similar to the Troy Income & Growth Investment Trust, run by the same manager.

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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Sector breakdown

Consumer Staples 32.00%
Financials 14.00%
Industrials 12.00%
Health Care 12.00%
Consumer Discretionary 10.00%
Real Estate 7.00%
Utilities 3.00%
Materials 3.00%
Information Technology 3.00%
Money Market 3.00%

Portfolio

35-50 holdings. Currency hedging may be used. Selective writing of put options.

Key Investor Information - Income

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Key Investor Information - Accumulation

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