Factsheet: Troy Income & Growth Ord

UK Equity Income

Rated Fund 2013-2018. A good option for relatively cautious investors

Troy Income & Growth is a good option for relatively cautious investors, because it offers a slightly more defensive way to access the UK stock market. Francis Brooke has run the trust since 2009, being joined by co-manager Hugo Ure in 2015, with the main objective of protecting investors' capital. The pair run a relatively concentrated portfolio of around 50 'quality' companies that are able to grow their dividends almost irrespective of the wider market background. The trust yields 3.3 per cent and pays dividends quarterly. The managers have stuck to their approach through conditions both favourable and unfavourable to their style.Cantor Fitzgerald points to the trust's performance struggling slightly in 2017 versus the FTSE All-Share index due to a lack of exposure to cyclical stocks, but analyst Markuz Jaffe says it should fare well if market or economic conditions deteriorate � making the trust 'suitable for those less optimistic on the growth outlook'.The managers invest predominantly in UK companies, but can also hold overseas shares, buying companies that they believe can generate growing amounts of cash long into the future. They therefore invest in businesses with high returns that are sustained by durable competitive advantages. They buy these companies when three further conditions are met: a strong balance sheet, a management team that will act in the best interests of shareholders and a share price that underestimates future cash flows.The trust operates a discount to NAV policy since 2010. It has traded in a narrow range of -2.5 per cent to +2.5 per cent in the past three years.

Narrative and ratings content all as of 01 January 2018.

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Name
Troy Income & Growth Ord
Manager
Troy Asset Management Limited
Type
Closed Ended Investment Company
ISIN
GB0003708665
Sector
UK Equity Income
Launched
18/07/1988
OCF
0.94 %
Risk Rating
2
3 Year Sharpe
0.60
3 Year Alpha
0.42
Yield
3.5 %
Benchmark
FTSE AllSh TR GBP
Fund Size
£ 224.6 million
NAV
78
Gearing
100
Discount Premium
-1
To provide shareholders with an attractive income yield and the prospect of income and capital growth through investing in a portfolio of predominantly UK equities.
Holding %
Unilever PLC 5.79 %
Royal Dutch Shell PLC B 5.79 %
BP PLC 4.33 %
Lloyds Banking Group PLC 3.98 %
British American Tobacco PLC 3.88 %
GlaxoSmithKline PLC 3.81 %
Compass Group PLC 3.51 %
Reckitt Benckiser Group PLC 3.43 %
Experian PLC 2.92 %
Next PLC 2.61 %
Region %
United Kingdom 87.48 %
United States 6.76 %
Sector %
Consumer Defensive 23.18 %
Financial Services 18.60 %
Consumer Cyclical 14.55 %
Energy 10.69 %
Industrials 8.09 %
Healthcare 6.57 %
Utilities 6.42 %
Real Estate 6.15 %
Name
Troy Asset Management Limited
Address
EC4A 3TR, London, United Kingdom
UCITS
No
Legal Structure
Closed Ended Investment Company

Managers

Hugo Ure
Joined 03/24/2015

TROY ASSET MANAGEMENT LIMITED

Francis Brooke
Joined 08/01/2009

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 provided by Morningstar.

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You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.