Morningstar Fund Report  | 05/04/2025Print

Trojan Fund X Accumulation

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Trojan Fund X Accumulation
Fund12.3-3.72.96.71.9
+/-Cat3.66.3-3.10.52.0
+/-B’mrk4.35.6-6.4-1.92.0
 
Category: GBP Flexible Allocation
Category Benchmark: Morningstar UK Mod Tgt Allo...
Key Stats
NAV
04/04/2025		 GBX 141.68
Day Change 0.89%
Morningstar Category™ GBP Flexible Allocation
IA (formerly IMA) Sector Flexible Investment
ISIN GB00BZ6CNS31
Fund Size (Mil)
28/02/2025		 GBP 5055.27
Share Class Size (Mil)
03/04/2025		 GBP 2004.05
Max Initial Charge 5.00%
Ongoing Charge
13/12/2024		  0.88%
Morningstar Research
Analyst Report21/01/2025
Tom Mills, Senior Analyst
Morningstar, Inc

Trojan Fund is a strong choice for investors seeking capital preservation and long-term capital growth. Its highly experienced manager and consistent implementation of a straightforward process distinguish the strategy from the competition. It...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People25
Parent24
Process25
Performance
Price
Investment Objective: Trojan Fund X Accumulation
The fund seeks to achieve growth in capital (net of fees), ahead of inflation (UK Retail Prices Index), over the longer term (5 to 7 years). The Sub-fund has flexibility to invest globally in the following asset classes: government and public securities (such as sovereign debt and treasury bills), corporate bonds, equities and equity-related securities (being instruments whose return is determined by the performance of a single underlying equity or a basket of equities), private equity, precious metals, cash, cash equivalents (including money-market instruments) and deposits.
Returns
Trailing Returns (GBP)04/04/2025
YTD1.97
3 Years Annualised2.45
5 Years Annualised5.78
10 Years Annualised-
12 Month Yield 1.29
Management
Manager Name
Start Date
Sebastian Lyon
31/05/2001
Charlotte Yonge
28/06/2018
Inception Date
01/12/2017

Category Benchmark
Fund BenchmarkMorningstar Benchmark
UK RPIMorningstar UK Mod Tgt Alloc NR GBP
Portfolio Profile for  Trojan Fund X Accumulation31/03/2025
Morningstar Style Box®
Equity Style
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock31.880.0031.88
Bond17.830.0017.83
Property0.000.000.00
Cash39.5233.146.38
Other12.280.0012.28
Fixed Income
Effective Maturity-
Effective Duration-
Top 5 Regions%
United States48.27
United Kingdom25.77
Europe - ex Euro11.80
Eurozone11.16
Canada3.00
Top 5 Sectors%
Consumer Defensive44.62
Financial Services19.27
Technology17.58
Communication Services8.23
Industrials6.26
Top 5 HoldingsSector%
Invesco Physical Gold ETC6.59
United States Treasury Notes 0.125%6.42
United Kingdom of Great Britain ... 5.70
iShares Physical Gold ETC5.69
United States Treasury Bonds 0.75%4.89
Increase Decrease New since last portfolio
Trojan Fund X Accumulation
Growth Of 1000 (GBP) 31/03/2025
Fund:  Trojan Fund X Accumulation
Category:  GBP Flexible Allocation
Category Index:  Morningstar UK Mod Tgt Alloc NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-2.8210.847.6012.31-3.672.886.671.93
+/- Category4.40-1.392.993.586.27-3.130.472.02
+/- Category Index--2.314.325.58-6.38-1.892.03
% Rank in Category863262017764918
Trailing Returns (GBP)04/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.89   1.802.60
1 Week-0.06   1.441.69
1 Month-0.91   1.962.60
3 Months1.35   2.603.37
6 Months3.04   4.323.58
YTD1.97   2.843.39
1 Year6.41   3.472.56
3 Years Annualised2.45   1.14-0.64
5 Years Annualised5.78   0.08-0.42
10 Years Annualised-   --
 
Category: GBP Flexible Allocation
Category Index: Morningstar UK Mod Tgt Alloc NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20251.93---
20242.331.511.261.42
20231.73-1.07-0.342.58
20220.50-4.440.160.13
2021-0.036.172.653.09
2020-1.707.091.900.32
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageLow3 star
5-YearAbove AverageLow4 star
10-Year--Not Rated
OverallAbove AverageLow4 star
 
Category :  GBP Flexible AllocationClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev4.08 %
3-Yr Mean Return2.43 %
 
3-Yr Sharpe Ratio-0.40
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK Mod Tgt Alloc NR GBP  Morningstar Gbl Trsy Inf-Lnkd GR USD
3-Yr Beta0.330.50
3-Yr Alpha-1.532.82
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 133538-
Market Capitalisation% of Equity
Giant58.93
Large30.28
Medium10.80
Small0.00
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings19.141.22
Price/Book4.732.07
Price/Sales3.001.76
Price/Cash Flow13.121.31
Dividend-Yield Factor1.790.79
 
Long-Term Projected Earnings Growth6.900.67
Historical Earnings Growth1.93-1.81
Sales Growth7.151.61
Cash-Flow Growth13.933.17
Book-Value Growth5.691.04
 
Category: GBP Flexible Allocation
Fixed Income Style-
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)GBP 4991
Maturity Distribution %
1 to 347.19
3 to 57.36
5 to 79.30
7 to 104.07
10 to 150.00
15 to 209.89
20 to 300.00
Over 300.00
Effective Maturity-
Effective Duration-
Credit Quality Breakdown %     %
AAA -   BB-
AA-   B-
A-   Below B-
BBB-   Not Rated-
 
Category: GBP Flexible Allocation
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock31.880.0031.88
Bond17.830.0017.83
Property0.000.000.00
Cash39.5233.146.38
Other12.280.0012.28
World Regions31/03/2025
 % of EquityRelative to Category
United States48.271.07
Canada3.000.77
Latin America0.000.00
United Kingdom25.771.23
Eurozone11.160.95
Europe - ex Euro11.802.34
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia0.000.00
Asia - Developed0.000.00
Asia - Emerging0.000.00
 
Category: GBP Flexible Allocation
Sector Weightings31/03/2025
 % of EquityRelative to Category
Financial ServicesFinancial Services19.271.12
Consumer DefensiveConsumer Defensive44.623.24
HealthcareHealthcare4.040.49
Communication ServicesCommunication Services8.231.14
IndustrialsIndustrials6.260.56
TechnologyTechnology17.581.15
 
Category: GBP Flexible Allocation
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings19
Total Number of Bond Holdings13
Assets in Top 10 Holdings50.66
NameSectorCountry% of Assets
Invesco Physical Gold ETCIreland6.59
United States Treasury Notes 0.125%United States6.42
United Kingdom of Great Britain and N... United Kingdom5.70
iShares Physical Gold ETCIreland5.69
United States Treasury Bonds 0.75%United States4.89
Unilever PLC205United Kingdom4.88
United States Treasury Notes 0.125%United States4.60
United States Treasury Notes 0.125%United States4.49
United States Treasury Notes 0.375%United States3.71
United Kingdom of Great Britain and N... United Kingdom3.69
 
Increase Decrease New since last portfolio
Category: GBP Flexible Allocation
 
Management
Name of CompanyTroy Asset Management Limited
Phone+44 20 74994030
Websitewww.taml.co.uk
AddressHill Hour, 1 Little New Street, London, EC4A 3TR
 London   EC4A 3TR
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date01/12/2017
Fund Advisor(s)
Troy Asset Management Limited
Fund ManagerSebastian Lyon
Manager Start Date31/05/2001
Career Start Year1989
Education
Southampton University, B.Sc
 
Biography
Sebastian is Troy’s Chief Investment Officer and is responsible for Troy’s Multi-Asset Strategy. He is the Senior Fund Manager for the Trojan Fund and Investment Manager of Personal Assets Trust. Sebastian began his career in 1989 at Singer & Friedlander Investment Management. Joining Stanhope Investment Management (the management company for the GEC Pension Fund) in 1995, he jointly managed the £2 billion equity portfolio and the Fund’s asset allocation. He was appointed Director in 1999, and in 2000 he left to establish Troy. Gaining his BSc in Politics from Southampton University, Sebastian holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.
Fund ManagerCharlotte Yonge
Manager Start Date28/06/2018
Education
University of Cambridge, M.A.
 
Biography
Charlotte is the Assistant Fund Manager of the Trojan Fund and Personal Assets Trust and Fund Manager of the Trojan Ethical Fund, with responsibility for multi-asset coverage and the analysis of global companies and their selection for Troy’s portfolios. Charlotte joined Troy in 2013 from Ruffer Investment Management, where she worked as an Investment Associate. Graduating from Cambridge with an MA in Modern Languages, Charlotte holds the CISI Diploma and is a CFA Charterholder. Charlotte is also a Co-Founder of GAIN (Girls Are INvestors), a charity established to inform and inspire the next generation of young women to enter the investment management industry in the UK.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.00%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.85%
Ongoing Charge0.88%
Purchase Details
Minimum Investments
Initial50000000  GBP
Additional1000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes