Fact sheet: Troy Income & Growth IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
UK EQUITY INCOME
Sector
IT UK Equity Income
Fund type
Investment Trust
Primary aim
GROWTH & INCOME
Why Money Observer Rates Troy Income & Growth IT

Rated Fund 2013-2017. Run by managers who target positive returns

We believe this trust could be a good choice for relatively cautious investors. It has been managed by Francis Brooke since 2009 and Hugo Ure became his co-manager in 2015. They target positive returns, rather than relative performance against a stock market index.

While aiming to produce income and capital growth, their core objective is to protect investors' capital. They invest predominantly in UK companies but can also hold overseas shares, looking for businesses that are able to grow their dividends almost irrespective of the wider market background. The trust's yield is 3.3 per cent and it pays quarterly dividends.

Although its portfolio is relatively concentrated, with typically around 50 holdings, its volatility is low. The managers point out that they only invest in companies they thoroughly understand, with qualities that will allow an investment to compound in value over the long term.

As they are long-term investors, they say they must be confident that a business can generate growing amounts of cash long into the future. They therefore invest in businesses with high returns on invested capital that are sustained by durable competitive advantages.

They buy these companies when three further conditions are met. First, their balance sheets must be soundly financed so that management has the freedom to allocate capital to continue the company's growth.

Second, they must be managed by people who Brooke and Ure are confident will act in the best interests of shareholders. Finally their shares must be available at a price that underestimates future cash flows.

3 Year Performance
Fund Performance16.6%
Average of Rated Funds Group22.3%
Sector Performance16.9%
Fund information
Fund name
Troy Income & Growth Trust plc
Fund manager company
Troy Asset Management
Fund type
Investment Trust
Fund managers
  • Francis Brookesince 31/07/2009
  • Hugo Uresince 01/03/2015
Accolades
Fund objective
The investment objective of the Troy Income & Growth Trust plc (TIGT) is 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.
Benchmark
  • FTSE All Share
Investment style
No data available.
Investment method
No data available.
Quick stats
1 Year return
0.4%
1 Year rank in sector
21/25
Sector
IT UK Equity Income
Yield
3.5%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.95%
Fund size
£216m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
92
Mid price
74.2
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
74.39
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
-0.26
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
100
Top in this sector
Fund name1 Year
Shires Income plc23.6%
Std Life Eq In Tst18%
JPMInc&CapTst lc16.8%
ChvSmCos DvTstplc14.5%
JPMorganClaverhITplc12.7%
...more in IT UK Equity Income

Performance snapshot

Holdings snapshot

  • UK85%
    International9%
    Money Market6%
  • Financials27%
    Consumer Goods25%
    Oil & Gas9%
    Utilities8%
    Industrials6%
  • UK Equities85%
    International Equities9%
    Money Market6%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-7%-3.5%-5%0.4%16.6%50.1%
Sector-5.5%-1.6%-2.4%5.8%16.9%48%
Rank within sector16 / 2518 / 2520 / 2521 / 2515 / 2513 / 25
Quartile3rd3rd4th4th3rd3rd
Calendar performance
 YTD - 20182017201620152014
Fund-6.5%7.9%9%10.8%12.1%
Sector-4.9%14%6.9%3.8%3%
Rank within sector19 / 2521 / 2513 / 257 / 251 / 25
Quartile4th4th3rd2nd1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
1.52
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.82
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.45
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
8.64
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
5.87
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.03
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.57
Price movement
52 week high82.5
52 week low73.6
Current bid price74.2
Current offer price75.4
Current mid price74.2
Region
1UK85%
2International9%
3Money Market6%
Industry sector
1Financials27%
2Consumer Goods25%
3Oil & Gas9%
4Utilities8%
5Industrials6%
6Money Market6%
7Consumer Services5%
8Health Care5%
9Technology5%
Asset type
1UK Equities85%
2International Equities9%
3Money Market6%
Individual holdings
1ROYAL DUTCH SHELL5.2%
2UNILEVER4.9%
3BRITISH AMERICAN TOBACCO PLC4.2%
4LLOYDS BANKING GROUP PLC3.6%
5BP PLC3.4%
6RECKITT BENCKISER GROUP PLC3.3%
7GLAXOSMITHKLINE2.9%
8COMPASS GROUP PLC2.8%
9SAGE GROUP2.8%
Management
Fund manager group
Troy Asset Management
Fund manager company
Troy Asset Management
Fund type
Investment Trust
Fund objective
The investment objective of the Troy Income & Growth Trust plc (TIGT) is 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.
Benchmark
  • FTSE All Share
Investment style
No data available.
Investment method
No data available.
Fund managers
NameSinceBiography
Francis Brooke31/07/2009Before joining Troy Asset Management in 2004, Francis was a Director at Merrill Lynch Investment Managers, where he was responsible for over £1 billion of UK Equities. He was also a member of Merrill's Asset Allocation and Sector Strategy Committees. Francis was previously employed at Foreign & Colonial Management Ltd, where he was appointed Director in 1995, and at Kleinwort Benson Securities, where he began his career in 1986, after graduating from Edinburgh University.
Hugo Ure01/03/2015Hugo joined Troy Asset Management in 2009. Before moving to Troy he was an equity analyst at Kleinwort Benson, a role he enjoyed for 3 years after a short period as part of the portfolio management team. Hugo previously spent four years serving as an officer in the Scots Guards after passing out of the Royal Military Academy Sandhurst in 2000. Hugo graduated from Oxford University in 1999; he is a CFA Charterholder and has completed his Securities and Investment diploma.
Compliance
AIC Member
Domicile
No data available.
Fund for sale in
United Kingdom
Troy Income & Growth Trust plc
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price74.41
CurrencyGBX
Price updated14/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNJIX
Data provided by

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