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Troy to soft-close top-performing income fund


Troy Asset Management is soft closing its £930m Income fund.

Troy says the continued growth of assets in the portfolio has resulted in fund manager Francis Brooke being required to spend an increasing amount of time meeting and updating investors on the progress of the fund.

The soft close, which be implemented on 1 May, will see the Trojan Income fund’s minimum investment rise to £250,000 – having previously been £1,000 – and an initial charge of 5 per cent introduced.

The fund has garnered a strong adviser following since its launch in September 2004. It is top quartile in the Investment Management Association UK Equity Income sector over three years, having returned 37.8 per cent compared to a sector average of 30.9 per cent.

This is the second time Troy has soft-closed a major fund. In April 2011 it soft-closed the £2.4bn Trojan fund, managed by Sebastian Lyon.

In a statement published last week, Troy says: “We do not currently see any liquidity constraints on the manager’s investment process, so this will not affect any existing investors who will be able to add to their holdings, under unchanged terms, should they so wish.”

Charles Stanley Direct head of research Ben Yearsley says: “I would prefer to see a full closure rather than soft-closure because very few investors would pay such a high premium to enter the fund although it does have benefits for existing investors.”


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