Troy Trojan (Class X) Class X - Accumulation

The chart to the right shows the fund's performance since launch in 2001. Over this time it's comfortably achieved its objective of growing by more than inflation, measured by the UK Retail Price Index. Since launch it's also performed better than the broader UK stock market, as measured by the FTSE All Share index, which we think is impressive for a more conservative fund. It's achieved this with lower volatility than the market. Please remember past performance isn't a guide to future returns.

Importantly, the fund has tended to come into its own and hold up well in weaker markets, and we have seen this during times when global markets have stumbled. Exposure to assets such as cash and gold have generally provided some resilience, while the shares of companies that provide everyday consumer essentials, have also tended to hold up relatively well. Remember though, the fund will go up and down in value, so you could get back less than you invest.

Lyon aims to keep things simple. He aims to shelter investors' wealth during uncertain economic times and grow it over the long term. He thinks protecting capital during tough times can provide a good foundation for growth when the outlook improves.

The fund is constructed around four 'pillars'. The first contains large, established companies Lyon thinks can grow sustainably over the long run, and endure tough economic conditions. He has tended to focus on companies based in developed markets, such as the UK and US. This includes some of the world's best-known companies with highly recognisable brands. The manager has the freedom to invest in higher-risk smaller companies as well, but the fund hasn't had much exposure to this area of the market for several years.

The rest of the fund is made up of investments that could bring some stability to the portfolio during more difficult markets. The second pillar is made from bonds, including US index-linked bonds, which could shelter investors if inflation rises. Some of the fund is also invested in traditional UK government bonds (gilts).

The third pillar consists of gold-related investments, including physical gold. Gold often acts as a safe haven during times of uncertainty, or could perform well if inflation takes off or key global currencies weaken. The final pillar is cash. This provides important shelter when stock markets stumble.

While the fund contains a diverse range of investments, it is concentrated. This approach means each investment can contribute significantly to overall returns, but it can increase risk.