Troy Income and Growth’s ongoing charges are falling

Troy Income & Growth has published interim results for the six months ended 31 March 2015. This was a good period for the fund which returned 10.3% on net assets – almost twice the 5.3% return posted by the FTSE All-Share Index. Shareholders did even better as the fund moved to trade on a higher premium – the return to shareholders was 11.7%. The quarterly dividends were maintained at 0.575p.

The fund has been issuing shares (perhaps unsurprising given its good performance), 10m of them over the six month period. The fund has now broken through the £175m barrier – assets above this level pay a lower management charge of 0.65%. if the fund continues to grow the ongoing charges ratio should drop below its current level of 1.05%.

Unfortunately there is no report from the manager in the results statement.

TIGT : Troy Income and Growth’s ongoing charges are falling