Trojan Income given reprieve by IA after yield miss

First beneficiary of Covid yield requirement suspension

Troy Asset Management's Trojan Income has become the first fund to be spared ejection from the Investment Association (IA) UK Equity Income sector due to the Covid-related suspension of yield requirements, Investment Week understands.

The decision comes despite Trojan's year-end date being before the IA's previously self-imposed deadline. At its 31 January year-end, the £3.5bn Trojan Income fund yielded 3.7%; 90% of the FTSE All-Share's yield, one of two criteria sector funds must satisfy, at that same date was 3.8%. When the IA announced the suspension of yield requirements for the UK Equity Income and Global Equity Income sectors, the trade body said it would apply to all funds with a year-end date after 28 February. However, Investment Week has learned Trojan Income still resides in the UK Equity Income secto...