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Trojan Ethical Income Fund

The investment objective of Trojan Ethical Income Fund is to seek to provide income with the potential for capital growth in the medium term. Its investment policy is to invest substantially in UK and overseas equities. Trojan Ethical Income Fund may also invest in fixed interest securities, indices, deposits, collective investment schemes and money market instruments.

The fund will invest in accordance with the parameters of its ethical investment criteria, which consider ethical issues in relation to: fossil fuels, pornography, tobacco and certain types of armaments. A document setting out the fund’s ethical investment criteria is available here.

In addition to the O share class referred to on this page, I & S Classes are also available. Please contact us for more information.

Derivatives may be employed for the purposes of efficient portfolio management.

Investment Performance will not be shown until one calendar year after the fund's launch due to regulatory requirements. Similarly, no information relating to Trojan Ethical Income Fund is included in either the Interim Report or Annual Report.

'O' Share Class Price 23/02/2017
110.50p
Accumulation Shares
Income Shares
107.22p
Fund Size
£50M

January 2017

Natural resources stocks and industrials continued to be the strongest performing sectors during the early weeks of 2017.

However, as the enthusiasm for Trump’s fiscal musings lost some of its lustre, these sectors alone were not enough to continue to support an overextended market unsettled by year-end profit warnings.

In such an environment the assertion by Richard Russell (Dow Theory Letters) that “a stock dividend is something tangible” and “in hand” whereas other drivers of returns are largely “hope and speculation” rings particularly true. We believe this applies not only at the individual stock level but also at the Fund level and were pleased to announce that the Trojan Ethical Income Fund will pay a final dividend of 1.6609p* for the six-month period to 31 January.  When added to the 1.7p interim dividend this represents a 3.3% trailing twelve-month yield, well above the Fund’s stated ambition of producing a yield in excess of 3% during its first year.

 

 

From this starting point it is our aim to grow the real value of the dividend year on year, as long as we feel we can do so without placing the Fund’s capital at excessive risk.

This is not purely a cosmetic exercise.  Above-inflation dividend growth means that investors, who cannot or do not wish to draw down on their capital, experience real growth in purchasing power.  In addition, a sustainable and growing stream of distributions from a portfolio implies, all else equal, that the economic value of the underlying companies is also growing - income and capital growth are inextricably linked.

*Estimated dividend calculation.



  

 

 

 

 

 

Top 10 HoldingsFund (%)
Unilever 4.1
Lloyds 3.5
GlaxoSmithKline 3.4
National Grid 3.1
Royal Mail 3.0
American Express 3.0
Land Securities 2.9
Compass Group 2.8
Verizon 2.8
Novartis 2.8
Total Top 10 31.4
36 other holdings 59.4
Cash & equivalent 9.2
Total 100.0

 

Past performance is not necessarily a guide to future performance. The value of a fund and any income from it may go down as well as up and investors may get back less than they invested. Changes in rates of exchange may cause the value of investments to go up or down. Any data is provided for information only and should not be reproduced, published or disseminated in any manner. Although Troy considers data to be reliable, no warranty is given as to its accuracy or completeness. Any comparisons against indices are for illustrative purposes only.

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

Find Out More

  • Fund Manager
    Hugo Ure
  • Inception Date
    06/01/2016
  • Currency
    £ Sterling
  • Available Share Class
    O, I, S
  • ISIN (O Class)
    GB00BYMLFK38 (Acc)
    GB00BYMLFL45 (Inc)
  • Bloomberg (O Class)
    TEIFOAC_LN (Acc)
    TEIFOIN_LN (Inc)
  • Sedol (O Class)
    BYMLFK3 (Acc)
    BYMLFL4 (Inc)

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