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 24/05/2018|
The Fund produced a return of +3.7% in January compared to +6.4% for the FTSE All-Share Index (TR).
A number of factors contributed to the rally, which broke a three-month run of negative returns from UK Equities. Sterling weakened after a strong run, partly due to subdued Q1 GDP numbers which reduced expectations of higher interest rates. M&A activity also continued to pick up. A surprise decision was taken by Walmart to merge ASDA into J Sainsbury, thus abandoning its twenty-year attempt to conquer the UK food retail market. Whitbread announced a demerger and First Group, the train operator, received a private equity approach.
Despite the less robust UK economic data, some of the strongest returns within the portfolio were delivered by Next and Domino’s Pizza, two largely domestically-focused companies. We had added to Domino’s at the beginning of the month and were therefore pleased to see their first quarter trading statement highlighting continued store openings and the ongoing use of technology to drive efficiency. Shortly after the month end, Next also confirmed it had traded well since the beginning of the year. Such statements increase our belief that both companies can buck the economic trend due to the strength of their individual franchises.
The recent market volatility is continuing to deliver opportunities to invest in excellent franchises at valuations not seen for some years. Such investments will underpin the future returns from the portfolio.
|Top 10 Holdings||Fund (%)|
|Procter & Gamble||2.7|
|Total Top 10||34.5|
|36 other holdings||57.3|
|Cash & equivalent||8.2|
How to Invest
You may invest directly, via a broker or adviser, or through a number of online fund platforms.
- Fund Manager
- Inception Date
- Available Share Class
O, I, S
- ISIN (O Class)
- Bloomberg (O Class)
- Sedol (O Class)