Overview
Download FactsheetA multi-asset ethical fund that aims to protect investors’ capital and grow its value in real terms over the long term. We combine cautious asset allocation with careful selection of high-quality companies, purchased at fair valuations.
What does the Fund do?
Through a long-term, long-only approach, the Fund invests in a broad range of asset classes, in line with ethical exclusion criteria. We exclude certain equities, bonds and gold-related investments.
View our ethical exclusion criteria
Why this Fund?
Aimed at investors who want an ethical multi-asset fund emphasising capital preservation and absolute returns. The Fund’s emphasis on downside risk management and high-quality securities aim to deliver strong risk-adjusted returns over the long-term. The Fund integrates ESG and stewardship in accordance with Troy’s Responsible Investment & Stewardship Policy and also adheres to Troy’s Climate Change Mitigation Policy, in accordance with article 8 of SFDR.
View our SFDR disclosure
Key facts
‘X’ ACC SHARE CLASS as at 16/08/2024
£1.1537
Fund size as at 31/07/2024
£17m
‘X’ INC SHARE CLASS as at 16/08/2024
£1.1401
Performance
Performance is calculated on a total return basis, net of fees, in sterling terms.
Source: Lipper, Waystone Management Company (IE) Limited.
| 07/10/2020 | 30/06/2022 | 30/06/2024 | 31/12/2024 | |
|---|---|---|---|---|
| Since Launch | 3 Years | 1 Year | 6 Months | |
| Bank of England Base Rate | 14.5 | 14.0 | 4.8 | 2.2 |
| UK Retail Price Index | 36.9 | 18.5 | 4.0 | 2.8 |
| Trojan Exclusions Fund X GBP Acc | 22.9 | 17.4 | 7.3 | 3.6 |
| Trojan Exclusions Fund X EUR Acc | 14.6 | 11.3 | 5.2 | 2.5 |
| Trojan Exclusions Fund X USD Acc | 23.6 | 18.0 | 7.1 | 3.4 |
| Discrete Calendar Annual Returns (%) | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Trojan Exclusions Fund X GBP Acc | -0.8 | 10 | -4.9 | 4.9 | 8.1 | 3.6 |
| Trojan Exclusions Fund X EUR Acc | -0.9 | 8.9 | -6.5 | 3.2 | 6.4 | 2.5 |
| Trojan Exclusions Fund X USD Acc | -0.8 | 10.1 | -4.6 | 5.2 | 8 | 3.4 |
Performance is calculated on a total return basis, net of fees, in sterling terms. Past performance is not a guide to future performance
Source: Lipper, Waystone Management Company (IE) Limited.
Since Launch (06/10/2020) to 30 June 2025.
Risk and Volatility since launch
Source: Lipper, Waystone Management Company (IE) Limited.
| Risk Analysis Since Launch (07/10/2020) | Trojan Exclusions Fund X GBP Acc |
|---|---|
| Total Return | 22.9 |
| Max Drawdown | -7.2 |
| Best Month | 3.6 |
| Worst Month | -2.9 |
| Positive Months | 64.3 |
| Annualised Volatility | 4.5 |
Performance is calculated on a total return basis, net of fees, in sterling terms.
Maximum Drawdown measures the worst investment period
Annualised Volatility is measured by the annualised standard deviation of the monthly returns
Source: Lipper, Waystone Management Company (IE) Limited.
. As at 30 June 2025.
Asset allocation
| Top 10 holdings (excluding government bonds) | Fund % |
|---|---|
| Invesco Gold ETC | 6.51149546161825 |
| Alphabet | 4.51344174545779 |
| Royal Mint Physical Gold | 3.93558889794095 |
| Unilever | 3.42961695227902 |
| Visa | 3.23959088674518 |
| Nestle | 2.78035840429177 |
| L'Oreal | 2.66644140738759 |
| Adobe | 2.63269517607488 |
| Microsoft | 2.35605558851354 |
| Agilent | 2.26150007636685 |
| Total Top 10 | 34.3267845966758 |
| 9 Other Equity holdings | 12.1853145882148 |
| US TIPS | 22.8065105624577 |
| Short-dated Gilts | 13.1918623355819 |
| Japanese Government Bonds | 8.3189094757657 |
| UK Index-Linked | 5.23201662190216 |
| Cash | 2.87885866947474 |
| US Short-dated Treasuries | 1.05974314992711 |
| Total | 100 |
Asset allocation and holdings subject to change. As at 30 June 2025.
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|
Past performance is not 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. Returns may increase or decrease as a result of currency fluctuations. This data is provided for information only and should not be reproduced, published or disseminated in any manner. Although Troy considers the data to be reliable, no warranty is given as to its accuracy or completeness. Any comparisons against indices are for illustrative purposes only. In line with the Fund’s prospectus, the Fund is authorised to invest in transferable securities and money market instruments issued or guaranteed by an EEA state, one or more local authorities, a third country, or a public international body to which one or more EEA states belong. The Investment Manager would only consider investing more than 35% of the Fund’s assets in UK or US government issued transferable securities or approved money market instruments.
Some of the information contained on this page: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Important information for U.S. persons
The securities described on this website are neither available nor offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. persons who are resident outside the United States of America).
For the full fund disclaimer please refer to the Fund factsheet.
Please refer to Troy’s Glossary of Terms available here.
How to invest
Find more information on how to invest in this fund and where it is available.
