Overview
Download factsheetAn ethical fund that seeks to achieve growing levels of income from across the world, alongside the potential for capital growth.
What does the fund do?
It aims to provide investors with a high and regular stream of income, in line with ethical exclusion criteria, that we aim to grow. We manage a concentrated portfolio of high-quality, global companies, purchased at attractive valuations and held for the long term. We exclude certain companies that generate revenues from sectors that do not meet our ethical criteria.
View our ethical exclusion criteria
Why this fund?
Aimed at investors who seek an equity-focused income stream, with below-average volatility and an emphasis on absolute returns that also wish to exclude certain sectors. 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
The team
James is the Senior Fund Manager responsible for the Trojan Global Income Strategy. He has 28 years’ investment experience, and has managed global equity portfolios since 2002. James is manager of the Trojan Global Income Fund, co-manager of the Trojan Ethical Global Income Fund and was awarded management of STS Global Income & Growth Trust plc in November 2020.
Joining Troy in 2016 to establish the Trojan Global Income Fund, James was previously a Fund Manager at Newton Investment Management where he established and managed the Newton Global Income Fund. He was also the alternate manager on the Newton Real Return Fund. Under James’s management, the Newton Global Income fund grew to c. £4.5bn in AUM and was first in its sector over 10 years. James graduated from Bristol University with a BSc in Politics, before completing his Masters in Finance at the London Business School. He holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.
Tomasz is the co-manager of the Trojan Ethical Global Income Fund, Assistant Fund Manager of the Trojan Global Income Fund and has responsibility for the analysis of global companies and their selection for Troy’s portfolios.
He joined Troy in 2017 from Susa Fund Management, a European equity fund. He previously worked as an Associate at Bain Capital Credit. Tomasz graduated in European Economics from the University of Rome, before completing his Masters in Economics at Bocconi University, and his MBA at London Business School.
Key facts
‘O’ ACC SHARE CLASS as at 30/10/2024
113.64p
Fund size as at 31/05/2025
£42m
‘O’ INC SHARE CLASS as at 30/10/2024
105.86p
Performance
Source: Lipper.
| 01/11/2021 | 31/05/2022 | 31/05/2024 | 30/11/2024 | |
|---|---|---|---|---|
| Since Launch | 3 Years | 1 Year | 6 Months | |
| MSCI World NR GBP | 29.9 | 35.5 | 7.4 | -3.7 |
| Trojan Ethical Global Income O Acc | 19.2 | 17.6 | 12.0 | 2.5 |
| IA Global Equity Income NR | 27.6 | 25.2 | 7.3 | 0.3 |
| Discrete Calendar Annual Returns (%) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Trojan Ethical Global Income O Acc | 5.7 | -4.1 | 4.8 | 7.4 | 4.5 |
Source: Lipper. Since Launch (01/11/2021) to 31 May 2025. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms.
Risk and Volatility since launch
Source: Lipper.
| Risk Analysis Since Launch (01/11/2021) | Trojan Ethical Global Income O Acc | IA Global Equity Income NR | MSCI World NR GBP |
|---|---|---|---|
| Total Return | 19.2 | 27.6 | 29.9 |
| Max Drawdown | -10.8 | -12.6 | -18.2 |
| Best Month | 5.4 | 5.2 | 7.7 |
| Worst Month | -5.7 | -5.0 | -6.8 |
| Positive Months | 52.4 | 59.5 | 59.5 |
| Annualised Volatility | 8.7 | 8.8 | 12.2 |
Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns. Source: Lipper, as at 31 May 2025. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms.
Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| Paychex | 6.1 |
| ADP | 5.8 |
| PepsiCo | 5.3 |
| Reckitt Benckiser | 5.0 |
| Unilever | 4.9 |
| CME Group | 4.6 |
| Microsoft | 3.9 |
| Johnson & Johnson | 3.8 |
| Novartis | 3.6 |
| Roche Holdings | 3.5 |
| Total Top 10 | 46.6 |
| 23 other holdings | 51.5 |
| Cash | 1.9 |
| Total | 100.0 |
Asset allocation and holdings subject to change. As at 31 May 2025.
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
| Factsheet | View archive | ||
|
Fund Information Sheet |
View document Download document | ||
|
Interim Report |
July 2024 | View document Download document | |
|
Annual Report |
January 2025 | View document Download document | |
| Prospectus & Additional Investor Information | View documents | ||
| UCITS KIID | View share classes | ||
| Sustainability-related Disclosures | View documents | ||
|
Troy’s Ethical Exclusion Criteria |
View document Download document |
-
Factsheet
View archive Open
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-
Fund Information Sheet
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Interim Report
Date: July 2024 Open Download -
Annual Report
Date: January 2025 Open Download -
Prospectus & Additional Investor Information
View documents Open
Download
-
UCITS KIID
View share classes Download
-
Sustainability-related Disclosures
View documents Open
Download
-
Troy’s Ethical Exclusion Criteria
Open Download
Sustainable Investment Labels Statement
Sustainable investment labels help investors find products that have a specific sustainability goal. This fund does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective. Despite not having a sustainable investment objective, when investing in companies, Troy integrates the analysis of sustainability characteristics into its investment decision-making. Troy also considers the steps companies are taking in relation to climate change mitigation.
Important Information
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.
How to invest
Commentary
May 2025
Your Fund returned +3.4% over the month compared to +4.9% for the MSCI World Index NR (£).
We spent several days this month in the US at a conference meeting companies. As ever one cannot fail to be impressed by the sheer scale, dynamism and competitive zeal of US corporates and the wider economy. Several current and potential investments for the strategy and the Troy investment universe were present and we came away with plenty to think about.
In addition to the individual company presentations, a few themes stood out. First was the apparent disconnect between the uncertainty surrounding the current macro-economic backdrop and what companies were seeing at the micro level. While there was widespread angst relating to tariffs, the unpredictability of policymaking and the stress on the consumer, this had yet to show up in end demand. This paradox was summed up well by Steve Squeri, the highly regarded CEO of American Express, who said sentiment surveys were depressed while consumption remained robust – or as he put it, people were “complaining as they go spend”. Maybe this is a comment on modern life, but it does seem that one way or another this divergence will have to be bridged either by sentiment improving or spending slowing.
Second was the extent to which companies are thinking hard about how to deploy AI in their business to make meaningful productivity improvements and cost savings. Ironically while AI is likely to be a highly disruptive force in the economy, it seems the companies that are best placed to be able to exploit the technology are the large incumbent businesses. This contrasts with the internet where often the opposite was the case.
Third, it was notable how prominent a role was played by Private Equity and Private Credit companies. On our reckoning it was the single best represented sector by number of companies present and the most optimistic on the outlook for their industry. While we acknowledge that these companies have formidable competitive advantages and very profitable business models, our contrarian streak cannot help but be triggered by this occurrence. Perhaps we have seen “peak private” for this cycle.
Finally, and remarkably, not one company mentioned the word “Trump”.