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
Key facts
‘O’ ACC SHARE CLASS as at 30/10/2024
113.64p
Fund size as at 30/06/2025
£41m
‘O’ INC SHARE CLASS as at 30/10/2024
105.86p
Performance
Source: Lipper.
| 01/11/2021 | 30/06/2022 | 30/06/2024 | 31/12/2024 | |
|---|---|---|---|---|
| Since Launch | 3 Years | 1 Year | 6 Months | |
| MSCI World NR GBP | 33.3 | 46.8 | 7.2 | 0.1 |
| Trojan Ethical Global Income O Acc | 18.4 | 18.9 | 10.1 | 3.8 |
| IA Global Equity Income NR | 28.7 | 32.8 | 6.9 | 2.8 |
| Discrete Calendar Annual Returns (%) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Trojan Ethical Global Income O Acc | 5.7 | -4.1 | 4.8 | 7.4 | 3.8 |
Source: Lipper. Since Launch (01/11/2021) to 30 June 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 | 18.4 | 28.7 | 33.3 |
| 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 | 51.2 | 60.5 | 60.5 |
| Annualised Volatility | 8.7 | 8.7 | 12.1 |
Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns. Source: Lipper, as at 30 June 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 30 June 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
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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
June 2025
Your Fund returned -0.7% over the month compared to +2.7% for the MSCI World Index NR (£).
We invested in Sysco during May and June. Sysco is the largest foodservice distributor in the U.S., serving over 700,000 customer locations across restaurants, healthcare, education, and travel. Though structurally well-placed in a growing “food-away-from-home” market, investor sentiment has soured due to recent softness in high-margin independent restaurant volumes. While this segment is recovering more slowly than expected, we believe concerns are overdone. The company’s core competitive edge—its scale—is intact and growing, and Sysco is taking the right steps to reignite momentum through salesforce investments and a focus on growing its specialty businesses, such as custom meat, fresh produce, and imported goods—categories that carry higher margins and foster customer stickiness.
In the last decade, the company has seen some evolution—particularly in international expansion through the acquisition of Brakes Group in the UK and in its growing specialty portfolio—but the essence of the business remains the same. That is precisely the point: Sysco’s moat is rooted in its relative scale, dense distribution network, and superior logistics. It is not a business that needs to change dramatically to succeed. While recent noise around local restaurant volumes has clouded the picture, national accounts continue to grow profitably, underpinning the route density that ultimately makes local accounts viable.
At around 16x forward earnings, the shares are attractively valued particularly for a business with defensive characteristics, a durable competitive advantage, and a 55-year record of dividend increases. Despite near-term noise, Sysco continues to grow both earnings and free cash flow, with buybacks enhancing per-share returns. We expect long-term revenue growth in the mid-single digit range and an improving capital return profile, making it a compelling income-generating holding in the portfolio. The dividend yield of 2.7% adds to the appeal in today’s uncertain environment.