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 31/08/2026
£9m
‘O’ INC SHARE CLASS as at 30/10/2024
105.86p
Performance
Source: Lipper.
| 01/11/2021 | 30/06/2023 | 30/06/2025 | 31/12/2025 | |
|---|---|---|---|---|
| Since Launch | 3 Years | 1 Year | 6 Months | |
| MSCI World NR GBP | 67.0 | 62.4 | 25.3 | 11.2 |
| Trojan Ethical Global Income O Acc | 11.3 | 10.3 | -6.0 | -5.0 |
| IA Global Equity Income NR | 54.7 | 45.7 | 20.0 | 9.9 |
| Discrete Calendar Annual Returns (%) | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Trojan Ethical Global Income O Acc | 5.7 | -4.1 | 4.8 | 7.4 | 2.7 | -5 |
Source: Lipper. Since Launch (01/11/2021) to 31 August 2026. 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 | 11.3 | 54.7 | 67.0 |
| Max Drawdown | -12.9 | -12.6 | -18.2 |
| Best Month | 5.4 | 5.3 | 7.7 |
| Worst Month | -7.5 | -6.6 | -6.8 |
| Positive Months | 49.1 | 67.3 | 63.6 |
| Annualised Volatility | 9.2 | 9.3 | 11.9 |
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 August 2026. 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 August 2026.
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
| Factsheet | View archive | ||
|
Fund Information Sheet |
View document Download document | ||
|
Interim Report |
July 2025 | View document Download document | |
|
Annual Report |
January 2026 | 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
Download 
-
Fund Information Sheet
Open Download -
Interim Report
Date: July 2025 Open Download -
Annual Report
Date: January 2026 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. 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 and does not constitute investment advice. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For the full fund disclaimer please refer to the Fund factsheet. Please refer to Troy’s Glossary of Terms available here.
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).
How to invest
Find more information on how to invest in this fund and where it is available.
How to invest
Commentary
August 2026
Your Fund returned +0.6% over the month compared to +1.8% for the MSCI World Index NR (£).
We have held shares in Coloplast since the Fund was launched. The Danish medical devices group is one we hold predominantly for its Chronic Care franchise, specifically ostomy and continence care, which supplies patients with mission-critical products they rarely switch away from. It is a capital-light business with recurring revenue, attractive margins and, historically, exceptional returns on capital. While the quality of the franchise has never been in doubt, the more recent execution has been disappointing.
The share price has fallen heavily over the past two years as confidence drained from the medium-term targets set under previous management. Ambitious growth targets collided with two specific problems: a disruptive change to the sales channel in China, which has weighed on ostomy sales, and the Kerecis biologics business in the United States, where a change to Medicare reimbursement pushed growth negative. The result is a company that has consistently struggled to deliver against its own targets for a numbers of years. Organic growth remains robust at around 6%, but that is below markets’ expectations of 6-8%.
The case now rests on new leadership. Gavin Wood, appointed this year, used his first hundred days to set out clearer priorities: sustaining Chronic Care, a sharper focus on the under-penetrated United States, and a more disciplined approach to capital allocation, with a stated willingness to stop projects that are not delivering. The medium-term targets are under review, with an update due at the full-year results. A more realistic guide, in place of ambitions the market had ceased to believe, would remove a persistent overhang rather than create one.
Having held the position throughout the drawdown, we have seen the shares recover around 30% from their low. The company continues to deliver predictable growth, and with better execution we believe it can continue to provide an attractive and growing income stream for the fund.