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 31/03/2026
£30m
‘O’ INC SHARE CLASS as at 30/10/2024
105.86p
Performance
Source: Lipper.
| 01/11/2021 | 31/03/2023 | 31/03/2025 | 30/09/2025 | |
|---|---|---|---|---|
| Since Launch | 3 Years | 1 Year | 6 Months | |
| MSCI World NR GBP | 47.8 | 49.3 | 16.4 | 1.5 |
| Trojan Ethical Global Income O Acc | 7.8 | 6.8 | -7.2 | -8.3 |
| IA Global Equity Income NR | 40.0 | 33.3 | 11.9 | 3.3 |
| 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 | -8 |
Source: Lipper. Since Launch (01/11/2021) to 31 March 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 | 7.8 | 40.0 | 47.8 |
| Max Drawdown | -12.9 | -12.6 | -18.2 |
| Best Month | 5.4 | 5.3 | 7.7 |
| Worst Month | -7.5 | -6.7 | -6.8 |
| Positive Months | 48.1 | 65.4 | 61.5 |
| Annualised Volatility | 9.2 | 9.2 | 11.7 |
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 March 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 March 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 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 |
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Factsheet
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-
Fund Information Sheet
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Interim Report
Date: July 2025 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. 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.
Commentary
March 2026
Your Fund returned -7.5% over the month compared to -4.5% for the MSCI World Index NR (£).
This was a disappointing month of performance for the Fund. Markets were shaken by the near-term oil shock that has driven share prices for most companies outside of the energy sector downward. History shows that although a supply shock like this is inflationary in the short term, over longer-term periods it leads to lower growth. In this circumstance we would expect to see weakness in areas we do not own such as mining, banks and industrials (the latter which we do own but not as much as we would like) to the benefit of the Fund. Clearly the events in the Middle East are impossible to forecast with any certainty. We stand ready to take advantage of any opportunities that may arise as a result of the current disruption and retain confidence in the fundamentals of the companies we hold.
Rentokil Initial is a good example of this. The business has performed well as the investment case has begun to proceed as expected.
Pest control is one of the most attractive business models in the service economy with recurring revenue, low churn, pricing power, and near-immunity to economic cycles. Rentokil is the largest such operator in the world, and in North America – the highest-margin, fastest-growing pest control market on earth – it is finally beginning to improve.
The opportunity to invest at an attractive valuation was provided by poor execution rather than concerns relating to the quality of the business. The acquisition of Terminix created problems for the management team via a confused strategy. This created a great deal of disruption, a dissatisfied workforce, market share loss and ultimately weak earnings. Following a change of management and strategy, this is in the process of reversing.
At the recent quarterly results, it was announced that North American organic growth reached 2.6%, leading the shares to rise 12% on the day. The investment case had been predicated on this change in earnings trajectory and so the positive reaction should not be seen as a surprise.
Management has moved from a turbulent centralised integration to something more pragmatic. The revised plan retains around 30 national, regional and local brands representing over 90% of revenue, with a branch network expanding to around 800 locations by end of 2026. Given the competitive advantage of the business is driven by local density and scale this is likely to be the correct course of action. A $100m cost reduction program should further underwrite earnings and profit margin improvement.
Free cash flow conversion is also improving and leverage has fallen. The shares remain excellent value compared to the closest North American peer, Rollins, and it remains a committed investment in the Fund.