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
The team
Charlotte Yonge CFA
Senior Fund Manager
Charlotte is the Assistant Fund Manager of the Trojan Fund and Personal Assets Trust and Fund Manager of the Trojan Ethical Fund, with responsibility for multi-asset coverage and the analysis of global companies and their selection for Troy’s portfolios.
Charlotte joined Troy in 2013 from Ruffer Investment Management, where she worked as an Investment Associate. Graduating from Cambridge with an MA in Modern Languages, Charlotte holds the CISI Diploma and is a CFA Charterholder.
Sebastian Lyon
Founder & Chief Investment Officer
Sebastian is Troy’s Chief Investment Officer and is responsible for Troy’s Multi-Asset Strategy. He is the Senior Fund Manager for the Trojan Fund and Investment Manager of Personal Assets Trust.
Sebastian began his career in 1989 at Singer & Friedlander Investment Management. Joining Stanhope Investment Management (the management company for the GEC Pension Fund) in 1995, he jointly managed the £2 billion equity portfolio and the Fund’s asset allocation. He was appointed Director in 1999, and in 2000 he left to establish Troy. Gaining his BSc in Politics from Southampton University, Sebastian holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.
Marc de Vos CFA
Investment Analyst
Marc is an Investment Analyst working on the multi-asset mandates, with responsibility for analysis of global companies and their selection for Troy’s portfolios.
Marc joined Troy in June 2019 from RWC Asset Management, where he worked as an Investment Analyst. Marc holds a BEng in Electromechanical Engineering and a PhD in Electronic and Electrical Engineering from Southampton University. Marc is a CFA Charterholder.
Michael Kinsella
Investment Specialist
Michael is an investment specialist on the Multi-Asset Strategy. Michael joined the Business Development Team at Troy in May 2016 from Veritas Investment Management where he worked as an Assistant Portfolio Manager.
Michael graduated from Dublin Business School with a BA (hons) in Business Studies in 2005. Michael holds a Masters in Wealth Management from the Chartered Institute of Securities & Investments and the IMC.
Key facts
Fund Manager
Charlotte Yonge
Inception date
22/03/2019
Currency
Sterling
Available share classes
O, S, X
ISIN (O Class)
GB00BJP0XX17 (Acc)
GB00BJP0XY24 (Inc)
Sedol (O Class)
BJPOXX1 (Acc)
BJPOXY2 (Inc)
Benchmarks
For more information on the benchmarks used please refer to the ‘use of benchmarks’ section in the fund information sheet
Ongoing Charges
‘O’ (ordinary) shares: 1.02%
‘X’ (platform) shares: 0.87%
‘O’ ACC SHARE CLASS as at 19/08/2024
137.99p
Fund size as at 31/07/2024
£827m
‘O’ INC SHARE CLASS as at 19/08/2024
135.86p
Performance
Performance is calculated on a total return basis, net of fees, in sterling terms.
Source: Lipper, Waystone Management UK Limited.
22/03/2019 | 30/09/2019 | 30/09/2021 | 30/09/2023 | 31/03/2024 | |
---|---|---|---|---|---|
Since Launch | 5 Year | 3 Year | 1 Year | 6 Months | |
Bank of England Base Rate | 11.5 | 11.1 | 10.5 | 5.3 | 2.6 |
UK Retail Price Index | 36.8 | 34.0 | 26.3 | 3.0 | 1.8 |
FTSE All-Share TR | 39.6 | 32.2 | 23.9 | 13.4 | 6.1 |
Trojan Ethical O Acc | 38.9 | 29.3 | 8.8 | 9.0 | 3.2 |
Discrete Calendar Annual Returns (%) | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|---|
Trojan Ethical O Acc | 7.2 | 10.9 | 10.1 | -4.6 | 5.2 | 5.7 |
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 UK Limited. Since Launch (29/03/2019) to 31 July 2024.
Risk and Volatility since launch
Source: Lipper, Waystone Management UK Limited.
Risk Analysis Since Launch (22/03/2019) | Trojan Ethical O Acc | FTSE All-Share TR |
---|---|---|
Total Return | 38.9 | 39.6 |
Max Drawdown | -8.9 | -35.3 |
Best Month | 4.6 | 12.7 |
Worst Month | -2.9 | -15.1 |
Positive Months | 68.2 | 62.1 |
Annualised Volatility | 5.0 | 13.8 |
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 UK Limited. As at 31 July 2024.
Asset allocation
Top 10 holdings (excluding government bonds) | Fund % |
---|---|
Invesco Physical Gold | 9.10980316216165 |
Unilever | 3.92014942899626 |
Royal Mint Responsibly Sourced Physical Gold | 3.54572947615668 |
Nestle | 3.09226944595442 |
Visa | 2.97379797718977 |
Alphabet | 2.49708801769656 |
Microsoft | 2.21380554550913 |
Experian | 1.75100209398816 |
American Express | 1.57096136941594 |
Procter & Gamble | 1.22278444252261 |
Total Top 10 | 31.8973909595912 |
6 Other Equity holdings | 5.03903399472528 |
US TIPS | 30.9017764719158 |
Short-dated Gilts | 13.5381985107752 |
US Short-dated Treasuries | 12.4617761453206 |
UK Index-Linked | 3.15408824421229 |
Cash | 3.00773567345972 |
Total | 100 |
Asset allocation and holdings subject to change. As at 31 July 2024.
Fund literature
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Factsheet
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UCITS KIID
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Fund Information Sheet
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Prospectus & Additional Investor Information
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Sustainability-related Disclosures
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Troy’s Ethical Exclusion Criteria
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Annual Report
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Interim Report
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Investment Report
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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
July 2024
Your Fund returned +0.3% during the month, compared to +3.1% for the FTSE All-Share Index (TR).
In our latest Investment Report No. 81, we discuss the recent focus on election outcomes and their impact (or lack of it) on markets – see link. For all the noise and distraction presented by politics in recent months, corporate earnings and valuations are more important in generating long term returns for investors. Valuations remain high, which explains our continued defensiveness, with less than 30% of the portfolio in equities, although we remain poised to deploy the Fund’s liquidity when opportunities present themselves.
July offered plenty of opportunity to hear from the Fund’s holdings. The outcome was a mixed picture, with many companies close to the consumer struggling to grow. After a year of rising prices in 2023, as companies sought to offset rising inflation, comparisons have become harder and consumer demand has slowed. Pent up savings have now been spent and higher interest rates are at last beginning to bite. Nestlé struggled to grow earnings in the first half, while the valuation for the company is close to 10-year lows. In contrast our largest holding, Unilever, released positive interim results. While organic revenue growth was slightly weaker than expected, the Company surprised on profitability. A year into his tenure, the new Chief Executive, Hein Schumacher, is beginning to deliver on his strategy. A focus on improving gross margins is allowing Unilever to significantly increase investment into marketing its brands, driving higher organic growth and stronger operating margins. We suspect there is more to come after a few years of lacklustre performance and believe we will be rewarded for our patience.
During July the gold price surged to a new all-time-high, in US dollars, to over $2,480 per troy ounce. We used this strength to reduce our holding. This action brings our weighting back down to 12% of the portfolio.