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 19/08/2024
109.71p
Fund size as at 31/07/2024
£38m
‘O’ INC SHARE CLASS as at 19/08/2024
102.20p
Performance
Source: Lipper, Waystone Management Limited.
| 01/11/2021 | 30/09/2023 | 31/03/2024 | |
|---|---|---|---|
| Since Launch | 1 Year | 6 Months | |
| MSCI World NR GBP | 24.6 | 20.5 | 2.8 |
| Trojan Ethical Global Income O Acc | 11.1 | 7.5 | 1.7 |
| IA Global Equity Income NR | 23.4 | 15.7 | 3.1 |
| Discrete Calendar Annual Returns (%) | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Trojan Ethical Global Income O Acc | 5.7 | -4.1 | 4.8 | 4.6 |
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 Limited. Since Launch (2021-11-01) to 31 July 2024.
Risk and Volatility since launch
Source: Lipper, Waystone Management Limited.
| Risk Analysis Since Launch (01/11/2021) | Trojan Ethical Global Income O Acc | IA Global Equity Income NR | MSCI World NR GBP |
|---|---|---|---|
| Total Return | 11.1 | 23.4 | 24.6 |
| Max Drawdown | -10.4 | -9.3 | -15.3 |
| Best Month | 5.2 | 4.4 | 7.7 |
| Worst Month | -5.7 | -5.0 | -5.5 |
| Positive Months | 50.0 | 61.8 | 61.8 |
| Annualised Volatility | 8.4 | 8.5 | 11.6 |
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 Limited. As at 31 July 2024.
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 July 2024.
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
| Factsheet | View archive | ||
| UCITS KIID | View share classes | ||
|
Fund Information Sheet |
View document Download document | ||
| Prospectus & Additional Investor Information | View documents | ||
|
Sustainability-related Disclosures |
View document Download document | ||
|
Troy’s Ethical Exclusion Criteria |
View document Download document | ||
|
Annual Report |
January 2024 | View document Download document | |
|
Interim Report |
July 2023 | View document Download document |
-
Factsheet
View archive Open
Download 
-
UCITS KIID
View share classes Download
-
Fund Information Sheet
Open Download -
Prospectus & Additional Investor Information
View documents Open
Download
-
Sustainability-related Disclosures
Open Download -
Troy’s Ethical Exclusion Criteria
Open Download -
Annual Report
Date: January 2024 Open Download -
Interim Report
Date: July 2023 Open Download
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 +2.3% over the month compared to +0.1% for the MSCI World Index NR (£).
After the AI-induced exuberance of recent months, global capital markets had a distinct change of tone in July. Greater fears of an economic slowdown and potentially peaking enthusiasm for some of the very large technology companies, may have begun to be priced by investors. The US 10-year treasury declined from 4.40% to 4.03%, the Japanese yen (which tends to be negatively correlated with risk assets) strengthened against the US dollar from 160.8 to 150, oil and especially copper were notably weak whereas gold strengthened. Further, and to the benefit of our performance, there was a rotation in equity markets away from some of the previous leaders and towards the type of dependable, resilient companies we favour.
This dynamic was underscored, in part at least, by recent results which have been coming thick and fast in recent days. Notably positive reports, relative to market expectations, were delivered by companies in the portfolio such as Unilever, Compass, Amadeus and ADP and Inevitably this must be balanced against some disappointment from others such as Reckitt Benckiser, which announced a well-received restructuring but suffered from further negative litigation news flow in the US. Additionally, Universal Music was down sharply on results. The results show a surprised deceleration in music streaming revenues. We believe the fundamentals of the business remain intact and that UMG will continue to gain its fair share of value in the growing music industry.
Overall, we wonder if this is a glimpse of the shape of things to come. As the effect of the largest and most material rise in the cost of capital for 40 years begins to impact the economy and as returns from the massive current capital expenditure being deployed into the AI build out begin to disappoint, investors may seek to re-align their portfolios more towards the type of companies owned by the Fund.