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 Co-Manager of the Trojan Global Income Fund, Trojan Ethical Global Income Fund and STS Global Income & Growth Trust plc. He has over 30 years’ investment experience, and has managed global equity portfolios since 2002.
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 Global Income Fund, the Trojan Ethical Global Income Fund, and the STS Global Income & Growth Trust.
Tomasz 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 06/07/2026
113.65p
Fund size as at 30/06/2026
£19.35882259m
‘O’ INC SHARE CLASS as at 06/07/2026
100.87p
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 30 June 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 30 June 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 30 June 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
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-
Fund Information Sheet
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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
June 2026
Your Fund returned -2.5% over the month compared to +0.8% for the MSCI World Index NR (£).
We have established a new investment in VINCI. The company is one of Europe’s largest infrastructure and contracting groups, operating across three pillars: Concessions (French toll roads and a global airport network spanning 70+ airports), Energy Solutions (electrification, grid, renewables and digital infrastructure services), and Construction. The Group generates roughly €75bn in revenue across more than 120 countries, blending the predictable, inflation-protected cash flows of long-dated infrastructure assets with the capital-light, structurally growing Energy Solutions business.
Most of the intrinsic value sits in the concession and energy arms rather than traditional contracting. The opportunity arises because the market is pricing VINCI as a declining French toll-road operator with a finite asset base, overlooking the breadth and quality of the rest of the group. French political risk, recent tax increases, the approaching motorway concession expiry (2032–36), plus a spike in oil prices weighing on traffic have all contributed to a de-rating that stands in contrast to comparable infrastructure, airport and energy-services peers.
What makes VINCI compelling beyond the discount is the combination of durability and optionality. The motorway cash flows, while finite, are fully understood by the market and provide a reliable source of cash to invest in long-term projects that are expected to generate attractive returns for shareholders. The airport portfolio anchored by ANA in Portugal, Gatwick and Kansai rebuilds concession duration and benefits from structural passenger growth. Energy Solutions, already a third of group value, is exposed to electrification, grid modernisation and data-centre buildout, offering mid-to-high single digit organic growth with attractive returns on capital. The construction arm of the business is not a major source of growth today, but it is well placed to benefit from any recovery in European infrastructure spending.
The stock currently trades on just 13.5x 2026 earnings with a 4.3% dividend yield representing excellent value.