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Trojan Ethical Fund

The investment objective of the Trojan Ethical Fund is to provide capital growth (net of fees), ahead of inflation (UK Retail Prices Index), over the longer term (5 to 7 years).  

The Trojan Ethical Fund is a multi-asset fund which seeks to deliver a similar profile of returns to the Trojan Fund.  The Fund’s asset allocation will be broadly in line with that of the Trojan Fund but assets will be invested subject to ethical exclusion criteria. A document setting out the fund’s ethical exclusion criteria is available here

In addition to the O share class referred to on this page, S Classes are also available. Please contact us for more information.

'O' Share Class Price 08/07/2020
Accumulation Shares
Income Shares
115.36p
Fund Size
£116M (31/05/20)

May 2020

Your Fund returned +2.2% during the month compared to +3.4% for the FTSE All-Share Index (TR).

Stock markets have cheered as Western governments began to ease lockdowns and the rate of new coronavirus cases in several countries slowed.  We remain sceptical that the path to normalcy is as clear as the rally in share prices would suggest.

For those companies we own, earnings releases in the month have provided us with some insights into how they are faring.  We deliberately favour well-capitalised companies with broad end-market exposures, enabling them to endure and survive bouts of hardship.  Two such examples are Medtronic, held since launch, and Agilent which we added to the portfolio over the past year, both performing positively.

Medtronic is the world’s largest medical device manufacturer, with products to treat a wide range of illnesses from cardiovascular disease to diabetes. 

With COVID-19 leading to the deferral of many elective surgical procedures, Medtronic saw its sales decline -25% in the quarter.  The majority of these sales are likely to return, as they cannot be deferred indefinitely without major risk to patients’ health.  Thanks to the strength of its balance sheet, Medtronic is able to continue investing behind its people and products, including remote-monitoring technology, an increasingly prized capability in the current environment. 

Agilent meanwhile saw flat sales growth in the quarter, with demand for its testing equipment growing in health-related sectors, offsetting weakness in academic and energy-related sales.  Geographic diversity also aided the resilience with its China business returning to growth.  The company’s financial strength enables it to continue investing behind its best opportunities.

 

 

 

 

Performance is calculated on a total return basis, net of fees, in sterling terms.

Source: Lipper, Link Fund Solutions Limited. Since Launch (22/03/2019) to 30 April 2020.

Total Return 22/03/2019
Since Launch
30/06/2019
1 Year
31/12/2019
6 Months
UK Retail Price Index +2.5% +0.9% +0.1%
FTSE All-Share TR -9.3% -13.0% -17.5%
Bank of England Base Rate +0.8% +0.6% +0.2%
Trojan Ethical O Acc +15.2% +9.9% +7.5%
Discrete Calendar Annual Returns (%) 2019 2020
Trojan Ethical O Acc +7.2% +7.5%

Performance is calculated on a total return basis, net of fees, in sterling terms.

Source: Lipper, Link Fund Solutions Limited. Since Launch (29/03/2019) to 31 May 2020.

Risk Analysis Since Launch (31/05/2001) Trojan Ethical O Acc FTSE All-Share TR
Total Return +15.2% -9.3%
Max Drawdown -8.9% -35.3%
Best Month +4.6% +4.9%
Worst Month -2.0% -15.1%
Positive Months +73.3% +60.0%
Annualised Volatility +5.9% +19.0%
Top 10 holdings (excluding government bonds) Fund %
ETFS Physical Gold 7.1
Microsoft 5.2
Alphabet 4.9
Visa 4.7
Nestlé 4.5
Medtronic 4.4
ETC Physical Gold 4.4
Unilever 4.4
Colgate-Palmolive 3.2
Berkshire Hathaway 2.3
Total Top 10 45.2
17 other holdings 39.4
UK T-Bills 10.3
Cash 5.1
Total 100.0

 

Past performance is not necessarily 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. 

 

How to Invest

You may invest directly, via a broker or adviser, or through a number of online fund platforms.

How to Invest