Our website uses cookies and similar technologies. By continuing to use our site, you are agreeing to our use of cookies and similar technologies. For more detail click here to read our Privacy Notice.

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 21/01/2021
Accumulation Shares
Income Shares
119.19p
Fund Size
£242m (31/12/20)

December 2020

Your Fund returned +0.6% during the month compared to +3.9% for the FTSE All-Share Index (TR).

So ended an extraordinary and memorable year, which one can divide into a number of distinct chapters.  We have travelled from the ecstasy to the agony and back again in just 12 months.  Amid volatility, not experienced since the financial crisis in 2008, the Fund protected capital and made an acceptable return.

During the last two months of the year, since the announcement of the vaccines, markets have turned considerably more optimistic as the ‘Re -opening trade’ has led to hopes of a robust cyclical recovery in 2021.  Equity markets already expect a strong rebound in earnings and much of that recovery is already in the price.  Yet there is no guarantee of a smooth exit from the pandemic. 

As we enter the New Year, we are confident that the companies we hold for the long term will come out of this downturn stronger than they entered it, with improved competitive positions.  We like our stocks to pay us to own them; none of our holdings raised new equity, testament to the strength of these companies’ balance sheets and the resilience of their business models.

Thanks to the rapid action of policymakers, ongoing monetary and fiscal stimulus has inflated the valuations of all asset prices.  We must tread carefully in the knowledge that, while cyclical risks may begin to abate, valuation risks remain buoyed by a tide of liquidity seeking a home.  There are many signs of excess.  Vertiginous share prices should give the prudent vertigo, not ‘FOMO’.

 

 

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

Source: Lipper, Link Fund Solutions Limited. 

Total Return 22/03/2019
Since Launch
31/12/2019
1 Year
30/06/2020
6 Months
Trojan Ethical O Acc +18.9% +10.9% +3.2%
UK Retail Price Index +3.0% +0.5% +0.3%
FTSE All-Share TR -0.8% -9.8% +9.3%
Bank of England Base Rate +0.8% +0.2% +0.1%
Discrete Calendar Annual Returns (%) 2020 2020
Trojan Ethical O Acc +18.9% 0.0%

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 December 2020.

Risk Analysis Since Launch (31/05/2001) Trojan Ethical O Acc FTSE All-Share TR
Total Return +18.9% -0.8%
Max Drawdown -8.9% -35.3%
Best Month +4.6% +12.7%
Worst Month -2.0% -15.1%
Positive Months +71.4% +57.1%
Annualised Volatility +5.5% +19.6%

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, Link Fund Solutions Limited.  

Top 10 holdings (excluding government bonds) Fund %
Invesco Physical Gold 6.6
Microsoft 5.2
WisdomTree Physical Gold 4.7
Alphabet 4.4
Medtronic 4.3
Nestlé 4.1
Unilever 4.0
Visa 3.9
American Express 2.4
Becton Dickinson 2.2
Total Top 10 41.8
7 Other Equity holdings 9.6
Index Linked Bonds 34.3
UK T-Bills 6.7
Cash 7.6
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