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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 investment 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 01/01/0001
Accumulation Shares
Income Shares
Fund Size
£65M (31/07/19)

July 2019

The UK stock market continued to display the two-tiered characteristics we described in our latest investment report (No.60),  offering the invidious choice of overvalued quality or cheap ‘value’ stocks that are cyclically or structurally challenged.  To some extent these share price moves have been justified by the resilient earnings profiles of a number of our holdings.  Company results for the first half of 2019 continued to demonstrate this backdrop of winners and losers.  Retailers, banks and commercial property continue to struggle while staples remain resilient.

Investors coalescing around a small number of successful companies brings its own dangers, particularly as it relates to valuation risk. We have looked to cut exposures in a rising market, acknowledging that the fragility of the current rally in part derives from ample liquidity and ultra-low interest rates.


As part of this we materially reduced our holding in Sage during the month.  The shares had surged in 2019, recovering from a management-induced wobble last year.  The Trojan Ethical Fund has held the shares since launch but the valuation (26x prospective earnings) failed to reflect our concerns that Sage may be falling behind its accounting software peers in moving their business into the cloud.  We do not doubt the defensive nature of their recurring revenues but a valuation this high must be justified by growth.  Following our sale, Sage’s shares closed the month down -10% after announcing worse than expected Q3 revenues.


Top 10 Holdings Fund %
ETFS Physical Gold 8.9
Microsoft 5.1
Medtronic 3.6
Unilever 3.4
Coca-Cola 2.9
Nestlé 2.8
Alphabet 2.8
Visa 2.4
Berkshire Hathaway 2.4
American Express 1.9
Total Top 10 36.2
15 Other Holdings 46.6
UK T-Bill 11.0
Cash 6.2
Total  100.0

Asset allocation and holdings subject to change.


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. 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