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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 27/11/2020
Accumulation Shares
Income Shares
Fund Size
£210m (31/10/20)

October 2020

Your Fund returned -1.8% during the month compared to -3.8% for the FTSE All-Share Index (TR).

Following its strong run to all-time highs in August, the price of gold bullion has consolidated in recent months and ended October at $1,880 per troy ounce.  The yellow metal, held in Troy’s multi-asset strategy since January 2005 when the price was $424 (a return of 12.5% p.a. in GBP), has contributed positively to this year’s performance.  We are in a world of negative real interest rates and heading towards negative nominal rates, which is supportive of gold, as currency that cannot be debased.

Trojan Ethical Fund’s gold exposure is obtained via physically-backed exchange-traded commodities (ETCs). 

The gold backing these ETCs is audited biannually, as part of the Fund’s ethical exclusion criteria which aims to minimise exposure to gold mined prior to 2012.   1st January 2012 is the date after which it became mandatory for gold in the London market to be sourced in accordance with the London Bullion Market Association’s responsible sourcing programme.  

This was set up to combat systematic or widespread abuses of human rights, to avoid contributing to conflict, and to comply with high standards of anti-money laundering and combating terrorist financing practice.  Since 2018, the programme has also included environmental factors. Pleasingly, following our engagement with the ETC providers, the proportion of post-2011 bars has increased to 100% today from c. 70% at the Trojan Ethical Fund’s inception.

This exposure remains core protection in a world of increasingly unorthodox fiscal and monetary policy. 





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
1 Year
6 Months
Trojan Ethical O Acc +16.1% +9.0% +3.5%
UK Retail Price Index +3.3% +1.3% +0.6%
FTSE All-Share TR -15.3% -18.6% -2.0%
Bank of England Base Rate +0.8% +0.3% +0.1%
Discrete Calendar Annual Returns (%) 2019 2020
Trojan Ethical O Acc +7.2% +8.3%

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 October 2020.

Risk Analysis Since Launch (31/05/2001) Trojan Ethical O Acc FTSE All-Share TR
Total Return +16.1% -15.3%
Max Drawdown -8.9% -35.3%
Best Month +4.6% +4.9%
Worst Month -2.0% -15.1%
Positive Months +68.4% +52.6%
Annualised Volatility +5.8% +17.4%

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 standard deviation of annual returns. 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings (excluding government bonds) Fund %
Invesco Physical Gold 6.2
WisdomTree Physical Gold 5.8
Alphabet 5.0
Microsoft 4.6
Visa 3.9
Medtronic 3.6
Nestlé 3.6
Unilever 3.3
Agilent Technologies 2.2
Colgate-Palmolive 2.1
Total Top 10 40.1
7 Other Equity holdings 11.5
Index Linked Bonds 28.9
UK T-Bills 14.8
Cash 4.5
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