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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 policy is to invest globally in government and public securities (such as sovereign debt and treasury bills), corporate bonds, equities and equity-related securities, private equity, precious metals, cash, cash equivalents and deposits.  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 24/06/2021
Accumulation Shares
Income Shares
Fund Size

May 2021

Your Fund returned -0.3% during the month compared to +1.1% for the FTSE All-Share Index (TR).

Agilent Technologies first came to our attention when visiting the company in Silicon Valley in 2018. The Trojan Ethical Fund started a holding in November 2019, after several months of research into the business. Agilent is a leader in ‘chromatography and mass spectrometry’ instruments or, in plain English, equipment that tells the user what is in a sample. For example, a government agency testing water quality may use Agilent equipment to measure the effects of pollution on a water supply.

Agilent’s instruments are expensive, often costing over $100,000 to purchase. However, they also require ongoing consumables and servicing, with the cost of this often exceeding the initial purchase price over a 10-year period. Agilent has a significant installed base of hundreds of thousands of instruments around the world, but, historically, has not supplied consumables for the majority of these.

A key attraction of the Agilent investment case is the company’s improving ability to monetise the instrument installed base through selling its own consumables and services. The potential from this stream of high-margin, recurring revenue has been underappreciated by the market in the past, but ~60% of revenue was recurring in recent quarters. The nature of these contracted

revenues was put to the test during the pandemic, with many customers having budgets cut. The company continued to execute well and revenues only fell -1% in the worst quarter, with sales growing in the full year. The shares have been rightly rewarded since, as market awareness of the quality of the business has improved.

Agilent published quarterly results at the end of May, covering the period from February to April 2021. Revenue growth was exceptionally strong (+23%), boosted by labs reopening and strong demand from some of the more economically sensitive end-markets. Agilent is experiencing strong operating leverage as it grows, with the company reporting EPS* growth of +37%.

Since November 2019 our knowledge and confidence in the company has deepened, aided by 10 meetings with either IR or management. Despite the shares performing well, the outlook continues to be attractive for Agilent, with a long runway for growth.

*Earnings per share

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 +22.3% +6.7% +3.5%
UK Retail Price Index +5.6% +3.0% +2.6%
FTSE All-Share TR +10.0% +23.1% +15.2%
Bank of England Base Rate +0.9% +0.1% 0.0%
Discrete Calendar Annual Returns (%) 2019 2020 2021
Trojan Ethical O Acc +7.2% +10.9% +2.9%

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 30 April 2021.

Risk Analysis Since Launch (31/05/2001) Trojan Ethical O Acc FTSE All-Share TR
Total Return +22.3% +10.0%
Max Drawdown -8.9% -35.3%
Best Month +4.6% +12.7%
Worst Month -2.0% -15.1%
Positive Months +65.4% +61.5%
Annualised Volatility +5.7% +18.0%

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 8.2
Microsoft 5.5
Alphabet 5.3
Visa 4.5
WisdomTree Physical Gold 4.1
Medtronic 4.0
Unilever 4.0
Nestlé 3.4
American Express 3.3
Hargreaves Lansdown 2.4
Total Top 10 44.7
8 Other Equity holdings 12.2
Index Linked Bonds 27.9
UK T-Bills 9.5
Cash 5.7
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

Troy Asset Management Limited ("Troy") is aware that fraudsters are using the trading name "Trojan Funds" in an attempt to defraud the public. The fraudulent URL (www.trojan-funds.com) is being used and emails are also being sent to members of the public in an attempt to commit investment fraud. We confirm that the trading name and email address which the fraudsters are using ([email protected]) are not linked with Troy or any funds managed by Troy, including Trojan Investment Funds and Trojan Funds (Ireland) plc.

Troy does not have any affiliation with "Trojan Funds" and has notified the relevant authorities of this scam. Troy will never contact members of the public to make any payments to us over the phone or via email in relation to making an investment. We urge you to stay alert to the dangers of investment fraud, even if documents or websites refer to genuine products and appear legitimate. Any potential investors should exercise extreme caution. Troy will take no responsibility for any potential losses you may incur.

If you believe you have received an email of this nature, or are in any doubt regarding the legitimacy of any communications purporting to be from Troy, please contact [email protected]. Further information on protecting yourself from scams can be found on the FCA website https://www.fca.org.uk/consumers/protect-yourself-scams. Alternatively you can report scams to the FCA at https://www.fca.org.uk/consumers/report-scam-us.