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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 12/11/2019
Accumulation Shares
Income Shares
Fund Size
£83M (30/09/19)

September 2019

We met with the Chief Financial Officer of Procter & Gamble in September.  The shares are held in Trojan Ethical Fund and have been a strong contributor to the Fund’s performance since inception.  Despite evidence that the world economy is slowing, P&G is firing on all cylinders and momentum in the business looks set to continue.  Eighteen months ago, the narrative about the death of big brands was strident.  This coincided with a pick-up in bond yields that led the share prices of many regular dividend payers to sell off. 

Just over a year later and most of the consumer staple manufacturers we own are reasserting their strength following concerted measures taken to improve their competitiveness.  Our conviction has consistently been that market-leading consumer staple brands, synonymous with their categories, are here to stay. 

The disruptive forces of ecommerce and digital advertising lower the barriers to entry but barriers to scale remain for the strongest players.  Online shelf space, while infinite in theory, is limited in practice to the top search results.

E-tailers like Amazon will not relegate their largest revenue generators to the second page.  Meanwhile even unicorn consumer goods start-ups are struggling to make profits.  P&G is more competitive today than it has been for many years which is borne out in current trading.  Its strong brands, like Pampers, are now backed by a leaner business, with greater accountability setting the group up for continued success.


Top 10 Holdings Fund %
ETFS Physical Gold 9.3
Microsoft 4.5
Medtronic 3.4
Unilever 3.3
Alphabet 2.8
Nestlé 2.7
Coca-Cola 2.6
Visa 2.4
Berkshire Hathaway 2.1
American Express 1.8
Total Top 10 34.9
18 Other Holdings 44.3
UK T-Bill 14.3
Cash 6.5
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