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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 13/12/2019
Accumulation Shares
Income Shares
Fund Size
£95M (30/11/19)

November 2019

During November, we initiated a holding in Agilent Technologies for the Trojan Ethical Fund. Agilent is the global market leader in gas and liquid chromatography instruments. These sophisticated products are used to determine the precise physical properties of samples gathered in applications that include pharmaceutical research, quality control and government environmental monitoring.

Agilent began life inside Hewlett-Packard before becoming an independent company in 1999 and spinning out their cyclical electronic measurement business in 2014. The company protects its leadership in the sector through intellectual property built up over 54 years of R&D. Agilent generates just over 70% of its sales outside of the United States.


CEO Mike McMullen has been with the business for over 30 years and has further transitioned Agilent towards a ‘razor and blade’ business model. Agilent is monetising its significant installed base by increasing the consumables and services supplied after the initial instrument sale. Revenues from consumables, services and software accounted for 57% of group revenue in the latest quarter, representing a highly profitable and defensive source of revenue growth.

We have met management multiple times in recent years and believe Agilent will continue to expand as tailwinds from environmental regulation and rising healthcare spending support increased demand for analytical instruments. Combining Agilent’s revenue growth with rising margins should lead to attractive free cash flow growth for many years to come.


Top 10 holdings (excluding government bonds) Fund %
ETFS Physical Gold 8.2
Microsoft 4.9
Unilever 4.5
Medtronic 3.2
Alphabet 2.9
Nestlé 2.4
Visa 2.4
Coca-Cola 2.1
Berkshire Hathaway 1.9
Procter & Gamble 1.6
Total Top 10 34.1
18 other holdings 39.8
UK T-Bills 15.3
Cash 10.9
Total 100.0


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. 



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You may invest directly, via a broker or adviser, or through a number of online fund platforms.

How to Invest