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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 17/01/2020
Accumulation Shares
Income Shares
109.17p
Fund Size
£103M

   December 2019

All major asset classes delivered a positive return in 2019, more than retracing the de-rating that occurred in 2018.  The single most important driver of this was monetary policy and, specifically, the Federal Reserve’s reversal of its monetary tightening in 2018. 

The global economy has also remained above water and looks set to continue on a positive tack for the time being.  Trade tensions have abated since the summer and a global downturn looks to have been averted for now.  The S&P 500 in the US has made a new high and valuations have returned to historically elevated levels.  In an environment of near-zero interest rates however, a deterioration in cash flows will be the most likely cause of lower valuations. 

 

Whilst our overall equity allocation remains broadly unchanged since the Fund launched in March, the nine months have also presented us with the opportunity to make some small changes to the Fund’s equity exposure.  In addition to the purchase of Agilent in Q4, we also took advantage of weakness in the share price of Alphabet in June to start a holding in the company.  Alphabet boasts nine platforms with over 1bn users, most of which are only a small way along the path to fully realising their earnings power.  This earnings power is underpinned by the shift of commerce online.  The Fund’s liquidity will continue to be deployed when more such companies, exposed to multi-year tailwinds, reach attractive levels of valuation.      

 

Top 10 holdings (excluding government bonds) Fund %
ETFS Physical Gold 7.6
Microsoft 4.5
ETC Physical Gold 4.1
Unilever 3.9
Medtronic 2.9
Alphabet 2.9
Visa 2.4
Nestlé 2.2
Berkshire Hathaway 2.0
Coca-Cola 1.9
Total Top 10 34.5
17 other holdings 37.8
UK T-Bills 20.6
Cash 7.1
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. 

 

 

How to Invest

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

How to Invest