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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 04/06/2020
Accumulation Shares
Income Shares
Fund Size
£111M (30/04/20)

April 2020

Your Fund returned +4.6% during the month compared to +4.9% for the FTSE All-Share Index (TR).

It is far too early to have any clarity on the economic effects of Covid-19 but the start of the quarterly reporting season has provided us with some very early indications.  Most of the Fund’s longstanding holdings demonstrated resilience and the sustainability of their business models has been underlined.  Some of our companies such as Nestlé, Procter & Gamble and Colgate have benefited from what is described in the UK as ‘panic buying’ and in the US, less dramatically, as ‘pantry loading’.  With demand brought forward for staples like coffee and pet food, this growth is likely to abate in the coming year.

Unlike many companies, these multinationals have dealt with multiple crises in the recent past, emerging robustly from the Asian crisis, hyperinflation in certain markets and even wars.  Many have the experience and resources to adapt their supply chains and routes to market.

Despite Nestlé closing 98% of its Nespresso shops during the lockdown, online sales of the brand rose by +60% and the brand’s overall sales were up +8% during the quarter.  This is testament to the resilience of the brand and the strength of a business model which can adapt.

We are convinced that while some companies may not recover from the economic impact of Covid-19, others will emerge stronger.  Microsoft’s quarterly figures highlighted its continued growth in all divisions and, in contrast to many companies suspending buybacks, the company stepped up its share repurchase programme.  Chief Executive, Satya Nadella remarked in the earnings call “We’ve seen two years’ worth of digital transformation in two months”.  Of the many changes brought on by the virus, we expect that the digitisation of working practices is here to stay.



Performance is calculated on a total return basis, net of fees, in sterling terms.

Source: Lipper, Link Fund Solutions Limited. Since Launch (22/03/2019) to 30 April 2020.

Total Return 22/03/2019
Since Launch
1 Year
6 Months
UK Retail Price Index +2.7% +1.2% +0.5%
FTSE All-Share TR -10.7% -11.2% -16.1%
Bank of England Base Rate +0.8% +0.6% +0.2%
Trojan Ethical O Acc +14.6% +11.9% +7.2%
Discrete Calendar Annual Returns (%) 2019 2020
Trojan Ethical O Acc +7.2% +7.0%

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 May 2020.

Risk Analysis Since Launch (31/05/2001) Trojan Ethical O Acc FTSE All-Share TR
Total Return +14.6% -10.7%
Max Drawdown -8.9% -35.3%
Best Month +4.6% +4.9%
Worst Month -2.0% -15.1%
Positive Months +71.4% +57.1%
Annualised Volatility +6.1% +19.7%
Top 10 holdings (excluding government bonds) Fund %
ETFS Physical Gold 7.1
Microsoft 5.2
Alphabet 4.9
Visa 4.7
Nestlé 4.5
Medtronic 4.4
ETC Physical Gold 4.4
Unilever 4.4
Colgate-Palmolive 3.2
Berkshire Hathaway 2.3
Total Top 10 45.2
17 other holdings 39.4
UK T-Bills 10.3
Cash 5.1
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