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 02/12/2021
Accumulation Shares
Income Shares
127.97p
Fund Size
£476m (31/10/21)

October 2021

Your Fund returned +0.7% during the month compared to +1.8% for the FTSE All-Share Index (TR).

Agilent Technologies was first bought across the multi-asset mandates in 2019. The company is a global leader in manufacturing and selling life science tools that identify, quantify and analyse physical and biological properties of substances.  We remain a top-20 shareholder today and, over the summer, engaged with the management team on their carbon commitments.  This is part of an ongoing endeavour to transition our portfolio companies to net zero, and follows our signing up to the Net Zero Asset Managers’ Initiative in July.

Agilent originally committed to a 10% emission reduction target by 2024 but remained in a minority of our investee companies in not making a more ambitious long-term commitment.  We engaged with the company’s Head of Sustainability and the Head of Investor Relations in July, stating our desire to see emission reduction targets in line with the goals set out in the Paris Agreement.  We also stipulated our wish to see a strategy that outlined the actions to be taken to achieve this, as well as the use of climate-scenario analysis to inform the strategy.  In addition, we wanted to see the company implement the recommendations of the Task Force for Climate-related Financial Disclosures (‘TCFD’).

Following a positive conversation, the company subsequently announced, at the end of October, its commitment to achieving net-zero Green House Gases (GHG) emissions no later than 2050. Agilent committed to an interim GHG reduction targets with a target reduction of 50% (scope 1&2) by 2030 and scope 3 emissions1 by at least 30% (with a stretch goal of 40%) from the base year of 2019. In addition to setting the interim targets for achieving net-zero GHG emissions, Agilent committed to the Science Based Targets Initiatives Business Ambition for 1.5 degrees Celsius, and is adopting the TCFD recommendations.

We first met with the company in 2018 and have had a constructive dialogue since becoming shareholders.  This engagement, following the implementation of our climate mitigation strategy, is testament to the positive impact that we, as long-term shareholders, can have on both future returns and companies’ wider impact on the environment.  We will continue to monitor closely their implementation of the strategy.

1All other indirect emissions from the burning of fuels.

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
31/10/2020
1 Year
30/04/2021
6 Months
Trojan Ethical O Acc +28.6% +10.8% +4.9%
UK Retail Price Index +8.3% +4.9% +2.5%
FTSE All-Share TR +14.7% +35.4% +5.4%
Bank of England Base Rate +0.9% +0.1% +0.1%
Discrete Calendar Annual Returns (%) 2019 2020 2021
Trojan Ethical O Acc +7.2% +10.9% +8.2%

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 October 2021.

Risk Analysis Since Launch (31/05/2001) Trojan Ethical O Acc FTSE All-Share TR
Total Return +28.6% +14.7%
Max Drawdown -8.9% -35.3%
Best Month +4.6% +12.7%
Worst Month -2.0% -15.1%
Positive Months +67.7% +64.5%
Annualised Volatility +5.5% +16.5%

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 7.2
Microsoft 6.0
Alphabet 5.7
Visa 3.5
Medtronic 3.3
WisdomTree Physical Gold 3.0
Nestlé 2.9
American Express 2.9
Unilever 2.8
Hargreaves Lansdown 2.0
Total Top 10 39.3
7 Other Equity holdings 9.6
Index Linked Bonds 28.6
UK T-Bills 12.2
Cash 10.3
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