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 10/08/2022
Accumulation Shares
Income Shares
Fund Size

July 2022

Your Fund returned +2.6% during the month compared to +4.4% for the FTSE All-Share Index (TR).

July saw equity and bond markets rally, with the MSCI World equity index returning +7.7% in sterling, partially reversing the damage seen in markets during a torrid first six months of the year. This change in fortune reflects a fading of recession fears and a hope that the US Federal Reserve may slow the pace of interest rate rises after a further +75bps rate increase in late July. The more optimistic mood is unsurprising after several months of extremely negative investor sentiment.

Today investors are struggling to reconcile a world of high historical valuations, high inflation and tightening monetary conditions. Central banks are a long way behind the curve on required interest rate rises, with the latest data published in July showing US annual inflation of +9.1%, while US benchmark interest rates are 2.25%-2.5%. It appears wishful thinking to expect inflation to be tamed, central bank interest rate rises to moderate and to avoid recession, amid all the myriad political and economic challenges that we face. Central bankers have their hands tied by historically high debt levels. ‘Soft landings’ are rare.

History informs us that valuations fall as inflation rises. As described in Investment Report No.73, published in July, stock prices are reliant on earnings growth alongside a valuation multiple on those earnings.

The investment backdrop has become considerably more challenging in the past six months, but the environment should benefit disciplined and risk-averse investors, prepared to bide their time for more attractive valuations.


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
1 Year
6 Months
Trojan Ethical O Acc +28.1% +0.3% 0.0%
UK Retail Price Index +19.3% +11.3% +7.0%
FTSE All-Share TR +16.9% +5.5% -0.1%
Bank of England Base Rate +1.4% +0.5% +0.4%
Discrete Calendar Annual Returns (%) 2019 2020 2021 2022
Trojan Ethical O Acc +7.2% +10.9% +10.1% -2.2%

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 July  2022.

Risk Analysis Since Launch (31/05/2001) Trojan Ethical O Acc FTSE All-Share TR
Total Return +28.1% +16.9%
Max Drawdown -8.9% -35.3%
Best Month +4.6% +12.7%
Worst Month -2.4% -15.1%
Positive Months +65.0% +62.5%
Annualised Volatility +5.8% +15.4%

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 8.4
Microsoft 5.0
Visa 4.2
Alphabet 3.6
WisdomTree Physical Gold 3.0
Unilever 2.4
Agilent Technologies 2.3
American Express 2.3
Nestlé 2.1
Mastercard 2.1
Total Top 10 35.4
6 Other Equity holdings 8.9
Index Linked Bonds 36.6
UK T-Bills 13.6
Cash 5.5
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. 

Important information for U.S. persons

The securities described on this website are neither available nor offered in the United States of America (including the District of Columbia or any other territory occupied or possessed by the United States of America) or to U.S. persons (including residents of the United States of America, residents within an area subject to its jurisdiction and U.S. persons who are resident outside the United States of America).

How to Invest

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

How to Invest