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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 02/04/2020
Accumulation Shares
Income Shares
Fund Size
£115M (29/02/20)

February 2020

In our Investment Report No.63, published in mid-February, we noted that the level of investor complacency was reaching an extreme.  Whilst we certainly did not predict coronavirus, we expected volatility to pick up from unsustainably low levels.  Initially, markets ignored the threat to economic growth and corporate profitability posed by the outbreak of the virus in China.  It was perceived as an isolated incident - a single quarter of business interruption, with the expectation of a ‘V’-shaped recovery in Q2.  The news that the virus had then spread to Italy on the weekend of 22/23 February changed everything.  In anticipation of a wider global impact, shares sold off worldwide.


Lower interest rates will not offset an economic slowdown resulting from the virus.  Markets recognise the inherent fragility of the financial system and the interconnected nature of the global economy.  The challenge for central banks will be what to do if a recession emerges later this year, with monetary policy almost exhausted.  Interest rates are close to zero and QE has played out with government bond yields at record lows.  Fiscal policy will be required to support the global economy, with long-term implications for asset prices.  If recession is averted, a sharp bounce in equities could be expected.  We remain open-minded as to the outcome.

The Fund entered 2020 with the allocation to equities at close to all-time-lows (31%).  At the end of February, following the steep falls in share prices, we increased our equity allocation by 5 percentage points.  Despite the recent de-rating, equities are not cheap.  If markets should become more febrile in the coming months we are well positioned to exploit subsequent falls. For long-term investors there are reasons for optimism.



Top 10 holdings (excluding government bonds) Fund %
ETFS Physical Gold 7.5
Microsoft 4.1
ETC Physical Gold 4.0
Unilever 4.0
Nestlé 3.3
Alphabet 3.0
Medtronic 2.8
American Express 2.2
Visa 2.2
Berkshire Hathaway 1.9
Total Top 10 35.0
16 other holdings 38.3
UK T-Bills 21.2
Cash 5.5
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