Overview
Download factsheetAn ethical fund that seeks to achieve growing levels of income from across the world, alongside the potential for capital growth.
What does the fund do?
It aims to provide investors with a high and regular stream of income, in line with ethical exclusion criteria, that we aim to grow. We manage a concentrated portfolio of high-quality, global companies, purchased at attractive valuations and held for the long term. We exclude certain companies that generate revenues from sectors that do not meet our ethical criteria.
View our ethical exclusion criteria
Why this fund?
Aimed at investors who seek an equity-focused income stream, with below-average volatility and an emphasis on absolute returns that also wish to exclude certain sectors. The Fund integrates ESG and stewardship in accordance with Troy’s Responsible Investment & Stewardship Policy and also adheres to Troy’s Climate Change Mitigation Policy, in accordance with article 8 of SFDR.
View our SFDR disclosure
The team
James is the Co-Manager of the Trojan Global Income Fund, Trojan Ethical Global Income Fund and STS Global Income & Growth Trust plc. He has over 30 years’ investment experience, and has managed global equity portfolios since 2002.
Joining Troy in 2016 to establish the Trojan Global Income Fund, James was previously a Fund Manager at Newton Investment Management where he established and managed the Newton Global Income Fund. He was also the alternate manager on the Newton Real Return Fund. Under James’s management, the Newton Global Income fund grew to c. £4.5bn in AUM and was first in its sector over 10 years. James graduated from Bristol University with a BSc in Politics, before completing his Masters in Finance at the London Business School. He holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.
Tomasz is the Co-Manager of the Trojan Global Income Fund, the Trojan Ethical Global Income Fund, and the STS Global Income & Growth Trust. He is also the Lead Manager of Troy’s International Equity Strategy (currently available in the U.S.).
Tomasz joined Troy in 2017 from Susa Fund Management, a European equity fund. He previously worked as an Associate at Bain Capital Credit. Tomasz graduated in European Economics from the University of Rome, before completing his Masters in Economics at Bocconi University, and his MBA at London Business School.
Key facts
‘O’ ACC SHARE CLASS as at 06/03/2026
114.33p
Fund size as at 28/02/2026
£34m
‘O’ INC SHARE CLASS as at 06/03/2026
102.64p
Performance
Source: Lipper.
| 01/11/2021 | 31/01/2023 | 31/01/2025 | 31/07/2025 | |
|---|---|---|---|---|
| Since Launch | 3 Years | 1 Year | 6 Months | |
| MSCI World NR GBP | 50.6 | 52.4 | 8.3 | 7.7 |
| Trojan Ethical Global Income O Acc | 14.8 | 15.5 | -4.4 | -6.6 |
| IA Global Equity Income NR | 42.5 | 35.6 | 8.2 | 6.3 |
| Discrete Calendar Annual Returns (%) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Trojan Ethical Global Income O Acc | 5.7 | -4.1 | 4.8 | 7.4 | 0.7 |
Source: Lipper. Since Launch (01/11/2021) to 31 January 2026. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms.
Risk and Volatility since launch
Source: Lipper.
| Risk Analysis Since Launch (01/11/2021) | Trojan Ethical Global Income O Acc | IA Global Equity Income NR | MSCI World NR GBP |
|---|---|---|---|
| Total Return | 14.8 | 42.5 | 50.6 |
| Max Drawdown | -10.8 | -12.6 | -18.2 |
| Best Month | 5.4 | 5.2 | 7.7 |
| Worst Month | -5.7 | -5.0 | -6.8 |
| Positive Months | 48 | 66 | 62 |
| Annualised Volatility | 8.5 | 8.3 | 11.6 |
Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns. Source: Lipper, as at 31 January 2026. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms.
Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| Paychex | 6.1 |
| ADP | 5.8 |
| PepsiCo | 5.3 |
| Reckitt Benckiser | 5.0 |
| Unilever | 4.9 |
| CME Group | 4.6 |
| Microsoft | 3.9 |
| Johnson & Johnson | 3.8 |
| Novartis | 3.6 |
| Roche Holdings | 3.5 |
| Total Top 10 | 46.6 |
| 23 other holdings | 51.5 |
| Cash | 1.9 |
| Total | 100.0 |
Asset allocation and holdings subject to change. As at 31 January 2026.
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
| Factsheet | View archive | ||
|
Fund Information Sheet |
View document Download document | ||
|
Interim Report |
July 2025 | View document Download document | |
|
Annual Report |
January 2025 | View document Download document | |
| Prospectus & Additional Investor Information | View documents | ||
| UCITS KIID | View share classes | ||
| Sustainability-related Disclosures | View documents | ||
|
Troy’s Ethical Exclusion Criteria |
View document Download document |
-
Factsheet
View archive Open
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-
Fund Information Sheet
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Interim Report
Date: July 2025 Open Download -
Annual Report
Date: January 2025 Open Download -
Prospectus & Additional Investor Information
View documents Open
Download
-
UCITS KIID
View share classes Download
-
Sustainability-related Disclosures
View documents Open
Download
-
Troy’s Ethical Exclusion Criteria
Open Download
Sustainable Investment Labels Statement
Sustainable investment labels help investors find products that have a specific sustainability goal. This fund does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective. Despite not having a sustainable investment objective, when investing in companies, Troy integrates the analysis of sustainability characteristics into its investment decision-making. Troy also considers the steps companies are taking in relation to climate change mitigation.
Important Information
Past performance is not 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. Some of the information contained on this page: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For the full fund disclaimer please refer to the Fund factsheet. Please refer to Troy’s Glossary of Terms available here.
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
Find more information on how to invest in this fund and where it is available.
How to invest
Commentary
February 2026
Your Fund returned +1.5% over the month compared to +2.8% for the MSCI World Index NR (£).
We first introduced Amadeus to the portfolio in 2024. The company provides the critical technology infrastructure that underpins much of the global travel industry, connecting airlines, hotels and travel agencies through its software platforms.
Over the past few months, the shares have been weak due to investor concerns on the potential disruption from artificial intelligence (AI). As a result, the shares briefly traded at around 14x earnings, a level we consider unusually low for a business of this quality. The recent events following the launch of Operation Epic Fury added some additional concerns.
In our view, the fears around AI disruption are misplaced. Amadeus sits at the centre of the global travel ecosystem, processing billions of transactions and managing highly complex airline and hotel systems. Its software is deeply embedded in customers’ operations, from airline reservations and pricing to airport operations and hotel property management. Replacing such mission-critical systems would be extremely costly and risky for customers. If anything, advances in AI are likely to enhance Amadeus’s products rather than replace them, improving pricing, forecasting and operational efficiency across the travel industry.
Meanwhile, the long-term growth outlook for travel remains attractive. Global air passenger volumes continue to recover and are expected to grow steadily over time, supported by rising middle-class travel demand in emerging markets. As one of the industry’s leading technology providers, Amadeus benefits as airlines and hotels invest more in digital infrastructure. While travel in the Middle East will be disrupted, Amadeus is a global business and short-term shocks are an inevitable feature of the travel industry.
Importantly, the company combines these structural growth opportunities with strong competitive advantages, high recurring revenues and attractive margins. With the shares trading at a valuation well below their historical range, we believe the current weakness offers an appealing risk-reward. For patient investors, Amadeus remains a high-quality business capable of delivering robust growth for many years to come.