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Trojan Ethical Income Fund

The investment objective of the Trojan Ethical Income Fund is to seek to achieve income with the potential for capital growth in the medium term (3 to 5 years).

Its investment policy is to invest at least 80% of its assets in UK and overseas equities, including investment trusts and real estate investment trusts and equity-related securities. At least 60% of its assets will be invested in UK equities and equity-related securities. A maximum of 30% of its assets may also be invested in overseas equities and equity-related securities.

The fund will invest in accordance with the parameters of its ethical investment criteria, which consider ethical issues in relation to: fossil fuels, pornography, tobacco and certain types of armaments. A document setting out the fund’s ethical investment criteria is available here.

In addition to the O share class referred to on this page, I & S Classes are also available. Please contact us for more information.

'O' Share Class Price 13/12/2019
Accumulation Shares
Income Shares
127.39p
Fund Size
£186M (30/11/19)

Past performance is not a guide to future performance.

November 2019

Your Fund returned +2.1% during the month compared to +2.2% for the FTSE All-Share Index (TR).

After three years of unproductive political wrangling we again find ourselves on the eve of another national vote.  In contrast to the general elections of a decade ago, the range of outcomes for equity markets is staggeringly wide.  Not only the path of Brexit, but the size and role of the state, and even the future of the Union may all be dramatically impacted. 

Rather than build probabilistic models based on uncertain data to position the portfolio for a particular outcome, we have always preferred to create a balanced portfolio aimed at protecting the value of investors’ capital across a wide variety of outcomes.  Our sensitivity to point events such as elections is not symmetrical; we are materially more concerned with avoiding downside than we are enticed by short-term upside.  We believe that the returns generated from our portfolios are the patient result of growth compounding over long periods of time and we see it as our role to insulate against the disruption to that compounding caused by events such as elections.

As we saw in October, currency markets are one of the most sensitive barometers of investor sentiment and we expect the elevated uncertainty around the election to be reflected in higher levels of volatility in sterling exchange rates.  With close to 15% of the Fund’s capital invested in US-listed stocks (and c.30% of portfolio revenues are generated in the US) there is material sensitivity to any short-term strengthening of sterling that might arise from an economically positive election outcome.  To that end we have hedged two thirds of the portfolio’s direct US dollar exposure.  Finally, if we do see significant dislocations arise as the result of the election, we are confident we have the flexibility within the portfolio to use such short–term price distortions as to make long-term investments.

 

 

Source: Lipper, Link Fund Solutions Limited

Total Return 06/01/2016
Since Launch
30/11/2016
3 Years
30/11/2018
1 Year
31/05/2019
6 Months
Trojan Ethical Income O Acc +41.4% +35.5% +16.3% +7.9%
FTSE All-Share TR +41.5% +24.0% +11.0% +5.8%
Discrete Calendar Annual Returns (%) 2016 2017 2018 2019
Trojan Ethical Income O Acc +8.0% +10.2% -2.9% +22.3%

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

Source: Lipper, Link Fund Solutions Limited. Since Launch (06/01/2016) to 30 November 2019.

Risk Analysis Since Launch (06/01/2016) Trojan Ethical Income O Acc FTSE All-Share TR
Total Return +41.4% +41.5%
Max Drawdown -8.2% -15.0%
Best Month +4.8% +6.4%
Worst Month -4.9% -5.2%
Positive Months +63.0% +63.0%
Annualised Volatility +7.4% +9.2%

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 standard deviation of annual returns. 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings Fund %
Unilever 5.6
Lloyds 4.2
Compass 3.9
Colgate-Palmolive 3.5
GlaxoSmithKline 3.3
National Grid 3.2
RELX 3.2
Procter & Gamble 3.2
AstraZeneca 2.9
Victrex 2.7
Total Top 10 35.7
34 other holdings 57.4
Cash & Equivalent 6.9
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.

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