Overview
Download factsheetA fully invested equity strategy that aims to provide investors with growing levels of income with resilient capital growth by investing at least 80% of its assets in UK and overseas equities and equity-related securities.
What does the fund do?
We manage a concentrated portfolio of 30-50 high-quality, cash-generative companies that are capable of consistent dividend growth. At least 60% of the Fund is invested in UK equities with a maximum of 30% invested in overseas equities.
Our long-term approach and focus on reasonably valued, high-quality, sustainable and cash generative companies leads to low portfolio turnover. The fund will invest in accordance with the parameters of its ethical exclusion criteria, which consider ethical issues in relation to: fossil fuels, alcohol, pornography, tobacco and certain types of armaments.
View our ethical exclusion criteria
Why this fund?
We believe our approach to income investing is differentiated through; our conservative quality-orientated process, our focus on total return and our prioritisation of dividend growth above high yield.
We seek a sensible balance between capital and income return in order to deliver above average returns with below average volatility.
The strategy has no explicit yield target and instead we emphasise real growth and long-term sustainability of the income stream above producing the highest dividend yield today. In so doing, we aim to deliver investors a growing yield on their initial investment.
In addition to the Ethical Exclusion Criteria the 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
Key facts
‘O’ ACC SHARE CLASS as at 18/09/2025
158.55p
Fund size as at 31/08/2025
£114m
‘O’ INC SHARE CLASS as at 18/09/2025
122.59p
Performance
Source: Lipper.
charset=UTF-8″>*{box-sizing:border-box | margin:0 | padding:0}html{line-height:1.15 | -webkit-text-size-adjust:100% | color:#313131 | font-family:system-ui,-apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,”Helvetica Neue”,Arial,”Noto Sans”,sans-serif,”Apple Color Emoji”,”Segoe UI Emoji”,”Segoe UI Symbol”,”Noto Color Emoji”}body{display:flex | flex-direction:column | height:100vh | min-height:100vh}.main-content{margin:8rem auto | padding-left:1.5rem | max-width:60rem}@media (width <= 720px){.main-content{margin-top:4rem}}.h2{line-height:2.25rem | font-size:1.5rem | font-weight:500}@media (width <= 720px){.h2{line-height:1.5rem | font-size:1.25rem}}#challenge-error-text{background-image:url(“data:image/svg+xml | base64,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”) | background-repeat:no-repeat | background-size:contain | padding-left:34px}@media (prefers-color-scheme: dark){body{background-color:#222 | color:#d9d9d9}} Enable JavaScript and cookies to continue | var a = document.createElement(‘script’) | a.src = ‘/cdn-cgi/challenge-platform/h/g/orchestrate/chl_page/v1?ray=9814365c998893f9’ | window._cf_chl_opt.cOgUHash = location.hash === ” && location.href.indexOf(‘#’) !== -1 ? ‘#’ : location.hash | window._cf_chl_opt.cOgUQuery = location.search === ” && location.href.slice(0, location.href.length – window._cf_chl_opt.cOgUHash.length).indexOf(‘?’) !== -1 ? ‘?’ : location.search | if (window.history && window.history.replaceState) {var ogU = location.pathname + window._cf_chl_opt.cOgUQuery + window._cf_chl_opt.cOgUHash | history.replaceState(null, null,”\/data\/taml\/troy_risk\/taml-trojan-ethical-income-fund-returns.csv?__cf_chl_rt_tk=loD6eM3QYsAKvX6BXq7dCARl6IL9FafcMsG1FaSwhjY-1758233835-1.0.1.1-WkICp2SVgrKubEwRb0F94tVscI7dujoQGiZAAyFM9yE”+ window._cf_chl_opt.cOgUHash) | a.onload = function() {history.replaceState(null, null, ogU) | }}document.getElementsByTagName(‘head’)[0].appendChild(a) | }()) |
---|
charset=UTF-8″>*{box-sizing:border-box | margin:0 | padding:0}html{line-height:1.15 | -webkit-text-size-adjust:100% | color:#313131 | font-family:system-ui,-apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,”Helvetica Neue”,Arial,”Noto Sans”,sans-serif,”Apple Color Emoji”,”Segoe UI Emoji”,”Segoe UI Symbol”,”Noto Color Emoji”}body{display:flex | flex-direction:column | height:100vh | min-height:100vh}.main-content{margin:8rem auto | padding-left:1.5rem | max-width:60rem}@media (width <= 720px){.main-content{margin-top:4rem}}.h2{line-height:2.25rem | font-size:1.5rem | font-weight:500}@media (width <= 720px){.h2{line-height:1.5rem | font-size:1.25rem}}#challenge-error-text{background-image:url(“data:image/svg+xml | base64,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”) | background-repeat:no-repeat | background-size:contain | padding-left:34px}@media (prefers-color-scheme: dark){body{background-color:#222 | color:#d9d9d9}} Enable JavaScript and cookies to continue | var a = document.createElement(‘script’) | a.src = ‘/cdn-cgi/challenge-platform/h/g/orchestrate/chl_page/v1?ray=9814365f6d6d941b’ | window._cf_chl_opt.cOgUHash = location.hash === ” && location.href.indexOf(‘#’) !== -1 ? ‘#’ : location.hash | window._cf_chl_opt.cOgUQuery = location.search === ” && location.href.slice(0, location.href.length – window._cf_chl_opt.cOgUHash.length).indexOf(‘?’) !== -1 ? ‘?’ : location.search | if (window.history && window.history.replaceState) {var ogU = location.pathname + window._cf_chl_opt.cOgUQuery + window._cf_chl_opt.cOgUHash | history.replaceState(null, null,”\/data\/taml\/troy_risk\/taml-trojan-ethical-income-fund-calendaryears.csv?__cf_chl_rt_tk=eRBxwzF.use0_nv.26zmhy2Z_1E_dOuaPZg9eSh995Y-1758233835-1.0.1.1-vAjCBht6MHOZLoSFNGT0RYEbJodEM3vmwazC.XU8q9k”+ window._cf_chl_opt.cOgUHash) | a.onload = function() {history.replaceState(null, null, ogU) | }}document.getElementsByTagName(‘head’)[0].appendChild(a) | }()) |
---|
Source: Lipper. Since Launch (06/01/2016) to 31 August 2025. 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.
charset=UTF-8″>*{box-sizing:border-box | margin:0 | padding:0}html{line-height:1.15 | -webkit-text-size-adjust:100% | color:#313131 | font-family:system-ui,-apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,”Helvetica Neue”,Arial,”Noto Sans”,sans-serif,”Apple Color Emoji”,”Segoe UI Emoji”,”Segoe UI Symbol”,”Noto Color Emoji”}body{display:flex | flex-direction:column | height:100vh | min-height:100vh}.main-content{margin:8rem auto | padding-left:1.5rem | max-width:60rem}@media (width <= 720px){.main-content{margin-top:4rem}}.h2{line-height:2.25rem | font-size:1.5rem | font-weight:500}@media (width <= 720px){.h2{line-height:1.5rem | font-size:1.25rem}}#challenge-error-text{background-image:url(“data:image/svg+xml | base64,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”) | background-repeat:no-repeat | background-size:contain | padding-left:34px}@media (prefers-color-scheme: dark){body{background-color:#222 | color:#d9d9d9}} Enable JavaScript and cookies to continue | var a = document.createElement(‘script’) | a.src = ‘/cdn-cgi/challenge-platform/h/g/orchestrate/chl_page/v1?ray=9814366238649565’ | window._cf_chl_opt.cOgUHash = location.hash === ” && location.href.indexOf(‘#’) !== -1 ? ‘#’ : location.hash | window._cf_chl_opt.cOgUQuery = location.search === ” && location.href.slice(0, location.href.length – window._cf_chl_opt.cOgUHash.length).indexOf(‘?’) !== -1 ? ‘?’ : location.search | if (window.history && window.history.replaceState) {var ogU = location.pathname + window._cf_chl_opt.cOgUQuery + window._cf_chl_opt.cOgUHash | history.replaceState(null, null,”\/data\/taml\/troy_risk\/taml-trojan-ethical-income-fund-riskanalysis.csv?__cf_chl_rt_tk=js57VjmQ4Ca1znz9qN6fqA.LCfjiqgLn_i4nvqW9kJM-1758233835-1.0.1.1-AeD99oBw6U0sdwE6.3HxapArarTlWwDsS86Xa.7Wm1E”+ window._cf_chl_opt.cOgUHash) | a.onload = function() {history.replaceState(null, null, ogU) | }}document.getElementsByTagName(‘head’)[0].appendChild(a) | }()) |
---|
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 August 2025. 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
charset=UTF-8″>*{box-sizing:border-box | margin:0 | padding:0}html{line-height:1.15 | -webkit-text-size-adjust:100% | color:#313131 | font-family:system-ui,-apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,”Helvetica Neue”,Arial,”Noto Sans”,sans-serif,”Apple Color Emoji”,”Segoe UI Emoji”,”Segoe UI Symbol”,”Noto Color Emoji”}body{display:flex | flex-direction:column | height:100vh | min-height:100vh}.main-content{margin:8rem auto | padding-left:1.5rem | max-width:60rem}@media (width <= 720px){.main-content{margin-top:4rem}}.h2{line-height:2.25rem | font-size:1.5rem | font-weight:500}@media (width <= 720px){.h2{line-height:1.5rem | font-size:1.25rem}}#challenge-error-text{background-image:url(“data:image/svg+xml | base64,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”) | background-repeat:no-repeat | background-size:contain | padding-left:34px}@media (prefers-color-scheme: dark){body{background-color:#222 | color:#d9d9d9}} Enable JavaScript and cookies to continue | var a = document.createElement(‘script’) | a.src = ‘/cdn-cgi/challenge-platform/h/g/orchestrate/chl_page/v1?ray=981436650e21cd9e’ | window._cf_chl_opt.cOgUHash = location.hash === ” && location.href.indexOf(‘#’) !== -1 ? ‘#’ : location.hash | window._cf_chl_opt.cOgUQuery = location.search === ” && location.href.slice(0, location.href.length – window._cf_chl_opt.cOgUHash.length).indexOf(‘?’) !== -1 ? ‘?’ : location.search | if (window.history && window.history.replaceState) {var ogU = location.pathname + window._cf_chl_opt.cOgUQuery + window._cf_chl_opt.cOgUHash | history.replaceState(null, null,”\/data\/taml\/troy_risk\/taml-trojan-ethical-income-fund-allocation.csv?__cf_chl_rt_tk=CPmO8hPPisXfeBeCeG9MRZvLZ8K_0HZJIKFGRCiExXU-1758233836-1.0.1.1-ubUIeh5.rWzE0EQwpRHQDPVN77yRhZmsPzfYclb.yPk”+ window._cf_chl_opt.cOgUHash) | a.onload = function() {history.replaceState(null, null, ogU) | }}document.getElementsByTagName(‘head’)[0].appendChild(a) | }()) |
---|
Asset allocation and holdings subject to change. As at 31 August 2025.
Fund literature
Document name | Date | Open/download | Archived documents |
---|---|---|---|
Factsheet | View archive | ||
Newsletters | View newsletters | ||
Fund Information Sheet |
View document Download document | ||
Interim Report |
July 2024 | View document Download document | |
Annual Report |
January 2025 | View document Download document | |
UCITS KIID | View share classes | ||
Sustainability-related Disclosures | View documents | ||
Troy’s Ethical Exclusion Criteria |
View document Download document | ||
Prospectus & Additional Investor Information | View documents |
-
Factsheet
View archive OpenDownload
-
Newsletters
View newsletters OpenDownload
-
Fund Information Sheet
Open Download -
Interim Report
Date: July 2024 Open Download -
Annual Report
Date: January 2025 Open Download -
UCITS KIID
View share classes Download -
Sustainability-related Disclosures
View documents OpenDownload
-
Troy’s Ethical Exclusion Criteria
Open Download -
Prospectus & Additional Investor Information
View documents OpenDownload
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
August 2025
Your Fund returned -1.2% during the month, compared to +0.9% for the FTSE All-Share Index (TR).
Industrial engineer Spirax Group was the Fund’s top contributor in August, rising +15% on the back of reporting solid half-year results. Spirax shares have had a difficult few years. The company benefitted from a booming life sciences end market during the pandemic which contributed to the shares becoming considerably over valued, reaching an eye-watering >50x Price to earnings ratio (P/E) in 2021. Since then, the company has suffered earnings downgrades and a de-rating to c.20x P/E, resulting in a more than halving of the share price. We have long considered Spirax to be an extremely high-quality business and so with earnings downgrades potentially bottoming and cash flows improving, we started a position earlier this year and have added to it since. These results were a step in the right direction, with group sales and profits growing organically by +3% and +7% respectively despite the difficult economic and tariff background.
Distributor Bunzl was also a strong contributor in the month, rising by +11%. Bunzl’s half year results were reassuring, particularly after the company announced a surprise profit warning in April which revealed the company was suffering specific issues in their North American business. We added to the shares following this warning at a valuation of c.12x P/E, and having met with the company in the month, we are cautiously optimistic that the key issues are beginning to resolve.
The main detractors to performance were information services company RELX and accountancy software provider Sage, which sold off 12% and 11% respectively on market-wide concerns around the threat of generative AI. Only a few months ago, Sage and RELX were deemed to be “AI winners”, taking valuations towards 30x P/E in both cases. Given the nascency of the technology, it is too early to say how AI will impact software and data companies in the long term. We do however take significant comfort from the fact that both RELX and Sage provide critical services, based on deep expert knowledge, and are highly embedded into their customers’ workflows. They are also integrating generative AI into their products and so far, both are seeing uplifts in their growth rates from this new functionality. Having reduced our holdings in both companies over the past year, valuations have once again become more interesting to us.