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Trojan Ethical Income Fund

The investment objective of Trojan Ethical Income Fund is to seek to provide income with the potential for capital growth in the medium term. Its investment policy is to invest substantially in UK and overseas equities. Trojan Ethical Income Fund may also invest in fixed interest securities, indices, deposits, collective investment schemes and money market instruments.

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 18/04/2019
Accumulation Shares
Income Shares
117.16p 		Fund Size
£118M (31/03/19)

March 2019

Your Fund returned +3.6% during the month compared to +2.7% for the FTSE All-Share Index (TR).

As the US Federal Reserve cut its projections for interest rate rises during 2019, it helped drive asset prices higher. This meant that March proved to be another month of strong equity returns. It has also perpetuated leveraged investors’ access to cheap debt. This phenomenon, combined with the relative strength of the dollar, has continued to make itself felt within your Fund via a series of bids for UK-based holdings. Dairy Crest and Jardine Lloyd Thompson, both recipients of bids in recent months, were joined by satellite communication provider Inmarsat, which received an approach from a private equity-backed consortium.

It has been apparent to us for some time that Inmarsat’s strategy was less than ideally suited to a public listing. Building a state of the art constellation of satellites necessitates a large and lumpy capital expenditure programme, and subsequent returns on this capital can be slow to crystallise. Patience has been required to see the rewards generated by Inmarsat’s latest maritime and in-cabin aviation offerings. However, we are confident that with these new products, demand for Inmarsat’s mobile satellite services will grow, as will the value of the assets that underpin this service.

It is of little surprise then that private equity investors have offered to take this asset out of the hands of an increasingly disillusioned public equity market.

 

Source: Lipper, Link Fund Solutions Limited

This chart shows performance of the Trojan Ethical Income Fund O Acc share class from launch

Total Return to 31 March 2019 06/01/16
Since Launch		 31/03/2016
3 Years		 31/03/18
1 Year		 30/09/18
6 Months 
Trojan Ethical Income Fund O Acc +26.4% +25.7% +12.9% +3.5%
LIBID* GBP 1 Month +1.1% +1.0% +0.5% +0.3%
FTSE All-Share Index (TR) +34.2% +31.3% +6.4% -1.8%

*London Inter Bank Bid Rate

Discrete Calendar Annual Returns (%) 2016# 2017 2018 2019
YTD
Trojan Ethical Income Fund O Acc +8.0 +10.2 -2.9 +9.3%

# From launch (06/01/16)

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

Top 10 Holdings Fund %
Unilever 5.4
Compass 4.4
Lloyds 4.2
Reckitt Benckiser 4.1
GlaxoSmithKline 4.0
Colgate-Palmolive 3.7
Procter & Gamble 3.7
National Grid 3.6
Nestlé 3.5
RELX 3.3
Total Top 10 39.9
34 Other Holdings 54.5
Cash & Equivalent 5.6
Total  100.0

How to Invest

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

How to Invest

Key Facts

  • Fund Manager
    Hugo Ure
  • Inception Date
    06/01/2016
  • Currency
    £ Sterling
  • Available Share Class
    O, I, S
  • ISIN (O Class)
    GB00BYMLFK38 (Acc)
    GB00BYMLFL45 (Inc)
  • Bloomberg (O Class)
    TEIFOAC_LN (Acc)
    TEIFOIN_LN (Inc)
  • Sedol (O Class)
    BYMLFK3 (Acc)
    BYMLFL4 (Inc)

Related Literature

 

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. 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.