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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 exclusion 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 exclusion 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 22/09/2021
Accumulation Shares
Income Shares
124.17p 		Fund Size
£311m (31/08/21)

Past performance is not a guide to future performance.

August 2021

Your Fund delivered a total return of +0.9% during the month compared to +2.7% the return of the FTSE-All-Share Index (TR).

Divergence came in large part from our non-ownership of large UK banks and life insurers, which performed well over the month.

Over recent months, we have initiated and built an investment in one of the leading UK self-storage companies, Big Yellow Group.

We are drawn to the self-storage sector for various reasons; firstly, there is growing structural demand from both residential and business customers. The secure, well-located and flexible nature of units is driving more businesses to self-storage in order to help fulfil their logistics needs.

Secondly, supply is tight and looks set to remain so. Big Yellow has a long record of operating in the market and has established relationships within the industry that are hard to replicate. However, it is notable how difficult it is, even for an incumbent, to find new space. This is particularly true in desirable and densely populated urban locations.

Such strong demand and tight supply are evidenced by the >90% occupancy levels currently enjoyed by the company. This dynamic enables the company to gently raise prices across much of its estate, which results in attractive like-for-like revenue growth.

A further appealing feature of self-storage is the fact that, once operational, a site requires very little incremental operating cost or capital expenditure. This is something that does not hold true for office or retail space, both of which can require substantial renovation costs every few years.  Good growth in revenues along with low incremental expense result in a highly cash-generative business.

Big Yellow is an attractive addition to the portfolio’s Real Estate Investment Trust holdings, and ought to contribute nicely to the Fund’s aggregate cashflow and dividend growth for years to come.

 

Source: Lipper, Link Fund Solutions Limited

Total Return 06/01/2016
Since Launch		 31/08/2016
5 Years		 31/08/2018
3 Years		 31/08/2020
1 Year		 28/02/2021
6 Months
Trojan Ethical Income O Acc +45.8% +34.6% +19.4% +10.5% +11.9%
FTSE All-Share TR +51.2% +33.3% +11.4% +26.9% +13.3%
Discrete Calendar Annual Returns (%) 2016 2017 2018 2019 2020 2021
Trojan Ethical Income O Acc +8.0% +10.2% -2.9% +23.9% -6.0% +8.3%

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 31 July 2021.

Risk Analysis Since Launch (06/01/2016) Trojan Ethical Income O Acc FTSE All-Share TR
Total Return +45.8% +51.2%
Max Drawdown -25.4% -35.3%
Best Month +6.5% +12.7%
Worst Month -9.1% -15.1%
Positive Months +64.2% +64.2%
Annualised Volatility +9.6% +13.1%

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 the annualised standard deviation of the monthly returns 

Source: Lipper, Link Fund Solutions Limited.  

Top 10 holdings Fund %
RELX 5.6
Experian 4.8
Unilever 4.7
Reckitt Benckiser 4.2
Paychex 3.4
Nestlé 3.3
American Express 3.0
Aveva 2.9
Compass 2.6
AstraZeneca 2.6
Total Top 10 37.2
37 other holdings 59.3
Cash & equivalent 3.5
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.

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
  • Benchmarks
    For more information on the benchmarks used please refer to the ‘use of benchmarks’ section in the fund information sheet
  • 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

Copyright © Troy Asset Management Limited 2021 | Authorised and regulated by the Financial Conduct Authority (FRN: 195764). Past performance is not necessarily a guide to future performance.
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