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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 02/04/2020
Accumulation Shares
Income Shares
103.72p 		Fund Size
£198M (29/02/20)

Past performance is not a guide to future performance.

February 2020

Your Fund returned -7.5% during the month compared to -9.9% for the FTSE All-Share Index (TR).

This was the biggest single calendar month fall in UK equities since the Global Financial Crisis.

After markets had appeared remarkably sanguine about the COVID-19 epidemic while it remained largely confined to China, the emergence of new cases in South Korea, Iran and then Italy prompted a reassessment of the potential global economic impact. In the second half of February both the UK and US equity markets fell by over 10% as the likelihood of significant earnings and growth downgrades became much more likely. Given the strong returns generated in 2019, valuations were already extended and vulnerable to bad news. As is often the case, the catalyst for the market’s fall was not one of the usual macroeconomic suspects. The uncertainty surrounding the effect of the previously unknown virus will continue until the extent and severity of the outbreak is fully understood.

All sectors of the market were marked down in the sell-off, but stocks such as National Grid and Roche experienced only modest declines, helping to mitigate some of the impact of the fall in prices.

While market fluctuations are likely to continue, we anticipate opportunities will arise to add to existing holdings and start new ones. We have recently initiated a holding in Paychex, a US company specialising in software and outsourcing services in the areas of payroll, HR and employee benefits for small/medium-sized businesses. Paychex continues to ride the structural wave towards outsourcing in the US, and provides the portfolio with exposure to a capital-light, high-returns business, with negligible debt and a current dividend yield in excess of 3%.

 

Source: Lipper, Link Fund Solutions Limited

Total Return 06/01/2016
Since Launch		 28/02/2017
3 Years		 28/02/2019
1 Year		 31/08/2019
6 Months
Trojan Ethical Income O Acc +32.6% +19.7% +8.7% -4.1%
FTSE All-Share TR +28.9% +4.7% -1.4% -5.5%
Discrete Calendar Annual Returns (%) 2016 2018 2019 2020
Trojan Ethical Income O Acc +8.0% -2.9% +23.9% -7.4%

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 29 February 2020.

Risk Analysis Since Launch (06/01/2016) Trojan Ethical Income O Acc FTSE All-Share TR
Total Return +32.6% +28.9%
Max Drawdown -9.9% -15.0%
Best Month +4.8% +6.4%
Worst Month -7.5% -8.9%
Positive Months +63.3% +61.2%
Annualised Volatility +8.3% +10.4%

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 5.2
Compass 4.1
Colgate-Palmolive 3.7
Reckitt Benckiser 3.6
RELX 3.5
National Grid 3.5
Lloyds 3.4
GlaxoSmithKline 3.4
Procter & Gamble 3.1
Nestlé 3.1
Total Top 10 36.6
33 other holdings 54.9
Cash & Equivalent 8.5
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)

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