Overview
Download factsheetAn ethical fund that seeks to achieve growing levels of income from across the world, alongside the potential for capital growth.
What does the fund do?
It aims to provide investors with a high and regular stream of income, in line with ethical exclusion criteria, that we aim to grow. We manage a concentrated portfolio of high-quality, global companies, purchased at attractive valuations and held for the long term. We exclude certain companies that generate revenues from sectors that do not meet our ethical criteria.
View our ethical exclusion criteria
Why this fund?
Aimed at investors who seek an equity-focused income stream, with below-average volatility and an emphasis on absolute returns that also wish to exclude certain sectors. 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 26/04/2024
106.49p
Fund size as at 31/03/2024
£35m
‘O’ INC SHARE CLASS as at 26/04/2024
100.63p
Performance
Source: Lipper, Waystone Management Limited.
01/11/2021 | 28/02/2023 | 31/08/2023 | |
---|---|---|---|
Since Launch | 1 Year | 6 Months | |
MSCI World NR GBP | 17.3 | 19.6 | 12.7 |
Trojan Ethical Global Income O Acc | 9.2 | 9.4 | 5.4 |
IA Global Equity Income NR | 15.9 | 9.4 | 8.3 |
Discrete Calendar Annual Returns (%) | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|
Trojan Ethical Global Income O Acc | 5.7 | -4.1 | 4.8 | 2.9 |
Source: Lipper, Waystone Management Limited. Since Launch (2021-11-01) to (2024-03-05 12:25:00)
Performance is calculated on a total return basis, net of fees, in sterling terms. Past performance is not a guide to future performance.
Risk and Volatility since launch
Source: Lipper, Waystone Management Limited.
Risk Analysis Since Launch (01/11/2021) | Trojan Ethical Global Income O Acc | IA Global Equity Income NR | MSCI World NR GBP |
---|---|---|---|
Total Return | 9.2 | 15.9 | 17.3 |
Max Drawdown | -10.4 | -9.3 | -15.3 |
Best Month | 5.2 | 4.4 | 7.7 |
Worst Month | -5.7 | -5.0 | -5.5 |
Positive Months | 51.9 | 55.6 | 59.3 |
Annualised Volatility | 9.1 | 9.3 | 12.5 |
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, Waystone Management Limited. As at 31 March 2024.
Asset allocation
Top 10 holdings | Fund % |
---|---|
Paychex | 6.1 |
ADP | 5.8 |
PepsiCo | 5.3 |
Reckitt Benckiser | 5.0 |
Unilever | 4.9 |
CME Group | 4.6 |
Microsoft | 3.9 |
Johnson & Johnson | 3.8 |
Novartis | 3.6 |
Roche Holdings | 3.5 |
Total Top 10 | 46.6 |
23 other holdings | 51.5 |
Cash | 1.9 |
Total | 100.0 |
Asset allocation and holdings subject to change. As at 31 March 2024.
Fund literature
Document name | Date | Open/download | Archived documents |
---|---|---|---|
Factsheet | View archive | ||
UCITS KIID | View share classes | ||
Fund Information Sheet |
View document Download document | ||
Prospectus & Additional Investor Information | View documents | ||
Sustainability-related Disclosures |
View document Download document | ||
Troy’s Ethical Exclusion Criteria |
View document Download document | ||
Annual Report |
January 2023 | View document Download document | |
Interim Report |
July 2023 | View document Download document |
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Factsheet
View archive Open Download -
UCITS KIID
View share classes Download -
Fund Information Sheet
Open Download -
Prospectus & Additional Investor Information
View documents Open Download -
Sustainability-related Disclosures
Open Download -
Troy’s Ethical Exclusion Criteria
Open Download -
Annual Report
Date: January 2023 Open Download -
Interim Report
Date: July 2023 Open Download
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. In line with the Fund’s prospectus, the Fund is authorised to invest in transferable securities and money market instruments issued or guaranteed by an EEA state, one or more local authorities, a third country, or a public international body to which one or more EEA states belong. The Investment Manager would only consider investing more than 35% of the Fund’s assets in UK or US government issued transferable securities or approved money market instruments.
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.
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).
For the full fund disclaimer please refer to the Fund factsheet.
Please refer to Troy’s Glossary of Terms available here.
How to invest
Find more information on how to invest in this fund and where it is available.
How to invest
Commentary
March 2024
Your Fund returned 0.0% during the month compared to +3.4% for the MSCI World Index (NR) GBP.
Last month we covered the fall in the Reckitt Benckiser share price following the disclosure of under-declared volume rebates in the Middle East. It is disappointing to be discussing the same company again after a further decline. The shares were impacted by market concerns about litigation charges in the US against a minor product line in its Mead Johnson infant formula business. While there is uncertainty over the scale of any potential charges, this is balanced against a notably depressed valuation. We continue to hold the shares, having long been attracted to Reckitt’s strong portfolio of brands, the vast majority of which sit outside the Mead Johnson business.
We hosted the CEO, Elie Malouf and CFO, Micheal Glover of InterContinental Hotel Group Group (IHG) in our offices at the end of February following a decent set of results. This is a high-quality company we have liked for several years and were able to buy at an inexpensive valuation during COVID. The business is characterized by having limited capital requirements owing to it not owning the underlying hotels in its system rendering the company effectively a software and branding business.
IHG is enjoying a persistent tailwind from peoples’ ongoing desire to travel after the lockdown hiatus. This was reflected in the reported revenue growth of 17% year-on-year comprised of both an increase in revenue per available room (RevPar) as well as net system size expansion. The management team are confident in their ability to deliver long term success with high single digit growth in fee revenue, with some fee margin expansion and consistent share buy backs, leading to 12-15% through the cycle earnings per share growth.
The shares have performed well recently leading to a deservedly fuller valuation as the business model is very attractive and delivers consistent growth in free cash flow. We are happy long-term shareholders.