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 investment 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
The team
James is the Senior Fund Manager responsible for the Trojan Global Income Strategy. He has 27 years’ investment experience, and has managed global equity portfolios since 2002. James is manager of the Trojan Global Income Fund, co-manager of the Trojan Ethical Global Income Fund and was awarded management of STS Global Income & Growth Trust plc in November 2020.
Joining Troy in 2016 to establish the Trojan Global Income Fund, James was previously a Fund Manager at Newton Investment Management where he established and managed the Newton Global Income Fund. He was also the alternate manager on the Newton Real Return Fund. Under James’s management, the Newton Global Income fund grew to c. £4.5bn in AUM and was first in its sector over 10 years. James graduated from Bristol University with a BSc in Politics, before completing his Masters in Finance at the London Business School. He holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.
Tomasz is the co-manager of the Trojan Ethical Global Income Fund, Assistant Fund Manager of the Trojan Global Income Fund and has responsibility for the analysis of global companies and their selection for Troy’s portfolios.
He joined Troy in 2017 from Susa Fund Management, a European equity fund. He previously worked as an Associate at Bain Capital Credit. Tomasz graduated in European Economics from the University of Rome, before completing his Masters in Economics at Bocconi University, and his MBA at London Business School.
Key facts
‘O’ ACC SHARE CLASS as at 08/12/2023
104.75p
Fund size as at 31/10/2023
£29m
‘O’ INC SHARE CLASS as at 08/12/2023
99.53p
Performance
| 01/11/2021 | 30/11/2022 | 31/05/2023 | |
|---|---|---|---|
| Since Launch | 1 Year | 6 Months | |
| MSCI World NR GBP | 5.9 | 6.3 | 6.4 |
| Trojan Ethical Global Income O Acc | 3.3 | 1.8 | 1.8 |
| IA Global Equity Income NR | 7.8 | 4.4 | 2.9 |
| Discrete Calendar Annual Returns (%) | 2021 | 2022 | 2023 |
|---|---|---|---|
| Trojan Ethical Global Income O Acc | 5.7 | -4.1 | 2 |
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, Link Fund Solutions 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 | 3.3 | 7.8 | 5.9 |
| 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 | 45.8 | 50.0 | 54.2 |
| Annualised Volatility | 9.4 | 9.4 | 12.6 |
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. As at 30 November 2023.
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 30 November 2023.
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 |
-
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
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.
How to invest
Find more information on how to invest in this fund and where it is available.
How to invest
Commentary
October 2023
Your Fund returned -2.6% during the month compared to -2.3% for the MSCI World Index (NR) GBP.
We have established an initial investment in Canadian National Railway. We view this company as a high-quality franchise with impossible to replicate assets, leading to limited competition. These entrenched competitive advantages are further enhanced by the railroads’ costs advantage vs trucking over long distance journeys. Moving goods on railcars is also environmentally friendly compared to trucking, an important consideration as economies decarbonise. The result is a business that enjoys an attractive margin structure and decent, sustainable returns on invested capital. Debt levels are sensible.
The business has enjoyed organic volume growth over time driven by the growth in ecommerce, population and consumerism. The industry has also demonstrated pricing power, leading to high incremental margins.
Although railroads require high rates of reinvestment to maintain the network, the returns achieved justify the outlay. The industry has also seen significant improvements in productivity – termed the operating ratio and defined as operating costs as a percentage of revenue – in part owing to sensible levels of investment as well as the application of “Precision Scheduled Railroading” pioneered by the legendary industry veteran Hunter Harrison.
Concerns of an economic slowdown as well as one-off problems such as floods in Nova Scotia, Canadian wildfires and strikes at the West Coast ports have led to weakness in the share price. This allowed us to initiate a holding at the highest dividend yield in a decade and at c. 18x 2024 EPS. The quality of the business warrants a more material investment in time.