An 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.
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
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.
‘O’ ACC SHARE CLASS as at 08/12/2023
Fund size as at 31/10/2023
‘O’ INC SHARE CLASS as at 08/12/2023
|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|
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.
|Top 10 holdings||Fund %|
|Johnson & Johnson||3.8|
|Total Top 10||46.6|
|23 other holdings||51.5|
Asset allocation and holdings subject to change. As at 30 November 2023.
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UCITS KIIDView share classes Download
- UCITS KIID O INCOME Download
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Fund Information SheetOpen Download
Prospectus & Additional Investor InformationView documents Open Download
- Additional Investor Information Document Open Download
- Trojan Investment Funds Singapore Information Memorandum Open Download
Sustainability-related DisclosuresOpen Download
Troy’s Ethical Exclusion CriteriaOpen Download
Annual ReportDate: January 2023 Open Download
Interim ReportDate: 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.
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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).
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