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 26/07/2024
107.49p
Fund size as at 30/06/2024
£37m
‘O’ INC SHARE CLASS as at 26/07/2024
100.77p
Performance
Source: Lipper, Waystone Management Limited.
01/11/2021 | 30/06/2023 | 31/12/2023 | |
---|---|---|---|
Since Launch | 1 Year | 6 Months | |
MSCI World NR GBP | 24.3 | 20.9 | 12.7 |
Trojan Ethical Global Income O Acc | 7.5 | 6.6 | 1.3 |
IA Global Equity Income NR | 20.4 | 13.4 | 7.1 |
Discrete Calendar Annual Returns (%) | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|
Trojan Ethical Global Income O Acc | 5.7 | -4.1 | 4.8 | 1.3 |
Performance is calculated on a total return basis, net of fees, in sterling terms. Past performance is not a guide to future performance.
Source: Lipper, Waystone Management Limited. Since Launch (2021-11-01) to 30 June 2024.
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 | 8 | 20 | 24 |
Max Drawdown | -10 | -9 | -15 |
Best Month | 5 | 4 | 8 |
Worst Month | -6 | -5 | -6 |
Positive Months | 48 | 58 | 61 |
Annualised Volatility | 9 | 9 | 12 |
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 30 June 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 30 June 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 2024 | View document Download document | |
Interim Report |
July 2023 | View document Download document |
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Factsheet
View archive OpenDownload
-
UCITS KIID
View share classes Download -
Fund Information Sheet
Open Download -
Prospectus & Additional Investor Information
View documents OpenDownload
-
Sustainability-related Disclosures
Open Download -
Troy’s Ethical Exclusion Criteria
Open Download -
Annual Report
Date: January 2024 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
June 2024
Your Fund returned +1.0% over the month compared to +2.8% for the MSCI World Index NR (£).
Democracy has been living up to the Churchillian observation that it is “the worst form of government except for all others”. 2024 is notable in that there are 97 elections due to take place globally covering half the world’s population. In this corner of the planet the most notable recently have been the campaigns in the UK, US and France with the recent US Presidential debate being the most impactful/depressing. In our view, election campaigns generally produce more heat than light but even these low expectations weren’t met by the quality of the debate and the performance of President Biden.
France appears to be following the observable global trend of increasing political polarisation, with Marine Le Pen of the far-right party National Rally looking likely to take a material proportion of the vote. Meanwhile in the UK the whole event is likely to finish not with a bang but a whimper as the Conservative Party is ejected in favour of Labour for the first time in 14 years.
Generally, politics has little bearing on the way we invest. Low turnover in our portfolios (c.10% per annum) means our typical investment holding period is longer than a government term. Outside politically inspired disasters the underlying long-term economics of a business are a far more important driver of returns than the current incumbent of number 10 Downing Street or the equivalent elsewhere.
Perhaps the UK is the exception that proves the rule. Years of being in the political and capital markets doghouse may be ending as a solid left-of-centre government may lead to a degree of stability and more strategic policy making. Given many global companies listed in the UK look cheap relative to peers this may prove a boon for the portfolio. We have a meaningful allocation of capital to this market on a listed basis even as the exposure on an underlying revenue basis is much more limited.