Overview
Download factsheetA fully invested equity strategy that aims to provide investors with growing levels of income with resilient capital growth by investing at least 80% of its assets in UK and overseas equities and equity-related securities.
What does the fund do?
We manage a concentrated portfolio of 30-50 high-quality, cash-generative companies that are capable of consistent dividend growth. At least 60% of the Fund is invested in UK equities with a maximum of 30% invested in overseas equities.
Our long-term approach and focus on reasonably valued, high-quality, sustainable and cash generative companies leads to low portfolio turnover. The fund will invest in accordance with the parameters of its ethical exclusion criteria, which consider ethical issues in relation to: fossil fuels, alcohol, pornography, tobacco and certain types of armaments.
View our ethical exclusion criteria
Why this fund?
We believe our approach to income investing is differentiated through; our conservative quality-orientated process, our focus on total return and our prioritisation of dividend growth above high yield.
We seek a sensible balance between capital and income return in order to deliver above average returns with below average volatility.
The strategy has no explicit yield target and instead we emphasise real growth and long-term sustainability of the income stream above producing the highest dividend yield today. In so doing, we aim to deliver investors a growing yield on their initial investment.
In addition to the Ethical Exclusion Criteria the 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
Blake is Senior Fund Manager responsible for Troy’s UK Income Strategy.
Blake is manager of the Trojan Income Fund and Trojan Ethical Income Fund. Blake joined Troy in 2019 from Investec Asset Management where he was lead manager on the UK Equity Income fund and co-manager on the Global Quality Equity Income Fund. Prior to that, Blake managed retail and institutional UK equity funds at Columbia Threadneedle. Blake holds a MA Hons in Economics and Politics from the University of Edinburgh.
Fergus is the Assistant Manager of the Trojan Income Fund and has responsibility for the analysis of global companies and their selection for Troy’s portfolios.
Joining Troy in 2017 following an internship, Fergus holds a BA in Biological Sciences and a doctorate in Zoology (Biomechanics) from the University of Oxford. Fergus is a CFA Charterholder.
Aniruddha is an Investment Analyst and is responsible for the analysis of global companies and their selection for Troy’s portfolios.
Aniruddha joined Troy in September 2019 on an internship before becoming a permanent member of the investment team in January 2020. He holds a B.Eng. degree from the University of Pune and an MPhil Finance and Economics from the University of Cambridge. Aniruddha is a CFA Charterholder.
Key facts
‘O’ ACC SHARE CLASS as at 22/08/2025
161.99p
Fund size as at 31/07/2025
£125m
‘O’ INC SHARE CLASS as at 22/08/2025
125.26p
Performance
Source: Lipper.
| 06/01/2016 | 31/07/2020 | 31/07/2022 | 31/07/2024 | 31/01/2025 | |
|---|---|---|---|---|---|
| Since Launch | 5 Years | 3 Years | 1 Year | 6 Months | |
| FTSE All-Share TR | 109.7 | 80.4 | 35.0 | 12.1 | 7.5 |
| Trojan Ethical Income O Acc | 62.6 | 25.8 | 16.6 | 5.6 | -0.4 |
| Discrete Calendar Annual Returns (%) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Trojan Ethical Income O Acc | 8 | 10.2 | -2.9 | 23.9 | -6 | 12.1 | -11.2 | 8.2 | 5.6 | 6.1 |
Source: Lipper. Since Launch (06/01/2016) to 31 July 2025. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms.
Risk and Volatility since launch
Source: Lipper.
| Risk Analysis Since Launch (06/01/2016) | Trojan Ethical Income O Acc | FTSE All-Share TR |
|---|---|---|
| Total Return | 62.6 | 109.7 |
| Max Drawdown | -25.4 | -35.3 |
| Best Month | 6.6 | 12.7 |
| Worst Month | -9.1 | -15.1 |
| Positive Months | 61.4 | 62.3 |
| Annualised Volatility | 10 | 12 |
Maximum Drawdown measures the worst investment period. Annualised Volatility is measured by the annualised standard deviation of the monthly returns. Source: Lipper, as at 31 July 2025. Past performance is not a guide to future performance. Performance is calculated on a total return basis, net of fees, in sterling terms.
Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| RELX | 5.3425629415681 |
| Unilever | 4.58765881710926 |
| Experian | 4.13798898763237 |
| Reckitt Benckiser | 4.12746357646319 |
| Compass | 3.91364501648136 |
| LSEG | 3.78843564655458 |
| Amadeus | 3.65317820222469 |
| Bunzl | 3.43532771135928 |
| Spirax | 3.18801435620814 |
| Novartis | 3.04495253888965 |
| Total Top 10 | 39.2192277944906 |
| 25 Other Equity holdings | 59.989982976588 |
| Cash | 0.790789228921368 |
| Total | 100 |
Asset allocation and holdings subject to change. As at 31 July 2025.
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
| Factsheet | View archive | ||
| Newsletters | View newsletters | ||
|
Fund Information Sheet |
View document Download document | ||
|
Interim Report |
July 2024 | View document Download document | |
|
Annual Report |
January 2025 | View document Download document | |
| UCITS KIID | View share classes | ||
| Sustainability-related Disclosures | View documents | ||
|
Troy’s Ethical Exclusion Criteria |
View document Download document | ||
| Prospectus & Additional Investor Information | View documents |
-
Factsheet
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Newsletters
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-
Fund Information Sheet
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Interim Report
Date: July 2024 Open Download -
Annual Report
Date: January 2025 Open Download -
UCITS KIID
View share classes Download
-
Sustainability-related Disclosures
View documents Open
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-
Troy’s Ethical Exclusion Criteria
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Prospectus & Additional Investor Information
View documents Open
Download
Sustainable Investment Labels Statement
Sustainable investment labels help investors find products that have a specific sustainability goal. This fund does not have a UK sustainable investment label as it does not have a sustainable objective as part of its investment objective. Despite not having a sustainable investment objective, when investing in companies, Troy integrates the analysis of sustainability characteristics into its investment decision-making. Troy also considers the steps companies are taking in relation to climate change mitigation.
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. 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. For the full fund disclaimer please refer to the Fund factsheet. Please refer to Troy’s Glossary of Terms available here.
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).
How to invest
Find more information on how to invest in this fund and where it is available.
How to invest
Commentary
July 2025
Your Fund returned +1.9% during the month, compared to +4.0% for the FTSE All-Share Index (TR).
Consumer staple company Reckitt was the top contributor, rising +14.5% in July. Reckitt has three separate businesses: Core Reckitt – a collection of globally leading consumer health and hygiene brands including Dettol, Durex and Nurofen. Essential Home – a long tail of lower growth homecare brands including Air Wick, Mortein and Cillit Bang. Mead Johnson – the US infant formula business. Our view is that Essential Home and Mead Johnson are comparatively weaker businesses that hold back the valuation of the Core Reckitt business. Two pieces of newsflow encouraged investors in the month.
Firstly, Reckitt announced the planned divestiture of the Essential Home business to private equity firm Advent International for up to $4.8bn. Whilst hardly a knockout price, representing a multiple of c.8x historical operating profit, this is an important and necessary step in refocusing the business on Core Reckitt. While Essential Home makes up <10% of Reckitt’s enterprise value, we suspect it has used up a disproportionate amount of management time. Sensibly (we think), Reckitt intends to return most of the disposal proceeds by way of special dividend and share buyback, rather than redeploying the capital into M&A.
The second piece of newsflow was the company’s solid half-year results. Within these, Core Reckitt delivered better-than-expected growth and strong margin progression, led by strength in Emerging Markets. Focus now turns to a potential disposal of Mead Johnson and sustaining strong delivery for Core Reckitt.
Following a share price rise of more than 30% over the past year, we used recent strength to trim the Fund’s holding in the company.