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 Oxford University. Fergus is a CFA Charterholder.
Aniruddha is an Investment Analyst and has the responsibility of the analysis of global companies and their selection for Troy’s portfolios.
Aniruddha joined Troy in September 2019 on an internship before becoming an 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 01/08/2025
160.13p
Fund size as at 30/06/2025
£138m
‘O’ INC SHARE CLASS as at 01/08/2025
123.82p
Performance
Source: Lipper.
| 06/01/2016 | 30/06/2020 | 30/06/2022 | 30/06/2024 | 31/12/2024 | |
|---|---|---|---|---|---|
| Since Launch | 5 Years | 3 Years | 1 Year | 6 Months | |
| FTSE All-Share TR | 101.7 | 67.3 | 35.5 | 11.2 | 9.1 |
| Trojan Ethical Income O Acc | 59.6 | 22.2 | 22.0 | 7.1 | 4.2 |
| 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 | 4.2 |
Source: Lipper. Since Launch (06/01/2016) to 30 June 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 | 59.6 | 101.7 |
| Max Drawdown | -25.4 | -35.3 |
| Best Month | 6.6 | 12.7 |
| Worst Month | -9.1 | -15.1 |
| Positive Months | 61.1 | 61.9 |
| 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 30 June 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 | 5.44627453203196 |
| Unilever | 4.69347783114205 |
| Experian | 3.95177084109218 |
| Reckitt Benckiser | 3.94320522431901 |
| LSEG | 3.8208616164149 |
| Amadeus | 3.74290342983205 |
| Compass | 3.69224633667536 |
| Bunzl | 3.60364668078524 |
| Novartis | 3.12133119083265 |
| Spirax | 3.02335993631479 |
| Total Top 10 | 39.0390776194402 |
| 25 Other Equity holdings | 60.0555183244367 |
| Cash | 0.905404056123138 |
| Total | 100 |
Asset allocation and holdings subject to change. As at 30 June 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 |
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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
Open Download -
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. 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 2025
Your Fund returned -0.8% during the month, compared to +0.5% for the FTSE All-Share Index (TR).
Halma, the UK-based niche technology and engineering company, reported full year results in June. The shares rose +10.1% in the month on the back of strong numbers which showcased an impressive 22nd consecutive year of profit growth and a remarkable 46th consecutive year of dividend growth of 5% or more.
As the owner of 50 individual businesses, Halma’s model is highly diversified, providing resilience across the market cycle. Activities include commercial fire alarm systems used in the likes of the Statue of Liberty, equipment for eye tests and eye surgery, radar devices used on autonomous vehicles, and sensors for monitoring leaks in our sewer systems. The company is often referred to as a ‘serial acquirer’, due to its track record of delivering regular, value-enhancing M&A. However, in spite of the uncertain economic backdrop, it was organic growth that really stood out in these results. Organic revenue and operating profit grew +9% and +13% respectively in the year, and the company delivered strong cash generation with rising returns on capital.
Halma operates an ambitious growth model, aspiring to double earnings roughly every five years. Disciplined capital allocation and retaining their highly decentralised organisation are key. We have been impressed and reassured by management’s robust commentary on these topics during our regular interactions. Shares have rarely looked ‘cheap’ and we remain wary that they remain highly rated today. However, given the quality of the business and Halma’s long-term compounding potential, we have maintained the Fund’s c.2.5% weighting. In our view, this remains towards the lower end of Halma’s potential weight range in the portfolio and we remain alert to opportunities to buy more in the future.