Trojan Ethical Income Fund
The investment objective of Trojan Ethical Income Fund is to seek to provide income with the potential for capital growth in the medium term. Its investment policy is to invest substantially in UK and overseas equities. Trojan Ethical Income Fund may also invest in fixed interest securities, indices, deposits, collective investment schemes and money market instruments.
The fund will invest in accordance with the parameters of its ethical investment criteria, which consider ethical issues in relation to: fossil fuels, pornography, tobacco and certain types of armaments. A document setting out the fund’s ethical investment criteria is available here.
In addition to the O share class referred to on this page, I & S Classes are also available. Please contact us for more information.
Derivatives may be employed for the purposes of efficient portfolio management.
Investment Performance will not be shown until one calendar year after the fund's launch due to regulatory requirements. Similarly, no information relating to Trojan Ethical Income Fund is included in either the Interim Report or Annual Report.
|'O' Share Class||Price 16/11/2018|
The Fund produced a return of -2.8% during the month, compared to -5.2% for the FTSE All-Share Index (TR).
This was a torrid month for equities worldwide – in fact the worst one-month decline since May 2012.
As is often the case in such market setbacks, more volatile small and mid-cap stocks led the market fall whereas more defensive companies held up well. This played to your Fund’s strengths.
Concerns that rising US interest rates might choke off economic growth were the main factor which precipitated the market weakness. Disappointing results from both Amazon and Alphabet further exacerbated the declines and a number of companies pointed towards a more challenging 2019.
In the UK the Budget was held in October. The OBR 2018 GDP growth forecasts were downgraded slightly to 1.3% but future year forecasts were upgraded, allowing the Chancellor the flexibility to flag the ending of austerity. However, the Brexit process continues to dominate Parliament and the risk of a ‘No Deal’ outcome is becoming a greater probability. This would undoubtedly increase both market and currency volatility.
Within the portfolio the most resilient performers like National Grid and AstraZeneca held up particularly well while the worst offenders were Royal Mail, Equiniti and Schroders.
Despite political and economic uncertainty the Fund yield of 3.2% continues to provide support.
|Top 10 Holdings||Fund (%)|
|Procter & Gamble||3.5|
|Total Top 10||38.4|
|33 other holdings||52.5|
|Cash & equivalent||9.1|
How to Invest
You may invest directly, via a broker or adviser, or through a number of online fund platforms.
- Fund Manager
- Inception Date
- Available Share Class
O, I, S
- ISIN (O Class)
- Bloomberg (O Class)
- Sedol (O Class)