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
The team
James is the Senior Fund Manager responsible for the Trojan Global Income Strategy. He has 28 years’ investment experience, and has managed global equity portfolios since 2002. James is manager of the Trojan Global Income Fund, co-manager of the Trojan Ethical Global Income Fund and was awarded management of STS Global Income & Growth Trust plc in November 2020.
Joining Troy in 2016 to establish the Trojan Global Income Fund, James was previously a Fund Manager at Newton Investment Management where he established and managed the Newton Global Income Fund. He was also the alternate manager on the Newton Real Return Fund. Under James’s management, the Newton Global Income fund grew to c. £4.5bn in AUM and was first in its sector over 10 years. James graduated from Bristol University with a BSc in Politics, before completing his Masters in Finance at the London Business School. He holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.
Tomasz is the co-manager of the Trojan Ethical Global Income Fund, Assistant Fund Manager of the Trojan Global Income Fund and has responsibility for the analysis of global companies and their selection for Troy’s portfolios.
He joined Troy in 2017 from Susa Fund Management, a European equity fund. He previously worked as an Associate at Bain Capital Credit. Tomasz graduated in European Economics from the University of Rome, before completing his Masters in Economics at Bocconi University, and his MBA at London Business School.
Key facts
‘O’ ACC SHARE CLASS as at 30/10/2024
113.64p
Fund size as at 31/01/2025
£28m
‘O’ INC SHARE CLASS as at 30/10/2024
105.86p
Performance
Source: Lipper, Waystone Management Limited.
| 01/11/2021 | 28/02/2022 | 29/02/2024 | 31/08/2024 | |
|---|---|---|---|---|
| Since Launch | 3 Years | 1 Year | 6 Months | |
| MSCI World NR GBP | 36.2 | 42.7 | 16.2 | 9.1 |
| Trojan Ethical Global Income O Acc | 20.7 | 21.8 | 10.5 | 8.6 |
| IA Global Equity Income NR | 30.3 | 32.1 | 12.1 | 6.1 |
| Discrete Calendar Annual Returns (%) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Trojan Ethical Global Income O Acc | 5.7 | -4.1 | 4.8 | 7.4 | 5.8 |
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 .
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 | 20.7 | 30.3 | 36.2 |
| Max Drawdown | -10.4 | -9.3 | -15.3 |
| Best Month | 5.4 | 5.2 | 7.7 |
| Worst Month | -5.7 | -5.0 | -5.5 |
| Positive Months | 53.8 | 61.5 | 61.5 |
| Annualised Volatility | 8.6 | 8.5 | 11.5 |
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 .
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 .
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
| Factsheet | View archive | ||
|
Fund Information Sheet |
View document Download document | ||
|
Interim Report |
July 2024 | View document Download document | |
|
Annual Report |
January 2024 | View document Download document | |
| Prospectus & Additional Investor Information | View documents | ||
| UCITS KIID | View share classes | ||
| Sustainability-related Disclosures | View documents | ||
|
Troy’s Ethical Exclusion Criteria |
View document Download document |
-
Factsheet
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-
Fund Information Sheet
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Interim Report
Date: July 2024 Open Download -
Annual Report
Date: January 2024 Open Download -
Prospectus & Additional Investor Information
View documents Open
Download
-
UCITS KIID
View share classes Download
-
Sustainability-related Disclosures
View documents Open
Download
-
Troy’s Ethical Exclusion Criteria
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
February 2025
Your Fund returned +0.4% over the month compared to -2.0% for the MSCI World Index NR (£).
We started a new investment in Siemens during the first two months of 2025.
Siemens is a high quality German industrial business which is going through a period of change which we think will be to the benefit of shareholders. The company is involved in automation, electrification, mobility and healthcare. A reputation for producing reliable highly engineered products, which are process critical and therefore highly costly to the customer if they fail, make for a strong competitive advantage by discouraging switching to alternative suppliers. The company is also a leader in industrial software.
Siemens is going through a process of simplification, which we believe will unlock significant value. Specifically, the company still retains a majority stake in Siemens Healthineers, which we believe will likely be fully spun off to shareholders by the end of 2025. Siemens Healthineers is a fine business, but with different capital requirements and competitive dynamics. Given the success of other industrial businesses that went through a process of portfolio simplification, we believe Siemens will benefit from these actions and might look to go even further by addressing both their Mobility and Financial Services businesses. The resulting company will have faster growth and lower capital intensity.
In the long-term term, demand is supported by the need to upgrade the electricity grid as economies decarbonise and the industrial base becomes more digitised. The shares are good value with an attractive dividend yield.
We funded this investment by completely exiting the positions in Domino’s Pizza and Johnson & Johnson. The new investments offer us the opportunity to improve the portfolio’s quality and growth rate, without sacrificing our income and valuation discipline.
The portfolio ended the period with 29 investments.