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 02/07/2024
106.39p
Fund size as at 31/05/2024
£37m
‘O’ INC SHARE CLASS as at 02/07/2024
99.74p
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 31 May 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 31 May 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 31 May 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 Open Download -
UCITS KIID
View share classes Download -
Fund Information Sheet
Open Download -
Prospectus & Additional Investor Information
View documents Open Download -
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
May 2024
Your Fund returned -0.1% during the month compared to +2.7% for the MSCI World Index (NR) GBP.
This month we spent some days in North America meeting companies. Once again, we were reminded that global managers should travel to the US to witness the quality of the companies and the scale and dynamism of the economy. We met several current and potential investments as well as a range of interesting, leading businesses in their industries. Companies that form part of our investment universe included Texas Instruments (a portfolio company), American Express, Estee Lauder, Analogue Devices and Chubb.
The overall impression, beyond the details of individual investment cases, was that sentiment has moved a long way. Two years ago, at the same event Jamie Dimon, CEO of JPMorgan opined on the potential upcoming “hurricane” that the rise in interest rates may wrought. This time he appeared to be more worried about inflation and the potential for further interest rate rises as well as the extent to which the market may be over-valued.
In this context he fears the stock price of his own company may be too high to justify share buy backs. “I do not believe that buying back the stock at any price is the same thing and that we should be thoughtful about that. So, as the stock goes up, we buy less. As the stock goes down, we’d probably buy more. We are going to end up with a lot of excess capital and we’re not going to just spend it because it happens to be sitting there. I personally think the valuations in the market are high. There’s not that we’re saying JPMorgan isn’t probably valued relative to the market. I’m saying that the market is high and I think it’s a mistake to be using all that capital at these market levels. And so we’re going to be very patient. It’s a good problem to have. I look at ownership of a company no different than if I own the company, I wouldn’t have any problem having excess capital sitting there for a while. Zero. None. Nada”.*
We agree: with interest rates having risen further and faster than for 40 years and with US equity markets trading at 34.9x Shiller PE we think there are good reasons to remain cautious.
*Bernstein Strategic Decisions Conference, May 29, 2024.