Trojan Ethical Fund

Troy

Overview

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A multi-asset ethical fund that aims to protect investors’ capital and grow its value in real terms over the long term. We combine cautious asset allocation with careful selection of high-quality companies, purchased at fair valuations.

What does the Fund do?

Through a long-term, long-only approach, the Fund invests in a broad range of asset classes, in line with ethical exclusion criteria. We exclude certain equities, bonds and gold-related investments.

View our ethical exclusion criteria

Why this Fund?

Aimed at investors who want an ethical multi-asset fund emphasising capital preservation and absolute returns. The Fund’s emphasis on downside risk management and high-quality securities aim to deliver strong risk-adjusted returns over the long-term. 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

Charlotte Yonge CFA

Senior Fund Manager

Bio

Charlotte Yonge CFA

Senior Fund Manager

Charlotte is the Assistant Fund Manager of the Trojan Fund and Personal Assets Trust and Fund Manager of the Trojan Ethical Fund, with responsibility for multi-asset coverage and the analysis of global companies and their selection for Troy’s portfolios.

Charlotte joined Troy in 2013 from Ruffer Investment Management, where she worked as an Investment Associate. Graduating from Cambridge with an MA in Modern Languages, Charlotte holds the CISI Diploma and is a CFA Charterholder.

Charlotte is also a Co-Founder of GAIN (Girls Are INvestors), a charity established to inform and inspire the next generation of young women to enter the investment management industry in the UK.

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Sebastian Lyon

Founder & Chief Investment Officer

Bio

Sebastian Lyon

Founder & Chief Investment Officer

Sebastian is Troy’s Chief Investment Officer and is responsible for Troy’s Multi-Asset Strategy. He is the Senior Fund Manager for the Trojan Fund and Investment Manager of Personal Assets Trust.

Sebastian began his career in 1989 at Singer & Friedlander Investment Management. Joining Stanhope Investment Management (the management company for the GEC Pension Fund) in 1995, he jointly managed the £2 billion equity portfolio and the Fund’s asset allocation. He was appointed Director in 1999, and in 2000 he left to establish Troy. Gaining his BSc in Politics from Southampton University, Sebastian holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.

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Marc de Vos CFA

Investment Analyst

Bio

Marc de Vos CFA

Investment Analyst

Marc is an Investment Analyst working on the multi-asset mandates, with responsibility for analysis of global companies and their selection for Troy’s portfolios.

Marc joined Troy in June 2019 from RWC Asset Management, where he worked as an Investment Analyst. Marc holds a BEng in Electromechanical Engineering and a PhD in Electronic and Electrical Engineering from Southampton University. Marc is a CFA Charterholder.

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Michael Kinsella

Investment Specialist

Bio

Michael Kinsella

Investment Specialist

Michael is an investment specialist on the Multi-Asset Strategy. Michael joined the Business Development Team at Troy in May 2016 from Veritas Investment Management where he worked as an Assistant Portfolio Manager.

Michael graduated from Dublin Business School with a BA (hons) in Business Studies in 2005. Michael holds a Masters in Wealth Management from the Chartered Institute of Securities & Investments and the IMC.

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Commentary

January 2025

Your Fund returned +3.2% during the month, compared to +5.5% for the FTSE All-Share Index (TR).

Equity markets posted strong returns in January and several indices, including the FTSE All-Share and MSCI World, reached new all-time highs. Such ebullient markets mask volatility in both the technology and political world.

Donald Trump’s inauguration on the 20th of January triggered a volley of 45 executive orders in the first 12 days alone. The topics covered by these orders include withdrawing the US from the World Health Organisation and the Paris Agreement on climate change, delaying the ban on TikTok, and declaring a national emergency to deploy the military on the southern border. Trump’s stance on the border toughened at the end of the month through the imposition of 25% tariffs on most imports from Canada and Mexico, as well as 10% on Chinese imports. The tariffs cover around 40% of the US’s trade and are likely to attract retaliatory action from targeted countries. We expect much of the cost of these tariffs to be borne by consumers and think they drive upside risk to inflation as prices rise to reflect the elevated cost of imported goods. Perhaps the more significant lesson from the first two weeks of the 47th Presidency is that we are in a more volatile period where established partnerships and trading relationships are subject to rapid change.

Western businesses focused on artificial intelligence (AI) were also rocked last month by the launch of DeepSeek’s R1 model. The new reasoning model offers similar performance to the leading AI tools at a fraction of the cost (both to develop and to use). Our latest investment report explains how our preference for owning the cloud infrastructure providers avoids reliance on a single model being the ‘winner’. Both Microsoft and Alphabet should benefit from AI but are not reliant on it for their business to be successful.

The future path of the economy, inflation and monetary policy all appear more fragile. With this backdrop of uncertainty, it is perhaps no surprise that gold reached new highs. We continue to have a significant holding in physical bullion, in the expectation it will protect the Fund should the environment deteriorate.

Key facts

Fund Manager

Charlotte Yonge

Inception date

22/03/2019

Currency

Sterling

Available share classes

O, S, X

ISIN (O Class)

GB00BJP0XX17 (Acc)
GB00BJP0XY24 (Inc)

Sedol (O Class)

BJPOXX1 (Acc)
BJPOXY2 (Inc)

Benchmarks

For more information on the benchmarks used please refer to the ‘use of benchmarks’ section in the fund information sheet

Ongoing Charges

‘O’ (ordinary) shares: 1.02%
‘X’ (platform) shares: 0.87%

Fund ratings

© 2025 Morningstar, Inc. All Rights Reserved.

‘O’ ACC SHARE CLASS as at 21/02/2025

145.69p

Fund size as at 31/01/2025

£860m

‘O’ INC SHARE CLASS as at 21/02/2025

141.62p

Performance

Performance is calculated on a total return basis, net of fees, in sterling terms.

Source: Lipper, Waystone Management UK Limited.

22/03/201931/01/202031/01/202231/01/202431/07/2024
Since Launch5 Year3 Year1 Year6 Months
Bank of England Base Rate13.412.612.35.22.5
UK Retail Price Index37.634.923.43.71.2
FTSE All-Share TR46.837.925.517.14.3
Trojan Ethical Fund O Accumulation46.333.214.110.56.3
Discrete Calendar Annual Returns (%)2019202020212022202320242025
Trojan Ethical Fund O Accumulation7.210.910.1-4.65.27.93.2

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 UK Limited. Since Launch (29/03/2019) to 31 January 2025.

Risk and Volatility since launch

Source: Lipper, Waystone Management UK Limited.

Risk Analysis Since Launch (22/03/2019)Trojan Ethical Fund O AccumulationFTSE All-Share TR
Total Return46.346.8
Max Drawdown-8.9-35.3
Best Month4.612.7
Worst Month-2.9-15.1
Positive Months68.661.4
Annualised Volatility5.013.6

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 UK Limited. As at 31 January 2025.

Asset allocation

Top 10 holdings (excluding government bonds)Fund %
Invesco Physical Gold8.59708012860299
Alphabet4.44413971621467
Royal Mint Responsibly Sourced Physical Gold3.79448507344119
Visa3.71505931251597
Unilever3.67070914385468
Nestlé3.14990558018645
Experian2.32995175038865
Microsoft2.25497482592497
VeriSign1.80429078320209
American Express1.20418373051848
Total Top 1034.9647800448501
7 Other Equity holdings6.35036797123046
US TIPS31.8954057488434
US Short-dated Treasuries12.2509412144312
Short-dated Gilts10.9107848780156
UK Index-Linked2.99450041213586
Cash0.633219730493153
Total100

Asset allocation and holdings subject to change. As at 31 January 2025.

 

Fund literature

Document name Date Open/download Archived documents
Factsheet     View archive Hide archive
Investment Report     View documents Hide documents
Special Paper     View papers Hide papers

Fund Information Sheet

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Interim Report

 July 2024 View document Download document  

Annual Report

 January 2024 View document Download document  
UCITS KIID     View share classes Hide share classes
Sustainability-related Disclosures     View documents Hide documents

Troy’s Ethical Exclusion Criteria

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Prospectus & Additional Investor Information     View archive Hide archive

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

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