Overview
Download FactsheetA 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 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.
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.
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.
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.
Key facts
‘X’ ACC SHARE CLASS as at 20/11/2024
£1.1768
Fund size as at 31/10/2024
£17m
‘X’ INC SHARE CLASS as at 20/11/2024
£1.1629
Performance
Performance is calculated on a total return basis, net of fees.
Source: Lipper, Waystone Management Company (IE) Limited.
| 07/10/2020 | 31/10/2021 | 31/10/2023 | 30/04/2024 | |
|---|---|---|---|---|
| Since Launch | 3 Years | 1 Year | 6 Months | |
| Bank of England Base Rate | 11.1 | 11.0 | 5.3 | 2.6 |
| UK Retail Price Index | 32.0 | 24.6 | 2.9 | 0.9 |
| Trojan Ethical Fund (Ireland) X GBP Acc | 17.7 | 8.9 | 9.8 | 4.1 |
| Trojan Ethical Fund (Ireland) X EUR Acc | 11.2 | 3.7 | 8.1 | 3.3 |
| Trojan Ethical Fund (Ireland) X USD Acc | 18.5 | 9.6 | 9.9 | 4.1 |
| Discrete Calendar Annual Returns (%) | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Trojan Ethical Fund (Ireland) X GBP Acc | -0.8 | 10 | -4.9 | 4.9 | 7.1 |
| Trojan Ethical Fund (Ireland) X EUR Acc | -0.9 | 8.9 | -6.5 | 3.2 | 5.8 |
| Trojan Ethical Fund (Ireland) X USD Acc | -0.8 | 10.1 | -4.6 | 5.2 | 7.2 |
Performance is calculated on a total return basis, net of fees. Past performance is not a guide to future performance.
Non GBP share classes are hedged. Differences in interest rates may contribute to differences in performance between share classes.
Source: Lipper, Waystone Management Company (IE) Limited.
Since Launch (06/10/2020) to 31 October 2024.
Risk and Volatility since launch
Source: Lipper, Waystone Management Company (IE) Limited.
| Risk Analysis Since Launch (07/10/2020) | Trojan Ethical Fund (Ireland) X GBP Acc |
|---|---|
| Total Return | 17.7 |
| Max Drawdown | -7.2 |
| Best Month | 3.6 |
| Worst Month | -2.9 |
| Positive Months | 66.7 |
| Annualised Volatility | 4.5 |
Performance is calculated on a total return basis, net of fees.
Maximum Drawdown measures the worst investment period
Annualised Volatility is measured by the annualised standard deviation of the monthly returns
Source: Lipper, Waystone Management Company (IE) Limited.
As at 31 October 2024.
Asset allocation
| Top 10 holdings (excluding government bonds) | Fund % |
|---|---|
| Invesco Physical Gold | 8.77178968196044 |
| Unilever | 3.86367505509462 |
| Royal Mint Responsibly Sourced Physical Gold | 3.73414226660849 |
| Visa | 3.16970997708928 |
| Nestle | 2.92857508917267 |
| Alphabet | 2.71002257151742 |
| Microsoft | 2.19756614499221 |
| Experian | 1.68106197218287 |
| VeriSign | 1.43535577162 |
| Mastercard | 1.06602178833874 |
| Total Top 10 | 31.5579203185767 |
| 6 Other Equity holdings | 4.77841193174246 |
| US TIPS | 31.6126246351782 |
| Short-dated Gilts | 14.4374697009728 |
| US Short-dated Treasuries | 13.1559527432527 |
| UK Index-Linked | 3.06075875232425 |
| Cash | 1.39686191795287 |
| Total | 100 |
Asset allocation and holdings subject to change. As at 31 October 2024.
Fund literature
| Document name | Date | Open/download | Archived documents |
|---|---|---|---|
| Factsheet | View Factsheet | ||
| Prospectus & Additional Investor Information | View documents | ||
| PRIIPS KID Past Performance | View share classes | ||
| PRIIPS KID | View share classes | ||
| UCITS KIID | View share classes | ||
| UK Reporting Status | View documents | ||
|
Fund Information Sheet |
View document Download document | ||
|
Troy’s Ethical Exclusion Criteria |
View document Download document | ||
| Performance Scenario | View documents | ||
| Investment Report | View documents | ||
| Special Paper | View papers | ||
|
Annual Report |
January 2024 | View document Download document | |
|
Interim Report |
July 2024 | View document Download document | |
| Sustainability-related Disclosures | View documents |
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Factsheet
View Factsheet Open
Download 
-
Prospectus & Additional Investor Information
View documents Open
Download
-
PRIIPS KID Past Performance
View share classes Download
-
PRIIPS KID
View share classes Download
-
UCITS KIID
View share classes Download
-
UK Reporting Status
Date: 2024 View documents Open
Download
-
Fund Information Sheet
Open Download -
Troy’s Ethical Exclusion Criteria
Open Download -
Performance Scenario
View documents Download
-
Investment Report
View documents Open
Download
-
Special Paper
View papers Open
Download
-
Annual Report
Date: January 2024 Open Download -
Interim Report
Date: July 2024 Open Download -
Sustainability-related Disclosures
View documents Open
Download
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