Overview
Download factsheetA fully invested equity strategy that aims to provide investors with growing levels of income with resilient capital growth by investing at least 80% of its assets in UK and overseas equities and equity-related securities.
What does the fund do?
We manage a concentrated portfolio of 30-50 high-quality, cash-generative companies that are capable of consistent dividend growth. At least 60% of the Fund is invested in UK equities with a maximum if 30% invested in overseas equities.
Our long-term approach and focus on reasonably valued, high-quality, sustainable and cash generative companies leads to low portfolio turnover. The fund will invest in accordance with the parameters of its ethical exclusion criteria, which consider ethical issues in relation to: fossil fuels, pornography, tobacco and certain types of armaments.
View our ethical exclusion criteria
Why this fund?
We believe our approach to income investing is differentiated through; our conservative quality-orientated process, our focus on total return and our prioritisation of dividend growth above high yield.
We seek a sensible balance between capital and income return in order to deliver above average returns with below average volatility.
The strategy has no explicit yield target and instead we emphasise real growth and long-term sustainability of the income stream above producing the highest dividend yield today. In so doing, we aim to deliver investors a growing yield on their initial investment.
In addition to the Ethical Exclusion Criteria the 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
Blake is Senior Fund Manager responsible for Troy’s UK Income Strategy.
Blake is manager of the Trojan Income Fund and Trojan Ethical Income Fund. Blake joined Troy in 2019 from Investec Asset Management where he was lead manager on the UK Equity Income fund and co-manager on the Global Quality Equity Income Fund. Prior to that, Blake managed retail and institutional UK equity funds at Columbia Threadneedle. Blake holds a MA Hons in Economics and Politics from the University of Edinburgh.
Fergus is the Assistant Manager of the Trojan Income Fund and has responsibility for the analysis of global companies and their selection for Troy’s portfolios.
Joining Troy in 2017 following an internship, Fergus holds a BA in Biological Sciences and a doctorate in Zoology (Biomechanics) from Oxford University. Fergus is a CFA Charterholder.
Aniruddha is an Investment Analyst and has the responsibility of the analysis of global companies and their selection for Troy’s portfolios.
Aniruddha joined Troy in September 2019 on an internship before becoming an permanent member of the investment team in January 2020. He holds a B. Eng. degree from the University of Pune and an MPhil Finance and Economics from the University of Cambridge. Aniruddha is a CFA Charterholder.
Key facts
‘O’ ACC SHARE CLASS as at 20/11/2024
153.35p
Fund size as at 31/10/2024
£179m
‘O’ INC SHARE CLASS as at 20/11/2024
121.74p
Performance
Source: Lipper, Waystone Management Limited.
| 06/01/2016 | 31/10/2019 | 31/10/2021 | 31/10/2023 | 30/04/2024 | |
|---|---|---|---|---|---|
| Since Launch | 5 Years | 3 Years | 1 Year | 6 Months | |
| FTSE All-Share TR | 82.5 | 31.9 | 19.7 | 16.3 | 1.8 |
| Trojan Ethical Income O Acc | 52.6 | 10.2 | 6.1 | 14.0 | 4.8 |
| Discrete Calendar Annual Returns (%) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Trojan Ethical Income O Acc | 8 | 10.2 | -2.9 | 23.9 | -6 | 12.1 | -11.2 | 8.2 | 5.3 |
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 (06/01/2016) to 31 October 2024.
Risk and Volatility since launch
Source: Lipper, Waystone Management Limited.
| Risk Analysis Since Launch (06/01/2016) | Trojan Ethical Income O Acc | FTSE All-Share TR |
|---|---|---|
| Total Return | 52.6 | 82.5 |
| Max Drawdown | -25.4 | -35.3 |
| Best Month | 6.6 | 12.7 |
| Worst Month | -9.1 | -15.1 |
| Positive Months | 61.9 | 61.9 |
| Annualised Volatility | 9.9 | 12.2 |
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 October 2024.
Asset allocation
| Top 10 holdings | Fund % |
|---|---|
| Unilever | 6.81271512053587 |
| RELX | 6.29259253550791 |
| Reckitt Benckiser | 4.80408112709176 |
| Bunzl | 4.39195603853669 |
| LSEG | 4.25261467006799 |
| Experian | 4.20611407791374 |
| Compass | 3.37070757181758 |
| National Grid | 3.29871951355727 |
| Paychex | 3.11701559775573 |
| Novartis | 3.05039728624207 |
| Total Top 10 | 43.5969135390266 |
| 27 Other Equity holdings | 55.1586394573463 |
| Cash | 1.24444700362706 |
| 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 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 | ||
| Newsletters | View newsletters | ||
|
Annual Report |
January 2024 | View document Download document | |
|
Interim Report |
July 2024 | View document Download document |
-
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 -
Newsletters
View newsletters Open
Download
-
Annual Report
Date: January 2024 Open Download -
Interim Report
Date: July 2024 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
October 2024
Your Fund returned of -2.2% during the month, compared to a return of -1.6% for the FTSE All-Share Index (TR).
Macro events dominated the market narrative in October: the new UK government announced its first budget, there was growing hype around the upcoming US presidential election, and tensions in the Middle East continued to escalate. Of note from a financial markets perspective was a rise in government bond yields, with the yield on 10-year UK and US government debt both rising c. 50 basis points in the month from +4.0% to +4.4% and +3.8% to +4.3% respectively. From your Fund’s perspective, it was this move, much more so than any stock-specific news flow, that impacted returns over the month with higher bond yields putting short-term pressure on equity valuations.
The UK budget had been eagerly anticipated, with an unusually long lag between Labour regaining power on the 5th of July and Chancellor Rachel Reeves announcing her fiscal plan on the 30th of October. The reality is that with over 80% of the Fund’s aggregate revenues derived from outside the UK, the impact of domestic politics on portfolio companies is always relatively limited. We are pleased however that it is now behind us, allowing investors to look forward with more certainty as to the shape of policy under this government.
When we look across global markets, we continue to find valuations for UK companies to be particularly attractive. The UK’s is the most international of all stock markets, home to many world-class companies, providing rich opportunities for stock pickers. In the month, we started a new holding in a high-quality UK company. We look forward to sharing more details in an upcoming factsheet.