Morningstar Fund Report  | 03/04/2025Print

Trojan Ethical Income Fund S Accumulation

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Trojan Ethical Income Fund S Accumulation
Fund12.4-11.08.55.90.9
+/-Cat-5.6-8.90.3-2.6-2.4
+/-B’mrk--0.9-3.9-4.3
 
Category: UK Large-Cap Equity
Category Benchmark: Morningstar UK All Cap TME ...
Key Stats
NAV
02/04/2025		 GBX 158.07
Day Change -0.81%
Morningstar Category™ UK Large-Cap Equity
IA (formerly IMA) Sector Unclassified Sector
ISIN GB00BYMLFQ99
Fund Size (Mil)
28/02/2025		 GBP 171.35
Share Class Size (Mil)
02/04/2025		 GBP 0.06
Max Initial Charge -
Ongoing Charge
31/01/2024		  0.77%
Investment Objective: Trojan Ethical Income Fund S Accumulation
The fund seeks to achieve income with the potential for capital growth in the medium term (3 to 5 years). Capital invested is at risk and there is no guarantee that a positive return will be delivered or that the investment objective will be achieved. To invest at least 80% of its assets in UK and overseas equities (including investment trusts and real estate investment trusts (REITs)) and equity-related securities (being instruments whose return is determined by the performance of a single underlying equity or a basket of equities). At least 60% of its assets will be invested in UK equities and equity-related securities. A maximum of 30% of its assets may also be invested in overseas equities and equity-related securities.
Returns
Trailing Returns (GBP)02/04/2025
YTD0.97
3 Years Annualised3.08
5 Years Annualised5.99
10 Years Annualised-
12 Month Yield 2.68
Management
Manager Name
Start Date
Blake Hutchins
30/09/2024
Inception Date
06/01/2016

Category Benchmark
Fund BenchmarkMorningstar Benchmark
FTSE AllSh TR GBPMorningstar UK All Cap TME NR GBP
Portfolio Profile for  Trojan Ethical Income Fund S Accumulation28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock96.360.0096.36
Bond0.000.000.00
Property0.000.000.00
Cash1.760.001.76
Other1.880.001.88
Top 5 Regions%
United Kingdom81.16
United States9.19
Europe - ex Euro6.23
Eurozone3.42
Canada0.00
Top 5 Sectors%
Industrials24.48
Financial Services16.28
Consumer Defensive14.94
Healthcare12.11
Consumer Cyclical11.63
Top 5 HoldingsSector%
Unilever PLCConsumer DefensiveConsumer Defensive5.64
RELX PLCIndustrialsIndustrials5.40
Bunzl PLCConsumer DefensiveConsumer Defensive4.15
Reckitt Benckiser Group PLCConsumer DefensiveConsumer Defensive4.09
London Stock Exchange Group PLCFinancial ServicesFinancial Services4.08
Increase Decrease New since last portfolio
Trojan Ethical Income Fund S Accumulation
Growth Of 1000 (GBP) 31/03/2025
Fund:  Trojan Ethical Income Fund S Accumulation
Category:  UK Large-Cap Equity
Category Index:  Morningstar UK All Cap TME NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-2.6724.21-5.7212.40-11.028.485.920.89
+/- Category7.154.863.38-5.57-8.950.27-2.58-2.43
+/- Category Index-----0.85-3.90-4.27
% Rank in Category720109688348782
Trailing Returns (GBP)02/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.81   -1.58-0.56
1 Week0.01   0.940.84
1 Month-3.30   -1.24-1.57
3 Months0.67   -2.95-3.89
6 Months-0.40   -3.10-5.39
YTD0.97   -2.65-4.58
1 Year5.86   -2.98-6.52
3 Years Annualised3.08   -3.11-4.48
5 Years Annualised5.99   -5.74-6.84
10 Years Annualised-   --
 
Category: UK Large-Cap Equity
Category Index: Morningstar UK All Cap TME NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20250.89---
20241.631.274.77-1.77
20232.52-0.091.214.64
2022-5.11-8.59-2.815.55
20210.165.670.255.93
2020-15.718.381.521.67
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearBelow AverageLow2 star
5-YearLowLow2 star
10-Year--Not Rated
OverallLowLow2 star
 
Category :  UK Large-Cap EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev10.55 %
3-Yr Mean Return3.38 %
 
3-Yr Sharpe Ratio-0.06
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK All Cap TME NR GBP  Morningstar UK SMID Cap TME NR GBP
3-Yr Beta0.740.55
3-Yr Alpha-3.590.86
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 23815-
Market Capitalisation% of Equity
Giant27.63
Large27.26
Medium39.70
Small5.41
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings18.991.47
Price/Book3.702.05
Price/Sales2.822.36
Price/Cash Flow15.491.80
Dividend-Yield Factor2.620.74
 
Long-Term Projected Earnings Growth7.730.87
Historical Earnings Growth-1.25-6.23
Sales Growth7.201.40
Cash-Flow Growth7.3115.49
Book-Value Growth5.041.20
 
Category: UK Large-Cap Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock96.360.0096.36
Bond0.000.000.00
Property0.000.000.00
Cash1.760.001.76
Other1.880.001.88
World Regions28/02/2025
 % of EquityRelative to Category
United States9.195.90
Canada0.000.00
Latin America0.000.00
United Kingdom81.160.85
Eurozone3.422.81
Europe - ex Euro6.234.45
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia0.000.00
Asia - Developed0.000.00
Asia - Emerging0.000.00
 
Category: UK Large-Cap Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials2.140.38
Consumer CyclicalConsumer Cyclical11.631.35
Financial ServicesFinancial Services16.280.72
Real EstateReal Estate3.291.68
Consumer DefensiveConsumer Defensive14.941.08
HealthcareHealthcare12.111.00
UtilitiesUtilities2.900.78
Communication ServicesCommunication Services2.770.67
IndustrialsIndustrials24.481.55
TechnologyTechnology9.463.83
 
Category: UK Large-Cap Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings34
Total Number of Bond Holdings0
Assets in Top 10 Holdings40.88
NameSectorCountry% of Assets
Unilever PLC205United Kingdom5.64
RELX PLC310United Kingdom5.40
Bunzl PLC205United Kingdom4.15
Reckitt Benckiser Group PLC205United Kingdom4.09
London Stock Exchange Group PLC103United Kingdom4.08
Compass Group PLC102United Kingdom4.03
Experian PLC310United Kingdom3.85
Amadeus IT Group SA311Spain3.29
Paychex Inc311United States3.29
Roche Holding AG206Switzerland3.05
 
Increase Decrease New since last portfolio
Category: UK Large-Cap Equity
 
Management
Name of CompanyTroy Asset Management Limited
Phone+44 20 74994030
Websitewww.taml.co.uk
AddressHill Hour, 1 Little New Street, London, EC4A 3TR
 London   EC4A 3TR
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date06/01/2016
Fund Advisor(s)
Troy Asset Management Limited
Fund ManagerBlake Hutchins
Manager Start Date30/09/2024
Education
University of Edinburgh, M.A.
 
Biography
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.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.75%
Ongoing Charge0.77%
Purchase Details
Minimum Investments
Initial1000  GBP
Additional1000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes