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Trojan Ethical Income added to Wealth Shortlist

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Trojan Ethical Income was added to the Wealth Shortlist of funds chosen by our analysts for their long-term performance potential on 22 April 2021.

The fund aims to provide a rising income and the potential for capital growth, while minimising losses in a falling market. What makes the fund different to many other income funds is its ethical approach. The manager doesn’t invest in areas deemed unethical, such as tobacco and fossil fuels. Some of these areas are often well-represented in traditional income funds without an ethical tilt, so we think this fund could bring diversification to an income-focused portfolio. It could also be a good addition to a responsible investment portfolio built to provide income.

Hugo Ure has managed the Trojan Ethical Income fund since launch in January 2016. Overall, he has 17 years’ experience in the investment industry and, prior to joining Troy in January 2009, he worked at Kleinwort Benson, where he was an equity analyst and involved in portfolio management.

Ure has also been co-manager of the Trojan Income fund, alongside Francis Brooke, since joining Troy. This fund follows the same investment philosophy and process as the Ethical Income fund, but without the ethical overlay. He’s also co-managed the Trojan Income & Growth Investment Trust since 2015, which has significant overlap with the Income fund. Alongside his fund management responsibilities, Ure serves as Troy’s Head of Responsible Investment, a role we think complements his fund management responsibilities well and demonstrates his commitment to responsible investing.

Ure is supported by Troy’s equity income team, including experienced income manager Blake Hutchins and two dedicated analysts, which we feel is an appropriate level of resource. Troy’s wider 14-strong investment team also work collaboratively with a shared approach to investment. This ensures only the best ideas from across Troy get into the fund.

Ure has a shorter analysable track record than some other fund managers on the Wealth Shortlist, but we’re encouraged that the Trojan Ethical Income fund uses the same investment process as the Trojan Income fund. Both funds also leverage the skills and experience of the wider Equity Income team. We think the high number of investments that are common to both funds demonstrates the consistency of thinking across the team.

We’ve monitored the fund and the team for many years. Over this time our conviction has grown, and we’ve recently added the fund to the Wealth Shortlist. We admire the team’s experience, strong track record and their sensible approach, and believe they can deliver good long-term results for investors.

The manager has the flexibility to invest in derivatives and smaller companies which, if used, adds risk.

Investors should note this fund currently invests in Hargreaves Lansdown plc.

Read the Trojan Ethical Income fund research update

Annual percentage growth
Mar 16 -
Mar 17
Mar 17 -
Mar 18
Mar 18 -
Mar 19
Mar 19 -
Mar 20
Mar 20 -
Mar 21
Trojan Ethical Income 11.6% -0.3% 12.9% -4.5% 11.8%
FTSE All-Share 22.0% 1.2% 6.4% -18.5% 26.7%

Past performance is not a guide to the future. Source: Lipper IM to 31/03/2021.

Find out more about Trojan Ethical Income including charges

Trojan Ethical Income Key Investor Information

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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