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Troy Asset Management Limited

PRI reporting framework 2018

You are in Organisational Overview » Basic information

Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

% of assets under management (AUM) in ranges

% of assets under management (AUM) in ranges

Further options for investment managers (may be selected in addition to the above)

01.3. Additional information. [Optional]


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United Kingdom

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

33 FTE

02.4. Additional information. [Optional]


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2017

04.2. Indicate your total AUM at the end of your reporting year, Exclude subsidiaries you have chosen not to report on and any advisory/execution only assets.

Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.5. Additional information. [Optional]

Troy reports to the UN PRI on a calendar year basis.


OO 06. How would you like to disclose your asset class mix

New selection options have been added to this indicator. Please review your prefilled responses carefully.

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity >50% 55.8 <10% 1.5
Fixed income 10-50% 15 0 0
Private equity 0 0 0 0
Property 0 0 <10% 2.9
Infrastructure 0 0 <10% 0.8
Commodities <10% 5 0 0
Hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 10-50% 19 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Provide contextual information on your AUM asset class split. [Optional]

Troy Asset Management invests in equities, fixed income and commodities and holds cash (predominantly in its balanced and lower risk income mandates).

Equities:  Troy has a rigorous focus on quality. We invest in businesses with high returns on invested capital which we consider to be sustained by durable competitive advantages. We favour stable and growing companies with a strongly differentiated product or service that new or existing rivals struggle to copy. These are companies with low risk to their earnings that permit sustained high levels of profitability. We also pay particular attention to how management allocates capital and typically avoid highly acquisitive and indebted companies. We have traditionally found more of these equities in developed markets.

Fixed Income:  Fixed Income investments are currently almost exclusively UK and US index linked sovereign debt.  These investments are held for their ability to preserve the value of investors' capital and as such the avoidance default risk, currency risk and liquidity risk are central to the investment rationale.

At some time Troy may choose to invest more widely in the debt market and could potentially invest in a range of sovereign debt as well as the debt of corporates and other issuers. 

Commodities:  Troy’s investment in commodities is exclusively in gold bullion.  We view this as a unique form of currency and for this reason as distinctly different from other hard commodities.  It is held in physically backed form.  Because gold is not consumed much of the world gold stock has been in circulation for several decades and is not easily attributable to a source. 

Cash:  Cash is currently held at the respective Fund’s custodian and is not loaned out on term deposit or invested in money market instruments. 

 


OO 07. Fixed income AUM breakdown (Private)


OO 08. Segregated mandates or pooled funds (Private)


OO 09. Breakdown of AUM by market (Private)


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