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Pyrford International

PRI reporting framework 2019

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products
Other
Total 100%

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

01.2. Additional information. [Optional]

Pyrford International (Pyrford) is a provider of global asset management services for pension funds, charities, endowments, foundations and high net worth individuals.  The company has been operating from its London, UK base since 1987.


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).

36 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]

Pyrford has no subsidiaries which are PRI signatories. However, Pyrford itself is a subsidiary of BMO Financial Group and other entities within the larger group are independent signatories of the PRI.


OO 04. Reporting year and AUM

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

31/12/2018

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the total assets at the end of your reporting year subject to an execution and/or advisory approach.

04.5. Additional information. [Optional]


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

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

Internally managed (%)
Externally managed (%)

 

Listed equity >50% 67 0 0
Fixed income 10-50% 29 0 0
Private equity 0 0 0 0
Property 0 0 0 0
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash <10% 4 0 0
Money market instruments 0 0 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. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

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

Approximately 44% of Pyrford's AUM are in "Absolute Return" mandates where we make an asset allocation decision between equities and fixed income. The remaining 56% is in "equity only" mandates.


OO 07. Fixed income AUM breakdown

07.1. Provide to the nearest 5% the percentage breakdown of your Fixed Income AUM at the end of your reporting year, using the following categories.

Internally managed
100 SSA
0 Corporate (financial)
0 Corporate (non-financial)
0 Securitised
Total 100%

OO 08. Segregated mandates or pooled funds (Not Applicable)


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

95 Developed Markets
5 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]

Pyrford offers a team highly experienced in managing global portfolios using a disciplined process which has produced excellent long-term results. The depth of the research undertaken allows the team to build focussed portfolios of high quality companies which are held regardless of their popularity or size. For Pyrford the key risk to be avoided is that of losing money for our clients, not that of appearing different from a benchmark.


Our products fall into two main groups: "Absolute Return" products where we initially make an allocation between equities, sovereign fixed income and cash, and "Equity Only". The market and stock level analysis for equities is common to both products and the stocks held are largely the same.


Our investment strategy is based on a long-term, quality, value-driven, absolute return approach, with both top-down and bottom-up elements included. At the country level we seek to invest in countries that offer an attractive market valuation relative to their long-term prospects (as determined by our research) and avoid countries that do not. At the stock level we identify companies that offer excellent value relative to our in-house forecast of long-term (5 years) earnings growth. Companies are only considered for inclusion in the portfolio after a thorough discussion with management about the company's business model, strategy and approach to environmental, social and governance factors. It has always been our belief that a company taking an irresponsible approach to ESG factors is at heightened risk of suffering a deterioration in its financial performance over our holding period.
 


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