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Troy Asset Management Limited

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities



LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
97 %
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
3 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

All of Troy’s investment strategies follow the same investment philosophy. Our aim is to protect investors’ capital and to increase its value year on year. The principle of first preserving investors’ wealth means that Troy is first committed to properly assessing the risks of any potential investment, even before trying to quantify the potential return.

A significant part of this process is to understand and assess the significant factors that may impact the long-term returns from a particular business.  It is within this context that our research team seeks to assess non-financial ESG factors. This is an integrated part of our wider analysis process, which includes, amongst other items, an assessment of the relevant business’ strategy, financial performance and capital structure.  Troy defines incorporation of an assessment of ESG factors within its investment research process as the fundamental analysis of non-financial ESG factors that materially influence the potential long-term returns received by investors.  We consider long-term to mean more than 5 years.  For such a risk/opportunity to be material, both the probability of a detrimental/positive impact on the value of an investment and the magnitude of that impact must be non-de minimis.

We do not seek to narrowly define or limit the factor categories but rather appreciate that such analysis must necessarily take place in the context of the wider assessment of risk and reward.  

It is our aim to ensure ESG factors are incorporated into the analysis process from the outset and as such it should be the responsibility of all members of the investment team to contribute to this process.  All Troy’s mandates are populated from a collectively created investment universe of researched stocks that analysis has shown meet our quality and risk criteria and therefore the ESG factors are equally incorporated into all of Troy’s mandates.

The only vehicles to combine incorporation strategies are the Trojan Ethical Income Fund and the Trojan Ethical Fund.  These funds apply a negative screen in accordance with the published ethical investment criteria in addition integrating ESG factors into at the stock specific research level.

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

The only mandates to combine equity ESG incorporation strategies are the Trojan Ethical Income Fund and the Trojan Ethical Fund.  These vehicle seeks to combine the analysis of ESG factors with a negative screen.

Troy maintains an investment universe of stocks that have been researched and analysed (including the integration of ESG factors) and meet Troy's stringent quality standards.  All Troy's portfolios, including the screened Ethical mandates, are populated from this same universe.

As a separate and subsequent step, Troy's Ethical Screening Criteria are then applied to the universe, excluding additional stocks prior to constructing Troy's ethical funds. The criteria are based on exposure to certain revenue streams including those relating to fossil fuels, armaments, alcoholic beverages, high interest rate lending, gambling, pornography and tobacco.

NB.  The Trojan Ethical Fund's ethical investment criteria also addresses investment in government & public securities and precious metals.

LEI 02. Type of ESG information used in investment decision (Private)

LEI 03. Information from engagement and/or voting used in investment decision-making (Private)

A) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。




The Trojan Ethical Income Fund and Trojan Ethical Fund screen equities on the basis of a set of ethical investment criteria.  Following a refinement of the criteria in July 2017 the exclusions are based on the percentage of revenue exposures to certain activities and products.  In select cases in relation to particular munitions, exclusions are made in relation to breaches of certain conventions.  VigeoEiris support this screening process.


          Conventions relating to cluster munitions and anti-personnel mines.


Two convention watch screens on cluster munitions and anti-personnel mines are used to support the armaments criteria.

04.2. スクリーニング基準が変更された場合に顧客や受益者に通知する方法について説明してください。

The Trojan Ethical Income Fund's ethical investment criteria were established as a result of consultation with the fund’s seed investor and other potential investors prior to launch.  The ethical criteria have been reviewed and adjusted twice since launch in January 2016.  It is anticipated that they will be reviewed on an ad hoc basis in future.  However we do not anticipate further material change due to the public nature of the fund and the diverse investor base.  Any changes made to the criteria will be notified to investors in accordance with the relevant regulatory requirements.

LEI 05. Processes to ensure screening is based on robust analysis

05.1. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.3. 第三者のESG評価がスクリーニング目的で更新される頻度を示してください。

05.4. 組織のESGスクリーニングを構築するための組織内リサーチを精査する頻度を示してください。

05.5. 補足情報 [任意]

Troy's screening process is supported by VigeoEiris who provide information on a percentage of revenue basis that is updated at least annually.  In the rare instances that VigeoEiris cannot cover certain stocks our own internal assessment of the breakdown of revenues in conducted and this research is normally updated bi-annually but in some cases this can be annually.

LEI 06. Processes to ensure fund criteria are not breached (Private)

C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。








08.2. 補足情報 [任意]

Changes to the research process mean that social and environmental factors have been systemically integrated from 2019.

LEI 09. Processes to ensure integration is based on robust analysis

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]

ESG research is available to analysts in multiple forms.  Troy’s agreement with VigeoEiris provides ESG research coverage of some, but not all, of our holdings and ISS provides norms based research with relation to the UN Global Compact and on governance matters in relation to proxy voting research. Troy subscribes to MSCI's comprehensive ESG research product. ESG data is also accessed via Bloomberg. Troy’s own internal research template has a standard section for governance risk and environmental & social risks.

LEI 10. Aspects of analysis ESG information is integrated into (Private)