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Troy Asset Management Limited

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income



FI 01. Incorporation strategies applied

以下を記載してください。 (1)組織でアクティブ運用する債券投資について、どのESG組み入れ戦略や組み合わせを使用しているか(2)各戦略が適用されるアクティブ運用債券投資合計の割合(+/- 5%)
0 スクリーニングのみ
0 テーマのみ
98 統合のみ
2 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない

01.2. 特定のESG組み入れ戦略を選択している理由と、使用する戦略の組み合わせを説明してください。

Troy Asset Management invests predominantly in the Sovereign Debt of developed nations.  Integrated into that research process are the analysis of the sustainability of the revenues that underpin that sovereigns ability to make both interest and capital payments.  We look at environment, social and governance risks, focusing as much on the direction of travel as the current status of those risks.  


01.3. 補足情報 [任意]

Troy currently only invested in the sovereign debt of the UK and US.

2% of assets (up from 0% a year ago) have an ethical screen which negatively screens out sovereigns subject to EU or UN sanctions.  

FI 02. ESG issues and issuer research (Private)

FI 03. Processes to ensure analysis is robust

03.1. 組織のESG調査プロセスの堅牢性を確保する方法を記載してください。


          Troy receives regular external ESG research on issuers which flags issues that may, or may not, drive changes within our internal research.

03.2. ESG情報または分析を投資チーム内で共有する方法を記載してください。

03.3. 補足情報 [任意]

A) 実施:スクリーニング

FI 04. Types of screening applied

04.1. 実施するスクリーニングの種類を記載してください。

ネガティブ/ 排他的スクリーニング

04.2. 組織内でアクティブ運用している債券に適用するスクリーニングのアプローチを記載してください。

A growing minority of the firm's fixed income assets is negatively screened to avoid investment in the debt issued by sovereigns subject to EU or UN sancations.  

04.3. 補足情報 [任意]

FI 05. Examples of ESG factors in screening process (Private)

FI 06. Screening - ensuring criteria are met

06.1. 債券投資においてファンドスクリーニングの基準に違反がないことを確認するために組織が使用しているシステムを記載してください。


06.2. 補足情報 [任意]

C) 実施:ESG問題の統合

FI 10. Integration overview

10.1. ESGを従来の財務分析に統合するアプローチを説明してください。

Troy carries out qualitative and quantitative analysis dealing with ethical concerns in relation to sovereign issuers.  The analysis centres on several environmental, social and governance (ESG) issues.  ESG analysis is integrated into the research process at Troy for fixed income as with equities.  The objective of Troy’s funds to preserve capital must take into consideration material risks for each investment case.  It is within this context that we seek to address ESG factors as part of a wider set of factors that influence our decision to invest.  With the launch of the Trojan Ethical Fund in March 2019, our ESG analysis of fixed income has been bolstered by third-party research. Troy’s fixed income ESG analysis focuses on the issues which we believe pose the greatest risk to investors’ capital.  These include but are not limited to the following areas. 

  • The damage that ESG failings can have on a country’s reputation and its ability to issue debt, with particular attention to political stability, political rights and civil liberties.
  • The strength of the rule of law, particularly in relation to bribery, extortion and corruption.
  • Current account and fiscal balance, debt rating and outlook
  • The risk of fines or legal action relating to breaches of regulation and conventions relating to social standards of practice and discrimination.
  • The risk of fines or legal action relating to breaches of regulation and conventions relating to environmental standards.
  • UN and EU sanctions

10.2. 投資する債券の各種類に対してESG統合アプローチをどのように調整するのか説明してください。


We currently invest solely in US and UK government debt.  If we were to invest in corporate debt, ESG analysis would centre on issues that are company-specific, following the same framework as that used for ESG equity analysis. 

10.3. 補足情報 [任意]

FI 11. Integration - ESG information in investment processes

11.1. ESG情報が、通常、投資プロセスの一部としてどのように使用されるのか記載してください。


11.2. 補足情報 [任意]

FI 12. Integration - E,S and G issues reviewed

12.1. 組織の統合プロセスでESG問題をどのように検討するか示してください。





12.2. 組織の統合プロセスでE/S/G要因を検討する方法を詳しく説明してください。


ESG research on fixed income issuers held in the funds will be updated at least quarterly.  This is currently focused on sovereign debt since this is the funds' current fixed income exposure.  The updates centre on changes in the sovereign's outlook, breaches of/withdrawal from conventions, changes in stance from the current government towards significant ESG factors, changes in government following a general election and changes to third-party ESG scores for that particular sovereign.  Reference to new independent reports or events of significance for the relevant sovereigns will also be made.

12.3. 補足情報 [任意]