All property investments are held indirectly through listed REIT structures. Troy applies its RI policy to its indirect investment in property in the same way as it is applies it to any other direct equity investments.
Environmental, social and governance risk factors are assessed on a look through basis to the underlying assets and their lease holders. Where screens are applied, the revenue streams associated with the underlying lease holders are taken into account.
Governance risks are also assessed at the REIT level. Voting and engagement are conducted at the level of the listed REIT.
Such assets account for 2.7% of AUM