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Troy Asset Management Limited

PRI reporting framework 2020

You are in Organisational Overview » Asset class implementation gateway indicators


OO 10. Active ownership practices for listed assets

10.1. 報告年度において組織が実施した積極的な保有活動(アクティブ・オーナーシップ)を選択してください。

上場株式 – エンゲージメント

上場株式 – 議決権行使

債券SSA – エンゲージメント


          Troy's Fixed Income exposure is currently comprised of US and UK index linked sovereign debt.  These assets are held in order to preserve the value of capital.  As such the focus is on risk mitigation.  Our aim is primarily to minimise liquidity risk, currency risk, default risk and the risk associated with inflation.  Although we recognise the value that engagement could add given a wider portfolio of municipal or corporate debt, we do not feel that engagement with US and UK sovereign issuers would have a probability of delivering meaningful impact (as necessitated by the prioritisation of engagement guidelines in our RI policy).

OO 11. ESG incorporation practices for all assets

11.1. 投資決定や積極的な保有の実務に(報告年度中に)ESGの組み入れを行った組織内で運用される資産クラスを以下から選択してください。


債券 – SSA










11.4. 投資マネジャーの選定、任命、モニタリングプロセスに、投資に関する考慮事項がどのように含まれているかを簡単に説明してください。

The incorporation of ESG within the selection of both listed property and infrastructure vehicles is conducted in the same way as any other listed equity investment.  Both the management team and the underlying investments of any potential collective property or infrastructure investment trust are analysed both from a financial and ESG perspective.  This analysis of management and business operations is conducted in the same way (and by the same team) as it would be for any other listed equity.

The monitoring process via meetings and ongoing analysis is also conducted in the same way as per other listed equities.

ESG risks are assessed according to our responsible investment policy and decisions are made according to the same criteria as laid out in paragraph 4. of Troy's investment policy (Environmental, Social and Governance risks within the Research Process).

ESG incorporation practices are now being incorporated into the fund selection and monitoring process for the funds-of-funds where listed equities are held indirectly as outlined above.  This process will continue to evolve.

11.5. 組織外で運用されるプール型ファンドについて、指名またはコミットメント・プロセスの一部として期待値を設定する他の仕組みについて記載してください(任意)。

We are not prescriptive in our demands of external fund managers but do seek to understand how they incorporate ESG into their research process, how they engage with companies, and how ESG issues impact portfolio construction.  We ask the fund managers we invest in to fill out an ESG-related due diligence questionnaire, provide details of their responsible investment policy and a record of how they have voted and engaged with companies.  To get a more nuanced understanding of how ESG is incorporated at both a firm and fund level, we also ask ESG-related questions during our monitoring meetings with a fund manager.  By maintaining a written record of these meetings, we are able to judge how a fund manager's investment process evolves over time.  

OO 12. Modules and sections required to complete

12.1. 自主的な報告を希望される場合には、該当するするモジュールやセクションを以下のリストから選択して下さい。組織のAUMの10%以上を占める資産クラスについてのみ報告が義務付けられています。



自己運用 - 上場株式の組入れ

自己運用 - 上場株式の積極的な保有

自己運用 – 債券


委託 - 組織外の運用会社の選定、指名、モニタリング


12.2. 補足情報 [任意]