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Troy Asset Management Limited

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.3. Indicate if the investment policy covers any of the following

Other description (1) Conflicts resulting from RI activity

01.4. Describe your organisation’s investment principles and overall investment strategy, interpretation of fiduciary (or equivalent) duties,and how they consider ESG factors and real economy impact.

Troy's Investment Philosophy and Strategy:

Our aim is to protect investors’ capital and to increase its value year on year. We believe that those who have money should concentrate on not losing it and therefore we focus on absolute rather than relative returns.

Our approach is conservative, with attention always paid to the downside risk of any investment. Only once we are satisfied that we understand the risk to which we are exposing our investors capital do we analyse the potential rewards of the investment. We consider that risk is not about underperforming a particular benchmark, but rather is defined by a permanent loss of an investor’s capital. We judge the safety and attractiveness of asset classes and stocks not just relative to each other, but also relative to their own histories.

Finally, we adopt a long-term, long-only approach running concentrated portfolios with low turnover.

Troy's long-term and risk averse investment style means the integration of ESG factors and the principles of responsible investment are a natural fit with our investment philosophy and strategy as we seek to further improve the financial performance of our investments as well as promote sustainable capital markets and reduce systemic risks.

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

Troy’s policy on Responsible Investment has a particular focus on the fundamental integration of environmental, social and governance factors into Troy’s research process, Troy’s confirmation of its support for the principles of to the Stewardship code, the firm’s policy on engagement and on (proxy) voting, and Troy’s status as a signatory to the UN Principles for Responsible Investment.

The policy also references Troy's standalone policy on conflicts of interest.

Troy’s Responsible Investment policy covers all assets managed by Troy Asset Management and is rooted in our long investment horizon and focus on capital preservation.

The policy was implemented in 2017 and is intended to be broad enough to capture all assets managed by Troy Asset Management.

The policy has been approved by Troy’s executive committee and is reviewed on an annual basis.

The sole exception is the screening and exclusions policy which only currently applies to the assets managed within the Trojan Ethical Income Fund and Trojan Ethical Fund.

01.6. Additional information [Optional].

          
        

SG 01 CC. Climate risk (Private)


SG 02. Publicly available RI policy or guidance documents

 

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

URL/Attachment

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02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.

URL/Attachment

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02.3. Additional information [Optional].


SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

Troy has a Conflicts of Interest policy, with which all employees are expected to be familiar.  Within the conflicts of interest framework is a Conflicts of Interest Register which identifies conflicts and sets out the management arrangements aimed at mitigating those respective conflicts.  The first portion of this register deals with Trading and Investment Conflicts and makes explicit reference to the potential conflicts surrounding engagement and proxy voting.  The policy and register are updated at least annually.

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Private)


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