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Active Ownership


Troy has a long-term investment horizon and as such takes its responsibilities as a steward of assets seriously.  Monitoring of companies in held on behalf of our investors is central to our rigorous research process and includes regular meetings with the management of investee companies. 

Whilst we are careful to select companies whose business strength and corporate governance policies mean they generally do not require intervention, we recognise that engagement is an important aspect of our role as investment manager.

We may seek to influence management through engagement when we believe it is in the best interests of shareholders to do so. We would always aim to conduct such engagement proactively, and as part of an investee company’s decision making process, but we are also willing to engage reactively where a company has taken a course of action that conflicts with our standpoint. A variety of events might trigger a proposal to engage. These include a breach by the company of generally accepted business practice norms, our proxy voting process or our integrated ESG analysis. Any engagement would be expected to meet the following criteria:

·    We have a clear objective in engaging with a company;

·    The matter for engagement must be material; and

·    That engagement with the company has the potential to be constructive.

Engagement is conducted as part of our integrated approach to responsible investment. Communication may be via meetings, emails, letters or telephone calls with members of the company including investor relations, the executive management team, members of the board and/or the chairman. Any such engagement would be conducted by members of Troy’s Investment Team and fund managers, rather than by a segregated ESG or engagement team. This process ensures that any engagement is conducted in the context of the broader investment process thus delivering an integrated and consistent message to company management teams. During 2020 we conducted 27 engagements.


Troy considers voting to be an important part of its active ownership activity and investment process and aims to use its voting rights to safeguard out investors’ interests. We seek to instruct votes on all resolutions on behalf of clients and investors for which we have voting authority. Votes are cast in line with management unless it is decided, on a case by case basis, that investors’ interests are better represented by abstaining or voting against management.

To date Troy has not felt that any single, universally applied, prescriptive voting policy can adequately reflect the best interests of long-term shareholders in every instance. A summary of the firm’s voting behaviour is reported every quarter in the Responsible Investment factsheet.

We recognise that whenever possible it is preferable to ensure that voting on any resolution is incorporated as part of the wider engagement with management.  Troy’s preferred course of action would be to have dialogue with any company ahead of casting a vote against management.  Where appropriate Troy may also seek to engage with a company following a vote against management.

Active Ownership Literature 

Engagement and Voting Disclosure

For More Literature
Troy Asset Management Limited ("Troy") is aware that fraudsters are using the trading name "Trojan Funds" in an attempt to defraud the public. The fraudulent URL (www.trojan-funds.com) is being used and emails are also being sent to members of the public in an attempt to commit investment fraud. We confirm that the trading name and email address which the fraudsters are using ([email protected]) are not linked with Troy or any funds managed by Troy, including Trojan Investment Funds and Trojan Funds (Ireland) plc.

Troy does not have any affiliation with "Trojan Funds" and has notified the relevant authorities of this scam. Troy will never contact members of the public to make any payments to us over the phone or via email in relation to making an investment. We urge you to stay alert to the dangers of investment fraud, even if documents or websites refer to genuine products and appear legitimate. Any potential investors should exercise extreme caution. Troy will take no responsibility for any potential losses you may incur.

If you believe you have received an email of this nature, or are in any doubt regarding the legitimacy of any communications purporting to be from Troy, please contact [email protected]. Further information on protecting yourself from scams can be found on the FCA website https://www.fca.org.uk/consumers/protect-yourself-scams. Alternatively you can report scams to the FCA at https://www.fca.org.uk/consumers/report-scam-us.