The Ireland Strategic Investment Fund (ISIF) has advised that it publishes its holdings annually and, based on the 2014 National Treasury Management Agency (NTMA) Annual Report, estimates an exposure of approximately €45m to the alcohol, tobacco and aerospace & defence industries as at 31 December 2014. The majority of these equity investments held by the ISIF are passively managed against an index (or basket) of shares. This approach is low cost and standard market practice and it is implemented by holding every constituent included in the selected index. The ISIF does not disclose the value of individual security transactions.
The NTMA Annual Report for year ending 31 December 2015 will be published in mid-2016.
The ISIF has a statutory mandate to invest on a commercial basis to support economic activity and employment in Ireland and is engaged in a multi-year portfolio management strategy to sell its investments outside Ireland over time to fund Irish investment commitments as they arise.
The ISIF currently operates a Responsible Investment policy and is a committed signatory to the UN Principles for Responsible Investment, which focus on engagement and active ownership rather than exclusion. Any exclusions from the Fund are mandated by legislation and in this regard the Cluster Munitions and Anti-Personnel Mines Act 2008 is the only relevant legislation. The ISIF has excluded 14 companies from the Fund's investment universe to comply with this legislation.