PRG、RS、PRGHIPC和CCR信托资产投资指南（英）2025

Investment Rating - The report does not explicitly provide an investment rating for the industry or trusts involved Core Insights - The Guidelines for Investing PRG, RS, PRG-HIPC, and CCR Trusts' Assets were adopted to establish investment objectives and policies for various trusts, including the PRG Trust and RS Trust [5][6] - The Managing Director is responsible for implementing the investment policies and ensuring adherence to responsible investing principles, including ESG considerations [8][9] - Investment assets are to be managed primarily by external asset managers, with specific criteria for selection based on professional standards and track records [10][11] Summary by Sections General Provisions - The Guidelines apply to the investment assets of the PRG Trust, RS Trust, PRG-HIPC Trust, and CCR Trust [5] - Investment assets available for investment are subject to these Guidelines [6] Responsibilities of the Managing Director - The Managing Director must establish decision-making and oversight arrangements, avoid conflicts of interest, and adopt responsible investing principles [8] Investment of Assets of the PRG Trust - Investment objectives include generating income, providing security to lenders, and ensuring liquidity [16] - The Long-Term Portfolio aims for a margin of 100 basis points above the three-month SDR rate over a minimum 10-year horizon [17] - Target asset allocation for the Long-Term Portfolio includes 40% in short duration fixed-income, 30% in corporate bonds, 10% in global government bonds, and 20% in global equities [18] Investment of Assets of the RS Trust - Investment assets are aimed at generating income, providing security for loans, and ensuring liquidity [31] - The short duration fixed-income component seeks to exceed the 3-month SDR interest rate by 50 basis points over a 3-4 year horizon [33] Investment of Assets of the PRG-HIPC and CCR Trusts - Investment objectives focus on enhancing returns while meeting liquidity requirements and limiting capital impairment risk over a maximum three-year horizon [44] - The investment component is limited to marketable obligations and must have a maximum average duration of three years [47] Minimum Credit Ratings - All assets must meet specific credit rating thresholds, with corporate bonds requiring at least a BBB- rating and other assets at least a BBB+ rating [26][38] - For the PRG-HIPC and CCR Trusts, a minimum credit rating of A is required for eligible investments [51] Limits on Investment Activities - Adequate safeguards against short selling and financial leverage must be established [25][50] - Derivatives are prohibited except for currency hedging purposes [54]