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Ircantec

PRI reporting framework 2017

You are in Indirect – Manager Selection, Appointment and Monitoring » Listed Equity and Fixed Income Strategies

Listed Equity and Fixed Income Strategies

SAM 03. Breakdown by passive, quantitative, fundamental and other active strategies

03.1. Provide a breakdown of your externally managed listed equities and fixed income by passive, active quant and, active fundamental and other active strategies.

Listed equity (LE)
0 Passive
16 Active - quantitative (quant)
84 Active - fundamental and active - other
100%
Fixed income - SSA
0 Passive
0 Active - quantitative (quant)
100 Active - fundamental and active - other
100%
Fixed income - Corporate (financial)
0 Passive
0 Active - quantitative (quant)
100 Active - fundamental and active - other
100%
Fixed income - Corporate (non-financial)
0 Passive
0 Active - quantitative (quant)
100 Active - fundamental and active - other
100%

03.2. Additional information [Optional].


SAM 04. ESG incorporation strategies

04.1. Indicate which of the following ESG incorporation strategies you require your external manager(s) to implement on your behalf:

Active investment strategies

Active investment strategies

Listed Equity
FI - SSA
FI - Corporate (financial)?
FI - Corporate (non-financial)?

Screening

Thematic
Integration
None of the above

04.3. Additional information. [Optional]

Listed equities, fixed-rate bonds and inflation-linked bonds are integrally managed following our RI policy that combines best in class, norm-based exclusion and engagement (dialogue and active ownership). Asset managers have been required to give a specific focus on climate-related risk management.

Concerning private equity and private debt, we require asset managers to exclude businesses that would go against a 2 degree target, such as oil infrastruture suppliers. We also exclude companies with a heavily exposed to coal in our global portfolio. This negative screening is combined with a norm-based exclusion approach based on ESG principles which results in an average exclusion rate of 20-30% of the companies in the benchmark.

Regarding positive screening, investments in green bonds  have increased in our portfolio and now represent €330 million investment. For sovereign bonds, we prioritize investment in countries with consistent policies on education, preservation of the environment and governance.

Even though we have a best in class approach, some of our investment manager use integration.

 


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