1. The important part of listed equity is mostly due to a small number of holdings (5) which represent a very big part of the amount of our direct invesments, and therefore, a very important part of our assets under management (around 500). The total number of listed companies in our direct portfolio is 45, to be compared to the total number of directly invested companies : about 500.
2. Actually,most of the time, the way we act as an investor in listed companies is quite similar to the way we act as an investor in a non listed company. For instance, we do have a seat at the board. The part of our invested asset managed in an other way is very small. So we've followed the recommandation of PE Preface (Investments in publicly listed companies … may be reported in this module when PE investors have a strategy aimed at securing significant control of listed equity holdings. Significant control is typically achieved through a proportion of ownership that confers on an investor influence over the nomination or appointment of board members or other roles of influence beyond the voting of proxies and shareholder engagement)..
So we've answered
- in the SAM part of the reporting framework for our private equity externally managed assets (31% of AUM)
- in the PE part for the larger part of our internally managed assets (non listed equities+ part of listed equities managed as a PE investor)
- in the LEI and LEA parts for a small part of our intenally managed assets (listed equity holdings managed in an other way)