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Ausbil Investment Management

PRI reporting framework 2018

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes


LEI 01. Percentage of each incorporation strategy


01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
100 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

The basic premise of Ausbil’s philosophy is that stock prices ultimately follow earnings and earnings revisions. We believe that the market places excessive emphasis on the current situation and does not sufficiently take into account the likelihood of future changes to the earnings profile of individual companies and sectors. Ausbil seeks to bias the portfolio toward companies with strong earnings and quality management with capabilities to deliver those earnings. Ausbil believes proprietary and in-depth ESG analysis, as an integral component of fundamental stock research, can play a significant part in that process. In our view, ESG integration in fundamental stock research provides for better informed investment decisions for our investments and our clients. ESG factors may directly impact a company’s earnings and the way a company manages key ESG risks can also be seen as a proxy for management quality. Engagement on ESG issues is an essential component for all funds.

In addition, Ausbil has a number of specific mandates that combine ESG integration with a screened universe based on individual client requirements.

Ausbil’s investment research process is based on four stages: macroeconomic analysis, sectorial analysis, stock selection and portfolio construction. As part of that analysis, relevant ESG risks and opportunities – captured by Ausbil’s proprietary ESG research produced by a dedicated ESG Research Team - are considered and integrated in each phase.

Ausbil’s dedicated ESG Research Team produces proprietary ESG research where key outputs include stock-specific ESG scores and detailed ESG stock summaries, which are key inputs in the Investment Team’s stock summaries. The ESG stock summaries include an ESG SWOT analysis with a list of key ESG-related risks and opportunities that may have a material impact on earnings or Ausbil’s view on earnings sustainability and / or management quality.

Stock analysts and ESG research analysts work closely together at a sector based and stock level to assess ESG-related impacts on earnings drivers, earnings outlook, valuation and investment view and ultimately the investment recommendation. At the portfolio construction phase, Ausbil’s ESG research provides for an overlay as it allows the portfolio construction committee the option of tilting a portfolio to reflect a thematic.

For stocks that are not covered by Ausbil’s ESG Research Team, e.g. some microcap companies in the Microcap Fund and companies in the Global Small Cap Fund, the Microcap Fund Team includes ESG research (particularly on corporate governance) as part of the fundamental stock research process.

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

Mandates that combine ESG integration and screening rely on specific screening requirements stipulated by clients. The negative screens apply on top of the general ESG integration.

The stocks excluded as a result of negative screens are either supplied by the client or ascertained by Ausbil’s dedicated ESG Research Team based on criteria stipulated by the client.

LEI 02. Type of ESG information used in investment decision (Private)

LEI 03. Information from engagement and/or voting used in investment decision-making (Private)

C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. 投資分析の一部として体系的に調査するESG要因と、この分析の影響を受けるアクティブ戦略の上場株式ポートフォリオの割合を記載してください。






Corporate Governance


08.2. 補足情報 [任意]

Ausbil’s proprietary ESG research on Australian listed companies includes a detailed and systematic review of all E, S and G factors relevant to a particular company. The research is updated on a timely basis.

LEI 09. Processes to ensure integration is based on robust analysis (Private)

LEI 10. Aspects of analysis ESG information is integrated into (Private)