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Dana Investment Advisors

PRI reporting framework 2018

Export Public Responses

You are in Direct - Listed Equity Incorporation » Outputs and outcomes


LEI 12. How ESG incorporation has influenced portfolio composition

12.1. 組織のESG組み入れ戦略がポートフォリオや投資ユニバースの構成にどういう影響を与えているかを記載してください。


We have a large investment universe of approximately 3000 U.S. companies. We evaluate these quantitatively in order to rank the companies and identify the companies with the highest E, S and G attributes.

削減率を明記してください(+/- 5%)

65 %


          Overweight/underweight at Industry level

12.2. 補足情報 [任意]

We are purposefully sector neutral in our portfolio construction and stock positions are equally weighted within sectors, thus ESG integration does not affect these intentional portfolio construction risk controls. Our alpha generation largely depends upon stock selection with industry weights a secondary contributor. ESG integration has its greatest impact on these elements.

LEI 13. Measurement of financial and ESG outcomes of ESG incorporation

13.1. 上場株式への責任投資アプローチがポートフォリオ(財務業績やESGパフォーマンス)に及ぼす影響を測定しているかどうかを記載してください。

b)ファンドの財務業績: リターン

Funds' financial performance: return

c)ファンドの財務業績: リスク

Funds' financial performance: risk

13.2. こうした結果を決定する方法について説明してください。

In the past, we have compared our ESG Strategies on risk and return, while isolating other variables (i.e. size factor, etc). ESG outperformed with lower risk over long term. The difference, once accounting for other factors, was significant and "unexplained". We have since incorporated our ESG analysis and metrics into our research process across other strategies and believe the "unexplained" difference will diminish over time and other factors such as growth vs. value, size or the exclusions embedded in some strategies will explain a greater proportion of the differences. In other words, we expect material ESG metrics to be mainstreamed.

LEI 14. Examples of ESG issues that affected your investment view / performance

14.1. 組織の投資見解や報告年度のパフォーマンスに影響を与えたESG問題の例を挙げてください。


Transition to a low carbon economy: We focused on consumers of electricity and invested more in companies that were targeting lower emissions and greater deployment of renewables to power their own operations.



In ESG and Large Cap Strategies, we owned several technology companies that are significantly lowering their carbon emissions by deploying renewable power sources for their businesses. Also, we held energy companies that were less carbon intensive versus the benchmark. These decisions contributed to returns. Our Carbon Sensitive Strategy that excluded the Energy sector also derived a performance benefit.


Our fundamental analysis on disruptive technologies indicated greater growth rates for sensors and semiconductor components for a variety of products and solutions. These include EVs, smart grid applications and more. 


Our Strategies benefited from our semiconductor and semiconductor equipment selections.


In our Catholic Equity Strategy, there are Sanctity of Life value constraints. Many healthcare and biotechnology companies are excluded on this basis. We identified and invested in small, growing niches (i.e. orthodontics and medical equipment).


The niche growers outperformed the Health Care sector significantly.


In our ESG Strategies, weapons manufacturers and defense companies are excluded.


Large cap defense companies performed well overall, so this detracted from Social ESG Strategies. However, gun manufacturers lagged as did several larger retail stores that distribute guns.

14.2. 補足情報 [任意]