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SPF Beheer

PRI reporting framework 2018

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ESG issues in asset allocation

SG 13. ESG issues in strategic asset allocation

New selection options have been added to this indicator. Please review your prefilled responses carefully.

13.1. Indicate if your organisation executes scenario analysis and/or modelling in which the risk profile of future ESG trends at portfolio level is calculated.

Is this scenario analysis based on a 2°C or lower scenario?

13.2. Indicate if your organisation considers ESG issues in strategic asset allocation and/or allocation of assets between sectors or geographic markets.

We do the following

13.3. Additional information. [OPTIONAL]

We do not have an official scenario analysis and modelling strategy. However, SPF Beheer does take into account ESG considerations that are integral to a specific asset class. Last year both of our clients have decided to divest from commodities. ESG characteristics of the asset class and the unknown future of especially the energy component of the commodity portfolio was part of their reasoning.

Additionally, we take into account ESG considerations in our sector allocations. Although, due to our special investment strategy, we cannot over- or underweigh certain sectors, we can exclude a sector in its entirety or decide not to invest in specific subparts of a sector. Already back in 2012 SPF Beheer has decided not to invest in the tobacco sector via the listed equity portfolio due to its negative effects on society and the reputational risk attached. Recently we have investigated the oil and gas sector and took the results into account in the composition of our internally managed equity portfolio. For 2018, an analysis of the effects of energy transition on different asset classes and sectors is scheduled.


SG 14. Long term investment risks and opportunity (Private)


SG 15. Allocation of assets to environmental and social themed areas

New selection options have been added to this indicator. Please review your prefilled responses carefully.

15.1. Indicate if your organisation allocates assets to, or manages, funds based on specific environmental and social themed areas.

15.2. Indicate the percentage of your total AUM invested in environmental and social themed areas.

8 %

15.3. Specify which thematic area(s) you invest in, indicate the percentage of your AUM in the particular asset class and provide a brief description.

Area

Asset class invested

1 % of AUM
1 % of AUM
6 % of AUM

Brief description and measures of investment

- Funds that invest in both "normal" infrastructure as well as renewable energy projects in the infrastructure portfolio

- Green bonds in our fixed income portfolios (SSA and non-financial). This is less than 1% of the entire fixed income portfolio.

Asset class invested

80 % of AUM

Brief description and measures of investment

The internally managed real estate portfolio observes a strict environmental policy. All buildings in our portfolio observe strict environmental criteria and renovations are conducted with respect for the environment. Instead of breaking buildings down, we, for example, have renovated buildings by completely stripping them and rebuilding it in a more environmentally friendly way.

Over 80% of all objects in our portfolio have a green EPA label (A+ - C). Over 40% have EPA label A(+) or B.

Asset class invested

17 % of AUM

Brief description and measures of investment

Since 2015 SPF Beheer's clients invest in a fund on sustainable agriculture in emerging markets. This fund is part of the impact portfolio.

Asset class invested

37 % of AUM

Brief description and measures of investment

SPF Beheer's clients participate in several microfinance funds. The funds aim to include small self-employed entrepreneurs and farmers in developing countries in economic activity. The funds provide debt funding to MFIs in developing and transition countries. The MFIs in turn lend the money to end users - the micro-entrepreneurs and farmers.
https://www.actiam.nl/en/product-services/microfinance-funds

Microfinance is part of the impact portfolio.

Asset class invested

46 % of AUM

Brief description and measures of investment

SPF Beheer has been involved in the setup of an sustainable agricultural SME fund. The Annona fund invests in Africa and Latin America in SMEs. http://www.annona.nl/en/ Both clients of SPF Beheer currently have a stake in this fund.

Also the clients participate in another SME Finance Fund. This fund aims at channeling institutional investment capital to the SME sector in developing and emerging countries. SPF Beheer carries out the investments on behalf of the funds. https://www.actiam.nl/en/product-services/sme-finance-fund

SME financing is part of the impact portfolio.

Asset class invested

16 % of AUM

Brief description and measures of investment

Several property projects include social housing. It is hard to define the exact percentage of the total portfolio because in general social housing provision is part of a broader plan. Social houses, for example, are build on top of shopping centers.

Asset class invested

9 % of AUM

Brief description and measures of investment

The pension funds invest in schools and day-care centers, http://www.kidafo.com/.


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