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Edmond de Rothschild Asset Management (France) (EDRAM)

PRI reporting framework 2018

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SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。


01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.3a CC. 低炭素経済への移行によって貴社の製品や投資戦略がどのように影響を受けるかを説明してください。

Edmond Rothschild Asset Management (France) has long been attentive to the climate issue in connection with its proprietary ESG analysis and the transition to a low carbon economy by 2040, a commitment made by the countries having signed the Paris Agreement, followed by a large number of investors and corporations. Already in 2016, we launched an initial discussion on how to define our holistic approach to this theme and build it into our portfolio management. This approach, summarized within the climate brochure published on its website (, is based on five pillars:  carbon footprint measurement, assessment of companies’ carbon strategy, measurement of product and service innovation, shareholder dialogue and engagement, decision-making process.

Our approach does not end there: it involves gradually reducing the carbon footprint of our portfolios between now and 2040, in compliance with the objectives of our 2°C roadmap (see SG 01.3bCC). This commitment, which is consistent with our fiduciary duty, has been defined in collaboration with our clients, particularly institutional investors. As part of that approach, we have been:


  • developing low-carbon asset management expertise through a virtual low-carbon global equity fund since 2016, which has shown our ability to generate very strong returns, ranking in the top quartile in 2017 and over two years in the low-carbon fund category, as calculated by MSCI for AM League. Our overall ESG returns are better than the benchmark and higher than the average of the 25 competing virtual low-carbon global funds
  • applying it for the first time in our products with the 21 December 2017 launch of the EDR Energy Evolution fund, in order to bring our investment strategy gradually into line with the 2°C Roadmap. This work has involved closely examining the portfolio of a commodities investment fund (EdR Géosphere) using the criteria and conclusions of our 2°C Roadmap to identify the stocks showing the greatest risks and those showing opportunities for the future. This allowed us to reposition this fund, which is now called EdR Energy Evolution. The in-depth work done by the Responsible Investment team alongside the Commodities investment team has enabled the fund’s managers to address the climate change issue and the risks and opportunities it represents for their portfolio.

01.3b CC. 気候関連のリスクと機会が投資戦略や製品にどのように反映されているかを説明してください。

EDRAM (France) defined its 2°C roadmap in 2017, it applies to both Equity and Fixed Income asset classes. Our dedicated  analysis framework is the following:

We have developed a proprietary rating model that quantifies the main climate-related risks and opportunities, at sector and sub-sector level. At this stage, our 2°C roadmap is global and does not provide distinctions for different geographical regions (Europe, U.S., Japan and emerging countries). It should be seen rather as a lever for future development. As far as climate risks are concerned, our roadmap recommends staying focused and concentrating on a limited number of sectors and issuers. In practical terms, 90% of climate-related risks are to be found in 10% of issuers, across ten industries at most.

Following the review of four main pillars (regulation, technology, markets and reputation), we have identified 10 particularly high risks related to climate change, 5 of which are to be avoided instantly and for the entire duration of the 2017-2020 period - starting with coal.

The review of five pillars (resource management, sources of energy, products and services, markets, and degree of resilience) has enabled us to identify 19 opportunities related to climate change, 10 of which are to be seized immediately. The first covers the many opportunities found in the area of energy efficiency.

Before its finalization, our 2°C roadmap has been reviewed by an external consulting firm with a strong environmental expertise.

01.4. 組織の投資原則および全体の投資戦略、ならびに、ESG 要因および実体経済の影響をどのように考慮に入れているのかについて説明して下さい。

Consistent with its PRI signature, Edmond de Rothschild Asset Management (France) is involved in a dynamic approach to integrate ESG factors and impacts within its overall strategy. 

A company’s long-term sustainability is a key investment criterion. This durability is rooted in economic, financial, social, environmental and corporate governance factors, including:

• Looking to create value over a long-term horizon,

• Managing financial and economic variables,

• Striving to set up good governance,

• Ensuring a sound and inspiring workplace,

• Striving to reduce environmental impact,

• Maintaining sound relationships with stakeholders (clients, providers, civil society…),

• Managing risks and opportunities in relation to sustainable development.


These principles befit the wealth-management focus with which Edmond de Rothschild Asset Management (France) manages its portfolios, its determination to safeguard fund-holder interests, and its constant quest for performance, with a view to long-term value creation. 

To translate these principles within our overall investment strategy, Edmond de Rothschild Asset Management (France)’s has developed particular SRI funds and mainstream ESG integration strategies. Through our RI expertise and the underlying ESG dialogue/active ownership, we seek to contribute to a positive real economy impact by influencing companies to move towards best practices.

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。


Edmond de Rothschild Asset Management (France) strongly believes in incorporating ESG considerations (Environment-Social-Governance) across its investment strategies in a reasonable and gradual manner.

Following the launch of our first ecofund in 2007 and our first Socially Responsible Investment fund (SRI) in 2009, we have developed a particularly robust SRI expertise. By developing a proprietary SRI analytical and investment capability, Edmond de Rothschild Asset Management (France) has built a framework that will allow us to integrate gradually material ESG considerations, such as climate change issues,  within the relevant asset classes of its management.


This investment capability was particularly well received by our institutional clients, investors who stand at the forefront of the SRI market and who entrusted us with SRI mandates.


Formalized in 2012, Edmond de Rothschild Asset Management (France)'s Responsible Investment (RI) Policy is intended to apply gradually, and in a scalable manner, to all its investments.

This policy is implemented, updated and validated every year under the supervision of the in-house RI Committee : chaired by the CIO and composed of representatives of several operational departments of Edmond de Rothschild Asset Management (France) (eg, compliance, sales, RI, marketing,...), this RI Committee ultimately reports to the Executive Board.

Since 2007, Edmond de Rothschild Asset Management (France) has developed strong skills through complementary and high-value-added Responsible Investment approaches, which address the diversity and complexity of its clients' sustainable development concerns. This choice of diversity is also driven by two strong convictions:

these approaches contain the seeds of tomorrow's asset management market and financial analysis, through the identification of new potential material ESG issues (risks and opportunities) that could impact the financial performance of our investments.

these approaches could contribute to a collective effort to create a positive impact for a sustainable development of the economy and the society.


An ESG research is available for around 6 000 European and global companies  and for funds selection/multi-management expertise.


Consequently, to this day, Edmond de Rothschild Asset Management (France)'s responsible investment is implemented:

· for the European and US equities with the development of 2 SRI equity funds, 2 SRI mandates and the implementation of an ESG integration process.

· for the corporate bonds expertise  with the development of one SRI corporate bond  fund and the access to the ESG research on the corporate debt issuers by the fixed income portfolio managers. The integration of ESG data related to corporate debt issuers within our in-house instruments reference data has started in 2017.

· for the fixed income SSA (only the sovereign debt issuers of the Euro zone are covered within this category for the moment:  our sovereign debt strategy completed in 2017 the implementation of its advanced ESG integration approach

· for the Funds selection / Multi-management with the implementation of an advanced ESG integration process and, the development of an expertise related to the selection of Sustainable funds achieved in the winter 2017 with the launch of one SRI mandates for the private clients of the Edmond de Rothschild group.


The coverage terms and conditions of our overall RI/ ESG expertise are described within the RI policy and other correlated documents publicly available on our website (see SG 02.2.).

SG 02. Publicly available RI policy or guidance documents


02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。








02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。








02.3. 組織の投資原則および全体の投資戦略が公表されているかどうかについて明示して下さい。

02.4. 補足情報 [任意]

Edmond de Rothschild Asset Management (France) has included a RI dedicated whole section on its website with a heading called "  Responsible Investment" (, which details, among other things within complementary documents, its commitments, its Responsible Investment Policy, its Voting policy, its contribution to tackling climate change, its annual report on exercising voting rights,  its ESG Engagement and Dialogue Policy and , a dedicated report for the SRI fund Edmond de Rothschid Tricolore Rendement, its SRI funds and the related  SRI transparency codes and other documents that describe our responsible investment approach

SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

As our parent company, the Edmond de Rothschild Group, is not a publicly listed company and does not issue any debt instruments, nor is involved in brokerage activity; hence the risk of conflicts of interest is strongly reduced. 

The Edmond de Rothschild Group has implemented specifics guidelines to detect and prevent any potential conflicts of interests.The procedure sets up a mapping of potential conflict of interests and a register of conflict of interests is kept by the Edmond de Rothschild Asset Management (France) Internal Control and Compliance department.

Strict regulations are implemented to ensure the portfolio manager's objectivity and that the investor's interest takes precedence; for example:

We do not carry out proprietary trading,

A portfolio manager (PM) cannot invest in the listed or unlisted companies of the Group or those related to the Group,

The PM's remuneration is not linked to the commissions generated by the trading activity (turnover),

A PM cannot hold any position on the Board of Directors of a listed company held in a portfolio which he/she manages.

Our conflict of Interest policies are internal documents and as such are not deemed to be circulated; however they can be consulted in our premises at your convenience.


03.3. Additional information. [Optional]

Edmond de Rothschild Asset Management (France) ensures that it places the clients’ interests above any other consideration. With this in mind, Edmond de Rothschild Asset Management (France) has made arrangements to detect and prevent any conflicts of interest that might arise with a mapping of potential cases and a system to resolve any conflicts. Moreover, the Compliance and Permanent Control department at Edmond de Rothschild (France) keeps a register of conflicts of interest for Edmond de Rothschild Asset Management (France).

To cite one example, a fund manager must never accept duties that could put him in a conflict-of-interest situation with regard to listed companies in which the portfolio holds shares. He/she must not make any commitments, even implicit, that would restrict his/her decision-making freedom. As a result, he/she may not be, either personally or as a representative of a legal entity, a corporate officer of a listed company in which the portfolio holds shares, nor take part in meetings of its board of directors or supervisory board. Under Edmond de Rothschild Asset Management (France)’s procedure, each employee is required to report the positions that he holds to the Group’s Department of Compliance and Ongoing Controls.


In the event of conflict of interests of whatever nature, Edmond de Rothschild Asset Management (France) or the employee concerned shall report to Edmond de Rothschild Asset Management (France)’s senior management and the Group’s Department of Compliance and Permanent Control. The latter may take all decisions that it deems necessary to safeguard fund-holders’ interests.

SG 04. Identifying incidents occurring within portfolios (Private)