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 SPF has 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 the reasoning.
Additionally, SPF Beheer takes into account ESG considerations in their sector allocations. Although, due to the special investment strategy, over- or underweighing certain sectors is impossible, sectors can be excluded in its entirety or it can be decided 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 they have investigated the oil and gas sector and took the results into account in the composition of the internally managed equity portfolio. For 2018, an analysis of the effects of energy transition on different asset classes and sectors is scheduled.