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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。


The aim of AP4's long-term low-carbon strategies is - with limited risk – to opt out of companies with the greatest and most negative impact on the environment in terms of carbon dioxide. The companies where AP4 invests are regularly evaluated on the level of their emissions and their fossil fuel reserves. Low carbon strategies are strategic positions with a long-term investment horizon. Investments are judged to significantly reduce climate risk in AP4's equity portfolio, allowing for a positive return over the long-term.

12.2. 補足情報 [任意]

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。

Measure the performance and risk with the Funds low carbon portfolios vs index

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。


Portfolios that reduce climate risk in its equity investments by reducing exposure to companies with relatively high carbon emissions and/or fossil fuel reserves.


Carbon footprint reducing strategies has had a positiv inpact on performance and encourage AP4 even more to continue with that strategy.


AP4 has invested in Japanese strategic investments with a focus on corporate governance, TMAM GO Japan Engagement Fund and GO Japan Engagement Consortium. JEF owns shares in about 12-15 Japanese companies with a specific identified potential for increased shareholder value. They work according to a structured process of active governance, which enables monitoring and transparency.

AP4 is also engaged in the GO Japan Engagement Consortium (JEC). Other members of the consortium are TMAM and the English pension funds Railpen (Railway Pension Fund) and USS (University Superannuation Scheme). The consortium conducts, via GO - Japan and TMAM, ownership dialogues with 15-20 major Japanese companies. The work is principally structured in the same way as for JEF, but in contacts with companies it is the names of the consortium members that are presented.

ESG incorporation strategy applied


The Japanese strategies with a focus on active corporate governance have performed well and made a positive contribution to both total return and active return.

14.2. 補足情報 [任意]