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United Nations Joint Staff Pension Fund

PRI reporting framework 2018

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You are in Indirect – Manager Selection, Appointment and Monitoring » Listed Equity and Fixed Income Strategies

Listed Equity and Fixed Income Strategies

SAM 01. ESG incorporation strategies

01.1. Indicate which of the following ESG incorporation strategies you require your external manager(s) to implement on your behalf for all your listed equity and/or fixed income assets:

Active investment strategies

Active investment strategies

Listed Equity

Screening

Thematic
Integration
None of the above

Passive investment strategies

Passive investment strategies
Listed Equity

Screening

Thematic
Integration
None of the above

01.2. Additional information. [Optional]

Active Equity Strategy 

External equity managers are required to follow PRI principles and they are not permitted to own tobacco or armament securities.  We do not have any external fixed income managers.  Most of the Fund's assets are internally managed. 

Passive Equity Strategy 

Transition to a Low Carbon Economy More investors – from global institutions to individuals – are looking to address the risk of climate change within their portfolios.

The iShares MSCI ACWI Low Carbon ETF seeks to track an index composed of companies with a lower carbon footprint while maintaining a similar risk and return as the broad market.

  • Reduce carbon footprint along two dimensions by focusing on companies that have less fossil fuel reserves and those that are less dependent on fossil fuels (Figure 1 & 2) Sustainable Objective

Moving beyond divestment allows portfolio to balance between carbon reduction and seeking similar risk/return as the broad market

  • Maintain global stock exposure by placing as a core or satellite equity holding to reduce carbon footprint of your portfolio

How the index is built

  • An optimization process aims to minimize the carbon exposure, subject to constraints*.
  • The carbon exposure of a security is measured in terms of its greenhouse gas (GHG) emissions and its potential carbon emissions from fossil fuel reserves.

Apply the following constraints:

  • Tracking Error: 30 basis points • Sector Weight: +/- 2% absolute sector difference vs Parent Index.   (Energy sector has no weight constraints) • Country Weight: +/- 2% absolute country difference vs Parent Index • Issue weight: Single security maximum weight restricted to 20 times the Parent Index Weight • Minimum number of constituents: 400

Rebalanced Semi-annually


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