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DSM Capital Partners LLC

PRI reporting framework 2018

You are in Strategy and Governance » Investment policy


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:

01.4. 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。

DSM is a bottom-up, idea driven, growth stock firm with an intermediate to long-term investment horizon. Our nine person investment team combines intensive fundamental research with a rigorous valuation methodology that we believe helps to reduce risk and enhance long term returns.

We search for growing businesses with attractive returns, solid business fundamentals, and intelligent management. We believe these businesses typically will have projected revenue and earnings growth of at least 10% annually and will frequently have higher returns on equity and assets than the average business. In addition and at least as importantly, the financial returns of the businesses are typically stable or rising, driven by improving business fundamentals.

It is DSM’s policy to include ESG factors in its investment process. In general, if DSM determines that ESG factors may have a material impact on the potential long-term returns of an investment, DSM will complete in-depth research on those issues and continue to monitor them for any developments and determine whether any action should be taken with respect to the investment. DSM will invest in companies with ESG issues when our research concludes that the issues are not material to long-term financial returns.

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。

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]

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.

DSM has adopted a Code of Ethics describing its commitment to integrity and high ethical standards. The Code of Ethics is based upon the principle that DSM and its employees owe a fiduciary duty to clients to conduct their affairs, including personal securities transactions, in such a manner as to avoid any actual or potential conflict of interest.  The Code of Ethics contains provisions relating to the prohibition against trading on material, non-public information. It also describes permissible personal securities transactions, gifts and entertainment, outside business activities as well as protecting the confidentiality of client information. 

To align the interest of its employees with its clients, DSM encourages its employees to personally invest in the same model investment strategies and securities as its clients.  This may cause a conflict as DSM, its employees and their related accounts may invest in the same securities, at the same or different times, that it purchases and sells for clients.  Under the Code of Ethics, employees of DSM and their immediate family members must obtain pre-clearance from DSM's Chief Compliance Officer for certain securities transactions. 

All employees of DSM must acknowledge the terms of the Code of Ethics annually and as amended.  

03.3. Additional information. [Optional]

SG 04. Identifying incidents occurring within portfolios (Private)