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Pengana Capital Group

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。

(Note: this section covers the investment principles of the Pengana International equity strategy.  Most of the assets managed by Pengana that follow an ethical mandate are managed under this strategy.)

Fundamentally we believe:

  • Listed equities are the best path towards healthy returns with moderate risk
  • Risk and return need to be married and should not be managed separately
  • Stock selection is best achieved through the application of logical, common sense criteria that are widely proven to work
  • The portfolio is a mosaic of the 30-50 ideas that work best together, not the 30-50 best ideas
  • Conviction is good.  Conviction with sensible diversification and discipline is better
  • Disciplined flexibility is essential – knowing what to look for within a broad opportunity set
  • Not to confuse data accumulation with analysis – our competitive advantage lies in correctly identifying and understanding the key drivers 


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。

(Note: this section covers the investment principles of the Pengana International equity strategies that are managed with ethical mandates.)

The Pengana international equity strategies that have ethical mandates use a negative ethical screen, and seek to avoid investing in businesses that are, in our opinion, currently involved in activities that are unnecessarily harmful to people, animals or the environment.  These activities include:

  • the manufacture or sale of weapons and weapons components
  • tobacco manufacture
  • gambling outlets or systems
  • intensive animal farming
  • animal testing for cosmetics
  • activities that give rise to human rights violations
  • unremediated destruction of the environment
  • uranium mining and nuclear reactors
  • fossil fuel exploration, production, refining, storage and transportation.

ESG factors are also considered as part of the bottom-up analysis undertaken on each stock and form part of the qualitative assessment.  They are seen primarily as a risk management tool, with ESG issues considered for both their short term and long term impact and hence their materiality to a stock.  Pengana employs a specialist ESG research database to assist with company analysis, business involvement and ESG related controversies.

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.

Conflicts are managed in accordance with the company's Conflict of Interest Policy and regulatory obligations (Corporations Act and AFSL license requirements).

Employees, including investment professionals are required to notify the COO or one of the other Responsible Managers of any actual or potential Conflicts of Interest. The COO assesses each conflict and makes a determination on whether the conflict is manageable or unmanageable.

With respect to manageable conflicts the COO will comunicate the conditions on how to proceed. Unmanageable conflicts must be avoided.

Conflicts are monitored and reported to the Board of the Responsible Entity on at least a quarterly basis.

03.3. Additional information. [Optional]

SG 04. Identifying incidents occurring within portfolios (Private)