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Etica SGR

PRI reporting framework 2019

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products
Other
Total 100%

Further options (may be selected in addition to the above)

01.2. Additional information. [Optional]

Etica Sgr is the asset management company of Banca Etica Group founded in 2000 and since 2003 is developing, promoting and managing exclusively socially responsible investments with the goal of “representing ethical values among the financial markets, making financial players aware of SRI and CSR values.”

Etica Sgr manages UCITS Funds belonging to "SISTEMA ETICA", composed by two lines: the "Valori Responsabili" line made of five funds, "Etica Obbligazionario Breve Termine", "Etica Obbligazionario Misto", "Etica Rendita Bilanciata", "Etica Bilanciato", "Etica Azionario"; and the "Futuri Responsabiili" line composed of the fund "Etica Impatto Clima", established on 25 July 2018 (launched in the market as at 1st October 2018) as balanced fund which aims to obtain a moderate increase in capital invested, in respect of social and environmental principles, over a medium/long-term period and with a medium risk level. All the six funds are managed by the third-party asset management company: ANIMA Sgr.

Etica Sgr actively participates and exercises the voting rights, in shareholder meeting. Moreover, Etica Sgr is involved in engagement with companies, organising meetings with companies, and sending letters on specific ESG topics, always encouraging best practices on sustainability. 

Etica Sgr offers also the ESG advisory services to institutional clients (such as Pension Funds, Social Security  Funds, foundations, religious organisations, asset management companies, banks and insurance companies) providing them with securities Black List, securities Eligible Universes and Portfolio Screening activities according to ESG criteria and supporting them in their engagement activities focused on different ESG topics. The ESG advisory services are not included in the 3.5 billions AuM as at Year end.

Anyone who invests in Etica Sgr’s “Valori Responsabili” funds can choose to donate 0.1% of their subscribed capital (1 euro for every 1000 invested) towards a guarantee fund managed by Banca Popolare Etica that underwrites microfinance projects in Italy. And since September 2015, this same fund has been used to support Italian crowdfunding initiatives that have a positive social and environmental impact.

the Company website is available al the following link: https://www.eticasgr.com/en#

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

Italy

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

36.4 FTE

02.4. Additional information. [Optional]

As of December 31st. 2018, in the Etica SGR staff were 3 part-time employees.

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2018

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the total assets at the end of your reporting year subject to an execution and/or advisory approach.

04.5. Additional information. [Optional]

OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 10-50% 33.2 0 0
Fixed income 10-50% 49.06 0 0
Private equity 0 0 0 0
Property 0 0 0 0
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 10-50% 10.6 0 0
Money market instruments <10% 7.11 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

Etica Sgr "Sistema Etica" is composed of "Linea Valori Responsabili" made of 5 mutual funds: Etica Obbligazionario Breve Termine, Etica Obbligazionario Misto, Etica Rendita Bilanciata, Etica Bilanciato, Etica Azionario. In terms of asset allocation, the composition varies from a portfolio of listed equities (up to 100%) in Etica Azionario, to portfolio made up to 100% bonds in Etica Obbligazionario Breve Termine. What is in common among them, is that all securities of companies and countries are committed to respecting the environment, human rights, corporate governance criteria set by Etica Sgr model of analysis.

The second line is "Linea Futuri Responsabili", it has been established in July 2018 ( and launched in the market as at 1st. October 2018) with the new fund "Etica Impatto Clima" with a scope of investing in a low-carbon economy. In terms of asset allocation, the fund is classified as "balanced fund": equity and bond financial instruments are denominated in Euro, US dollars and yen; investment in open-ended UCITS units is allowed, whether harmonised or not harmonised. Investment in bank deposits up to 40% of total fund assets. The equity of the fund, in compliance with the specific investment policy, may also be invested in financial instruments from a single issuer in an amount that exceeds 35% of its assets if the financial instruments are issued by companies in the European Monetary Union, on the condition that the fund contains at least six different issues and the value of each issue does not exceed 30% of the fund’s assets: For the bond portion prevalently in regulated markets in the Eurozone; for the equity instruments portion prevalently in regulated markets in the countries of Europe, North America and the Pacific. For bonds: prevalently corporate issuers and green bonds. For equity instruments: issuers of various capitalisation levels, with diversification of investments in all economic sectors.

The model of analysis differs from what applied for the line "Valori Responsabili" because more focused on environmental and social criteria related to low-carbon economy and just-transition strategy.

Further details, such as the portfolio of each fund belonging to "Linea Valori Responsabili" and of the fund Etica Impatto Clima for the "Linea Futuri Responsabili" are updated on a regular basis and available at the following links: https://www.eticasgr.com/en/retail-clients/ethical-funds 

OO 07. Fixed income AUM breakdown

07.1. Provide to the nearest 5% the percentage breakdown of your Fixed Income AUM at the end of your reporting year, using the following categories.

Internally managed
87.43 SSA
0.35 Corporate (financial)
12.22 Corporate (non-financial)
0 Securitised
Total 100%

OO 08. Segregated mandates or pooled funds (Not Applicable)

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

100 Developed Markets
0 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]

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