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Afena Capital (Pty) Limited

PRI reporting framework 2019

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (C) Implementation: Integration of ESG factors

(C) Implementation: Integration of ESG factors

LEI 08. Review ESG issues while researching companies/sectors

08.1. Indicate the ESG factors you systematically research as part of your investment analysis and the proportion of actively managed listed equity portfolios that is impacted by this analysis.

ESG issues

Proportion impacted by analysis




Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]

LEI 09. Processes to ensure integration is based on robust analysis

09.1. Indicate which processes your organisation uses to ensure ESG integration is based on a robust analysis.

09.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your integration strategy.

09.3. Indicate how frequently third party ESG ratings that inform your ESG integration strategy are updated.

09.5. Describe how ESG information is held and used by your portfolio managers.

09.6. Additional information.[Optional]

We have integrated an ESG score into the quality assessments of every listed equity we analyse. The quality assessment of a stock in question determines the 'margin of safety' to which we attach to our valuation of that stock, thus limiting and at times preventing entirely our investment into stocks that look attractive on price but do not hold up on quality and ESG factors.

LEI 10. Aspects of analysis ESG information is integrated into

New selection options have been added to this indicator. Please review your prefilled responses carefully.

10.1. Indicate which aspects of investment analysis you integrate material ESG information into.

Proportion of actively managed listed equity exposed to investment analysis

10.2. Indicate which methods are part of your process to integrate ESG information into fair value/fundamental analysis and/or portfolio construction.

          ESG criteria is included in the assessment of company quality, which determines the margin of safety to which we attach to the fundamental valuation.

10.4. Describe the methods you have used to adjust the income forecast / valuation tool

See above - all our fair valuations of companies have an associated margin of safety - which essentially adjusts the fair value up or down depending on the company's quality (including ESG criteria) and prospects.

10.6. Additional information. [OPTIONAL]