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AMP Capital Investors

PRI reporting framework 2019

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Peering questions

OO LE 01. Breakdown of listed equity investments by passive and active strategies

LE 01.1. Provide a breakdown of your internally managed listed equities by passive, active - quantitative (quant), active - fundamental and active - other strategies.

Update: this indicator has changed from "Mandatory to report, voluntary to disclose" to "Mandatory". Your response to this indicator will be published in the Public Transparency Report. This change is to enable improved analysis and peering. 

 

Percentage of internally managed listed equities

Strategies 
Percentage of internally managed listed equities​
Passive
Active - quantitative (quant)
Active - fundamental and active - other
Total 100%

LE 01.2. Additional information. [Optional]

Key aspects of the investment process include:

  • Qualitative proprietary research
  • Qualitative research and ESG screening overlays
  • Combination of multiple factors to develop valuation signals and conviction in company scores
  • Integration of research outputs to target/client portfolio
  • Portfolio construction and risk management.

Systematic investing is a rules-based approach where no individual stock fundamental analysis is conducted and the investment team use large sets of quantitative data to analyse stocks through intelligent screening methods. Enhanced index and smart beta are examples of systematic approaches.

AMP Capital's longstanding investment in ESG resources helps deliver deep investment insights for our listed equities teams.


OO LE 02. Reporting on strategies that are <10% of actively managed listed equities

LE 02.1. For strategies that account for less than 10% of your internally managed listed equities, indicate if you would still like to report your activities.

Report on strategy

Passive strategies

LE 02.2. Additional information. [Optional]


OO FI 01. Breakdown of fixed income investments by passive and active strategies

Update: this indicator has changed from "Mandatory to report, voluntary to disclose" to "Mandatory". Your response to this indicator will be published in the Public Transparency Report. This change is to enable improved analysis and peering.
Provide a breakdown of your internally managed fixed income securities by active and passive strategies
Type
Passive                      
Active - quantitative
Active - fundamental & others
Total internally managed fixed income security
SSA
100%
Corporate (financial)
100%
Corporate (non-financial)
100%

FI 01.2. Additional information. [Optional]


OO FI 02. Reporting on strategies that are <10% of actively managed fixed income (Not Applicable)


OO FI 03. Fixed income breakdown by market and credit quality

Update: this indicator has changed from "Mandatory to report, voluntary to disclose" to "Mandatory". Your response to this indicator will be published in the Public Transparency Report. This change is to enable improved analysis and peering.

FI 03.1. Indicate the approximate (+/- 5%) breakdown of your SSA investments, by developed markets and emerging markets.

SSA
100 Developed markets
0 Emerging markets
Total 100%
Indicate the approximate (+/- 5%) breakdown of your corporate and securitised investments by investment grade or high-yield securities.
Type
Investment grade (+/- 5%)
High-yield (+/- 5%)
Total internally managed
Corporate (financial)
100%
Corporate (non-financial)
100%

FI 03.3. Additional information. [Optional]

If you are invested in private debt and reporting on ratings is not relevant for you, please indicate below


OO SAM 01. Breakdown of externally managed investments by passive and active strategies

SAM 01.1. Provide a breakdown of your externally managed listed equities and fixed income by passive, active quant and, active fundamental and other active strategies.

Listed equity (LE)
25 Passive
28 Active - quantitative (quant)
47 Active - fundamental and active - other
100%
Fixed income - SSA
67 Passive
0 Active - quantitative (quant)
33 Active - fundamental and active - other
100%
Fixed income - Corporate (financial)
30 Passive
0 Active - quantitative (quant)
70 Active - fundamental and active - other
100%
Fixed income - Securitised
33 Passive
0 Active - quantitative (quant)
67 Active - fundamental and active - other
100%

SAM 01.2. Additional information [Optional].


OO PE 01. Breakdown of private equity investments by strategy (Not Applicable)


OO PE 02. Typical level of ownership in private equity investments (Not Applicable)


OO PR 01. Breakdown of property investments

PR 01.1. Indicate the level of ownership you typically hold in your property investments.

PR 01.2. Provide a breakdown of your organisations allocation to Real Estate Investment Trusts (REITs) or similar

PR 01.3. Additional information. [Optional]

AMP Capital is one of the largest real estate fund managers in the Asia Pacific, with over 50 years’ experience in the sector. We view real estate as a long-term asset class, with some current assets that we have held and managed for up to 50 years. AMP Capital's funds are typically open ended meaning there is no defined holding period for any assets.  AMP Capital aims to deliver globally-competitive outcomes for the assets and products we manage over that time. ESG analysis contributes to those outcomes.

AMP Capital has an in-house real estate management model with day-to-day responsibility for funds, assets, properties, and developments.

Our real estate funds have varying client mandates under which AMP Capital makes investment decisions as the responsible entity. All potential property investments are analysed and considered by the real estate investment committee (REIC). There is no major difference in our approach between minority and majority stakes, including for ESG considerations.

For jointly-owned properties, firm co-ownership agreements are in place. These agreements dictate how the co-owners approve property budgets (including capital expenditure), and their voting entitlements on substantive matters. Major decisions usually require unanimous support, ensuring the interests of all investors are fully supported.


OO PR 02. Breakdown of property assets by management

PR 02.1. Provide a breakdown of your organisation’s property assets based on who manages the assets.

Property assets managed by

Breakdown of your property assets (by number)
Managed directly by your organisation
Managed via third-party property managers appointed by you
Managed by other investors or their property managers
Managed by tenant(s) with operational control
Total 100%

PR 02.2. Additional information. [Optional]

AMP Capital has an in-house real estate management model with day-to-day responsibility for funds, asset, property, and development management.  More than 50% of assets are managed through this vertically integrated model.

Smaller proportions of assets (mostly in our industrial portfolio and Western Australian commercial assets) are managed day-to-day by third-party property managers. However, AMP Capital Real Estate maintains both asset and funds management, sustainability and development functions for these assets.

Some assets are managed by other investors through co-ownership arrangements. AMP Capital Real Estate also maintains asset and funds management functions for these assets, while we support the primary managers with our sustainability and facility expertise.


OO PR 03. Largest property types

PR 03.1. Indicate up to three of your largest property types by AUM.

Types

Main property types (by AUM)

Largest property type
Second largest property type
Third largest property type

PR 03.2. Additional information.

AMP Capital Real Estate’s Funds primarily invest in retail shopping centres, commercial office buildings, and industrial buildings. AMP Capital Real Estate’s asset and property management structure is divided into two main categories: a) Shopping Centres and b) Office & Industrial. Some functions cross both business units, including the Sustainability Team, Operations Team, Health and Safety and Enterprise Risk Management functions.


OO INF 01. Breakdown of infrastructure investments

INF 01.1. Indicate the level of ownership you typically hold in your infrastructure investments.

INF 01.2. Additional information. [Optional]

Infrastructure investing is widely recognised as one of the core capabilities of AMP Capital. AMP Capital's Global Infrastructure Equity Platform holds over A$17 billion in Funds under Management around the world.  AMP Capital invests across all infrastructure sectors and lifecycles (greenfield, growth and mature assets), with investments typically held for 25+ years.

When originating new investment opportunities, we apply both a qualitative and quantitative approach in identifying and assessing the risks, opportunities and potential impacts of ESG issues. ESG issues are considered in the very early stages of investment analysis and addressed throughout the investment process. When considering the key ESG issues likely to impact prospective infrastructure investments, we assess the physical location of the investment, environmental impacts and constraints, community and social implications, the dynamics of the sector or industry in which they operate and the business practices of related counterparties. Furthermore, we consider the scope of governance arrangements in place to protect the long-term interests of investors.

AMP Capital places a strong emphasis on active asset management of its infrastructure assets. Comprehensive reviews of ESG issues are performed on an asset-specific basis, seeking to identify improvements to risk management practices and potential opportunities for improved investment profitability. Our tendency to hold large equity stakes usually, provides a high level of transparency and influence over investee companies through board representation and direct access to senior management. In leveraging these positions, we have the ability to monitor and influence various aspects of ESG practices.


OO INF 02. Breakdown of infrastructure assets by management

INF 02.1. Provide a breakdown of your organisation’s infrastructure assets based on who manages the assets.

Infrastructure assets managed by

Breakdown of your infrastructure assets (by number)
Managed directly by your organisation/companies owned by you
Managed via third-party operators appointed by your organisation/companies owned by you
Managed by other investors/their third-party operators
Total100%

INF 02.2. Additional information. [Optional]

Most of our infrastructure investments are managed directly by AMP Capital’s Global Infrastructure Team, with over 60 investment professionals in Australia, Europe, and the United States of America. The team has extensive experience in diverse sectors, lifecycles and geographic regions, and are supported by in-house expertise in tax, legal, risk and compliance, investment strategy, policy development, investment analytics and research, debt advisory and fund accounting.

Each investment, whether managed directly or through third parties, has a dedicated AMP Capital Asset Manager aligned with AMP Capital’s strong emphasis on active asset management. The asset managers’ responsibilities include ESG monitoring and management, and they are supported by Regional ESG Champions and AMP Capital’s wider team of ESG Specialists for sector-specific collaborations across asset classes.


OO INF 03. Largest infrastructure sectors

INF 03.1. Indicate up to three of your largest infrastructure sectors by AUM.

Sector

Main infrastructure sectors (by AUM)

Largest infrastructure sector
Second largest infrastructure sector
Third largest infrastructure sector

INF 03.2. Additional information.

The launch of the AMP Capital Global Infrastructure Platform and acquisition of new investments continue to diversify AMP Capital's assets under management. AMP Capital's largest infrastructure equity sector for investment is Transportation (Airports, Rail, Roads) 59%, followed by Social Infrastructure (Aged Care, Health Care, Social Housing, PPPs) 17%, then Energy Infrastructure (Electricity Transmission and Distribution, Energy Generation) 15%.


OO HF 01. Breakdown of hedge funds investments by strategies (Not Applicable)


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