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Cheyne Capital Management (UK) LLP

PRI reporting framework 2019

You are in Direct - Hedge Funds » Monitoring and reporting

Monitoring and reporting

HF 12. Long/short exposure and reporting

12.1. Could you indicate whether you report separately on your funds’ long/short/net exposures?

12.2. Please explain your reporting process.

Exposure

ESG data/reporting process

          Cheyne reports its ESG policies and their impact on the relevant funds’ investment philosophy throughout its marketing materials.
        

KPI and assessment

          Not Applicable
        

ESG data/reporting process

          Cheyne reports its ESG policies and their impact on the relevant funds’ investment philosophy throughout its marketing materials.
        

KPI and assessment

          Not Applicable
        

12.3. Additional information [OPTIONAL]

          
        

HF 13. Metrics/KPI for RI progress

13.1. Please describe what metrics/initiatives (internal and/or external) your organisation uses to measure its progress in incorporating RI into the investment process.

Hedge Funds Strategy
Relative value
Metrics/Initiatives
Internal/external
Metrics/Initiatives definition
          Cheyne's Credit team carry out governance screening upon issuers within the investment universe alongside this screening process, other ESG factors are analysed on a per issuer basis as that particular credit comes into focus for the investment team.
        
Assessment/outcomes
          The primary focus for Cheyne's credit team is on evaluation of governance, for which we combine research-based assessments with one-on-one meetings with management and, where possible, other stakeholders. Companies are scored on a governance assessment addressing such issues as board independence, chair/CEO separation, existence of appropriate board committees, board remuneration and shareholdings, length of service, etc.  We track where senior executives have worked prior to their current assignment, from which we are able to judge prior management of risk tolerance, agency issues, etc.  We monitor the various boards on which board members and senior management sit to discover any dense networks that might be developing.  Where possible, we use proxy statements to analyse both the philosophy behind and mechanics of executive remuneration and the impact these could have on executive decision-taking.  We attempt to use this information across all the companies in our portfolio but are inevitably constrained by the exigencies of resources and available information.
        
Hedge Funds Strategy
Relative value
Metrics/Initiatives
Internal/external
Metrics/Initiatives definition
          Cheyne's Real Estate team adopt an integration based approach across the direct lending and securitised assets that they invest in.
        
Assessment/outcomes
          The assessment of ESG considerations may encompass environmental, social, sustainability, governance, public health and safety aspects for each investment.
        
Hedge Funds Strategy
Event driven
Metrics/Initiatives
Internal/external
Metrics/Initiatives definition
          Cheyne's SVC team considers ESG aspects as an integral part of the research process of the companies in which they invest.
        
Assessment/outcomes
          For all investments made by the SVC team, ESG is incorporated into the decision making process.
        

13.2. Additional information [OPTIONAL]

          
        

HF 14. Exposure to climate risk (Private)


HF 15. Reports to investors

15.1. How often and in what format (e.g. meetings, written reports) does your organisation report to its investors on ESG activities risks assessments? Please provide reporting examples.

Frequency of reporting
Format
ESG activities
Portfolio ESG risks assessment
Outcomes
          The real estate team produce an ESG presentation for investors giving a summation of the considerations per investment undertaken in the period.
        
Frequency of reporting
Format
ESG activities
Portfolio ESG risks assessment
Outcomes
          Investor template reporting completed with details of ESG considerations and processes in relation to the credit portfolios.
        
Frequency of reporting
Format
ESG activities
Portfolio ESG risks assessment
Outcomes
          General updates on ESG considerations were compiled in annual reporting, produced by the credit team, which was directly presented to the client.
        

15.2. Additional information [OPTIONAL]

          
        

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