Public HTML RI reports - PRI reporting framework 2019

Select the services and funds you offer	% of asset under management (AUM) in ranges
Fund management	0% <10% 10-50% >50%
Fund of funds, manager of managers, sub-advised products	0% <10% 10-50% >50%
Other	0% <10% 10-50% >50%
Total 100%

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

Hedge funds

Fund of hedge funds

01.2. Additional information. [Optional]

Mirova is a Core RI asset manager, fully owned by Natixis Investment Managers. With €10 billion assets under management, Mirova is a leader in the European RI market. Its team of 93 multidisciplinary experts as of December 31, 2018, includes specialists in thematic investment management, engineers, financial and environmental, social and governance analysts, project financing specialists and experts in solidarity-based finance.

Thanks to its pro-active and pragmatic RI approach, that aims at reconciling wealth creation and sustainable development, Mirova offers a full array of investment solutions: listed equities, bonds, infrastructure funds, impact investing as well as engagement and voting services (fully described in PRI modules “Listed Equities Incorporation”, “Fixed Income”, “Infrastructures” and “Listed Equities Active Ownership”).

Several key strengths distinguish Mirova from other asset managers:

-Strong firm commitment to sustainable investment supported by a large in-house Responsible Investment Research team made up of 11 ESG specialists, and several academic partnerships to fuel internal knowledge;

-Conviction-based investment management: security selection is at the heart of investment processes, and sustainability is incoporated as part of idea generation, not only as a screening;

-Performance-driven approach across all asset classes;

- Coverage of all risks: financial and ESG.

OO 02. Headquarters and operational countries

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

France

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

2-5

6-10

>10

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

93 FTE

02.4. Additional information. [Optional]

As regards Mirova’s staff:

The company has been growing rapidly since its creation: Mirova now employs 93 multi-disciplinary SRI experts with complementary backgrounds: specialists in thematic investment management, engineers, financial and ESG analysts, specialists and experts in socially-conscious finance and project financing.

Headed up by the CEO Philippe Zaouati, Mirova is organized around several teams:

Expertise and investment management:

- Responsible Investment Research

- Equity, fixed-income

- Development and operations

- Infrastructure / public-private partnerships

- Infrastructure / Renewable Energy

- Impact investing

- Development

In 2017, Mirova completed the acquisition of Althelia Ecosphere in impact investment manager Althelia Ecosphere. Mirova-Althelia, the rebranded entity, is a subsidiary of Mirova and brings together the required strategic vision and expertise to scale up this nascent but promising market, and serve institutional clients seeking market-level returns through high-impact investment solutions addressing major global environmental challenges such as climate change, protection of landscapes, biodiversity, soil and marine resources.

Mirova also opened in the US a dedicated Mirova subsidiary within Ostrum AM US. Since April 1, 2019, these activities have been transferred to Mirova US, which is wholly owned by Mirova.

Additional support functions have been (re)internalised withing Mirova: Compliance, Internal Control, Risks, Human resources

As regards Mirova’s offices:

In addition to its headquarters based in Paris, the new investment division within Ostrum US* us is based in Boston. The new entity currently being integrated, Mirova-Althelia, is based both in London and in the Paris office. Mirova also has an administrative center in Luxemburg.

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.

Yes

03.3. Additional information. [Optional]

Mirova does not have any PRI signatory subsidiary

However, its former parent-company Ostrum (previously Natixis AM) has been a signatory since 2008, and takes part in the annual reporting and assessment cycle on its own scope.

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
Total AUM	trillions	billions	millions	thousands	hundreds
Currency
Assets in USD
Assets in USD	trillions	billions	millions	thousands	hundreds

Not applicable as we are in the fund-raising process

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

Not applicable as we do not have any assets under execution and/or advisory approach

04.5. Additional information. [Optional]

The information communicated include the acquired subsidiary Althelia ecosphere, and the social impact investing assets, on which Mirova does not report in the PRI reporting since there are no dedicated modules and they represent a limited amount of total assets under management.

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.

as percentage breakdown

as broad ranges

	Internally managed (%)	Externally managed (%)
Listed equity	10-50% 46	0 0
Fixed income	10-50% 18	0 0
Private equity	0 0	0 0
Property	0 0	0 0
Infrastructure	10-50% 32	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	0 0	0 0
Money market instruments	0 0	0 0
Other (1), specify	<10% 2	0 0
Other (2), specify	<10% 2	0 0

'Other (1)' specified

          Natural Capital

'Other (2)' specified

          Other 2: Social Impact Investing

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

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

Yes

06.5. Indicate whether your organisation uses fiduciary managers.

Yes, we use a fiduciary manager and our response to OO 5.1 is reflective of their management of our assets.

No, we do not use fiduciary managers.

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

Mirova relies on different asset classes, with €10.1 billion in assets under management at December 31, 2018, split as follow:

Equity (€4.6 billion). Mirova offers funds covering all sustainable development themes in the Euro, Europe and World zones. Mirova also offers its clients two strategies targeting a specific theme: a fund dedicated to environmental issues and a fund investing in job creation in France.

Fixed income (€1.8 billion). Our offer focuses on environmental and social bonds ("Green Bonds / Social Bonds"), through three strategies : Euro Aggregate, Euro Corporate and Global.

Infrastructures (€3.2 billion). Mirova offers investors two types of infrastructure investment: an offer of funds in renewable energies, positioned on mature technologies in Europe (wind, solar, biomass, etc.) and a "generalist" funding offer, focused on public utility projects in France and Europe (universities, stadiums, hospitals, urban and rail transport, road infrastructure, etc.).

Social impact (€0.2 billion). Mirova offers a fund investing in unlisted projects and companies with high social and environmental impact.

Natural Capital (€0.2 billion). With the acquisition in 2017 of Althelia Ecosphere, and the creation of its subsidiary Mirova Natural Capital, in 2018,Mirova now offers its clients strategies investing in small sustainable agriculture projects (e.g. organic cocoa) and carbon credits mainly located in non-OECD countries, in Africa, Asia and Latin America.

OO 07. Fixed income AUM breakdown (Private)

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.

90 Developed Markets

10 Emerging Markets

0 Frontier Markets

0 Other Markets

Total 100% 100%

09.2. Additional information. [Optional]

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