This report shows public data only. Is this your organisation? If so, login here to view your full report.

DNCA Finance

PRI reporting framework 2019

You are in Strategy and Governance » ESG issues in asset allocation

資産配分におけるESG問題

SG 13. ESG issues in strategic asset allocation

13.1. 貴社組織がシナリオ分析および/またはモデリングを実施するか記述してください。実施する場合、 シナリオ分析について説明してください(資産クラス別、セクター別、戦略的資産配分等)。

25語以内で説明してください 。 We conduct every year backtesting to assess the materiality of ESG criteria. This enables us to use ESG criteria in a more predictive manner and update our list of ESG criteria every year to select the most material ones.
25語以内で説明してください 。 We have developed a climate risk assessment model based on a set of sector specific criteria (explained in the climate section of this report). We do not conduct scenario analysis in a systematic manner, but we sometimes test the sensitivity of carbon-intensive companies to a change in carbon prices.

13.2. 組織が戦略的な資産配分やセクターまたは地理的な市場間での資産の配分においてESG問題を考慮しているかどうかを記載してください。

以下を行っている

13.3. 補足情報 [任意]


SG 13 CC.

13.4 CC. 貴社組織が気候関連のリスクおよび機会を管理するためにどのようにシナリオ分析を利用しているかについて(分析がどのように解釈されているか、その結果、将来の計画等)、記述してください。

500語以内で自由に記載

We currently use climate scenarios in a sector-specific manner for sectors the most at risk from a transition risk point of view. We use the IEA SDS (2 degree scenario) to evaluate how companies in the Utilities, Oil & Gas and Automotive sector are positioned compared to a 2 degree trajectory. This assessement is used to evaluate the climate approach of companies which helps inform our overall ESG analysis. ESG ratings are used in the construction of the SRI funds investments universe and are more broadly available to all PMs within DNCA.

500語以内で自由に記載

We currently use climate scenarios in a sector-specific manner for sectors the most at risk from a transition risk point of view. We use the IEA SDS (2 degree scenario) to evaluate how companies in the Utilities, Oil & Gas and Automotive sector are positioned compared to a 2 degree trajectory. This assessement is used to evaluate the climate approach of companies which helps inform our overall ESG analysis. ESG ratings are used in the construction of the SRI funds investments universe and are more broadly available to all PMs within DNCA. Climate change is a key topic of engagement with companies in the Utilities, Oil and Gas and Automotive sector, and we use our analysis of the gap between the companies' current trajectory and a 2DS to challenge the companies we engage with.

13.5 CC. この分析をだれが利用するか記述してください。

13.6 CC. 貴社組織がその投資戦略について、投資期間を超えて、気候関連リスクの影響を評価しているか記述してください。

500語以内で自由に記載してください。

Again, we use climate scenario analysis on a limited number of sectors, which in our view have high climate risk (Utilities, Automotive, Oil & Gas for the moment). We use the IEA SDS scenario with a 2050 horizon.

13.7 CC. 一定の範囲の気候シナリオを利用しているか記述してください。

貴社組織が用いる気候シナリオについて記述してください。
提供者
使用するシナリオ
IEA
IEA
IEA
IEA
IEA
IRENA
グリーンピース
持続的発展研究所
ブルームバーグ
IPCC
IPCC
IPCC
IPCC
その他
その他
その他

SG 14. Long term investment risks and opportunity

14.1. 一部の投資リスクと機会は長期トレンドの結果として発生します。貴社では、以下のどの項目について考慮するか明示してください。

その他(具体的に記入してください)(1)

          Medecine of tomorrow (medical innovation, robotics, research against endemic disease, connected care, at-home care)
        

other description (2)

          Lifestyle transition (production & consumption changing patterns)
        

14.2. 気候に関するリスクと機会に対応して組織で実施されている活動を選択してください。

低炭素関連および気候変動に強いポートフォリオ、ファンド、戦略または資産クラスに投資されている運用資産(AUM)を明示してください

Total AUM
10億 100万
Currency
Assets in USD
10億 100万

使用された枠組みまたは分類法を明示してください

Both our Impact Investing fund and our SRI Global Equity funds target low-carbon investments with 2 different strategies:

- DNCA Invest Beyond Semperosa only invests in companies that generate positive environmental or social impacts, i.e. companies that manage well their climate risks (assessed through our ESG ABA model) while have a positioning on the Sustainable Transition (about half of the portfolio is positioned specifically on the ecological transition). The carbon footprint of Semperosa is rather low compared to similar Euro Equity funds, standing below 100t CO2/M€ invested.

- DNCA Invest Beyond Global Leaders only invests in companies in sectors that face limited climate risks and are positioned on providing solutions to the transition. The fund invests in 4 main investments themes: healthcare, demographics, technology, digitization. The carbon footprint of this fund is very low, below 25t CO2/M€ invested

We are in the process of calculating the green share in each company we invest in (basically calculating the exposure to the ecological transition as % of revenues), but this process will be formalised in 2019.

14.3. 次のツールの中から気候関連リスクと機会の管理に組織が用いているものを選択してください。

14.5. 補足情報 [任意]

A comprehensive climate policy summarising all these elements will be published in H1 2019.

We already publish on a quarterly basis a set of climate indicators on our 6 SRI funds including: carbon footprint, carbon intensity, brown share, coal share and the top ecological transition picks.


SG 14 CC.

14.6 CC. 気候に関連するリスクと機会を評価するために使用されるこれらの重要な指標についての詳細を記入してください。

指標の種類
カバレッジ
目的
指標の単位
方法
気候関連の目標
          
        
          
        
          
        
加重平均炭素濃度
          We monitor the carbon intensity of our portfolio to track progress on lowering the carbon content of our investments
        
          t CO2e/ M€ revenues
        
          We divide the direct emissions of the company by its revenues. We use data from MSCI
        
カーボンフットプリント(スコープ1と2)
          Assessing the companies' carbon footprint over time to assess whether they meet their objectives and are aligned on the carbon reduction trajectory of their industry and/or country
        
          t CO2e
        
          We systematically report the carbon footprint of companies in our ABA ESG analysis tool. We use the company's disclosure, which on a European scope, is quite reliable
        
ポートフォリオのカーボンフットプリント
          Assessing the carbon content of our portfolios over time and against benchmark or peers
        
          t CO2e/€M invested
        
          We report the carbon footprint of all our SRI portfolios (monthly) and of all our portfolios > 500M€ AUM (annual)
        
総炭素排出量
          For some portfolios, we calculate the overall carbon footprint, as it is asked by clients. However, we prefer relative metrics, as it enables comparison and to monitor progress
        
          t CO2e
        
          We use data from MSCI
        
炭素濃度
          We monitor the carbon intensity of our portfolio to track progress on lowering the carbon content of our investments
        
          t CO2/ M€ revenues
        
          We divide the direct emissions of the company by its revenues
        
炭素関連資産へのエクスポージャー
          For all our SRI funds, we monitor the "brown share" of portfolios, i.e. investments in fossil fuel energy producers
        
          % sales
        
          We calculate how much revenues companies derive from the extraction of coal, oil, gas and/or from the production of electricity from coal
        

14.7 CC. 主要目標についてさらに詳しく記入してください。

目標の種類
期間
説明​
添付資料
          Yearly
        
          We have set internal carbon intensity targets for our Infrastructure SRI fund (which is quite carbon intensive) to have a better carbon intensity than its benchmark. We also monitor in each of the macro sectors invested that the overall carbon intensity is better in the portfolio v. sector (no target on this though). We plan to make this commitment public in H1 2019 with the dedicated climate report on the Infra fund
        

          
        
          
        

          
        
          
        

          
        
          
        

          
        
          
        

14.8 CC. 気候関連のリスクが全体のリスク管理に組み込まれているか記述してください。また、気候関連リスクを特定、評価、管理するために利用されたリスク管理プロセスについて説明してください。

500語以内で自由に記述。

At the moment, we do not have the resources in the risk management team to monitor climate-related risk in a systematic way. Climate risk management is done by the RI team directly, and we mitigate climate risks through our investment decisions. The RI team has identified in each sector the relevant climate-related risks and has defined a set of indicators to monitor these risks. Companies with the highest climate related risks in carbon intensive sector are excluded from our SRI Funds (as generally they do not pass the 4/10 threshold if they face severe climate risks without any mitigating actions).

14.9 CC. 貴社組織がTCFD採用を促すアクティブオーナーシップ活動を行うか記述してください。

説明してください。

We encourage companies in sectors facing high climate risks to provide enhanced climate disclosure. We often suggest the TCFD as a framework. 

But we don't have a structured engagement strategy on the TCFD in itself.


SG 15. Allocation of assets to environmental and social themed areas

15.1. 貴社にて、特定の環境および社会をテーマとする分野に基づいてファンドに資産を配分したり、ファンドを運用しているかどうかについて明示してください。

15.2. 環境および社会をテーマとする分野に投資された合計運用資産(AUM)の割合を明示してください。

2 %

15.3. 貴社にて投資しているのはどのテーマ別分野かを明示のうえ、AUMに占める当該資産クラスのパーセンテージを記載するとともに、その内容を簡潔に説明してください。

分野

投資している資産クラス

0.5 % (AUMの)
0.15 % (AUMの)

簡潔な説明および投資尺度

% of revenues for each company that have a direct activity link to the topic and a demonstrated positive impact. We are in the process of developing impact metrics.

投資している資産クラス

0.1 % (AUMの)

簡潔な説明および投資尺度

% of revenues for each company that have a direct activity link to the topic and a demonstrated positive impact. We are in the process of developing impact metrics.

投資している資産クラス

0.05 % (AUMの)

簡潔な説明および投資尺度

% of revenues for each company that have a direct activity link to the topic and a demonstrated positive impact. We are in the process of developing impact metrics.

投資している資産クラス

0.05 % (AUMの)

簡潔な説明および投資尺度

% of revenues for each company that have a direct activity link to the topic and a demonstrated positive impact. We are in the process of developing impact metrics.

投資している資産クラス

0.1 % (AUMの)
0.15 % (AUMの)

簡潔な説明および投資尺度

% of revenues for each company that have a direct activity link to the topic and a demonstrated positive impact. 

投資している資産クラス

0.5 % (AUMの)
0.15 % (AUMの)

簡潔な説明および投資尺度

% of revenues for each company that have a direct activity link to the topic and a demonstrated positive impact. We are in the process of developing impact metrics.

投資している資産クラス

0.1 % (AUMの)

簡潔な説明および投資尺度

% of revenues for each company that have a direct activity link to the topic and a demonstrated positive impact. We are in the process of developing impact metrics.

          Waste recovery, access to connectivity, bottom of the pyramid
        

投資している資産クラス

0.10 % (AUMの)
0.05 % (AUMの)

簡潔な説明および投資尺度

% of revenues for each company that have a direct activity link to the topic and a demonstrated positive impact. We are in the process fo developing impact metrics.

15.4. 含めたい補足情報があれば、添付してください。 [任意] 



Top