The investment universe of SAP portfolio consists of mid- and large cap companies listed on the stock exchange in developed countries. Companies included on the exclusion list are excluded from the investment portfolio. Additionally, also companies that do not pass our SRI/ ESG screening will not be included in our portfolio even though these companies will not be formally included on the exclusion list.
While companies are continuously screened on compliance with the exclusion list, the ESG screening to review if companies are compliant with the ESG standards of the fund is done more on an "ad hoc" basis. For 2019 it is a priority for SPF Beheer to monitor "ESG compliance tool" to allow for continues ESG monitoring.
If a new investment opportunity is identified, besides the financial side, this company is also screened on ESG criteria. Therefore, we cannot specify the percentage of companies that is excluded from our portfolio upfront.