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Fulcrum Asset Management LLP

PRI reporting framework 2019

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG factors [LEI 08 - 10] Outputs and outcomes [LEI 12 - 13]
Direct - Listed Equity Active Ownership
Overview [LEA 01] Engagement [LEA 02 - 08] (Proxy) voting and shareholder resolutions [LEA 12 - 21]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (C) Implementation: Integration [FI 10 - 12] ESG incorporation in passively managed fixed income [FI 13] Outputs and outcomes [FI 17 - 18]
Direct - Property
Overview [PR 01] Fundraising of property funds [PR 02 - 03] Pre-investment (selection) [PR 04 - 06] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Outputs and outcomes [PR 15 - 16]
Direct - Hedge Funds
Policy [HF 01 - 02] Governance [HF 03 - 05] Investment process [HF 06 - 11] Monitoring and reporting [HF 12 - 15]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Strategy and Governance » Asset class implementation not reported in other modules

Asset class implementation not reported in other modules

SG 16. ESG issues for internally managed assets not reported in framework

Describe how you address ESG issues for internally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved
Commodities

Fulcrum believes commodities can have a valuable part to play in a diversified portfolio and is comfortable that its practice of investing in highly liquid and transparent commodity derivatives across 28 key commodities is in line with the best practices guidelines adopted by the UN PRI.

Other (1) [as defined in Organisational Overview module]

For multi-asset investments (which consists of the majority of our AUM) we consider the industries in which we invest from an ESG point of view. We also apply our ethical screen on all derivatives. However, due to the relatively short holding period longer-term trends are not likely to have material impact. 

16.2. Additional information [Optional].

SG 17. ESG issues for externally managed assets not reported in framework

17.1. Describe how you address ESG issues for externally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved
Hedge funds - DDQ

Select whether you use the PRI Hedge Fund DDQ

Hedge funds

All prospective investments in external managers are asked about compliance with the UN PRI and UK Stewardship Code and/or their Proxy Voting Policy (as appropriate) based on the investment strategy and location of the Manager. This information is used to assess the professionalism of the manager and its commitment to the highest industry standards. We believe that managers should demonstrate an awareness of the importance of such ESG factors.

The firm examines the level of appreciation of corporate governance that is on display by the external managers’ management team. In particular we seek to determine  whether the quality, ethics and decision making on display is suitable given the external manager’s role as stewards of  assets. In addition the relevant fund’s Board of Directors is assessed as to whether they have the appropriate experience to provide the required degree of oversight and governance of the structure.

We partly use the UN PRI Hedge Fund DDQ to assist us in developing this approach. 

17.2. Additional information.

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