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Fulcrum Asset Management LLP

PRI reporting framework 2019

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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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