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Fulcrum Asset Management LLP

PRI reporting framework 2019

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Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

Listed equity – voting

Fixed income SSA – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          As we are a boutique investor it is relatively difficult for us to engage in a meaningful way with SSA issuers.
        

Fixed income Corporate (non-financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          As we are a boutique investor it is relatively difficult for us to engage in a meaningful way with corporate credit issuers. We do not actively invest in idiosyncratic corporate bonds.
        

OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Listed equity

Fixed income - SSA

Fixed income - corporate (non-financial)

Property

Commodities

Hedge funds

Fund of hedge funds

Cash

Other (1)

'Other (1)' [as defined in OO 05]

          Multi-asset
        
Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Hedge funds

Hedge funds - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

Fulcrum draws external managers' attention to its support for the UN PRI and encourages fund managers to be UN PRI signatories or explain why not. We also ask about the managers' ESG policy and how this impacts the fund.

We examine the level of appreciation of corporate governance that is on display by the external managers' management team. In particular, Fulcrum seeks 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.

Fulcrum has resolved to (where possible) exclude certain stocks which breach its Responsible Investment Policy (including tobacco, controversial weapons and predatory lending) and all external managers are asked to avoid investing in such assets in accordance with limits set in our screening policy. 


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Listed Equity incorporation

Direct - Listed Equity active ownership

Direct - Fixed Income

Direct - Other asset classes with dedicated modules

RI implementation via external managers

Closing module

12.2. Additional information. [Optional]


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