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Talaria Asset Management

PRI reporting framework 2019

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ESG incorporation in actively managed listed equities

Implementation processes

LEI 01. Percentage of each incorporation strategy

01.1. Indicate (1) which ESG incorporation strategy and/or combination of strategies you apply to your actively managed listed equities and (2) the breakdown of your actively managed listed equities by strategy or combination of strategies (+/- 5%)

ESG incorporation strategy (select all that apply)

Percentage of active listed equity to which the strategy is applied
100 %
Total actively managed listed equities 200%

01.2. Describe your organisation’s approach to incorporation and the reasons for choosing the particular ESG incorporation strategy/strategies.

Screening: If a material ESG issue emerges relating to a sector, the industry will be excluded from our investment universe. For example we do not invest in companies whose predominant source of revenue is the sale of tobacco or the manufacture and sale of armaments.

Integration: We integrate ESG into our process by basing investment decisions on both financial and non-financial factors. Each situation and its potential impact is considered on an individual basis with material issues discussed by the portfolio management team as part of the investment decision making process.  Significant concerns are reflected by way of a discounted assessment of intrinsic value and in cases where the ESG issue is perceived as too great a risk, we may elect not to invest or divest an existing holding.


01.3. If assets are managed using a combination of ESG incorporation strategies, briefly describe how these combinations are used. [Optional]

LEI 02. Type of ESG information used in investment decision (Private)

LEI 03. Information from engagement and/or voting used in investment decision-making (Private)

(A) Implementation: Screening

LEI 04. Types of screening applied

04.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by


Negative screens by Sector/Product include:

Companies principally engaged in the manufacture and sale of tobacco. We believe the increasing focus on the externalities associated with tobacco companies (e.g. higher healthcare costs, organised crime) reduces the sustainability of earnings.

Companies principally engaged in the manufacture and sale of armaments or pornography.

Emerging Markets

We do not invest in companies head quartered in Emerging Market countries unless they have an ADR or GDR listed on a recognised Developed Market exchange such as New York or London. This is to provide an additional layer of disclosure around listing requirements and compliance.


04.2. Describe how you notify clients and/or beneficiaries when changes are made to your screening criteria.

Screening criteria are developed by the CIO in conjunction with the investment team. They are reviewed annually and any major change to our exclusionary screen is notified to underlying clients as part of our regular discussions with their representatives or external consultants. 

LEI 05. Processes to ensure screening is based on robust analysis

05.1. Indicate which processes your organisation uses to ensure screening is based on robust analysis.

05.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your ESG screening strategy.

05.3. Indicate how frequently third party ESG ratings are updated for screening purposes.

05.5. Additional information. [Optional]

LEI 06. Processes to ensure fund criteria are not breached (Private)

(C) Implementation: Integration of ESG factors

LEI 08. Review ESG issues while researching companies/sectors

08.1. Indicate the ESG factors you systematically research as part of your investment analysis and the proportion of actively managed listed equity portfolios that is impacted by this analysis.

ESG issues

Proportion impacted by analysis




Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]

All our portfolios utilise the ESG research undertakne within the firm

LEI 09. Processes to ensure integration is based on robust analysis

09.1. Indicate which processes your organisation uses to ensure ESG integration is based on a robust analysis.

09.3. Indicate how frequently third party ESG ratings that inform your ESG integration strategy are updated.

09.5. Describe how ESG information is held and used by your portfolio managers.

          ESG information or analysis is discussed in company research notes or industry/sector analysis when there is a material issue that warrant thorough considerations.

09.6. Additional information.[Optional]

LEI 10. Aspects of analysis ESG information is integrated into (Private)