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Liontrust Investment Partners LLP

PRI reporting framework 2019

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。


01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

Liontrust is a long term active fund management company that uses proprietary investment processes to identify and hold companies for our clients for the medium to long term. Our funds have a low average turnover - i.e. our average investment in a company is a number of years, and many companies have been held for much longer. Investing in companies over the long term emphasises the need for good governance and stewardship.

At the heart of the Liontrust culture are the proprietary investment processes that each team develops and applies to the management of their funds. Liontrust believe investment processes are key to consistent long-term performance and effective risk control. Each team have determined the key factors and processes that will drive stock selection. As part of this, portfolio managers are responsible for performing appropriate due diligence on their investments and this will, at a minimum, include regularly reviewing various aspects of a company including the strategy, performance, risk, capital structure and corporate governance. There is a recognition that these factors impact the long term returns of companies.

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

Liontrust recognises that good governance & stewardship, sustainability and social impact is important to stock selection and longer term performance. Liontrust investment teams take a holistic approach that aims to include any information in our investment decisions that could be material to investment performance which includes ESG factors - these factors are taken into account as there is a recognition that they may have a material effect on the returns delivered to clients. There are a number of core principles we apply across the whole of our fund range, these include:

A minimum standard of governance and behaviour of what we expect from companies we invest in;

  • Support from a central Governance and Stewardship team;
  • A commitment to the FRC’s Stewardship Code;
  • Active voting in line with clearly articulated voting policies.

Liontrust have a single specialised Sustainable Investment Team who, as at the 31st December 2018, manage over 30% of Liontrust's AUM. The Sustainable Investment Team fully integrate ESG issues into their investment process, taking a thematic approach to identify investment opportunities that are making a positive contribution to society (environmental, social and governance (ESG) factors).

Liontrust signed up to the PRI in April 2018, however the Sustainable Investment team have been signatories for a number of years and are represented on a number of PRI working groups to include PRI Cyber Security, PRI Sustainable Palm Oil Investor Working Group, PRI Global Investor Taskforce on Tax & the PRI Tax Advisory Committee and the PRI SDG and Active Ownership Committee and PRI Listed Equity Advisory Committee.


01.6. 補足情報 [任意]

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SG 01 CC. Climate risk (Private)

SG 02. Publicly available RI policy or guidance documents


02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。



02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。


02.3. 補足情報 [任意]

Formalised corporate governance, engagement and voting policies applicable to Liontrust are publicly available. Liontrust are in the process of engaging an external provider to provide ESG and controversy data for all investment teams. All investment teams receive data on Governance of their holdings supplied by ISS.

The Sustainable Future Equities investment process is available at

The Sustainable Future Fixed Income investment process is available at

The Sustainable Investment team screening criteria is available at

The Sustainable Investment team engagement policy and annual review for 2018 are available at



SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

Liontrust is committed to maintaining appropriate arrangements to identify, manage and mitigate actual and potential conflicts of interest, with the objective of ensuring that our shareholders and clients are not adversely affected. It is our duty to act in the best interests of our shareholders and clients in the conduct of our investment business, including when engaging with investee companies and exercising our rights as shareholders. A detailed conflicts of interest procedure document covers aims to ensure that any conflicts of interest that may arise are identified, managed, and mitigated. A copy of our Conflicts of Interest policy can be found at

03.3. 補足情報 [任意]

Liontrust has established procedures which are designed to identify and manage conflicts of interest. The following are examples of conflicts and the arrangements for managing these conflicts:

• The Company's corporate governance and organisational arrangements provide for the segregation of duties and aim to prevent conflicts arising by ensuring that an individual cannot exercise undue or inappropriate influence over another person or process.

• Segregation of duties and supervision for persons engaged in different business activities including procedures for ensuring appropriate communication between business functions.

• Personal account dealing restrictions which are applicable to all employees and relevant persons.

• Remuneration policies which are designed to promote sound and effective risk management and align the interests of the company's management and investors.

• Limitation and management of personal conflicts of interest, including policies governing the offering and acceptance of gifts and hospitality involving third parties.

• Employees are required to notify the company of any outside business interests and external directorships.

SG 04. Identifying incidents occurring within portfolios (Private)