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Adelphi Capital LLP

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes

実施プロセス

LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
100 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

Adelphi's 'Responsible Asset Ownership' policy forms the basis of the Firm's approach to ESG incorporation. It is a process we will continue to develop over time, in order to enhance our current prcess, with no intention of launching dedicated ESG compliant fund products. However, we will adopt certain processes and procedures to ensure that ESG issues are fully considered and evaluated, where possible, when we make investment decisions.

Adelphi's imbedded approach to ESG

Since inception in 1997, Adelphi Capital’s investment strategy has implicitly incorporated elements of ESG into its process.

  • We regard strong management ethics and good corporate governance as a pre-requisite for investing in any company and have a long history of voting on corporate actions and direct engagement with boards in situations where we believe they are not acting responsibly. 
  • We are long term shareholders and central to our investment philosophy is the concept of responsible ownership. 
  • We continually evaluate those companies we own and those we are considering, to assess a wide variety of issues that include the fundamentals of ESG. 
  • On environmental issues, our tendency to avoid capital intensive, highly cyclical and commoditised companies means that we almost never invest in fossil fuels, mining, chemicals, steel, utilities and other heavy industries. We prefer knowledge and brand intensive businesses and innovators that bring new more efficient ways of doing business.  
  • On social issues, we also exclude stocks with direct exposure to controversial weapons (cluster bombs, landmines, depleted uranium and chemical and biological weapons) and have been signatories of the Cluster Munitions Statement since 2013 and will screen for these companies. 

Formalising this approach

The Firm has now decided to integrate ESG issues more formally into our investment process and our business. We will use a combination of in-house expertise and external resources (e.g. third party data providers, training providers and analysts) to evaluate whether those ESG issues identified represent risks or competitive advantages. Where we believe a company is operating below best practise we will actively engage with company management to seek a better outcome.

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

Adelphi Capital's funds invest exclusively in listed European equities and are overseen by the Firm's 'Responsible Investment Policy'. 


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) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。

スクリーニングの種類

スクリーニング実行者

説明

The Firm’s investment strategy does not have any pre-defined investment restrictions for ESG reasons, but will ordinarily not invest in commoditised businesses such as mining, chemicals, metals, utilities and other heavy industries. The strategy routinely screens for those businesses listed in the AFM's Cluster Munitions Statement.

 

 

04.2. スクリーニング基準が変更された場合に顧客や受益者に通知する方法について説明してください。

If the list of banned companies on the AFM's Cluster Munitions Statement changed we would update the strategy's screen and the Firm's Cluster Munitions Statement. We would notify clients only if the information is requested. The ban on investment applies to companies that produce, sell or distribute cluster munitions, or essential parts thereof.


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

05.1. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

05.5. 補足情報 [任意]

If the list of banned companies on the AFM's Cluster Munitions Statement are entered into the Firm's live portfolio monitoring tool that the traders and risk manager use to actively monitor the Funds’ portfolios. It also acts as a pre-trade compliance tool. Any attempts to buy those 'blacklisted' companies shall be flagged to the Complaince Officer and Operations teams. 


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


C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。

ESG問題

影響を受ける割合
E(環境)

E(環境)

S(社会)

S(社会)

コーポレートガバナンス

コーポレートガバナンス

08.2. 補足情報 [任意]

Enviromental - The strategy routinely avoids highly commoditised industries. That said, the Firm will be developing our approach to how we capture Environmental data from companies and how we can integrate this into our current process in order to enhance position risk management and returns, where applicable.

Social - Social issues are something we intrisically incorporate into our consideration of a company's long-term success. 

Corporate Governance - We have long been responsible asset owners and have a record of engaging with boards where we deem our participation effective and appropriate. 


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

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]

We have/will develop a policy, procedures and programmes to assist the analysis, monitoring and development of relevant ESG considerations throughout its investment process. We seek to monitor our portfolio exposure as follows:

  1. Weekly meetings in which the Risk Manager reports on any 'top-down' ESG considerations and changes in ESG scores for our portfolio companies.
  2. Annual reviews between the co-PMs and analysts.
  3. Annual ESG broker training to develop a toolkit for analysts to conduct ESG research.
  4. Ad-hoc meetings and position inception meetings where analysts present a stock case to the co-PMs.
  5. Firm-wide ESG issues shall be discussed at Partnership Committee meetings, and those risk reviews collated by the head of Compliance shall include a section on ESG matters - so any “high” ESG risks/issues (at both a 'firm' and 'investment' level) would be captured. The risk reviews for the assets are reported to the Board on an annual basis and any urgent issues are reported to the Board on an ad hoc basis.
  6. An ESG task force will ensure that this implementation process, as well as third party service providers, remains relevant and is in line with ESG best practise. 

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


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