This report shows public data only. Is this your organisation? If so, login here to view your full report.

Marathon Asset Management LLP

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

投資ポリシー

SG 01. RI policy and coverage

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

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。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲
          Stewardship Code
        
          SRD II statement
        

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。

Marathon's investment philosophy is focused on an assessment of the capital cycle and management. As an active long-term investor, with a typical holding period of around eight years, sustainability has always been an integral part of Marathon’s investment decision-making process. Marathon’s primary objective – the fiduciary duty to add value within clients’ agreed risk parameters – is enhanced by considering material ESG issues.

Marathon portfolio managers aim to consider all material issues and weigh them against what is reflected in the current market price of a stock. ESG is included within their overall analysis of stocks; rather than treating it as a stand-alone issue, to be assessed in a different manner. A company with ESG concerns could still be an attractive investment, if the issues are outweighed by other considerations, including valuation. Portfolio managers utilise external ESG research services for additional input, including MSCI and ISS.

Marathon's primary focus is finding companies that it believes are able to generate good returns over time, but the firm also has a strong track record of engagement with company management, to encourage long-term value creation. Effective stewardship and shareholder engagement are reflected in Marathon’s thoughtful and patient investment philosophy. 

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]

01.6. 補足情報 [任意]

          Please refer to Marathon's Sustainability site for further information.

https://www.marathon.co.uk/sustainability/
        

SG 01 CC. Climate risk

01.6 CC. 投資期間において特定され、組織の投資戦略・商品に組み込まれている気候関連のリスクおよび機会について記述してください。

特定された気候関連の移行リスク・物理的リスクおよび機会、ならびに投資戦略・商品にそれらがどのように組み込まれているかを説明してください。(500 語以内で自由に記載)

Transition and physical climate-related risks and opportunities are factored into the investment process by the individuals on the investment team. Marathon's investment team aim to consider all material issues and weigh them against what is reflected in the current market price of a stock. Portfolio managers integrate assessment of all ESG factors including climate related risks and opportunities within their overall analysis of stocks, rather than treating it as a stand-alone issue in making investment decisions.

For further information on Marathon's approach to Sustainability, please view the page linked below:

https://www.marathon.co.uk/sustainability/

01.7 CC. 組織はそれら気候リスクの可能性および影響を評価しましたか?

組織が気候リスクの可能性および影響を評価していない理由を説明してください。(500語以内)

Marathon’s investment edge lies in its assessment of the capital cycle, management and valuation – not in forecasting climate risks. Many factors - not just capital cycle, supply-side factors - will determine the extent and impact of climate change. These may include business innovation and market responses; unanticipated actions by governments and regulators; and changes in demand. Portfolio managers take these risks into consideration, but often consider them to be too uncertain to drive investment decisions.

01.8 CC. 組織はTCFDを公式に支持しますか?

理由を説明してください。

Although we feel that Marathon's longstanding investment approach is fully compatible with the objectives of the TCFD, as a small firm, Marathon has to be highly selective over which external organisations to actively engage with. Supporting TCFD or other initiatives is currently under consideration, however.

01.9 CC. 重大な気候関連リスクおよび機会を特定・管理する組織全体の戦略がありますか?

組織が気候関連のリスクおよび機会を管理する組織全体の戦略をどのように、またどのような時間スケールで実施するか記述してください。

Marathon's investment philosophy is focused on fundamental, bottom-up qualitative analysis to evaluate businesses and the industries within which they operate. ESG factors are integrated into the investment process by the individuals on the investment team, rather than attempting to form a top-down firm view. At present, there are no plans to change this approach.

Marathon portfolio managers analyse climate related factors in the same manner as other factors that they consider likely to drive risk or returns over the long term. This includes assessing materiality; management strategy in response to climate-related risks; and the extent to which climate-related risks may be balanced against other considerations, including valuation.

1.10 CC. TCFD開示を発表するために組織が使用する文書/通信を示してください。


SG 02. Publicly available RI policy or guidance documents

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

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。

URL/添付ファイル

添付ファイル

URL/添付ファイル

添付ファイル

URL/添付ファイル

添付ファイル

URL/添付ファイル

その他(具体的に記載してください)(1)

          Stewardship Code
        

URL/添付ファイル

添付ファイル

その他(具体的に記載してください)(2)

          SRD II statement
        

URL/添付ファイル

添付ファイル

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。

URL/添付ファイル

添付ファイル

URL/添付ファイル

URL/添付ファイル

添付ファイル

URL/添付ファイル

添付ファイル

URL/添付ファイル

URL/添付ファイル

添付ファイル

02.3. 補足情報 [任意]


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。

Marathon maintains a Conflicts of Interest Policy which covers all potential conflicts of interest which may arise within the investment process. As outlined within the policy, in order to maintain the highest degree of integrity in the conduct of Marathon's business and to maintain personal independent judgment, staff must avoid any activity or personal interest that creates, or appears to create, a conflict between personal interests and the interests of Marathon's clients. It is Marathon's policy that all clients will be treated fairly in accordance with relevant regulatory requirements.

Marathon's Conflicts of Interests Policy, Stewardship Code and Corporate Engagement Policy (including proxy voting and conflicts of interest) are all available publicly on the Marathon website. 

 

03.3. 補足情報 [任意]


SG 04. Identifying incidents occurring within portfolios (Private)


Top