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Grupo Fineco

PRI reporting framework 2020

Export Public Responses

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



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。

During 2019, we have evolved from the exclusionary plus best-in-class approach (and with some but minority ESG integration) to an ESG integration approach for all of our directly invested listed equity. In fact, in order to expand our capacities and knowledge, we have set up the roadmap for creating groups of independent experts to better include ESG-related themes into our investment thesis and in order to have more accurate valuation models. We have started with Banking and Energy sectors (autos and telecoms are about to start in Q1/2020) with the aim of expanding them to all critical sectors (such as industrial sector, chemicals, pharma or food, among others). In our internal reports that we prepare for equity investment committees, we have extensively included analysis of ESG specific themes, such as environmental analysis on the auto sector and therefore, impacting our valuation models through adjustments to growth prospects, calculation of WACC or impact on cash flow analysis.

In addition to the implementation of ESG in the portfolio management, two great steps in 2019 have been to write our own voting principles and reach an agreement with Alembeeks to provide us assessment of other voting points at the General Assemblies of firms.

As stated in previous modules, goals set at the BoD level for all AuM in Fineco for the 2019-2021 plan in terms of integration, ESG labelling, proxy voting, training of the workforce, promotion of RI in Spain, taking part in international forums, etc. are cross asset class and engage all the workforce in Fineco.

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]

Exclusions and best-in-class was the first step, but we have evolved. Now, exclusion still works but the range of companies is wider given that we have evolved to ESG integration as abovementioned comments.

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。




We do not invest in companies whose main revenues come from:

- Nuclear weapons
- Alcohol and tobacco
- Adult-oriented contents
- Companies which don’t recognize and respect human rights

- Companies whose activities intentionally harm the environment



While "best-in-class" criteria is been left as minority in our listed equity universe (only for "Fon Fineco Inversion Responsable, FI"), we combine it in that fund with more accurate ESG integration as explained earlier.


          Paris Agreement


We have written emails to companies that we wanted to include in our portfolio but they are not under the UN Global Compact. We received responses from all the Investors Relations of those companies and we have included some of those companies since their responses not to be necessarily in the UN Global Compact were convincing for us.

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。

The screening criteria are proposed by the Head of ESG Investment to the portfolio managers and the Head of Asset Allocation. After they approve it, the criteria is shared with the Investment Committee, which might suggest changes to the criteria.

There is constant dialogue among the analysts, portfolio managers, Head of ESG Investments and the asset allocator to fine tune the process. They get together on a quarterly basis to analyse the funds’ criteria and they are analysing how to expand the ESG criteria into the rest of the mutual funds and portfolios.

The constant dialogue between all participants is really important to have their own conclusions about the impact of negative screening, best-in-class, thematic and ESG integration into the fund and portfolio management. It is a learning process that generates continuos challenges and doubts how to solve specific issues that have no clear answer (such as how much room we have to give to engagement by a fund manager when a company shows little improvement). They review how the funds have performed compared with a predetermined benchmark and may suggest changes to improve ESG integration in the portfolio, as well as performance and risk.

When changes in the fund criteria are made, clients are not able to revoke them but, legally they are given a month to decide whether they remain in the fund or the switch to another one (without any costs in this case). 

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。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.3. 第三者のESG評価がスクリーニング目的で更新される頻度を示してください。

05.5. 補足情報 [任意]

In 2019 we have given two important steps:

- First, the creation of an ESG committee with independent members that monitor de evolution of ESG implementation in Fineco and the management of controversies by different portfolio managers

- Second, the creation of working teams (four teams for the time being but they are going to be expanded to other sectors) with external experts in order to improve our analysis capacities in relation to detecting megatrends, ESG variables that can be critical to specific economic sectors, etc.

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。








08.2. 補足情報 [任意]

Analysts and portfolio managers are taking into account ESG factors in a great extent (majority of equities). The reports from MSCI ESG Research and our sell-side brokers (JPM and Kepler, especially selected because of ESG capabilities) have been very helpful to improve our capacity and ability to do a more comprehensive analysis.

In addition, the teams of external experts are helping us a lot when considering these ESG aspects.

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]

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