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Sesfikile Capital (Delisted)

PRI reporting framework 2020

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。

We at Sesfikile Capital take our fiduciary duty to our client investors very seriously and act in the sole interest of our clients. We recognise that Environmental, Social and Governance (ESG) factors play an important role in assessing the long-term sustainability of investments. Accordingly, we believe that the integration of ESG factors into our investment process is a crucial step and will ultimately lead to increased value and lower risk for client portfolios. All investment team members are aware that ESG factors must be considered in the valuation process and are therefore responsible for ensuring that the ESG considerations relevant to a particular company are included in their long-term valuation of a company. As Sesfikile Capital rigorously applies our investment methodology of capitalising forward distributable earnings by a fair exit yield. ESG is incorporated into our exit yield and hence will be implicit in every investment decision that Sesfikile Capital makes. Aspects that impact the exit yield are:

1. Balance sheet strength and portfolio quality 

2. Quality of management 

3. ESG factors including BEE, amount of green buidlings, community development, executive compensation, board independece and diversity, shareholder rights 

4. Stock liquidity and quality of earnings 

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]

Key elements of our RI approach include: 

• Black Economic Empowerment - this refer so the level of employment equity at investee company level in line with South African legislatin and objectives of equility and diversity 
•Green buildings - this refers to the number or % of green buildings n a portfolio where we have seen 'green buildings' show 1. higher attractiveness to multinational or blue chip tenants, 2. lower average vacancies 3. lower operational cost and disruption to the environment, thereby lowering overall portfolio risk
•Community development - particularly in the retail / mall sector we examine community involvment and development (direct jobs, anciliary services) that shopping centres provide 
•Exec compensation - we examine this to maximise alignement with clients / shareholders 
•Board diversity - in terms of race, background and skillset. 
•Board independence - we watch for weak boards that are dominated by executive teams 
•Capital structure - the capital structure often determines the risk profile and alignment of incentives 
•Shareholder rights
•Financial statements & auditors - rotation and qaulity of auditors is key 

01.6. 補足情報 [任意]


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]

We have attached our ESG policy that provides our approach to responsible investment 

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。

Yes. All members of Sesfikile Capital are subject to rules governing the personal account (PA) dealing policy. Members of the investment team are prohited:

- sitting on boards of listed property companies that form the investment universe 

- sitting on any company boards, advisory or investment committees that could conflict with the comany or investee companies 

- trading any shares for thier personal account that are currently being traded by the company for client portfolios. Members of the investment committee apply for clearance to trade a share with at least two members of the three-person portfolio management team approving / disallowing the trade 

- every six months board members (including the three portfolio managers) are required to disclose any directorships, advisory boards and any current or potential conflicts of interest. 

03.3. 補足情報 [任意]

SG 04. Identifying incidents occurring within portfolios (Private)