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Avenir Capital (Delisted)

PRI reporting framework 2020

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

Implementation processes

LEI 01. Percentage of each incorporation strategy

01.1. Indicate which ESG incorporation strategy and/or combination of strategies you apply to your actively managed listed equities; and the breakdown of your actively managed listed equities by strategy or combination of strategies.

ESG incorporation strategy (select all that apply)

Percentage of active listed equity to which the strategy is applied — you may estimate +/- 5%
100 %
Total actively managed listed equities 100%

01.2. Describe your organisation’s approach to ESG incorporation and the reasons for choosing the particular strategy/strategies.

Avenir became a signatory to the UN Principles of Responsible Investment (PRI) in 2017 and has adopted an Environmental, Social and Governance (ESG) policy. Avenir recognises that ESG issues have the potential to impact investment risks and returns and that considering these issues alongside traditional factors in investment decision making can improve long term risk-adjusted returns.

Avenir follows a long-term and concentrated investment strategy which increases the impact that ESG issues are likely to have on a company’s underlying value, both positive and negative. Consequently, Avenir believes that ESG considerations are integral to the investment process to effectively manage investments for the long-term and deliver superior long-term investment results for our clients. ESG factors are explicitly considered and assessed as part of the Avenir investment decision-making process.

In addition to ESG issues forming a core component of Avenir’s investment process, Avenir is also able to draw on a dedicated ESG Specialist within the Fidante Partners business. Fidante’s ESG Specialist provides Avenir with access to knowledge and expertise in ESG integration and active ownership practices.  As ESG integration continues to evolve, access to this specialist knowledge enables the Avenir investment team to continuously strive towards best-practice. 

Avenir recognises that ESG issues are not necessarily static and are likely to change over time and maintains a log of ESG issues for companies in the portfolio, adverse change in which can result in removal from the portfolio. The team member assigned to the portfolio company closely monitors ESG issues that arise via weekly alerts that scrape web pages, company filings, newspaper articles or blogs relative to that company. Issues that have the potential to affect the investment thesis are captured and rated by materiality in a database (‘Avenir ESG Log’). 

Material issues are discussed with the team, and, if deemed sufficiently important, raised with the company directly and this engagement is documented in the ‘Avenir ESG Log’ and ISS Engagement module. ESG issues are discussed at least quarterly alongside the portfolio companies' quarterly results to determine to what degree they may affect the investment thesis and what action, if any, Avenir should take.

01.3. If assets are managed using a combination of ESG incorporation strategies, briefly describe how these combinations are used. [Optional]

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)

(C) Implementation: Integration of ESG factors

LEI 08. Review ESG issues while researching companies/sectors

08.1. Indicate the proportion of actively managed listed equity portfolios where E, S and G factors are systematically researched as part of your investment analysis.

ESG issues

Proportion impacted by analysis




Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]

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

09.1. Indicate which processes your organisation uses to ensure ESG integration is based on robust analysis.

09.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your integration strategy.

09.5. Describe how ESG information is held and used by your portfolio managers.

          Avenir maintains a database of ESG issues relevant to each portfolio company in the Avenir ESG Log.

09.6. Additional information. [Optional]

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