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Avenir Capital (Delisted)

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

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。

Philosophy

Avenir believes that public investment markets are often inefficient and present compelling investment opportunities.

We  seek superior risk-adjusted returns across full business and market cycles by conducting deep fundamental business analysis into investment candidates and seeking to purchase high quality businesses selling at prices materially below what we estimate to be their intrinsic value.

We apply a high conviction strategy as we believe that a carefully selected portfolio of high quality, attractively priced businesses reduces risk and maximises potential upside.

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. The longer the investment time-frame, the greater the impact that ESG issues are likely to have on a company’s underlying value, both positive and negative, and so all companies that Avenir considers as investment candidates must pass a qualitative screening process that assesses a company's governance structure and the potential environmental and social consequences of its business.

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]

Avenir Capital (Avenir) believes that ESG issues have the potential to impact investment risks and returns and that considering these issues alongside traditional factors in investment decisions, can improve long term risk-adjusted returns.

Avenir’s investment strategy centres around a private equity mindset, which in practice means it invests with a longterm time horizon and runs a concentrated portfolio. Avenir assesses its investments as if it is buying the whole company. This makes the consideration of ESG issues particularly important to its investment strategy as it recognises that the longer the investment time-frame, the greater the impact that ESG issues are likely to have on a company’s underlying value. Avenir has therefore made the systematic assessment of ESG considerations an integral part of its investment process. Avenir believes this is necessary for the effective management of investments for the long-term and to deliver superior investment results for its clients.

Avenir’s investment philosophy is focused on a concentrated and long-term investment orientation. Avenir’s investment focus is not confined to the short-term financial performance of a company. Avenir expects its portfolio companies to become stronger and more valuable over time. A concern for their long-term sustainability is central to what Avenir does. Avenir believes over the long term a company’s operations are unsustainable if they cause irreparable damage to the environment, workplace or end consumers, and we will not knowingly invest in such companies.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 recognises that ESG issues are not static and are likely to change over time and so maintains a log of ESG issues for companies in the portfolio, adverse change in which can result in removal from the portfolio.

01.6. 補足情報 [任意]

          
        

SG 01 CC. Climate risk (Private)


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

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

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

02.3. 補足情報 [任意]

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’). Avenir is guided by the Sustainability Accounting Standards Board (SASB) Materiality Map® to determine issues that are likely to affect the financial condition or operating performance of companies within an industry. 

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.


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。

Avenir has a Conflicts of Interest Policy as part of our Governance, Risk and Compliance Framework. The policy aims to ensure we maintain the integrity of our advice and services to clients, we act efficiently, honestly and fairly, we comply with all relevant financial services laws and the requirements of our AFSL, and we comply with our agency and fiduciary obligations under the common law.

We are required to have in place adequate arrangements for the management of conflicts of interest that may arise wholly, or partially, in relation to activities undertaken by us or our representatives in the provision of financial services as part of our financial services business.

All staff are required to advise senior management at Avenir should they consider that a new or potential conficit of interest has arisen. Avenir has policies in place to prevent conflicts of interest in trading and investment activities. These policies cover investment parameters, best execution, allocation across client accounts, brokerage, commissions, rebates, brokerage arrangements and proxy voting. Avenir also has policies and procedures in place relating to staff personal investments including prior notification and approval procedures.

 

03.3. 補足情報 [任意]


SG 04. Identifying incidents occurring within portfolios (Private)


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