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Cardano Risk Management

PRI reporting framework 2020

You are in Organisational Overview » Asset class implementation gateway indicators


OO 10. Active ownership practices for listed assets

10.1. 報告年度において組織が実施した積極的な保有活動(アクティブ・オーナーシップ)を選択してください。

上場株式 – エンゲージメント

上場株式 – 議決権行使

債券SSA – エンゲージメント


          All of the SSA bonds that we own directly are either government or quasi-government bonds.  We do not engage with or lobby governments on ESG factors.  We do not allocate assets to external managers for SSA bond portfolios.  However, where we advise clients, we require investment managers of SSA bond portfolios to have an ESG policy, including an engagement policy.

債券 - 社債(非金融) – エンゲージメント

OO 11. ESG incorporation practices for all assets

11.1. 投資決定や積極的な保有の実務に(報告年度中に)ESGの組み入れを行った組織内で運用される資産クラスを以下から選択してください。


債券 – SSA



‘その他(1)’ [OO 05において明示されたもの]

          Listed equity beta derivatives and rates exposures through derivatives.


債券 – 社債 (非金融)














11.3b. 組織外で運用する資産について、組織がESG要因を投資決定に組み込まない場合は、その理由を説明してください。

We do not integrate ESG factors into selecting and monitoring externally managed money market funds.  The money market funds we allocate to are "low risk" funds typically targeting 7-day LIBID and managed either by the custodian or a manager who also manages other assets in the portfolio and therefore already subject to scrutiny with regard to ESG policies.  We have recently been able to allocate to "ESG-friendly" money market funds, however, these funds are currently small and therefore we are unable to make large allocations due to our internal risk limits.  As these funds become more popular and grow in size, we will be able to increase our allocation accordingly.

11.4. 投資マネジャーの選定、任命、モニタリングプロセスに、投資に関する考慮事項がどのように含まれているかを簡単に説明してください。

Cardano takes a Responsible Investment approach to investing across all of its portfolios and client mandates. Every investment decision is made on a risk-adjusted return basis. We view environmental, social and governmental risk and return drivers as a critical part in making decisions on risk-adjusted return. 

While we factor in ESG factors into every investment decision that is made to some degree, we acknowledge that these factors may have more of a material impact on financial return in some circumstances and strategies than others. As such, we deliberately structure our process around decision making to ensure that we focus the most time on these more highly effected areas. 

To assist in this process, all invested strategies are given a specific ESG rating based on Cardano's proprietary methodology, to help provide context to how ESG should be taken into account in buy / sell / hold decisions throughout the life-cycle of an investment. 

Timing of when strategies are rated: 

1. Prior to investment: investment proposals for all new investments tabled at the manager review committee (MRC) must contain a dedicated section setting out (i) the ESG rating ; and (ii) a summary of the rationale used to get to that rating. 

2. Post-Investment: (i) all strategies' ESG ratings are formally re-underwritten on an annual basis by the relevant coverage team; and (ii) ESG ratings are updated on an ad-hoc basis: coverage teams speak to all invested managers regularly as part of the overall monitoring process - this will include discussing ESG where relevant. 

Where, either before investment or as part of our monitoring process ESG integration within the manager fails to meet the required standard such that it would effect the overall risk-return we would either pass on the relevant strategy or consider redeeming or re-sizing the exposure. 

Information base: 
Our ESG ratings are assigned by the investment coverage team with day-to-day responsibility for that investment. We feel this encourages accountability and fully integrates ESG thinking into our investment process. 
The information on which ratings are based are as follows: 
1. An ESG questionnaire which is circulated to managers annually, this questionnaire is tailored to reflect the differences in our core manager strategies (e.g. equity, fixed income, multi-asset, private equity etc.)
2. All information provided by managers (and which managers make available online)
3. Ad-hoc information gathered by coverage teams as part of the formal day-to-day investment monitoring (involving regular contact, calls and discussions with managers).

OO 12. Modules and sections required to complete

12.1. 自主的な報告を希望される場合には、該当するするモジュールやセクションを以下のリストから選択して下さい。組織のAUMの10%以上を占める資産クラスについてのみ報告が義務付けられています。



自己運用 - 上場株式の組入れ

自己運用 – 債券


委託 - 組織外の運用会社の選定、指名、モニタリング


12.2. 補足情報 [任意]