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Cardano Risk Management

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。

The starting point for Cardano's portfolios is the following investment beliefs:

  • Changes in asset prices can largely be explained by changes in:
    • Growth expectations
    • Inflation expectations
    • Risk premia
    • Risk free rates
  • Markets are inherently cyclical with strong feedback loops, but they are too complex to be predictable
  • More modest returns can be sufficient when compounded over time, if large losses can be avoided
  • An investor should accept market risk only when expected returns offer sufficient compensation
  • Excess returns are available to investors who can identify mispricing

These investment beliefs define our approach to portfolio construction:

  • Economic scenarios are used to articulate views and construct portfolios
  • Economic conditions are transposed onto simplified models of economic regimes, but with limited reliance on assumptions (e.g. correlation) 
  • Manage drawdown risk
  • Allocate risk actively, using the full opportunity set i.e. asset classes, strategies, managers, instruments
  • Incorporate best-in-class active managers, as long as net performance is compelling

By taking the above steps, Cardano is able to perform its fiduciary duty to clients by employing a risk-controlled, robust approach to carefully grow assets relative to clients' liabilities.  ESG factors are considered alongside financial risks to positions to ensure a holistic view of the portfolio is taken.

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]

Cardano believes in responsible investment. In so doing, Cardano acknowledges the importance of Environmental, Social and Governance (ESG) factors in risk adjusted investment outcomes. Cardano gathers information and assigns overall ESG ratings to each Cardano-advised invested manager and relevant direct investments, which are made available to clients. ESG factors are integrated into investment decisions where such factors could have a financially material impact on the risk and or return to the client.


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]

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。

The purpose of the Conflicts of Interest Policy is to ensure that all appropriate steps are taken to identify and manage conflicts of interest that arise in the Cardano business, and where necessary make disclosures to impacted clients. This ensures the ongoing fair treatment of clients and reduces the risk of legal liability, regulatory censure or damage to Cardano’s commercial interests and reputation. The conflicts of interest policy identifies actual and potential conflicts arising within Cardano and procedures for managing those conflicts. Everyone in Cardano (including contractors and any other person directly or indirectly linked to us by control) involved in the provision of investment services to Cardano’s clients must adhere to the policy.


03.3. 補足情報 [任意]

Our conflicts of interest policy can be found here:

SG 04. Identifying incidents occurring within portfolios (Private)