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Alphinity Investment Management Limited

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (C) Implementation: Integration of ESG factors

C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。








08.2. 補足情報 [任意]

E, S and G issues are considered for all funds but applied most stringently in the Sustainable Share Fund. For unconstrained Funds, considering ESG forms part of the normal research process as there is the potential for these factors to have significant positive or negative impact on value. The degree of stringency for each factor is determined by the nature of the company, although governance is a key consideration for all companies.

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

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

          External consultants with deep knowledge of and expertise in Sustainability

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]

We engage extensively with investee companies about all issues, including ESG as this is a part of our normal investment analysis. Where there are material concerns, companies are given the opportunity to respond and there have been instances of improved practices taking place as a result of raising concerns about non-compliance or inadequate reporting.

We do not produce research notes or record routine processes but do keep a database of relevant insights and interactions

LEI 10. Aspects of analysis ESG information is integrated into


10.1. 投資分析のどの側面にESG情報を統合しているかを記載してください。






10.2. ESG情報を適正価値/ファンダメンタル分析および/またはポートフォリオの構築へと統合するプロセスについて、組織でのプロセスの一部となっている手法を選択してください。

          in some cases, blanket rejection of companies with inadequate controls or risks that are large and/or not being addressed

10.4. 利益予想/バリュエーションツールの修正に使用した手法を説明してください。

The method used depends on the nature of the issue involved.

For example, in the case of a potentially stranded asset like a coal mine we would take a pessimistic view of the potential life of the mine and bring forward clean-up costs.

In the case of a company with adverse social impacts or poor corporate governance we would rather tend to increase the discount rate or adjust our valuation to reflect the increased risk our to which investors are being exposed.

In the case of a company with poor governance or critical issues that are not being addressed we would tend to avoid exposure altogether

10.5. 有価証券の評価に感応度/シナリオ分析をどのように適用しているか説明してください。

When assessing key value drivers of a company we arrive at a base case, i.e. what we expect to happen, but then typically flex those drivers through a range of potential outcomes in order to see what might happen should things not go according to our expectations. This is an important factor in being aware of what could go wrong (or right) that changes our williness to accept risk.

10.6. 補足情報 [任意]