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PRI reporting framework 2020

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



LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
100 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

Within the framework of the French energy transition law and the regulatory obligation to publish an energy transition report reviewing our practices and the carbon footprint of our funds, we have carefully studied the subject of different measures and different approaches to sustainable development in portfolio construction. This work confirmed a number of intuitions that we had:

- Sectoral bias and exclusion short cut: highly carbon-intensive sectors such as Materials can be excluded from a portfolio to improve its carbon footprint, however this is too simplistic a short cut because these sectors remain necessary for the economy... and to other sectors with a better carbon footprint.
- The trap of a fixed image: businesses change and it may be preferable to value companies going in the right direction. The notion of trajectory is therefore key in our view.
- Disparate data quality: the quality of transparency and reliability of data published by companies remains uneven at present. Basing a portfolio construction on only quantified data and on "checked boxes" is therefore a pitfall for us to avoid.

As a result, none of our funds takes environmental, social and governance criteria into account in their investment policies in a systematic and binding manner. We wish to continue to choose investments on a case-by-case basis on their financial merits, with a strong desire to take part in financing innovative projects committed to sustainable development. The idea is not to pursue an exclusion policy or sectoral allocation determined by the various SRI labels.

We strongly prefer to develop a thoughful approach:

From these findings and our desire to remain stock-pickers, the concept of ‘innovative share’ was born. We will aim to prioritise investments in companies that have the following attributes:

- companies with highly innovative technology
- suppliers of innovation technology or energy services
- companies directly involved in the energy transition
- companies with a positive societal impact

Our ambition is therefore to increase this innovative share in our portfolios by studying more and more companies that could qualify in this group.

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

LEI 02. Type of ESG information used in investment decision (Not Completed)

LEI 03. Information from engagement and/or voting used in investment decision-making (Not Completed)

A) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。




We screen ESG score of all issuers of our investments.

04.2. スクリーニング基準が変更された場合に顧客や受益者に通知する方法について説明してください。

Our methodology and results of our portfolio ESG score are annually updtaded in our TEE report (available on our website).

LEI 05. Processes to ensure screening is based on robust analysis

05.1. スクリーニング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選択してください。

05.5. 補足情報 [任意]

LEI 06. Processes to ensure fund criteria are not breached (Not Completed)