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Banco BTG Pactual S.A.

PRI reporting framework 2020

Export Public Responses

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%)
30 %
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%)
30 %
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%)
40 %
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。

Our investment philosophy demands a deep understanding of both operations and strategic initiatives of all companies we invest in. Our fundamental approach drives us to investigate the governance structure, natural resource dependency and social approach of portfolio companies. All this information is taken into account during our decision making process.

Companies are monitored closely and analysts have to demonstrate a thorough knowledge of the company and sector, obtained through market research, conversations with senior management of the company and its competitors, detailed valuation models, and comparisons with global peers when applicable. 

Our team is constantly analyzing the changes and tendencies of ESG factors which could impact invested sector or the targeted companies and are prepared to include in all financial analysis ESG factors.

Also, following the corporate guideline of not investing in some pre-determined sectors and companies, our team excludes from all samples such sectors/company. 

Finally, the targeted sectors and companies are compared to local and global peers in order to find which one has the best processes and culture.

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]

The analysts thoroughly study the fund’s investment universe and conduct a detailed selection and monitoring process. Key drivers of this process are the investment pillars, which are based on conviction, knowledge and quality companies. Therefore, ESG Factors are embedded when analyzing and selecting the investment universe. Additionally, the team selects companies with strong management, which is a key factor because the investment team needs to trust that the companies’ management is capable of implementing turn around plans if an adverse situation arises from ESG issues. 

LEI 02. Type of ESG information used in investment decision (Private)

LEI 03. Information from engagement and/or voting used in investment decision-making (Private)

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。




Following our investment policy, our analysts exclude companies that do not match our ESG expectations from the pool of possible investments.



Our analysts seek for ESG practices amongst peers to identify companies with best practices, taking into account raw data and historical evolution.

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。

The analysts follow closely the activities of the companies they cover and make sure to be involved on different levels of activities. For example, the team is often involved in the environmental behaviors of invested companies. The team has visited the company’s mining operations in key countries, including its mining, smelter and refining facilities. Additionally, in April 2014, the team participated in the company’s public audience for the development of their expansion project. The event provided the team and other attendees with detailed information of the environmental repercussions of the project as well as any other requested information. This resulted gave the team a positive perception regarding the expansion and the company and reassured their investment decision.

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。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.3. 第三者のESG評価がスクリーニング目的で更新される頻度を示してください。

05.4. 組織のESGスクリーニングを構築するための組織内リサーチを精査する頻度を示してください。

05.5. 補足情報 [任意]

Our analysts conduct all the reviews and researches based on the data provided by the company. After all quantitative and qualitative review, our team meets with the targeted companies to ensure that there is no information gap in the reviews conducted and the company reality.

BTG Pactual lanched the first ESG Equity Fund in Chile market. The fund uses as benchmark the MSCI ESG Chile Index and prior to decision making process our analysts uses researches provided by both services providers MSCI and Vigeo. MSCI provides ESG rating on a quarterly basis and Vigeo provides ESG research on an annually basis. 

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

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]

Our PMs area aware that exposure to stock market movements in a single country may be significantly affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. We incorporate political risks in our evaluation process of individual companies, and try to assess how each company is either directly exposed to political events (i.e. companies in which a government has a significant stake) or is in a sector exposed to political events (i.e. regulated sectors).

Risk management is fundamental to our investment approach. We manage risk from a qualitative perspective through: deep understanding of operating activities, constant interaction with management, avoiding excessive company, market cap and sector concentrations and adjust positions according to liquidity, among others. From a quantitative perspective, risk is monitored and managed daily by and independent risk team with the use of tools and reports, such as VaR, Stress tests, Scenario & sensitivity analysis, Factor risk analysis, Concentration limits, Liquidity and capitalization analysis and Performance attribution.

The team prepares daily reports and has constant interaction with the PM and traders on risk levels.

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。

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。

09.5. 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]

BTG Pactual lanched the first ESG Equity Fund in Chile market. The fund uses as benchmark the MSCI ESG Chile Index and prior to decision making process our analysts uses researches provided by both services providers MSCI and Vigeo. 

LEI 10. Aspects of analysis ESG information is integrated into (Private)