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Neumeier Poma Investment Counsel, LLC

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]

Environmental: screen to exclude investing in services and products with a heavy fossil fuel / co2 footprint. Bloomberg law documents for outstanding ESG lawsuits and complaints.

Social: 10K and corporate filings: analyze relationship with suppliers, customers and community. Review if any outstanding lawsuits and the nature of the dispute.

Governance: 10k and corporate filings to analyze executive salaries and stock holdings, gender data for executive positions, etc.

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。

09.5. 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 are small-cap value investors.  Stocks are selected for investment after meeting our rigorous criteria:  Compelling high quality companies; Stock trades at a discount; Identifiable growth catalysts; Screens positive environmental, social governance factors; Avoid investments including but not limited to fossil fuels, firearms, private prisons, animal testing, and unethical labor or lending practices.   Our valuation and financial criteria eliminates about 75% of the names in our small-cap universe.  Our research team's experience and knowledge eliminate additional names along with the ESG screening and analysis. 

Generally ESG review is a smaller part of our overall company analysis but it can vary depending on the company being analyzed and the industry it is involved in.  Climate change related risks and opportunities are analyzed.  We review company reports on corporate social responsibility and reports addressing energy efficiency and waste within the organization and supply and manufacturing chain. 


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。






10.3. ESG情報をポートフォリオの加重にどう統合しているかを説明してください。

ESG information is included in our small-cap value fundamental investment analysis.  Our portfolio is constructed of investments we find with the best overall value.

Our objective is to maximize upside and control downside.  While we exclude, through screening, certain industries in our stock selection process, we also may underweight or overweight certain sectors based on ESG risk. For example we may underweight fossil fuels because we find investing our money elsewhere gives us better returns. 

We look to see how organizations report on how they are addressing climate change risks within their business and the indicators we can follow to see their progress.

Research meetings are held weekly to discuss ideas and areas of investment.  In general we buy and hold stocks for long term. Economic factors like climate change or changes in government policies are taken into account when picking stocks. 

10.6. 補足情報 [任意]