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Neumeier Poma Investment Counsel, LLC

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » Outputs and outcomes


LEI 12. How ESG incorporation has influenced portfolio composition

12.1. 組織のESG組み入れ戦略がポートフォリオや投資ユニバースの構成にどういう影響を与えているかを記載してください。


The small-cap value equity universe (market cap $250 million - $3 billion) begins with about 2,000 stocks.  We reduce that universe to approximately 200 by applying our value criteria analysis and by excluding certain industries in our stock selection process, including, but not limited to: manufacture of guns; predatory lending; animal testing; companies whose products or services cause serious environmental degradation; companies whose products and services have a heavy fossil fuel/CO2 "footprint".  

We excluded fossil fuels from our portfolio and instead used renewable energy investments like wind and solar in our portfolio.  We believe this gave us a positive advantage during the year. 

削減率を明記してください(+/- 5%)

5 %


          ESG analysis is included in our criteria for analyzing a company's value and future performance.

12.2. 補足情報 [任意]

LEI 13. Examples of ESG issues that affected your investment view / performance

13.1. 組織の投資見解や報告年度のパフォーマンスに影響を与えたESG問題の例を挙げてください。


We held shares in a retail company where a stockholder proposal requested they prepare a human rights risk assessment report and make it available on their website. We voted for this proposal but it did not pass, yet we used this as an opening to engage with management about their corporate social responsibility reporting. We encouraged the organization to report on climate risk using the Taskforce on climate related financial disclosures as a framework to follow for reporting how the organization is addressing climate risk.   

適用したESG組み入れ戦略 Integration


The company has begun to update their website with ESG disclosures and will add reporting on climate change in the next few quarters.  This helps us remain positive on our investment in the organization.


We signed PRI's letter to the SEC on shareholder rights and proxy voting advisors in December 2019 to show we oppose the changes for proxy voting that limits the ability to build support for ESG proposals.  

適用したESG組み入れ戦略 Screening|Integration


Reminds us to continue voting our proxys and remain engaged with organizations to continue to build awareness in the investment community about the importance of ESG issues as it relates to an organizations performance and long term growth.


Buy side analyst reported 3 of our portfolio holdings scored high on governance factors.  The analyst relied on SASB Materiality Map for data.

適用したESG組み入れ戦略 Integration


This impacted our investment decisions to continue to hold and/or add to our positions.


We owned shares in a company and a long term investor who was an investment advisor felt the conpany was underperforming their peers and the broader market.  The shareholder was proposing that investors join them and elect 3 new members to the company 8 person board at the annual shareholder meeting.  This investor withdrew its board nominees after they held constructive discussions with the organization about increasing their disclosures and commitments to shareholders.

適用したESG組み入れ戦略 Integration


We vote our proxys and we appreciated that an investor, like us but larger, could get the attention of the organization to increase their disclosures.  This engagement by an investor gave us a greater conviction with our investment.

13.2. 補足情報 [任意]