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Aeon Investment Management (Pty) Ltd

PRI reporting framework 2020

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

実施プロセス

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。

Aeon Investment Management believes that an analysis of ESG factors, in combination with fundamental research, delivers insight that enhances investment decisions and returns. 

Our approach to responsible investment is through Environmental, Social & Governance integration. The objective of ESG integration is to protect and enhance the value of our long-term investments. Central to our investment philosophy is the explicit recognition that sustainability factors directly affect long-term business profitability. By incorporating ESG factors, we have greater conviction in valuation and risk-reward assessment, and we are better able to identify security mispricing.

All our Analysts and Portfolio Managers keep track of corporate governance issues of companies listed on the Johannesburg Stock Exchange (JSE). The Analysts and Portfolio Managers report to Asief Mohamed, Chief Investment Officer, who is actively involved in environmental, social and governance engagement. We aim to consider a broad range of ESG issues. The environmental issues we consider include but are not limited to climate risk and change, water scarcity, pollution, packaging, and sourcing of raw materials. The Social issues we consider include but are not limited to diversity, workplace health and safety, product standards, community relationships and staff turnover metrics.

The Governance issues we consider include disclosure, director independence, qualification and experience, remuneration benchmarking, board tenure and attendance. Our Analysts also research integrated reports of companies in our coverage and we consider economic, social and governance issues in our valuation methodologies.

Aeon Investment Management does not largely conduct negative screening when assessing companies. 

 

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]

Negative screening is hardly utilised in our philosophy. ESG themes are taken into account for stock selection.


LEI 02. Type of ESG information used in investment decision

02.1. 組織でESG組み入れ戦略に使用しているESG情報およびこの情報の提供者を記載してください。

ESG情報の種類

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

02.2. ブローカーに対しESG調査結果を提供するよう奨励しているかどうかについて記載してください。

02.3. ブローカーに対しどのように奨励しているかを記載してください。

Aeon Investment Management allocates brokerage to sell-side brokers who provide us research relating to ESG issues.

02.4. 補足情報 [任意]


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

03.1. ESGへのエンゲージメントや(委任状による)議決権行使から得られる情報を投資の意思決定に利用できるプロセスが組織にあるかどうかを記載してください。

03.2. 補足情報 [任意]

All our Analysts and Portfolio Managers keep track of corporate governance issues of companies listed on the Johannesburg Stock Exchange (JSE). The Analysts and Portfolio Managers report to Asief Mohamed, Chief Investment Officer, who is actively involved in environmental, social and governance engagement. We aim to consider a broad range of ESG issues. The environmental issues we consider include but are not limited to climate risk and change, water scarcity, pollution, packaging, and sourcing of raw materials. The Social issues we consider include but are not limited to diversity, workplace health and safety, product standards, community relationships and staff turnover metrics. The Governance issues we consider include disclosure, director independence, qualification and experience, remuneration benchmarking, board tenure and attendance. Our Analysts also research integrated reports of companies in our coverage and we consider economic, social and governance issues in our valuation methodologies.

Our Engagement and proxy voting process is available online in our Governance Policy (https://www.aeonim.co.za/governance-policy/). In addition, Aeon Investment Management confirms on a sample basis that the proxy votes do in fact get voted on behalf of our clients.


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。

スクリーニングの種類

スクリーニング実行者

説明

Aeon Investment Management takes a broad approach to the screening of internally managed active listed equities; we do not conduct any negative screening. A number of ESG factors, as relevant to these holdings, are analysed; current and potential ESG risks are also considered when conducting an initial and ongoing analysis.

Lack of trust in the board of directors is a fundamental driver of the exclusion of companies. This, however, is a judgemental assessment as opposed to a quantitative scoring assessment.

Negative screening applied as the sole method of ESG integration is not effective. Relevant and continuous engagement with company management teams on their ESG risks allows investors to have a better understanding of companies, raises awareness of risks that company management teams had not considered and allows for a more holistic approach to ESG integration in investment philosophies.

スクリーニング実行者

説明

Each and every investment has its "hurdle rate" or required rate of return adjusted either positively or negatively for ESG factors. Our general knowledge of these principles and conventions alert us to ESG factors that may impact a specific company. Bloomberg data is also used to determine disclosure ratings.

スクリーニング実行者

説明

Each and every investment has its "hurdle rate" or required rate of return adjusted either positively or negatively for ESG factors. Our general knowledge of these principles and conventions alert us to ESG factors that may impact a specific company. The criteria for each company is reviewed at least once a year or on an ad hoc basis.

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。

Notifications to clients are communicated (e.g. via email and regular client report-backs) as and when the changes to the screening methodology are made.

 


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。

05.5. 補足情報 [任意]


LEI 06. Processes to ensure fund criteria are not breached

06.1. ファンドの基準に違反がないことを確認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。

          An internal review is undertaken by the investment team to ensure that ESG is correctly integrated and the fund criteria is subsequently not breached.
        

06.2. ファンドのスクリーニング基準に対する違反が判明した場合、これらの違反を是正するために従うプロセスを説明してください。

In theory, in terms of our process, we should not find a company in our portfolio that has breached ESG norms. In the unlikely event that an ESG norm has been breached, we would investigate the breach, assesses the impact of the breach and its materiality. We would then apply the necessary remedial and risk-response plan and continually monitor the fund screening.

06.3. 補足情報 [任意]


B) 実施:テーマ

LEI 07. Types of sustainability thematic funds/mandates

07.1. 組織が運用している、サステナビリティをテーマとするファンドやマンデートの種類を記載してください。

07.2. 組織でのサステナビリティをテーマとしたファンドのプロセスについて説明してください。 [任意]

We do not have ESG specific funds as all our funds comply with appropriate ESG standards and norms. Our Environmental Policy, Governance Policy and Social Policy are available online (https://www.aeonim.co.za/esg-policies/)


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。

ESG問題

影響を受ける割合
E(環境)

E(環境)

S(社会)

S(社会)

コーポレートガバナンス

コーポレートガバナンス

08.2. 補足情報 [任意]

In 2019, we undertook extensive research on tools that we could utilise to incorporate quantitative environmental analysis on South African listed equities. We utilised several quantitative tools such as The Paris Agreement Capital Transition Assessment (“PACTA”) tool, The Transition Pathway Initiative (“TPI”), 2 Degrees Scenario Analysis etc. It should be noted that these PRI-recommended tools do however have limitations. Aeon Investment Management is mainly invested in South African stocks. The recommended tools do not cover a significant number of companies operating in developing markets e.g. South African-based companies and thus we are only able to obtain a limited amount of information on the analysis of these companies. Companies also only disclose a limited amount of environmental metrics to the public thus further increasing the limitations to the analysis. Aeon Investment Management has raised these issues with the research providers.

South Africa's case study for ESG is fairly unique due to its Apartheid history which has resulted in significant socio-economic inequality. We recognise and factor in environmental factors into our fundamental analysis however it should be noted that social and inequality factors from a race and gender perspective have far higher priorities and/or weighting than environmental issues. in our portfolios.

 


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。

09.4. 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]


LEI 10. Aspects of analysis ESG information is integrated into

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

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。

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

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。

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。

Each and every investment case has its "hurdle rate" or required rate of return adjusted either positively or negatively for the company-specific ESG factors. Our general knowledge of these principles and conventions alert us to ESG factors that may impact a specific company. 

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。

Each and every investment has its "hurdle rate" or required rate of return adjusted either positively or negatively for ESG factors. Our general knowledge of these principles and conventions alert us to ESG factors that may impact a specific company.

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。

Aeon Investment Management has just recently incorporated scenario analysis and/or modelling into its investment philosophy to analyse current and potential ESG risk factors, evaluate the fund's exposure in comparison to the market, and to test the fund's performance and position under transition scenarios.


We have recently started utilising several quantitative tools such as The Paris Agreement Capital Transition Assessment (“PACTA”) tool, The Transition Pathway Initiative (“TPI”), 2 Degrees Scenario Analysis etc. It should be noted that these PRI-recommended tools do however have limitations. Aeon Investment Management is mainly invested in South African stocks. The recommended tools do not cover a significant number of companies in developing markets e.g. South African-based companies and thus we are only able to obtain a limited amount of information on the analysis of these companies. Companies also only disclose a limited amount of environmental metrics to the public thus further increasing the limitations to the analysis. Aeon Investment Management has raised these issues with the research providers.

10.6. 補足情報 [任意]


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