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The international business of Federated Hermes (formerly Hermes Investment Management)

PRI reporting framework 2020

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ESG issues in asset allocation

SG 13. ESG issues in strategic asset allocation

13.1. Indicate whether the organisation carries out scenario analysis and/or modelling, and if it does, provide a description of the scenario analysis (by asset class, sector, strategic asset allocation, etc.).

Describe Climate risks are part of the fundamentals of value creation and interact with others, such as the impact of technological innovation, globalisation, consumer behaviour shifts and the catch-up in emerging markets. We assess and model future ESG policy and regulatory changes and their impact on our investment strategies.
Describe We have a comprehensive process which includes scenario analysis. We are enhancing existing scenario analysis approaches to be meaningful for our investment processes across asset classes. Given the level of uncertainty around underlying assumptions, we are working towards a more dynamic assessment.

13.2. Indicate if your organisation considers ESG issues in strategic asset allocation and/or allocation of assets between sectors or geographic markets.

We do the following

13.3. Additional information. [OPTIONAL]

Allocation between asset classes is not a business activity which Federated Hermes carries out.

See 13.4 for more detail on our scenario analysis. 


SG 13 CC.

13.4 CC. Describe how your organisation is using scenario analysis to manage climate-related risks and opportunities, including how the analysis has been interpreted, its results, and any future plans.

Describe

As part of our climate risk management, we are developing a comprehensive portfolio climate risk and opportunity management process. It covers carbon modelling tools, climate risk assessment, making sense of 1.5/2°C scenario analysis and impact to value. It also includes a dynamic approach to carbon footprinting that identifies concentrations of carbon risk in portfolios, the effect different carbon prices on valuations and tracks engagement activities. The overlap between our investment and engagement activities acts as a continuous positive feedback loop. We apply this approach to each asset class and we ensure that it is relevant to investors, portfolio managers and engagers and enables them to understand the key drivers of the transition, and challenge assumptions, either of companies or of third parties.

Fundamental research remains a key component of assessing transition risks in underlying assets, enabling us to assess whether dynamic strategies are in place to understand risks and manage the low carbon transition. But, as proprietary and market tools are currently limited in their sector coverage and corporate data availability, we are developing a suite of climate tools to measure and understand the risks in our portfolios and in individual companies.

In line with our commitments under the Montreal Pledge, we measure the carbon footprint of our investments across all relevant asset classes. We use data from various sources in order to understand a company’s exposure to risks arising from climate change.

For listed equities and fixed income, we have been measuring portfolio-level carbon footprints since 2015 and we have developed a proprietary carbon tool that measures the GHG footprint of underlying assets and analyses trends and impacts of GHG pricing.   The Carbon Tool allows fund managers to assess their fund’s carbon performance, carbon risk, and corresponding engagements with investee companies in a comprehensive manner.

For real estate investments we have measured the physical risk exposure and the carbon footprint of our direct investments since 2006 and publish performance against carbon reduction targets annually.

We have enhanced our ESG Dashboard to include more indicators on climate risks and opportunities in companies, using third party data from Trucost and Sustainalytics and engagement insights.

Currently, we use the 2 Degrees Investing Initiative’s PACTA tool, which has been trialled by over 200 institutional investors and used as part of collaborations with a number of financial supervisors, for our scenario analysis. The outputs provided in this report provide an analysis of the portfolio relative to an economic transition consistent with limiting global warming to 2°C above pre-industrial levels, as well as a comparison to peers.

Other tools that we are using include the Transition Pathway Initiative Benchmarks, the Principles for Responsible Investment (PRI) scenario analysis tool, and the Science Based Targets (SBT) Assessments.

Describe

Our proprietary Carbon Tool assesses and integrates the following four key elements to evaluate the impact that investment funds have on the environment:

  1. Measuring the carbon risk of an investment fund relative to its benchmark and of listed companies relative to their peers, including Scope 1, Scope 2 and Scope 3 emissions.
  2. Calculating the profit at risk for an investment fund for different carbon pricing and policy scenarios.
  3. Identifying companies with which carbon-focused engagement should be initiated or intensified.
  4. Gauging the level of carbon risk being engaged on within portfolios – and the progress achieved.

The tool helps our fund managers to more effectively take into account information about specific carbon risk and thereby enhance their investment decisions. This helps them identify investment opportunities and threats to value, and to begin or intensify engagements that can reduce the risk of holding exposed companies.

The PACTA analysis provides answers to three questions:

  1. What is the current exposure in the portfolio to economic activities affected by the transition to a low carbon economy?
  2. Does the portfolio increase or decrease its alignment with the International Energy Agency’s Sustainable Development Scenario (SDS) transition over the next five years?
  3. What is the expected future exposure to high- and low-carbon economic activities?

The report and the tool have been useful for assessing risk in certain sectors (notably oil and gas, power and automotive), in particular for considering the time frames over which climate risks should be considered. However, the limitations of the data, including a lack of timeliness and coverage, also limit the usefulness of the reports. As a result, we take the view that while the tool works well in identifying gaps and potential areas for greater engagement, further work is required to examine both individual companies and how companies are responding to changing market dynamics.

Given the level of uncertainty and lack of understanding of underlying assumptions, we use scenario analysis with care, and are working towards a more dynamic assessment of risks. Our key finding is that deep engagement in the climate scenario analysis process is fundamental to understanding the low-carbon transition and applying it to both engagement and investment decision-making.

Whilst we do not discount the use of climate value-at-risk outputs from industry models, given the degree of uncertainty baked in, we see it as just one element of the story that is complemented by a deep fundamental analysis of trends and scenarios to achieve a full understanding of companies and their underlying progress.

Describe

We aim to bring all companies up to ESG and climate best practice through engagement. Through EOS, our stewardship service, which is one of the largest in the world, we represent £634 billion of assets and we engage with over 740 of the world’s largest companies each year.

Stewardship through advocacy and corporate engagement is a crucial element of our climate change management approach. Engagement enables us to raise risks and controversies with company boards and demand action to address them. It also helps us to learn more about how companies are developing strategy and business plans to seize the opportunities as well as manage the risks that come from a changing climate and public policy and market responses to it.

Assessing carbon risk through carbon foot printing and use of the tools described above is a key mean by which we choose our engagement targets. We use it to identify companies with which we should initiate or intensify carbon-focused engagement. We also use it to gauge the level of carbon risk within portfolios, visualised with our proprietary carbon tool, and the progress we have achieved through engagement.

EOS’ engagement programme has identified climate as a specific engagement focus and is informed by the outcomes of the carbon tool. EOS has also taken an active role on the Climate 100+ initiative, see SG 14.9 CC.

13.5 CC. Indicate who uses this analysis.

13.6 CC. Indicate whether your organisation has evaluated the potential impact of climate-related risks, beyond the investment time horizon, on its investment strategy.

Describe

Climate risks identification and analysis covers periods beyond investment horizons. We analyse long term risks that could cause impacts in 5 years and beyond, including legal and market transformation risks and extreme weather events. See SG 01.7 CC and SG 01.8 CC.

In real estate our carbon risks tools model value at risks and impact of carbon pricing over the lifetime of assets.

13.7 CC. Indicate whether a range of climate scenarios is used.

13.8 CC. Indicate the climate scenarios your organisation uses.

Provider
Scenario used
IEA
IEA
IEA
IEA
IEA
IRENA
Greenpeace
Institute for Sustainable Development
Bloomberg
IPCC
IPCC
IPCC
IPCC
Other
Other
Other

SG 14. Long term investment risks and opportunity

14.1. Some investment risks and opportunities arise as a result of long term trends. Indicate which of the following are considered.

other description (1)

          Pollution and biodiversity
        

other description (2)

          Sustainable agriculture
        

14.2. Indicate which of the following activities you have undertaken to respond to climate change risk and opportunity

Specify the AUM invested in low carbon and climate resilient portfolios, funds, strategies or asset classes.

Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

Specify the framework or taxonomy used.

The Low Carbon Strategy is a Global Equity Strategy that seeks to outperform the representative benchmark while avoiding companies that have material exposure to fossil-fuels or are highly carbon intensive, as well as companies that are engaged in unethical or unsustainable activities. We apply our experience integrating and analysing material ESG issues to identify companies that have good or improving ESG attributes alongside an attractive combination of fundamental investment characteristics. The strategy follows a style-agnostic integrated approach that applies systematic analysis combined with a fundamental overlay process. 

14.3. Indicate which of the following tools the organisation uses to manage climate-related risks and opportunities.

14.4. If you selected disclosure on emissions risks, list any specific climate related disclosure tools or frameworks that you used.

In 2017, we started developing a new tool to support the integration of climate change into investment decision-making and enable better targeted engagements. In 2018, we launched this carbon tool that allows fund managers to assess their fund’s carbon performance, carbon risk, and corresponding engagements with investee companies in a comprehensive manner. The tool also facilitates enhanced reporting to clients to demonstrate how ESG and engagement is being credibly integrated into the firm’s fund and stewardship offerings.

We decided to develop the tool in-house because we realised that most commercially available portfolio tools were focused on reporting, as opposed to investment decision-making and delivering progress in climate related engagements. We also wanted to combine carbon data from Trucost with our own internal carbon model, QESG, financial and engagement data.

Our proprietary public markets carbon analytics tool goes beyond portfolio-level aggregate statistics and focuses on identifying patterns and outliers. In particular, we look at data with various lenses to identify companies better or worse placed to deal with climate change. In particular, the carbon tool assesses and integrates the following four key elements, making it a cutting-edge approach in evaluating the impact that investment funds have on the environment:

(1) Measuring the carbon risk of an investment fund relative to its benchmark and of listed companies relative to their peers, including Scope 1, Scope 2, and Scope 3 emissions

(2) Calculating the profit at risk for an investment fund for different carbon pricing and policy scenarios

(3) Identifying companies with which carbon-focused engagement should be initiated or intensified

(4) Gauging the level of carbon risk being engaged on within portfolios – and the progress achieved.

The tool helps our fund managers to more effectively take into account information about specific carbon risk and thereby enhance their investment decisions. This helps them identify investment opportunities and threats to value, and to begin or intensify engagements that can reduce the risk of holding exposed companies.

We report using the TCFD framework. Our latest report can be viewed at https://www.hermes-investment.com/ukw/insight/corporate-news/climate-climate-related-financial-disclosures-report-2019/

 

We track the carbon footprint and weighted average carbon intensity (carbon emissions divided by AUM) of our equity and credit portfolios. In addition, we compare our equity WACI with the MSCI world index. The analysis includes scope 1 and 2 emissions. Despite being backward looking data, this provides a good proxy for assessing the exposure of our assets to carbon risk. We use the market capitalization ownership and enterprise value method for calculating the carbon footprint of our equity and credit assets under management.

Our carbon tool also reveals – most importantly – that the concentration of emissions in a small number of companies makes engagement potentially very powerful. This gives a lot of leverage to push companies for better carbon performance, and more generally a coherent climate change strategy.

In our real estate funds, we mostly own and manage assets directly, and since 2006 we have had carbon emission reductions targets for those assets where we have direct management control of our investment. We have both long term targets to reduce our absolute (tCO2) and relative to area (tCO2/m2) and operational targets to reduce by 5% year-on-year the absolute carbon emissions (tCO2) of our standing portfolio and our relative energy consumption (kWh/m2).

We have an in-house energy management and data collection system based on the collection of operational data. Since 2007, we have reported publicly our performance against these targets in our annual responsible property investment report.

In 2006, we set a target to reduce the carbon emissions from our Real Estate portfolio by 40% by 2020. By the end of 2018 we had achieved but also beat this target by 2.59%, despite there being an expansion of the portfolio from 105 to 183 buildings.

 

14.5. Additional information [Optional]

On top of mitigation activities, we are also working on being able to more accurately assess how our portfolios might be impacted by the physical risks of climate change impact. 


SG 14 CC.

14.6 CC. Provide further details on the key metric(s) used to assess climate-related risks and opportunities.

Metric Type
Coverage
Purpose
Metric Unit
Metric Methodology
Climate-related targets
          To achieve long-term carbon emissions reduction targets and annual operational targets for real estate
        
          Absolute carbon emissions - tCO2 
Carbon intensity relative to area - tCO2/m2 
Absolute energy consumption -  kWh
Energy consumption relative to area - 
kWh/m2
        
          Measure absolute and relative landlord-controlled Scope 1 and 2 carbon emissions from utilities in our Real Estate directly managed standard portfolio and relative emissions
Carbon intensity relative to area reduced over time. Average of 9% operational like-for-like carbon emissions reduction every year since 2006. Absolute emissions have fallen 7% against the baseline.
We are in the process of setting new targets for beyond 2020.
        
Weighted average carbon intensity
          To provide a proxy for assessing the exposure of our assets to carbon risk and compare with a fund’s benchmark
        
          tCO2 (metric tonnes) / company revenue in £m
        
          We allocate the companies’ carbon intensity based on the portfolio holding per each company as a share of the AUM. The carbon emissions data comes from Trucost. We track our WACI for our equity and credit portfolios, and compare our equity WACI with the MSCI world index. The limitations of this metric include that it is backwards looking and data is not available for all of our AUM.
        
Carbon footprint (scope 1 and 2)
          To provide a proxy for assessing the exposure of our assets to carbon risk.
        
          tCO2 (metric tonnes) (Scope 1 and 2)  per million invested (depending on the portfolio’s base currency)
        
          Depending on the nature of the portfolio’s asset focus, we use either market capitalization or enterprise value as a measure of ownership. This is then normalized based on the portfolios’ AUM. We track carbon emissions for equities, credit, and directly managed real estate. We have now undertaken GHG footprinting for 88% of our AUM. 
The carbon emissions data comes from Trucost, and the calculation takes into consideration the fund’s ownership of each company as mentioned above.
Real estate carbon emissions are measured directly at source from utility meter reads and billing and integrated into Real Estate sustainability data management system . Data is third party verified 
The limitations of this metric include that it is backwards looking and data is not available for all of our AUM.
        
Portfolio carbon footprint
          To provide a proxy for assessing the exposure of our assets to carbon risk and compare with a fund’s benchmark.
        
          tCO2 (metric tonnes) (Scope 1 and 2)
        
          We use the market capitalisation ownership or enterprise value method for calculating the carbon footprint in total metric tonnes, depending on the nature of the portfolio’s asset focus (equity of credit). . The carbon emissions data comes from Trucost, and the calculation takes into consideration the fund’s ownership of each company 
Real estate carbon emissions are measured directly at source from utility meter reads and billing and integrated into Real Estate sustainability data management system . Data is third party verified 
 We have now undertaken GHG footprinting for 88% of our AUM.
Our proprietary Carbon Tool aggregates this information at a portfolio level and provides a comparison to the benchmark.
        
Total carbon emissions
          To provide a proxy for assessing the exposure of our assets to carbon risk and compare with a fund’s benchmark.
        
          tCO2  (metric tonnes)
        
          Measuring total carbon emissions for public equities, credit, and directly managed real estate. This allows us to compare the carbon footprint with a fund's benchmark. 
Total metric tonnes. This is weighted by size of the portfolio's holding in each company. The carbon emissions data comes from Trucost, and the calculation takes into consideration the Fund’s ownership of each company depending on the asset type.
Real estate carbon emissions are measured directly at source from utility meter reads and billing and integrated into Real Estate sustainability data management system. Data is third party verified. 
We aggregate this information to use in calculations of the WACI of our equity holdings compared to the MSCI World Index.
        
Carbon intensity
          To provide a proxy for assessing the exposure of our assets to carbon risk and compare with a fund’s benchmark.
        
          tCO2 (metric tonnes)  / company revenue in £m sales (depending on the portfolio’s base currency)
        
          Carbon intensity (carbon emissions in tCO2 / company revenue). The carbon emissions data comes from Trucost, and the calculation takes into consideration the Fund’s ownership of each company 
Real estate carbon emissions are measured directly at source from utility meter reads and billing and integrated into Real Estate sustainability data management system. Data is third party verified.
        
Exposure to carbon-related assets
          To understand exposure to carbon risk and identify carbon-related assets to inform investment decisions and engagement.
        
          tCO2 (metric tonnes) 
Percentage contribution per company to the fund's total carbon footprint
        
          We identify the highest emitters in public equity funds and attribute the fund's carbon footprint to stock selection or industry exposure.  This includes calculating each company’s contribution to the fund’s total carbon footprint as a percentage. We track our exposure to carbon intensive sectors in shareholder and participating funds. The carbon emissions data comes from Trucost.
        
Other emissions metrics
          Measuring Scope 3 emissions and carbon efficiency for public equities to provide a more complete picture of each fund's carbon emissions.
        
          Scope 3 emissions - tCO2 (metric tonnes), 
Number of companies 
YoY difference, 5Y difference 
% above/below peers
        
          We track absolute metric tonnes for Scope 3 emissions
We identify outliers (across Scope 1,2 and 3), considering 
historical evolution and comparison with peers 
Carbon efficiency (Scope 3 emissions / mln USD invested) 
Carbon intensity (Scope 3 emissions / company revenue) 
These figures are weighted by size of the portfolio's holding in each company. The carbon emissions data comes from Trucost, and the calculation takes into consideration the Fund’s ownership of each company 
Real estate scope 3 emissions are estimated by a third party consultant.
        

14.7 CC. Describe in further detail the key targets.

Target type
Baseline year
Target year
Description
Attachments
          2006
        
          By 2020
        
          Reduce absolute carbon emissions (tCO2) by 40% for landlord controlled directly managed portfolio (scope 1/2) aligned with European 2020 carbon targets.
        
          2006
        
          By 2020
        
          Reduce 5% year-on-year the absolute carbon emissions (tCO2) and total energy consumption (kWh) of our directly managed portfolio, adjusted for weather on a like-for-like basis.
        

          2006
        
          By 2020
        
          Reduce carbon intensity (tCO2/m2)for our landlord controlled directly managed portfolio (scope 1/2) by 40% aligned with European 2020 carbon targets.
        

          2006
        
          By 2020
        
          Reduce by 5% year-on-year the annual carbon emissions and the energy intensity (kWh/m2) of our directly managed portfolio.
        

          
        
          
        
          
        

14.8 CC. Indicate whether climate-related risks are integrated into overall risk management and explain the risk management processes used for identifying, assessing and managing climate-related risks.

Please describe

We manage climate-related risks as part of our overall investment risk management processes, integrating them in ways that are relevant to our different asset classes. Each asset class and investment strategy is different and has its own requirements and characteristics.

We carry out materiality assessments, taking into account our client mandates and the relevant regulatory environment.

We provide specific and focused training and education opportunities to the investment teams to ensure that they have a clear understanding of the change that is coming and access to the latest insights on market transition.

The Responsibility Office holds regular seminars, which feature leading thinkers on a range of relevant responsible investment topics. This series is open to everyone across the business. They are of particular interest to members of our investment teams and EOS engagement teams, but given the primacy of climate change, ESG and other sustainability topics as issues for a growing number of global asset owners, they are also relevant everyone across the wider business.

Topics and contributors have included ‘Big Oil and the Energy Transition’ by Deutsche Bank Research, ‘The Power of Insurance Analytics to Price Physical Climate Risks in Asset Valuation’ by Willis Tower Watson and ‘Crude Awakening’ by E3G.

Public markets

Climate change is an increasingly important issue for public markets and listed companies. Vast investment in renewable energy is needed within the power system, in transport and in heating and cooling. At the same time, all sectors of the economy need to decarbonise, a task that will be harder for some companies than others. Companies that fail to reduce their emissions and reliance on fossil fuels face significant dislocations and the possibility of assets becoming stranded because of tighter regulation and reduced consumer demand.

We mitigate climate risks and tap into the opportunities from the climate transition in a number of ways including through stock picking for real assets, dedicated impact products, ESG and climate strategies seeking assets specifically delivering the climate transition.

 

For example, under our Energy Transition theme, we invest in offshore wind, which is particularly attractive as its costs continue to fall, thanks to improving technologies and its potential to facilitate grid decarbonisation at scale.

We have also launched three strategies that explicitly link to the SDGs, encompassing tackling climate change as one of their goals.

  • Impact Opportunities
  • SDG Engagement Equity
  • SDG Engagement High Yield Credit

Our Stewardship practices are also a key part of how we manage climate-related risk – see 14.9 for more detail.

Private Markets

Across private markets, which for the international business of Federated Hermes includes real estate, infrastructure, private equity and private debt, our strategies cover sectors that lend themselves more naturally to innovative opportunities arising from the low-carbon transition. We use our rights and leverage as owners or shareholders of those assets and companies in which we are invested to influence practice and strategy.

 

See 13.4 for more detail on how this approach works in practice across public and private markets.

14.9 CC. Indicate whether your organisation, and/or external investment manager or service providers acting on your behalf, undertake active ownership activities to encourage TCFD adoption.

Please describe

 

 

Stewardship through advocacy and corporate engagement is a crucial element of our climate change management approach. Engagement enables us to raise risks and controversies with company boards and demand action to address them. It also helps us to learn more about how companies are developing strategy and business plans to seize the opportunities as well as manage the risks that come from a changing climate and public policy and market responses to it.

EOS engagement programme has identified climate as a specific engagement focus and is informed by the outcomes of the carbon tool.

EOS has also taken an active role on the Climate 100+ initiative. Climate Action 100+ is a major initiative representing 370 global investors with $35 trillion of assets management launched in 2017, that aims to help limit global warming to less than 2°C by engaging with more than 100 of the world’s biggest GHG emitters, which account for two thirds of global industrial emissions every year. The initiative engages with a further 60 or so companies that have a significant opportunity to drive the clean energy transition. EOS is leading or co-leading the engagement on 27 companies.

The engagement agenda has three areas of focus. Firstly, it aims to secure commitments from companies that they will implement a strong governance framework. Secondly, companies must take action to reduce GHG emissions and align their business models to the goals of the Paris Agreement. Thirdly, they must provide better disclosure in line with TCFD recommendations, so investors can better understand the inherent risks that climate change poses to their portfolios.

The initiative, which is scheduled to last five years, has had some notable success. Significant progress has been seen across a range of industries, many of which are among the most challenging to decarbonise. Examples of focus companies making substantial net zero commitments over just the past seven months alone include; Heidelberg Cement, Duke Energy, Nestle, Daimler, VW, Thyssenkrupp, ArcelorMittal, BHP Billiton, Centrica and Saint-Gobain.

Advocacy

Below are some examples of our advocacy on climate risks.

  • We contributed to the Green Finance Strategy (through our work on the Green Finance Taskforce), which has stated that TCFD disclosures will become mandatory for Asset Owners and large listed companies in 2022.
  • We were among the signatories of a letter to Theresa May, the Prime Minister, calling for a 2050 net zero carbon target, which the UK has now adopted as a policy, with cross party support.
  • We have been instrumental in creating a positive coalition of industry players supporting the development of EU rules on ESG and climate-related investor disclosure and a strengthened UK Stewardship Code.
  • We are part of a group of investors who have engaged with the Big Four audit firms asking them to explicitly incorporate climate considerations into the audit of companies that are materially exposed to transition risks through decarbonisation and will now be engaging with the Audit Committees of companies deemed to be particularly exposed to transition risk.

SG 15. Allocation of assets to environmental and social themed areas

15.1. Indicate if your organisation allocates assets to, or manages, funds based on specific environmental and social themed areas.

15.2. Indicate the percentage of your total AUM invested in environmental and social themed areas.

3.21 %

15.3. Specify which thematic area(s) you invest in, indicate the percentage of your AUM in the particular asset class and provide a brief description.

Area

          SDG Engagement Equity; Impact Opportunities Equity; Low Carbon Global Equity; SDG Engagement High Yield Credit
        

Asset class invested

2.53 Percentage of AUM (+/-5%) per asset class invested in the area
0.18 Percentage of AUM (+/-5%) per asset class invested in the area
0.5 Percentage of AUM (+/-5%) per asset class invested in the area

Brief description and measures of investment

Our investments in our Impact Opportunities strategy are aligned with nine impact themes that are aligned with the 169 targets underlying the 17 SDGs. Our impact themes are the result of careful, continuous research into global sustainability challenges and the unmet needs these create. We believe that these unmet needs provide tremendous growth opportunities for companies able to provide disruptive solutions through innovative and cost-effective products/services. We have therefore developed our own impact themes to address these unmet needs; Water, Food Security, Health & Wellbeing, Education, Financial Inclusion, Future Mobility, Impact Enablers, Energy Transition and Circular Economy. 

https://www.hermes-investment.com/ukw/insight/equities/impact-report-q4-2019/

The  Federated Hermes SDG Engagement Equity Strategy aims to generate attractive investment returns and positive societal and environmental impacts through engagements with companies focused on the SDGs. We believe that there are compelling opportunities to create such change and value among smaller companies whose operations and supply chains provide rich potential for improvement and the direct access to management required for successful engagement.

https://www.hermes-investment.com/ukw/wp-content/uploads/2020/03/bd004867-sdg-engagement-equity-2019-annual-report-v2.pdf

 

In September 2019, we launched SDG Engagement High Yield Credit, which aims to outperform the global high-yield market through high-conviction investment in companies with strong fundamentals that also demonstrate the potential, through engagement, to create positive change.

15.4. Please attach any supporting information you wish to include. [OPTIONAL]



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