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Carnegie Fonder AB

PRI reporting framework 2020

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


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。

Carnegie Fonder is an independent fund management company that was founded in 1988. All our funds are actively managed with the purpose to create financial security for children, pension savers, foundations and institutions. We achieve this through our philosophy of focused value investing.

Focused means that the funds are concentrated to a limited number of securities. We do not invest in a stock simply because it is included in an index, but only if we really like the company.
Value investing means that we invest in well-managed companies that are undervalued. There are lots of good companies, but not all of them are good value. Behind each investment, we conduct a thorough analysis of the business model, finances, sustainability issues and management.

The world is rapidly changing, with megatrends like migration, climate change, scarce resources, shifts in technology and new regulations. By working with sustainability in a structured way, we can identify the companies that are well equipped for the challenges of the future. To that end we have developed a framework for responsible investments consisting of six key resources:

1. Commitments and collaborations - for instance membership in PRI, UN Global Compact and Swesif but most of all informal collaborations with other investors.

2. Responsible Investment Board - Sets the broad framework and ensures proper implementation of ESG-factors in the management of the funds as well as working as a governing body for company engagements.

3. Training and incentives - All portfolio managers, analyst and sales staff are educated on ESG-related issues. Incorporating ESG-factors are stated in portfolio managers work descriptions with annual goals formulated related to ESG that are subject to incentives in the form of variable salary.

4. Screening and sector exclusions - We require all holdings to comply with international norms, such as the UN Global Compact and our funds also exclude certain sectors such as weapons and tobacco production. Holdings are screened prior to investment with ongoing monitoring and bi-annual screenings from an external provider.

5. Internal analysis, CF THOR - Fundamental ESG-analysis incorporating both qualitative and quantitative measures using our proprietary tool, CF THOR. This analysis is performed on all holdings, both bonds and equities and its outputs are integrated in the financial analysis, for instance influencing views on future revenues and costs for investee companies.

6. Shareholder engagement - We are responsible owners which include voting on annual general meetings, serving on board nomination committees and engaging with the investee companies. We distinguish between reactive dialogues which typically happen after we are notified of potential non-compliance with internation norms and proactive dialogues to express our opinions and expectations and encourage our holdings to be more structured in their sustainablity work and integrate sustainability into all aspects of their business.

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 six resources we have outlined in LEI 01.2 are interconnected, for instance conclusions or questions arising from the internal analysis are used as a basis for company engagements, screening and sector exclusions are also checked in the internal analysis process for new investments. The Responsible Investment Board sets targets for, among other things, shareholder engagements and acts as support and governing body for the investment organization to handle any uncertainties regarding norms and sector exclusions, ensure proper training and usage of the internal analysis tool.

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。







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。

As active managers, we have to make a decision on how to divide our research budet among our brokers. We require substantial and independent research from the investment banks we engage. ESG competence is one of the parameters where thorough expertise is encouraged and rewarded in our quarterly broker review.

02.4. 補足情報 [任意]

ESG information is obtained directly from companies, e.g. via their annual reports, Bloomberg, CDP reportong, websites and presentation material as well as through written correspondence, telephone conferences, site visits and other meetings between company management and our fund managers. We also use ESG research from investment banks, who to an increasing extent include ESG issues in their research.

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]

We have an engagement log in which the portfolio managers and analysts log their interactions with companies, including type of issue (E,S and/or G), description of the issue and any results or follow-up. Pwoxy voting information is made available via the system Proxyedge, provided by Broadridge. This system contains information on annual general meetings for all portfolio companies, issues to be voted on as well as a reporting module for voting statistics.However, Carnegie Fonder does not apply third-party voting advice and all voting decisions on individual agenda items are analysed and prepared by our portfolio managers.

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。




We exclude companies involved in controversial weapons, e.g. cluster bombs and landmines, adult entertainment, alcohol and tobacco in all funds. Potential exposure to exluded sectors is checked in an external database managed by our service provider Sustainalytics before investment (pre-screening) and reconfirmed by the same provider bi-annually in the form of full screening of all fund portfolios (reconfirmation). For a full list of exclusion criterias and definitions, please see (only available in Swedish at this point in time).



As active managers, we do our best to identify and avoid companies that behave improperly. In addition to maintaining close and regular dialogue with our holdings, we engage an external consultant to review our portfolio in terms of adherence to internationally agreed and generally accepted conventions and norms. This is conducted before we invest, reconfirmed twice annually in the form of full screening of all fund portfolios as well as alerts of any allegations in between the formally scheduled screenings.

If we receive information that a holding does not live up to our requirements, the Responsible Investment Board takes action in consultation with the relevant fund manager. We have a number of possible courses of action:

  • The manager seeks additional information and discusses the holding with the Responsible Investment Board.
  • The manager contacts the company with regard to our issues.
  • Carnegie Fonder’s CEO makes more formal contact with the holding’s CEO or chairman.
  • We contact other shareholders for joint ownership dialogue.
  • If the response is not satisfactory, and the company does not show an adequate willingness to change, we can choose to divest the holding.

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 screening criteria is evaluated on an ongoing basis and at least annually by Carnegie Fonder's Responsible Investments Board. If changes are made, clients are notified on our homepage.

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]

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。

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。

If a breach is identified the Chief Investment Officer (CIO) is notified. The CIO discusses the matter with the concerned portfolio manager who gives his/her view of the company and the violation. The CIO reports to the Responsible Investment Board. If the portfolio manager, the CIO and the board accept the company’s action plan for remediation of the issue, the company will not be divested. If the response is not satisfactory, and the company does not show an adequate willingness to change, we may choose to divest the holding.

06.3. 補足情報 [任意]

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]

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。

09.4. 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]

All investment decisions are taken by the fund managers, who conduct their own analysis. Our CF THOR tool integrates sustainability into traditional financial analysis. 

CF THOR is a tool for sustainability analysis developed by Carnegie Fonder's fund managers and analysts in 2019. Its purpose is to identify risks and opportunities from a sustainability perspective, and to develop better talking points in meetings with company management teams.

CF THOR is employed for all holdings, both equities and debt, and uses 100 questions and checkpoints, of which 31 are qualitative and 69 are quantitative. It also considers the companies' de facto work with the 17 Global Sustainable Development Goals.

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。






10.2. 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。

10.4. 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。

We use our internal ESG analysis tool which identifies risks and opportunities in the company's products and/or strategies in the short, mid and long term which in turn may influence our assumptions around for instance growth or profitability. The conclusions from the tool could also influence valuation multiples due to, for instance, perceived lower or higher investment risk. The impact of any of these adjustments or the influence the ESG analysis has on the valuation is company-specific and we believe it must be, there is no "one-size fits all" with regards to valuation adjustments influenced by ESG considerations.

10.6. 補足情報 [任意]