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Carnegie Fonder AB

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。


01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

Carnegie Fonder is an independent fund management company 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 company simply because it is included in an index.
  • 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

2. Responsible Investment Board

3. Training and incentives

4. Screening and sector exclusion

5. Internal analysis – CF THOR

6. Shareholder engagement

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

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 and 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 and serves as a governing body for company engagements.

3. Training and incentives - All portfolio managers, analyst and sales staff are educated on ESG-related issues. The responsibility to incorporate ESG-factors is clearly articulated in all portfolio managers job descriptions and instructions. Furthermore, all portfolio managers have annual goals related to ESG that are linked to 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 international norms and proactive dialogues to express our opinions and expectations on specific ESG issues, or encourage our holdings to be more structured in their sustanaiblity work and integrate sustainability into all aspects of their business.

01.6. 補足情報 [任意]


SG 01 CC. Climate risk

01.6 CC. 投資期間において特定され、組織の投資戦略・商品に組み込まれている気候関連のリスクおよび機会について記述してください。

特定された気候関連の移行リスク・物理的リスクおよび機会、ならびに投資戦略・商品にそれらがどのように組み込まれているかを説明してください。(500 語以内で自由に記載)

Our internal ESG-analysis tool, CF THOR, has a section which assesses company-level transition and physical risks and opportunities related to climate, for instance based on sector-specific challenges as well as the company's CDP responses. Certain sectors where, among other risks, the transition risks and the harm to society caused by these sectors has led some of our funds to exclude these sectors from investment. For example fossil fuel producers are excluded in most of our fund range.

01.7 CC. 組織はそれら気候リスクの可能性および影響を評価しましたか?


We attempt to incorporate this risk assessment in the company analysis, the focus is on the long-term, +10y. We have yet to assign a quantitative impact on these risks.

01.8 CC. 組織はTCFDを公式に支持しますか?


We welcome the work and recommendations of the TCFD as it guides companies as to how to produce relevant climate change related reporting in a manner that enables the investment community to understand and assess a company's main climate-related risks and opportunities but also facilitates comparison between companies. We actively consider company-specific risks and opportunities associated with climate change (both physical and transitional) in our ESG analysis as part of CF THOR, our own proprietary ESG analysis gramework.

We also encourage our portfolio companies to report according to TCFD recommendations. 

We have not yet taken a decision to publicly express our support for the initiative.

01.9 CC. 重大な気候関連リスクおよび機会を特定・管理する組織全体の戦略がありますか?


Our ESG analysis tool, CF THOR, which shall be applied to all holdings, includes a section with specific indicators for climate-related risks and opportunities. 

1.10 CC. TCFD開示を発表するために組織が使用する文書/通信を示してください。

SG 02. Publicly available RI policy or guidance documents


02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。








02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。







02.3. 補足情報 [任意]

The full policy is available in Swedish only, but can be made available in English upon request.

SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

Carnegie Fonder has adopted policies and procedures designed to identify and manage conflicts of interest. Both Carnegie Fonder and its employees shall act in the best interest of its customers.

Employees should be attentive to potential conflicts of interest and any conflicts of interest that may arise are handled in accordance with the company’s internal rules for managing conflicts of interest. This means, among other things, that the interests of unitholders come first. In matters where there are conflicting interests between unitholders in funds managed by Carnegie Fonder, interests other than the best interests of the unitholders in each fund must not be taken into account and no specific customer should be favoured at the expense of another.

Areas where conflicts of interest do or may exist are reviewed regularly. Carnegie Fonder has a number of procedures for managing conflicts of interest which are monitored by a second line of defense. As an example, the grandfather principle is applied to internal procedures.

Furthermore, information is limited to employees who need it to perform their work. Personal account dealing is closely monitored in accordance with regulatory requirements.

The board and management are informed about significant conflicts of interest. 

03.3. 補足情報 [任意]

SG 04. Identifying incidents occurring within portfolios

04.1. 組織では、投資先企業において発生するインシデントの特定と管理を行うプロセスを設定しているかどうか明示して下さい。

04.2. インシデントを管理するプロセスを説明して下さい

All portfolio managers and analysts closely monitor financial and other reporting on portfolio companies, including media. All portfolios are screened twice per year by our service provider Sustainalytics, detailing any allegations of companies breaching intrernationally agreed and genereally accepted conventions and norms such as UN Global Compact. Furthermore, Sustainalytics also distribute bi-weekly alerts reporting any incidents emerging in between the scheduled screenings. Incidents are managed in accordance with the shareholder engagement methods detailed in our Principles for Shareholder Engagement