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Osmosis Investment Management

PRI reporting framework 2020

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



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。

Osmosis launched in 2009 and is an award-winning sustainable investment manager based in London.  Osmosis has developed a proprietary model of resource efficiency (the “MoRE Model”) looking at the world’s largest public companies in developed global markets which generates a Resource Efficiency Factor Score which Osmosis calculates on a systematic basis using a proprietary resource efficiency valuation metric derived from observed amounts of energy consumed, water use, and waste created relative to revenue generated for each company in this global large cap universe.

Osmosis  takes a rounded approach investing through the whole economy, addressing both supply and demand, targeting excess return whilst simultaneously delivering better environmental foot prints to relative benchmarks.

Objectively analysing corporate sustainability data allows us to identify an uncorrelated source of alpha in publicly listed companies. The identification of companies that are measuring, managing and reducing their resource consumption while capitalising on this rising demand will deliver greater shareholder returns over the longer term.

This informational advantage when applied to a systematic quantitative approach creates investment portfolios that deliver superior risk-adjusted returns over the long-term while significantly reducing their draw on natural resources and so investor’s holdings have a much lower environmental footprint relevant to market benchmarks.

Sustainability and excess return need not be mutually exclusive.


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 MoRE Model analyses the disclosing universe of public companies, i.e. the world’s largest public companies that disclose sufficiently on their energy consumption, waste creation and water consumption, in the public domain through their annual reports and sustainability reports. This data is checked for completeness and accuracy and then entered into the Model of Resource Efficiency database making it part of the disclosing universe. Only companies which disclose on GHG Equivalent Emissions, water consumption and waste generation will be scored. These factors are combined and calculated into a Resource Efficiency Factor Score, i.e. for each stock within the universe of companies disclosing environmental and resource efficiency data a unique multi-factor score is calculated. The multi-factor score is generated by combining the individual factors of greenhouse gas emissions, water use, and waste generated which are used to quantify a company's resource efficiency. The Resource Efficiency Factor Scores are analysed within their sector and re-calculated in respect of each company upon publication of its annual financials (including its environmental report). Stock selection is based on a systematic selection of resource efficient stocks across all sectors as identified by the model.

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。

02.4. 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]

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。




Osmosis systematically identifies relative resource efficiency amongst global large caps. Resource efficiency is defined as the amount of energy consumed, water consumed and waste created in order to generate economic value. Osmosis conducts such analysis across all economic sectors excluding the financial sector. Depending on the strategy, companies that do not disclose environmental metrics will not be included in the portfolio construction universe.



Osmosis systematically identifies relative resource efficiency amongst global large caps. Resource efficiency is defined as the amount of energy consumed, water consumed and waste created in order to generate economic value. Osmosis conducts such analysis across all economic sectors excluding the financial sector. Depending on the strategy, companies with the best resource efficiency scores within their respective sectors will be selected for inclusion in the investment portfolio.



Our strategies contribute to several of the UN Sustainable Development Goals, directly and indirectly :
▪ Goal 6: Supporting those companies that avoid wasting water and use water most efficiently
▪ Goal 7: Renewable energy is a key contributor to resource efficiency
▪ Goal 9: Technological progress and innovation is at the basis of resource efficiency
▪ Goal 12: Resource efficiency is about sustainable production, doing more and better with less, this will increase 
▪ Goal 13: We identify those companies that are leading in their sector on taking action to reduce their carbon footprint
▪ Goal 15: Careful management of less energy, less water and less waste is a key feature of a sustainable future

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。

Osmosis updates the Model of Resource Efficiency database on a monthly basis so that any corporate disclosures are continuously updated. Due to the systematic rules of the MoRE investment process, investors are not updated, but depending on the strategy, such resource efficiency score will determine on inclusion/exclusion or relative weight in the strategy. Clients may see the relative improvement of the portfolios optically through an in-house resource efficiency metric which graphically evidences the relative resource efficiency score of a portfolio to the respective benchmarks.

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。

05.4. 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。

Osmosis selects companies based on their relative resource efficiency. Osmosis  process will not breach limits due to the systematic process which drives the model and subsequent portfolio constituent selection.

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]

Osmosis focuses solely on the productive use of resource within the operations of a business relative to the economic value it generates.The productive use of resource is identified through three publicly disclosed, objective and uncorrelated factors:
• Energy Consumption
• Water Consumption
• Waste Creation

These three key factors are private costs accountable to the balance sheet, focussing on the operational performance of the business.  Utilising these internalised factors allows us to focus purely on the economic benefit to the balance sheet of using less to produce more.
Management teams that monitor, manage and reduce their resource consumption relative to the economic value created are ultimately positioning their business for long-term and sustainable economic growth.  By using objective data, Resource Efficiency identifies successful management teams actions over their intent, successfully delivering sustainability to the bottom line.


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]

We do not target S & G but we have seen that companies who drive environmental performance to the balance sheet tend to rank highly across these factors.

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]

LEI 10. Aspects of analysis ESG information is integrated into (Private)