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Terra Alpha Investments, LLC

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

投資ポリシー

SG 01. RI policy and coverage

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。

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。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲

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。

We seek to build a portfolio of exceptional companies that will thrive in an increasingly changing world. We believe that companies that understand and manage their impacts on natural resources and seek to provide enduring value to their customers and employees will bring long-term value to their shareholders. We use our Environmentally Productive analytical framework to identify businesses that are already prepared to deliver value over a long-term investment horizon. 

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]

Our investment philosophy is founded on four core pillars: Environmental Productivity, Enduring Business Models, Attractive (Growth at a Reasonable Price [GARP]) Valuations, and a Patient Capital (5+ year time horizon) approach. We utilize a multi-stage process to identify companies globally that are environmentally productive, have enduring business models, and are attractively valued.

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)

At Terra Alpha Investments, we believe that a portfolio consisting of companies with enduring business models, attractive valuations, and high levels of Environmental Productivity will provide investors with superior long-term, risk-adjusted returns. As part of our approach, we measure a company’s ability to manage risk and seize opportunity in an increasingly natural resource constrained world, which includes the monitoring of thematic trends, such as: decarbonization, technological innovation, electrification of everything, climate change impacts, evolving food/agriculture systems, demographics, and urbanization. As we analyze companies, we consider transition risks related to policy and legal actions, new technology adoption and business model disruptions, and changing customer and market behaviors. Transition risks include: carbon pricing or taxes, regulation of products and services, litigation, competition from newer lower emission products, changing consumer behavior, increased raw material costs, reputational risk from actions or market perceptions, etc. We also consider physical climate-related risks as part of our company analysis. These physical risks can be in the form of quantity issues (either excesses or scarcities), quality issues (e.g., contaminations due to weather events), and even large price fluctuations in materials. Climate-related risks, whether transitional or physical, lead to operational risk exposures that could ultimately determine how, and even if, a company operates. Regarding opportunities, we mainly focus on product and service offerings, energy efficiency, energy sourcing, and resilience. We attempt to identify disruptors or pioneers within various industries that are changing business models that will allow for a more sustainable world. We also focus on identifying enablers whose products or services will aid in the transition to a lower-carbon future. At a minimum, companies must be working to minimize their own footprints by either becoming more efficient at how they operate or switching to more renewable energy sources or both. Companies that are also building out more resilient operations are better positioned to navigate a more volatile environment and capitalize on the opportunities that are already coinciding with our changing world.

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?

これらのリスクおよび機会に関連する時間の尺度について説明してください。(500語以内)

Our firm has considered the likelihood and impact of climate-related risks, particularly as they relate to a company’s business model, financials, and operations. While we consider several climate-related scenarios, one of our overarching assumptions is that lower greenhouse gas emissions and more climate-resilient development are needed to achieve The Paris Agreement goal of limiting the average global temperature rise. Our planet has already witnessed changing weather patterns and more frequent and intense storms, as a result of the changing climate. These changes are most likely a new norm for our world. In order to limit further change, many potential transition risks will become realities. When we assess a company’s business model, we factor in risks like potential regulation of products and services, the likelihood of legal actions, the potential for disruptors in the industry (e.g, competition from newer lower emission products or the threat of substitute products or services), and the potential opportunities associated with new revenue streams from pioneering or enabling products and services . For the financial analysis of a company, we consider risks like changes in both carbon and water pricing, raw material costs, and demand changes due to reputational risks. Finally, when considering a company’s operations, we analyze the potential physical risks associated with climate change (e.g., manufacturing facility locations) and the opportunities that come with how they operate (e.g., increasing resource efficiencies).

01.8 CC. 組織はTCFDを公式に支持しますか?

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?

説明してください。

Terra Alpha actively manages a global public equities strategy that is focused on identifying material climate-related risks and capitalizing on opportunity. These risks and opportunities are assessed when we analyze both the Environmental Productivity and enduring business models of companies. Beyond our investment research and strategy, we engage with portfolio holdings to encourage corporate disclosure of environmental data and practices, vote proxies in line with our investment strategy, and advocate for Environmental Productivity to be adopted across the economic system through our communications strategy and work.

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。

具体的に記入してください。

          We consider TCFD disclosures as best practice disclosure. Our ideal disclosure document is available on our website and is part of our engagement with companies.
        

SG 02. Publicly available RI policy or guidance documents

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。

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。

URL/添付ファイル

URL/添付ファイル

添付ファイル

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。

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

URL/添付ファイル

02.3. 補足情報 [任意]


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。

Many of the members of Terra Alpha's investment team are either CFA charter holders or are in the process of obtaining their charters. As such, our organization utilizes the institute's best-in-class standards as it pertains to conflicts of interest in the investment process.  

We also have a strict ethics and code of conduct policy that applies to all employees. Employees are required to review and re-sign our code of ethics on a quarterly basis. 

03.3. 補足情報 [任意]


SG 04. Identifying incidents occurring within portfolios (Private)


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