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PriorNilsson Fonder

PRI reporting framework 2020

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

アクティブ運用している上場株式におけるESGの組み入れ

実施プロセス

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。

A responsible approach to investments constitute an integral part of the investment decision-making process at PriorNilsson. The portfolio managers are treating company, sector and country ESG data in the financial analysis in the same way as and alongside other publically available data on the firm. This ESG data is sourced from the media, external reports, annual reports, CSR reports, equity research reports or any publically accessible source of information.

Practically, ESG factors are integrated into the investment decision-making process by e.g., evaluating the risks and opportunities of the investment based on trends. This could be listed equities' business risks associated with the shift from fossil fuels. Such trends might lead to new legislation that affects a company’s future earnings, need for new investments and re-structuring costs.

In essence, ESG factors might affect income statements and balance sheets as well as cashflows in the listed equity firm. This sort of fundamental value analysis is a natural part of all our analyses of listed equity and we choose this approach because we believe that ESG factors have an impact on a firm's intrinsic value. If, for example, we think that the risk of higher taxes or sanctions/prohibitions of a certain business, then the cashflows from this firm should be discounted with a higher discount rate to reflect this increase in risk, thus lowering the intrinsic value of the 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 fundamental analysis approach to ESG in our incorporation strategy is combined with norm-based screenings. This is a combination in order to reflect shareholder preferences while also striving for the best possible returns for our investors. To achieve the best possible risk-adjusted return while excluding companies from our universe that do not comply with the international norms set out in our investment policy is our combined strategy.

This means that we exclude some companies based on international norms/ESG factors, while in others we only take them into consideration when we perform our investment analysis.

LEI 02. Type of ESG information used in investment decision (Private)

LEI 03. Information from engagement and/or voting used in investment decision-making (Private)

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。

スクリーニングの種類

スクリーニング実行者

説明

We are restricting our funds’ investment universes (i.e. the companies and asset classes we can invest in) by excluding such companies that are operating in sectors where there is a general prohibition or in conflict with our ESG commitments on the policy level. The general prohibition excludes companies involved in controversial weapons such as cluster mines, landmines, nuclear weapons, biological weapons, chemical weapons as well as weapons of white phosphorus or depleted uranium. Apart from this, there are no absolute prohibitions towards any specific type of investment. Instead, ESG factors are well-integrated into the fundamental analysis prior to every investment decision.

External resources such as reports and ESG research data are being used by PriorNilsson to consider exclusion. As an example, the AP7 fund communicates a ”blacklist” bi-annually that serves as a basis for exclusion from our investment universe. On top of this, our external ESG research analysis providers supply us with ad hoc recommendations on companies that could be excluded.

On a post-investment basis the news flow regarding portfolio holdings is naturally covered for news that could lead to exclusion based on our commitments.

スクリーニング実行者

          Chemical Weapons Convention (CWC)
Ottawa Treaty
Convention on Cluster Munitions
Non-Proliferation Treaty (NPT)
The Biological Weapons Convention

説明

Our ESG research supplier Sustainalytics (formerly GES) is performing bi-annually norm-based screenings of our portfolio companies.

We also perform our own norm-based screenings where we look at the AP7 "Black list" of companies that breach the Ten UN Global Compact Principles and the Paris Agreement of 2015. This screening is performed bi-annually.

On top of these assessments and screenings we are also performing ad-hoc screenings whenever someone on PriorNilsson considers this necessary.

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。

This will result in a change in our external communication via our website and in presentation material to clients. Whenever the screening criteria are updated we also update our publically available policy for responsible investments on the SWESIF platform ("Hållbarhetsprofilen"). This information is then accessible to both clients as well as the general public.

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。

05.5. 補足情報　[任意]

We are using ESG screenings and ratings from Sustainalytics, a market-leading ESG research supplier that, in our view, is very reliable and up to date.

Because of data issues, relevant information may not always be accessible to Sustainalytics for screenings.

Our independent compliance and risk assurers are assessing our screening decisions as well as our general operational ESG activity.

LEI 06. Processes to ensure fund criteria are not breached (Private)

B) 実施:テーマ

LEI 07. Types of sustainability thematic funds/mandates (Not Applicable)

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。

ESG問題
影響を受ける割合
E（環境）

E（環境）

S（社会）

S（社会）

コーポレートガバナンス

コーポレートガバナンス

08.2. 補足情報 [任意]

ESG factors are directly or indirectly a part of every investment analysis we perform. That being said, their impact is relatively small. This is mostly because we are mostly invested in Swedish equities where ESG factors are not profoundly material.

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。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される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]

We follow our ESG ratings from Morningstar where we can compare ESG performance against benchmark. This makes it possible for us to assess our analysis' robustness.

 

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

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