This report shows public data only. Is this your organisation? If so, login here to view your full report.

Capital Group

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%)
87.3 %
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%)
12.7 %
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。

Capital is a discretionary investment manager with a bottom-up investment process focused on delivering long-term sustainable results. We are independently and privately owned, which has allowed us to develop a specific investment philosophy.  “The Capital System” along with our code of ethics and culture of long-term investing, ensures a robust investment process which recognises the relevance of environmental, social and governance (ESG) factors in contributing to long-term sustainable businesses.

The "Capital System" is a unique approach designed to enable our investment professionals to focus on their highest conviction ideas. Our diverse group of portfolio managers and analysts bring complementary investment approaches, experience levels, backgrounds and areas of focus to each fund. Our portfolios are composed of individual managers' and analysts' highest conviction investment ideas. Combining the best independent decisions of experience professionals into one portfolio results in diversification and creates the potential for superior results over time.

Our investment professionals are sector specialists and have the depth and breadth of knowledge that enable them to make decisions that will enhance long-term value for our clients. We acknowledge the relevance of ESG factors in contributing to long-term sustainable businesses by integrating them into fundamental analysis and valuation and considering these ESG factors alongside financial, operational and economic indicators, amongst others. The long-term lens means that the identification of ESG risks and opportunities is intrinsic to building an understanding of a company’s long-term business model or a sectors' long-term prospects.

Our research approach also leads to opportunities to engage with companies. Our investment professionals collectively make thousands of company visits annually, regularly meeting with the executives, senior management and board members. These meetings allow our investment professionals the opportunity to engage with companies on a wide range of topics including ESG factors. We make use of our formal rights, such as the ability to vote at shareholder meetings, and informal influence, to enhance long-term value or to seek mitigation of risks that impact negatively on long-term value of the business.

ESG factors can also be part of a positive investment decision. Our analysts may recommend investing in companies which they believe can deliver superior returns over the long-term while providing sustainable environmental benefits. Recent investments have been made in companies which provide renewable energy, irrigation solutions in emerging markets and companies which deliver energy efficiency benefits. In each case the environmental or social benefit was seen as part of the reason that some of our analysts believed the company would be a successful investment.

We may exclude certain investments via negative screening, although these are generally client-specific at the account level rather than the fund level. For example, some of our clients have ethical (or other) reasons why they may not want to invest in securities of companies with certain business interests. These securities will be excluded from the investable universe. The criteria for exclusion of securities or sectors are chosen in discussion with our clients and our systems offer the flexibility for segregated accounts to exclude securities or sectors.

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]

Please see LEI 01.2 above.

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]

We have an in-house Governance and Proxy team which supports and monitors our proxy voting process as well supports ESG engagements held by investment professionals and the ESG team.

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 only apply exclusion criteria to our funds where this is a part of the objective or where we are required to by law.  We have a fiduciary duty to invest in a way that helps clients achieve their long-term investment objectives. Consistent with these objectives and our duties, our investment decisions are made based on the long-term financial opportunity offered by the selected securities.

For separate account clients who require a portfolio that avoids certain types of companies, we are able to implement screens where information regarding the screening criteria is readily accessible (such as tobacco, alcohol, etc). We also are capable of screening account holdings based on ESG metrics as provided by a third party source.

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。

Screening criteria, and any changes thereto, are specified by clients.

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。

          Our analysts are questioned on screening by our global ESG team, investment specialists and portfolio managers, where relevant.

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。

In circumstances where client screening guidelines have been breached or limits have been exceeded, a group of experienced associates from relevant business areas (operational, legal & compliance and marketing) review the facts and assess the various options for correcting the breach.  Corrections could include selling the security or asking for a waiver from the client to keep the security. A risk assessment team will investigate ways to mitigate the chance of future breaches.

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。

          Our ESG and Governance and Proxy teams also engage with analysts and PMs to ensure we are integrating ESG considerations into our investment process.

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。

09.4. 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。

          Material ESG information that is relevant for a specific investment idea is incorporated into our analysts' investment research and / or recommendations.

09.6. 補足情報 [任意]

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。

          see LEI 01.2

10.3. ESG情報をポートフォリオの加重にどう統合しているかを説明してください。

Portfolio construction decisions, such as sector and industry allocation, can be influenced by ESG considerations. For example, climate change may influence energy sector allocation, the energy companies selected and their relative weightings.

When determining position weights, our portfolio managers consider the high-quality characteristics of a company, including ESG factors, as well as risk and fund/ strategy objectives, among other considerations.

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。

Valuation models are constructed for each and every holding in our portfolios and are based on thorough, rigorous fundamental research and in-house analytics. Material ESG issues are evaluated alongside of financial valuations to inform our analysts' judgements on an investment's prospects for long-term success.

10.6. 補足情報 [任意]