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Redpoint Investment Management

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (A) Implementation: Screening

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。




Redpoint uses two approaches to exclusionary screening, based on client requirements.

The first approach uses our proprietary rating, which draws on all three domains of ES and G information and integrates that with long-horizon quantitative financial signals.

  • We apply the screening globally, eliminating between 10% and 60% of a benchmark universe (benchmark dependent).
  • We hold all stocks to the same standard rather than apply a best of sector approach.
  • Any country and/or industry and sector biases, introduced by the screening, are managed in the portfolio construction process.

The outcome is a portoflio, with above average ESG scores.

The second approach screens on product, activity and/or sector-membership, driven by each client's own policies.

Either approach can be used standalone, or as a base for an enhanced strategy that uses alpha metrics that integrate ESG considerations.

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。

Redpoint's proprietary rating has been developed using a combination of:

  • individual experience - our Chairman (and former CIO) has been involved in incorporating ESG issues in investment strategies since 2001
  • organisational experience - Redpoint has been incorporating ESG issues in investment strategies since its inception in 2011 and our current CIO has been with the firm since inception
  • establishing a priori expectations for the influence of individual indicators
  • applying rigorous quantitative analysis to the historical investment performance response to candidate indicators.

Attribution analysis is an ongoing process that provides feedback on the efficacy of the rating.  However, as with all quantitative processes, there is a balance between needing time (multiple years of data) to raise confidence levels and evolution of the underlying investment drivers.   Accordingly, we review the composition of the rating annually, but with a less than 50% probability of changing the rating's specification.

If a change in the specification leads to a significant change in the ratings behaviour, or the nature of the information it comprises, we would inform client's prior to implementing any changes to their strategies.

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。

05.4. 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。

Any position outside guidelines is corrected as soon as practicable.  Any breach of a mandate constraint is dealt with in accordance with the mandate requirements and internal policies on breach reproting.

06.3. 補足情報 [任意]