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Ohman Fonder

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Innovation [SG 18] Communication [SG 19]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (C) Implementation: Integration of ESG factors [LEI 08 - 10] ESG incorporation in passively managed listed equities [LEI 11] Outputs and outcomes [LEI 12 - 13]
Direct - Listed Equity Active Ownership
Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (B) Implementation: Thematic [FI 07 - 09] (C) Implementation: Integration [FI 10 - 12] ESG incorporation in passively managed fixed income [FI 13] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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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 130%

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。

It is our firm belief that ESG considerations is essential in order to be able to assess the risks and opportunities which could impact a company both in the short- and long-term. For this reason, we have decided to take a systematic approach to ESG incorporation. Integrating ESG factors into the investment process contributes to better risk management and mitigation, and is a strategy to capture greater investment opportunities and long-term growth trends. As of this year, all of our funds are managed according to our highest sustainability level (ESG integration). Each investment team determines how the sustainability factors are material to the investment, depending on their investment strategy, universe and mandate.

We only invest in companies that live up to our high standards for sustainable business conduct. Hence, we exclude companies that according to our criterias are engaged in unethical behavior or are in breach of international norms and conventions. We do so by conducting quarterly screenings, to ensure that our investments are compliant with our standards and client demands.

ESG integration strategy:

  • If it is a new company which have not been assessed before: portfolio manager inform the ESG team. An ESG Due Diligence is conducted to ensure that it meets our minimum requirements.
  • The ESG team makes a qualitative assessment of the company's ESG profile and gives a recommendation/ESG outlook (positive / neutral / negative outlook). The ESG score from the external service provider, which is a more quantitative score (ESG risk rating), is thus complemented by our own internal and qualitative assessment. The company's ESG profile is taken into account in the fundamental analysis and could hence impact the valuation and investment decision. 
  • We also apply a thematic strategy, to identify specific investment themes and value drivers. We strive to invest in companies that, due to their exposure to certain themes or specific Sustainable Development Goals (SDG), are deemed to have the potential to increase their long-term growth opportunities.
  • We have developed an ESG Risk Monitor, to identify portfolio holdings with high or heightened ESG risk, or companies with an improving ESG profile. The results from the monitoring process is discussed at regular meetings with the portfolio management teams.
  • If a company has been identified as having high ESG risk, and if the ESG team has a negative outlook for the company, this is discussed at the regular meetings. If we continue to have a negative view of the company's ESG profile, and do not see the necessary improvements from engagement, we can choose to divest.

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]

Screening is the foundation of our responsible investment strategy and is applicable to all of our investments. This strategy was chosen to meet client demands as well as regulatory requirements, but also because certain business practices simply are misaligned with a sustainable development and hence not something we deem is a good investment. A quarterly screening is conducted of the investment universe to ensure compliance with our criterias. An investment is not eligible if the company violates our exclusion criteria or if it is verified for violating international norms and conventions.

ESG integration:

Actively managed funds: see ESG incorporation strategy above (LEI 01.2). ESG integration strategy applied to enhance the investment decison making process, to widen the scope of factors we evaluate when considering an investment.

Passively managed funds: the more sustainable companies are assigned a higher weight in the fund than in the benchmark index.

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。

ESG情報の種類

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

この情報の提供者を選択してください

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。

02.3. ブローカーに対しどのように奨励しているかを記載してください。

In our assessment of counterparties and in the annual broker vote, we evaluate to what extent they deliver ESG research and the quality and scope of these. In meetings with brokers we always encourage their ESG efforts and give feedback on improvements. 

 

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 ESG research log (centralized front-desk system), where ESG analysts add company-specific research notes, for example after company presentations and meetings. We also flag whether the company is subject to an ongoing engagement.

The portfolio managers always have access to this log, but the ESG-team also send ESG-updates to relevant teams when a change is made; including a short comment, the company's ESG risk profile and ESG outlook. Through these updates we notify portfolio managers about the engagement process and potential changes in our assessment.

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

Quarterly screening is conducted by an external service provider based on our ethical standard as well as international norms and conventions. For all actively managed listed equity we exclude companies that are producing and distributing controversial weapons; cluster munitions, anti-personnel mines, nuclear-, biological- and chemical weapons. We also exclude companies if more than 0% of their revenues are derived from production of weapons/military material, tobacco and pornography. Also, companies involved in distribution of alcohol, weapons/military material, gambling, tobacco, pornography and cannabis (more than 5% of their revenues) are excluded. We do not invest in companies involved in extraction of fossil fuels (coal, oil and gas) or companies which derive more than 10% of their revenues from coal-based electricity and oil and gas-services.​

スクリーニング実行者

説明

Quarterly screening is conducted by an external service provider on the basis of international norms and conventions. If a company is found to be a confirmed violation, we exclude the company from the investment universe. We do not invest in companies that systematically are in breach of international norms and conventions based on UN Global Compact 10 principles on labor, human rights, environment and anti-corruption. 

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。

The screening criterias are defined and set by our Committee for Responsible Investment, and decided upon by the Board of Directors. We have identified these criterias based on customer demand, industry standards and what we deem are important sustainability risks. The criteria’s are evaluated once a year, and potential changes are included and revised in our policy. They are communicated to our clients in many ways, for example news letters and meetings.

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。

The internal control function on a daily basis monitors that our clients’ and fund holdings are in line with its sustainability criterias. Any deviations must immediately be reported to the responsible portfolio manager, CEO and Head of Responsible investment. The portfolio managers have to sell the holding that are in breach of the sustainability criteria. Head of Responsible Investment must annually report to the Board of Directors on the selection process and its compliance.

06.3. 補足情報 [任意]

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]

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。

09.4. 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]

We have an ESG research log, where ESG analysts add company-specific research notes for example after company presentations and meetings. We also flag whether the company is subject to an ongoing engagement.

The portfolio managers always have access to this log, but the ESG-team also send ESG-updates to relevant teams when a change is made; these updates include a short comment, the company's ESG score and the ESG outlook. Through these updates the ESG-team notify portfolio managers about the engagement process and potential changes in our assessment.

LEI 10. Aspects of analysis ESG information is integrated into

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。

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。

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

10.5. 有価証券の評価に感応度/シナリオ分析をどのように適用しているか説明してください。

We have conducted a scenario-analysis using the PACTA-tool, created by 2-degrees Investing and supported by the UNPRI. We have conducted this analysis on our listed equity portfolio, and the results have been published in our annual climate report (aligned with TCFD), which can be found here: https://www.ohman.se/fonder/rapporter/kilimatrapport/

10.6. 補足情報 [任意]

During 2019 we have developed a sector-specific ESG research conducted in house. We look further into the material ESG aspect within a sector and highlight what we see as the main risks but also drivers going forward. This complements our industry anlaysis above, and assess how political, regulatory and ESG factors could affect an industry.

  • The first sector report covered the Tech sector and issues such as data privacy and integrity: https://www.ohman.se/wp-content/uploads/Öhman_Prospektiv_Hållbarhetsrisker_inom_teknologisektorn_2019_1-1.pdf
  • The second sector report covered the Banking sector, especially focusing on climate-related financial risks and business ethics: https://www.ohman.se/wp-content/uploads/Öhman_Prospektiv_2_2019.pdf

These reports are both used as a foundation for discussion on these topics with the portfolio managers. But also in discussions with our clients and other stakeholders. We will soon publish our third sector report, focusing on Industrials.
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