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Ohman Fonder

PRI reporting framework 2020

Export Public Responses

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LEI 12. How ESG incorporation has influenced portfolio composition

12.1. 組織のESG組み入れ戦略がポートフォリオや投資ユニバースの構成にどういう影響を与えているかを記載してください。


For all of our funds, both actively and passively managed, we apply our exclusionary screening criteria which reduce the investment universe, but to a varying extent depending on each funds specific investment universe and strategy. The reduced universe ranges from 5-25% (Swedish market), but to a larger extent globally, 25-50%, of the market value for some of the funds. See more in additional information (LEI 12.2). 

削減率を明記してください(+/- 5%)

25 %



See additional information (LEI 12.2) below.

12.2. 補足情報 [任意]

Passively managed index-tracking funds (per year end 2019):

  • Etisk Index Sverige.
    • Excluded market value; 25%.
    • Fund aggregate ESG risk 20 / 100 (compared to index: 21 / 100).
    • ESG performance attribution: -1.10%
  • Etisk Index USA.
    • Excluded market value; 38%.
    • Fund aggregate ESG risk 21 / 100 (compared to index: 24 / 100). 
    • ESG performance attribution: +0.78%
  • Etisk Index Europa.
    • Excluded market value; 44%.
    • Fund aggregate ESG risk 20 / 100 (compared to index: 24 / 100).
    • ESG performance attribution: +1.77%
  • Etisk Index Japan.
    • Excluded market value; 35%.
    • Fund aggregate ESG risk 22 / 100 (compared to index: 25 / 100).
    • ESG performance attribution: +2.17%
  • Etisk Index Pacific.
    • Share of excluded market value; 41%
    • Fund aggregate ESG risk 21 / 100 (compared to index: 24 / 100). 
    • ESG performance attribution: +2.93%
  • Sverige Marknad Hållbar
    • Share of excluded market value; 25%
    • Fund aggregate ESG risk 20 / 100 (compared to index: 21 / 100). 
    • ESG performance attribution: -1.00% 
  • Global Marknad Hållbar.
    • Share of excluded market value; 56%
    • Fund aggregate ESG risk 19 / 100 (compared to index: 24 / 100). 
    • ESG performance attribution: +2.35%
  • Etisk Emerging Markets.
    • Share of excluded market value; 40%
    • Fund aggregate ESG risk 25 / 100 (compared to index: 28 / 100). 
    • ESG performance attribution: +4.83%

These numbers are publicly reported each month:

LEI 13. Examples of ESG issues that affected your investment view / performance

13.1. 組織の投資見解や報告年度のパフォーマンスに影響を与えたESG問題の例を挙げてください。


E, S & G

適用したESG組み入れ戦略 Screening|Index incorporating ESG factors


During the year, most of our passively managed funds' sustainability profile yielded a strong positive contribution compared to index. If we break down the sustainability contribution per criterion, we can see that large contribution comes from overweight in sustainable companies but exclusion of companies with high ESG risk also had a strong positive impact for some of the funds. The exclusion of fossil fuel companies has also contributed positively to the funds performance.

At the company-level, the exclusion of Royal Dutch Shell and BP have for example contributed positively. Microsoft is a holding that has been overweighted and contributed to lowering ESG risk.


(S): Working conditions

適用したESG組み入れ戦略 Screening|Integration


We decided to not participate in the Uber IPO. In the last three years, the company has spent a total of 10 billion dollars and wrote in their prospectus that there is a risk that the company never becomes profitable. However, it was not mainly the high valuation and the unprofitable business that led us to make the decision to not invest. The company has also been criticized for underpaying drivers who are not regarded as employees but as freelancing drivers. Uber also has a number of outstanding disputes with authorities, for example the US Department of Justice launched a criminal investigation. This investigation also includes a case that Uber customer data was available to third parties. Uber has a high ESG risk and was almost immediately placed on the watchlist for violating international norms and conventions. More on our decision to not participate in the IPO was communicated externally and can be found here:


(E): Environmental, emission reduction from transportation

適用したESG組み入れ戦略 Thematic|Integration


We decided to invest in Trainline (thematic ESG decision). The company facilitates more environmentally friendly travelling by train through booking of electronic tickets: there is also a connection to SDG 11.2 = By 2030, provide access to safe, affordable, accessible and sustainable transport systems for everyone. Market outlook: expects 40% increase in train passengers in the UK. In addition, we also see political support for investments and expansion of the train network given that the UK adopted the ambitious net zero emission target to 2050 as the first G7 country. We have also been engaging with Trainline on certain ESG issues on which we believe they can improve.


(E & S): Electrification and mining safety

適用したESG組み入れ戦略 Thematic|Integration


We have invested in Lundin Mining, a company exposed to a strong mining sector where we see future automation and electrification as positive drivers. Some examples of factors strengthening our ESG investment conviction:

  • We will see an increase in demand for copper in the coming years. The company will increase its copper production by over 30% from 2019 to 2021 due to the previous acquisition of Chapada in Brazil. With copper as one of their most important products, they are also exposed to the electrification trend.
    • Sustainability: The company has operations in the US, Portugal, Chile and part-ownership in Finland, which gives a medium-high business risk. Sustainability is well integrated into their business strategy.
    • Lundin Mining's sustainability profile showcase good conditions for the business to run without interruptions and disruptions, and with low brand risk. Their active work in the local community contributes to a positive license to operate, which is valuable in expansion in other markets.

13.2. 補足情報 [任意]