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Patrimonium Asset Management AG

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] Communication [SG 19]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (C) Implementation: Integration [FI 10 - 12] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]
Direct – Private Equity
Overview [PE 01 - 02] Fundraising of private equity funds [PE 03 - 04] Pre-investment (selection) [PE 05 - 08] Post-investment (monitoring) [PE 09 - 13] Outputs and outcomes [PE 14 - 15] Communication [PE 16]
Direct - Property
Overview [PR 01] Fundraising of property funds [PR 02 - 03] Pre-investment (selection) [PR 04 - 06] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Outputs and outcomes [PR 15 - 16]
Direct - Infrastructure
Overview [INF 01 - 02] Fundraising of infrastructure funds [INF 03 - 04] Pre-Investment (Selection) [INF 05 - 09] Post-investment (monitoring and active ownership) [INF 11 - 16] Overview [INF 11] Infrastructure Monitoring and Operations [INF 12 - 14] Outputs and outcomes [INF 17 - 18] Communication [INF 19]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income

アクティブ運用している債券におけるESGの組み入れ

実施プロセス

FI 01. Incorporation strategies applied

以下を記載してください。 （1）組織でアクティブ運用する債券投資について、どのESG組み入れ戦略や組み合わせを使用しているか（2）各戦略が適用されるアクティブ運用債券投資合計の割合（+/- 5%）
社債（非金融）
0 スクリーニングのみ
0 テーマのみ
0 統合のみ
100 スクリーニング + 統合戦略
0 テーマ + 統合戦略
0 スクリーニング + テーマ戦略
0 3つの戦略すべての組み合わせ
0 組み入れ戦略を適用していない
100%

01.2. 特定のESG組み入れ戦略を選択している理由と、使用する戦略の組み合わせを説明してください。

Screening approach: We apply a screening approach to filter out potential portfolio companies which are active in any industry which is believed to be unethical, unsustainable or which goes against our company values. Through a screening approach, such companies are excluded from our investment universe at an early stage of the investment process in a very efficient way. Integration Approach:The analysis of the three ESG dimensions is fully integrated in our investment decision process. This way, the investment team ensures that any detectable ESG-related issue is identified and considered during the investment process. We seek to avoid any investment which would go against our company values or conflicting with our investors’ individual responsible investment principles. Moreover, as a credit lender, we are convinced that seeking responsible investments generally improves our downside risk protection, enhances preservation of capital and minimize reputation risk for both our investors and Patrimonium.*

01.3. 補足情報 [任意]

*Combination of the above mentioned strategies: Through the combination of screening and integration strategies, we reduce in an efficient manner the probability of failing to identify ESG-related issues involving our investments. By first applying the screening strategy, dismissing companies linked with undesired industries is straight-forward and does not require any time-consuming process. In a second step, only if the potential borrowing company fulfilled the screening criteria, integrating the ESG factors in the investment analysis allows to analyse in more detail the compliance of that company to the ESG principles.

1.Screening: 

Patrimonium applies exclusion criteria on the following industries: 

Defense 

e.g. Weapons & Ammunition manufacturing 

Energy 

e.g. Oil and Gas exploration, Coal, Nuclear energy 

Health 

e.g. Tobacco, Alcohol 

Animals 

e.g. Pelts, animal testing 

Ethical 

e.g. Prostitution, Gambling, Pornography 

Furthermore, land as a resource captures full attention from Patrimonium. Indeed, activities requiring deforestation imply alarming climate risks as well as further potential issues (endangered animal species, biodiversity reduction or confrontation with native tribes living in the affected regions). Patrimonium refuses to finance companies linked with activities requiring direct deforestation.  

Patrimonium also carefully investigates methane emissions and potential gas leaks linked to the activities of our loan candidates. For example, energy producers using fracking methods represents a risk of methane leak which Patrimonium considers as too high to bear. Consequently, fracking is included in the list of industries that are out of our investment universe. 

2.Integration: 

To integrate the ESG analysis into our investment decision, Patrimonium’s analysts assess various relevant ESG factors for each ESG dimension. A sub- score is first obtained for each ESG dimension and then, an overall ESG score is computed based on the three sub-scores. See below various examples of ESG factors contributing to the sub-scores: 

Environmental issues 

- Company’s negative impact on water 

- Company’s waste

Social issues 

- To which extent does the company’s product harms by anyway its consumers  

- Negative impact of the company’s activity on the community (public health endangered, force to relocate populations, activity linked with nuisance) 

Governance issues 

- Shareholders’ background 

- Occurrence and extent of extraordinary payments to executives of the company 

FI 02. ESG issues and issuer research (Private)

FI 03. Processes to ensure analysis is robust

03.1. 組織のESG調査プロセスの堅牢性を確保する方法を記載してください。

具体的に記載してください 

          Event-driven: Ad-hoc research. Situation-specific research and reaction to ESG relevant event.

03.2. ESG情報または分析を投資チーム内で共有する方法を記載してください。

03.3. 補足情報 [任意]

A) 実施:スクリーニング

FI 04. Types of screening applied

04.1. 実施するスクリーニングの種類を記載してください。

当てはまる項目を全てを選択してください
社債（非金融）
ネガティブ/ 排他的スクリーニング
ポジティブ/業界最高のスクリーニング
基準に基づくスクリーニング

04.2. 組織内でアクティブ運用している債券に適用するスクリーニングのアプローチを記載してください。

Our screening approach is built in such a way that the investment requirements related to the ESG thematic mentioned in Patrimonium’s company values, the relevant investment product documentation (e.g. prospectus, investment guidelines, etc.), and the various investor side letters and requests are fulfilled.

The resulting screening criteria are reviewed each time the requirements are modified. Should the screening criteria change, concerned investors are notified per Email.

Through a screening approach, potential portfolio companies which are active in any industry which is believed to be unethical, unsustainable or which goes against our company values are excluded from our investment universe at an early stage of the investment process in a very efficient way. 

Patrimonium applies exclusion criteria on the following industries: 

- Defense: e.g. Weapons & Ammunition manufacturing 

- Energy:e.g. Tobacco, Alcohol 

- Animals: e.g. Pelts, animal testing 

- Ethical:e.g. Prostitution, Gambling, Pornography 

Furthermore, land as a resource captures full attention from Patrimonium. Indeed, activities requiring deforestation imply alarming climate risks as well as further potential issues (endangered animal species, biodiversity reduction or confrontation with native tribes living in the affected regions). Patrimonium refuses to finance companies linked with activities requiring direct deforestation. 

04.3. 補足情報 [任意]

Patrimonium also carefully investigates methane emissions and potential gas leaks linked to the activities of our loan candidates. For example, energy producers using fracking methods represents a risk of methane leak which Patrimonium considers as too high to bear. Consequently, fracking is included in the list of industries that are out of our investment universe. 

FI 05. Examples of ESG factors in screening process (Private)

FI 06. Screening - ensuring criteria are met

06.1. 債券投資においてファンドスクリーニング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システムを記載してください。

スクリーニングの種類
ネガティブ/排他的スクリーニング​

06.2. 補足情報 [任意]

B) 実施:テーマ

FI 07. Thematic investing - overview (Not Applicable)

FI 08. Thematic investing - themed bond processes (Not Applicable)

FI 09. Thematic investing - assessing impact (Not Applicable)

C) 実施:ESG問題の統合

FI 10. Integration overview

10.1. ESGを従来の財務分析に統合するアプローチを説明してください。

The analysis of ESG risk is a main element of the whole investment process. Within the initial screening of an investment opportunity, a red-flag analysis is conducted in order to identify potential ESG risk factors. In case of existing ESG-issues which do not lead yet to an immediate rejection of the investment opportunity, the relevant topic becomes a crucial part of the subsequently conducted due diligence analysis. For given investments, ESG compliance is widely ensured by several elements structured in the loan contracts which is internally monitored on a regularly basis.

10.2. 投資する債券の各種類に対してESG統合アプローチをどのように調整するのか説明してください。

社債（非金融）

We invest into one asset class, hence there is no differenciation.

10.3. 補足情報 [任意]

FI 11. Integration - ESG information in investment processes

11.1. ESG情報が、通常、投資プロセスの一部としてどのように使用されるのか記載してください。

当てはまるものをすべて選択してください
社債（非金融）
ESG分析をファンダメンタル分析に組み込んでいる
ESG分析が発行体の内部信用評価を調整するために利用される
ESG分析が予想財務業績および将来キャッシュフロー予測を調整するために利用される
ESG分析が発行体の同業グループと比較したランキングに影響する
発行体のESG債スプレッドおよび同セクター企業に対するその相対価値が、すべてのリスクが織り込まれているか否かを把握するために分析される
各種デュレーション／満期の発行体債券へのESG分析の影響が分析される。
感度分析およびシナリオ分析が、ベースケースとESG組み込み証券評価の差を比較する評価モデルに適用される
ESG分析が、ポートフォリオのウェイティング決定に組み込まれている
会社、セクター、国、通貨が、ESGエクスポージャーの変化およびリスク制限の違反についてモニタリングされる
ESGリスクが大きい証券についてポートフォリオのESGプロファイルが検討され、ベンチマークのESGプロファイルと比較して評価される
その他（具体的に記載してください）

11.2. 補足情報 [任意]

FI 12. Integration - E,S and G issues reviewed

12.1. 組織の統合プロセスでESG問題をどのように検討するか示してください。

E（環境）
S（社会）
G（ガバナンス）
社債（非金融）

E（環境）

S（社会）

G（ガバナンス）

12.2. 組織の統合プロセスでE/S/G要因を検討する方法を詳しく説明してください。

社債（非金融）

The analysis of the ESG is not only conducted on the legal issuer (borrowing entity) of the credit facility but on the whole group.  

Environmental Issue: We evaluate:

- the company’s negative impact on climate during the whole production process,

- its waste production (non-degradable waste, waste management),

- its negative impact on water,

- its negative impact on land,

- its polluting emissions (methane, CO2)

Social Issue: In a first step, we evaluate the social issues which can be inferred from the available documentation. Then, we evaluate the likelihood that

- the worker conditions are insufficient (unhealthy, unsafe work environment, no diversity, unequal opportunities, no development opportunities)

- the human rights are not honoured by the company

- the community is negatively impacted by the company’s activities (public health endangered, force to relocate populations, activity linked with nuisance)

- the product or service provided by the company harms by anyway its consumers (unhealthy, unsafe product, integrity, data privacy of consumers not considered)

Governance Issue: In a first step, we evaluate the governance issues which can be inferred from the available documentation. Then, we assess the likelihood that:

- the company is fiscally not clean / involved with money laundering,

- the executives receive inadequate pays,

- corruption interferes within the company business,

- the nomination process of directors in not in the best interest of the company (advisory board structure),

- the cyber security aspect is neglected by the company

As company level data concerning ESG issues are usually not disclosed, we assess the likelihood of each risk elements based on the information we have regarding the industry, country, assets, shareholder structure, product, raw materials, etc. related to the analysed company.

If an ESG-related issue cannot be excluded, we further investigate the relevant elements until sufficient information is provided to evaluate the situation.

12.3. 補足情報 [任意]

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