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Jackson Square Partners

PRI reporting framework 2020

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 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。

Integration into the Investment Process

We are active owners, carefully analyzing ESG issues for all pipeline and portfolio ideas, playing both offense and defense. 

On offense, we identify ideas where an ESG issue contributes to a company’s sustainable growth or competitive moat.  Positive management, Board, compensation, or other Governance changes have played a role in many of our portfolio ideas – often changes informed by Jackson Square’s proactive engagement.  On defense, we ensure that a company’s cost of capital reflects all material ESG issues – both positive and negative – in our Intrinsic Business Value (“IBV”) framework. 

Analysis of ESG factors can heavily influence our IBV estimate for a company, both in our assessment of a company’s sustainable free cash flow growth rate, and in the cost of capital we apply.  We believe that this integration of ESG analysis into our quantitative IBV-setting exercise is a simple and effective way to incorporate these issues into our investment process.

Jackson Square ensures a consistent approach to evaluating ESG factors through bottoms-up and top-down mechanisms.  For each new investment idea, our analysts complete a rigorous, consistent, bottoms-up set of analyses on material ESG issues, explaining how ESG factors play a role in our assessment of a company’s IBV and laying out key ESG engagement priorities (if any) to push with the company.  From a top-down perspective, Jackson Square’s ESG Working Group – composed of several members of the investment and broader team – meets monthly to review all new investment ideas, update best practices, and discuss macro or other ESG issues which could affect existing holdings (e.g., new regulations, UNPRI Sustainable Development Goals, etc).  We believe that this combined approach leads to a consistent integration of our ESG principles into the investment process.

Company Engagement

Since its founding, Jackson Square has consistently engaged with management and stakeholders of many portfolio companies to enhance shareholder value.  We are not activists, but we are active owners engaging where we believe we can have impact and drive positive change.  These engagements have different aims tailored to each situation, but key examples of where we have had influence include:

  • advocating for improved capital allocation,
  • supporting changes in management or in a management team’s compensation structure,
  • shifting a company’s core strategic focus, and
  • optimizing investor communication, disclosures, and target setting.

ESG factors are core to our view of a company’s IBV, so we believe that helping a company enhance its performance against these factors can create significant value.  To that end, we proactively identify ESG-linked engagement priorities – when relevant and material – for all new investment ideas as part of our investment process.  We draw on these sets of priorities during all management touchpoints.  And we use the full range of tools at our disposal to influence Boards and management teams over time.  Jackson Square will continue to practice active ownership on ESG issues, engaging with a subset of our portfolio companies on an annual basis to improve practices.

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]


LEI 02. Type of ESG information used in investment decision (Private)


LEI 03. Information from engagement and/or voting used in investment decision-making (Private)


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。

          Material ESG issues, both positive and negative are factored into our Intrinsic Business Value (IBV) framework.
        

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]


LEI 10. Aspects of analysis ESG information is integrated into (Private)


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