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Alquity Investment Management Limited

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes

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。

The Alquity investment process emphasises not only financial, but also material non-financial factors.
Through the incorporation of Forward-Looking Environmental, Social and Governance (ESG) analysis we assess management ability, practices and investment values. This results in portfolios that capture long-term themes, via transparent companies, with effective management who are aligned with shareholders.
In turn, these outcomes allow us to generate significant conviction and therefore enhanced risk adjusted financial returns. Moreover, they mean that our portfolios are responsible by construction – we will not own companies whose investment values are fundamentally incompatible with our process.

We will not hold companies with business practices that are fundamentally inconsistent with our process. This includes companies with over 5% of revenues or profits in their most recent financial report attributed to:

Tobacco
Gambling
Narcotics
Adult Entertainment
Armaments
Liquor

Coal mining

Fossil Fuel extraction and production

 

With respect to the development, production, maintenance and trade of weapons that have a disproportional and indiscriminate impact on civilian populations (so called “Controversial Weapons”), we have operate a zero tolerance. These include:

Anti-personnel landmines

Biological weapons

Chemical weapons

Cluster munitions

Cluster bombs

Ammunitions containing depleted uranium

Nuclear Weapons

 

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]

Our approach is conviction based. This means we have to understand the ability of management to execute on their business plan, monetise opportunity and correctly manage risk through the cycle. It also means there must be sufficient transparency and disclosure to analyse the company in full. We reinforce this understanding via an ESG analysis. Specifically, we look at behaviours and practices across the firm in the context of global and regional best practice. As a discipline, and for comparability, we then assign a rating (A-C) to each institution, which captures risk and the quality of judgement and decision-making. Only those companies rated C or better can be included in the portfolio. To be clear, this means that we will only invest in firms where there is satisfactory quality and alignment of management.


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)


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

We will not hold companies with business practices that are fundamentally inconsistent with our process. This includes companies with over 5% of revenues or profits in their most recent financial report attributed to:
1. Tobacco
2. Gambling
3. Narcotics
4. Adult Entertainment
5. Armaments
6. Liquor

7. Coal Mining

8. Fossil Fuel extraction and production

 

With respect to the development, production, maintenance and trade of weapons that have a disproportional and indiscriminate impact on civilian populations (so called “Controversial Weapons”), we have operate a zero tolerance. These include:

Anti-personnel landmines

Biological weapons

Chemical weapons

Cluster munitions

Cluster bombs

Ammunitions containing depleted uranium

Nuclear Weapons

スクリーニング実行者

説明

Using our proprietary ratings approach we compare companies to both global best practice ( high risk industries) and regional best practice ( low risk inductries) across all the ESG criteria.

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。

We exclude some sectors purely on the basis that they are incompatible with our investment process which seeks transparent companies, aligned with minority shareholder and run by managment teams that are capable and share our investment values. 

Following our analysis, our overall view on the quality of Transparency and ESG on a forward-looking basis is then summarised on a scale from A (excellent) to C(pass)- anything below this is a fail and we do not invest. Our ratings are relative to regional and global best practices and take into account the riskyness of its industry as well as secto-specific issues. 


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。

          All our funds are independently audited by Afnor, on behalf of the French Finance Ministry and awarded the ISR label which confirms the analysis.
        

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。

05.4. 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 (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]

We focus our investment process on only the material ESG factors linked to the specific sector or business of the equity being assessed. 


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。

09.4. 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]

All stocks in our funds must have an ESG rating of C or higher. This is recorded centrally on a specific ESG section of the stock note for each investment and reviewed by the Portfolio Risk Committee, quarterly.


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


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