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Apera Asset Management LLP

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (A) Implementation: Screening

(A) Implementation: Screening

FI 04. Types of screening applied

04.1. Indicate the type of screening you conduct.

Select all that apply
Corporate (non-financial)
Negative/exclusionary screening
Positive/best-in-class screening
Norms-based screening

04.2. Describe your approach to screening for internally managed active fixed income

On a macro level the Fund will avoid providing financing to businesses in industries that (i) lack an economic reason for their existence, (ii) are in secular decline, (iii) have no or very low barriers to entry or (iv) are subject to structural changes that may result in the industry to disappear in the foreseeable future. The Fund will also avoid industries which are subject to significant cyclicality that has historically resulted in high insolvency rates and restructurings.


The Fund will also avoid investing in situations that pose binary risks which could stem, for example, from regulation, dependence on single customers or technological developments.


On a micro-level from a management and ownership perspective, the Fund will avoid financing businesses that have poor management, a lack of corporate governance or low-quality equity owners. On an operational level, the Fund will avoid situations that are operational turnarounds.

In addition, the Fund will also avoid any financing in businesses that would be not in accordance with Apera’s environmental, social and corporate governance (“ESG”) policy.

04.3. Additional information. [Optional]

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

FI 06. Screening - ensuring criteria are met

06.1. Indicate which systems your organisation has to ensure that fund screening criteria are not breached in fixed income investments.

Type of screening
Negative/exclusionary screening

06.2. Additional information. [Optional]

All potential investments undergo our significant screening process, which culminate in multiple presentations to the Investment Committee