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NewAlpha Asset Management

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

投資ポリシー

SG 01. RI policy and coverage

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲

01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

NewAlpha's historical core business is to identify talented and smaller/newer investment managers, founded and run by entrepreneurs, on behalf of institutional investors interested by their performance potential and innovative approaches. Discovering and developing relationships with these characters inherently requires an open-minded spirit and a team, which shares a passion for new ideas, innovative and disruptive ways of thinking. Since 2016, NewAlpha has applied these fundamental investment principles when developing its Private Equity activity by creating two funds dedicated to identifying innovative technologies in the FinTech, Healthcare, TMT and industrial niches sectors.

NewAlpha's commitment to supporting entrepreneurial initiatives and encouraging job creation, has attracted institutional and governmental bodies that have supported NewAlpha, such as Bpifrance (www.bpifrance.com), which became an investor in NewAlpha's FinTech fund through its French Tech Acceleration Fund.

Furthermore, when writing its CSR policy, NewAlpha re-committed to its ESG initiatives:

  • Taking measures to control its environmental impact
  • Supporting non-profits initiatives
  • Putting NewAlpha's employee at the core of its governance with access to the company shares and/or a carried interest 

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

As a responsible Investor, NewAlpha strongly believes in the inevitable convergence between Investment and Responsible Investment.

On the foreseeable future, any investment will be analysed according to financial criteria as well as ESG ones. Apart from obvious cases, such as coal fired power plant companies, where asset value has already started to halve (stranded assets), it is still difficult today to quantify precisely:

  • the negative impact of not taking ESG issues into account
  • the positive impact on investment appreciation of such criteria

However, we are convinced that financial performance will be strongly correlated to business ethics and that ESG criteria will be critical to manage any business.

As an example, diversity and inclusion, leading to broader point of views when dealing with investment analysis, have demonstrated to be efficient. On another hand, as talented people tend to request sustainability as a prerequisite to join corporations, high performing companies will be sustainable ones.

Practically, in the fund of fund or investment advisory business, we select asset managers and invest in management teams. Therefore, extended due diligence on people, mindset, corporate and business values (such as how they conduct their own business) are critical to us.

We certainly request some exclusions, progression towards parity, among other topics, but the best way to ensure we deal with responsible managers is to research the ones with value alignment, or willingness to move towards sustainable investment as an intimate conviction.

Finally, building trust and transparency with our managers will benefit to long term partnership and financial performance.

01.6. 補足情報 [任意]

          
        

SG 01 CC. Climate risk

01.6 CC. 投資期間において特定され、組織の投資戦略・商品に組み込まれている気候関連のリスクおよび機会について記述してください。

組織が気候関連の移行リスク・物理的リスクおよび機会を特定するためのプロセスをまだ踏んでいない理由を説明してください。(500 語以内で自由に記載)

Practically, in the fund of fund or investment advisory business, we select asset managers and invest in management teams. Therefore, extended due diligence on people, mindset, corporate and business values (such as how they conduct their own business) are critical to us.

NewAlpha is conscious of the climate-change related risks. However, we do not have yet the the ability to implement a specific climate-change policy within the scope and the time horizon of the mandates we managed for our clients.

 

 

 

 

01.8 CC. 組織はTCFDを公式に支持しますか?

理由を説明してください。

As a small investment manager (25 professionals), our resources are limited. We will express our support soon.

01.9 CC. 重大な気候関連リスクおよび機会を特定・管理する組織全体の戦略がありますか?

組織が気候関連のリスクおよび機会を管理する組織全体の戦略をどのように、またどのような時間スケールで実施するか記述してください。

We envision the next step to focus on the Climate issue: investors, corporations will have to measure their portfolio temperature and how they are aligned with carbon neutrality in 2050.

Specifically, on the 2°C Paris climate target, we will set a clear roadmap to reach our target of carbon neutrality by 2050. The Paris community is in the process of:

  • Exploring methods to measure adequately the portfolio temperature and its evolution;
  • Setting guidelines for investors to follow their commitments towards portfolio alignments and more generally sustainability of portfolios across several dimensions (AMF & ACPR to set clear measurements and reporting guidelines by year end). We will have to set the standard for our portfolio managers.

1.10 CC. TCFD開示を発表するために組織が使用する文書/通信を示してください。


SG 02. Publicly available RI policy or guidance documents

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

URL/添付ファイル

添付ファイル

02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

02.3. 補足情報 [任意]


SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

NewAlpha identified the following risks of potential conflicts of interest : (i) allocation and redemption process applied to investment programs, (ii) investment cases involving a manager linked with an investment program embedding GP economics, (iii) link between the firm and its staff with of external managers or their service providers. Eventually, in order to meet its regulatory duties and to act permanently in the best interest of its clients, NewAlpha’s Internal Control & Compliance officer maintains a mapping of conflicts of interest related to the Firm’s business lines, which encapsulates all identified potential conflicts of interest are defined accurately and the way the management company is addressing and mitigating them. This mapping of risks of conflicts of interest is updated on a regular basis and is registered with the Autorité des Marchés Financiers, NewAlpha’s regulator. ​

03.3. 補足情報 [任意]


SG 04. Identifying incidents occurring within portfolios (Private)


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