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SVM Asset Management Limited

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%)
96 %
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%)
4 %
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。

Responsible investment is an investment approach that integrates environmental, social and governance (ESG) factors into investment analysis and decisions. It is an important aspect of the service we offer our clients and a key point of differentiation with passive investment strategies and many other active managers. SVM began managing Socially Responsible Investment (SRI) products in 2006. Since then, our engagement principles have evolved to include ESG issues across our range.

As a boutique investment firm we recognise that, because in most cases we will not hold significant positions in investee companies, it can be difficult to encourage changes in management attitudes and behaviour purely by exercising client voting powers alone. Instead, we have adopted a more flexible approach and we engage with company management and boards as and when we believe it will be of most benefit.

Using information derived from a combination of in-house research, dialogue with the company and external sources we identify the key issues and discuss them directly with company management, in order to affect change.

Our ESG team are responsible or completing an ESG template which encompasses a broad range of ESG metrics. This in turn allows us to place an ESG score on each investment which reflects the risk profile of the companies involved. This allows investment managers to incorporate ESG risk or opportunity into their investment process by way of an enhanced discount factor, adjusted valuation multiple and/or portfolio weighting. Furthermore, the data and scores can be aggregated to the portfolio level to give the individual managers a top down view of their portfolio from an ESG perspective.

 

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]

The approach for the SVM All Europe SRI Fund (4% of AUM) places emphasis on following a route of engagement.  Using information derived from a combination of in-house research, dialogue with the company and external sources we will identify the key issues and discuss them directly with company management, in order to affect change.

Negative screening is applied but it kept to a minimum as we believe that positive engagement is more influential in creating change within organisations.  By employing a minimal level of negative screening, we are giving ourselves the potential to influence more companies than a broader exclusionary policy would allow.  However, we do recognise that there are certain industries whose activities run contrary to the ideals of SRI invesors.   Specifically we will not invest in companies operating in any of the following three industries: Tobacco, Pornography and Armaments. 

For the remaining 96% of AUM the same ESG engagement strategy is adopted but there is no negative screening applied.


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

The SVM All Europe SRI Fund will not invest in companies operating in any of the following three industries: Tobacco, Pornography and Armaments.

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。

The screening criteria for the SVM All Europe SRI Fund has never changed since its inception in 2006. However if it did we would communicate this to all clients as we would a change in fund objectives.


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。

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]

Please note that screening only applies to the SVM All Europe SRI Fund whereas ESG engagement applies to all funds under management.


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]


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]

ESG risk profile of a portfolio against benchmark - ESG factors are taken as comparators for example carbon levels, water useage, waste and health & safety. We find risk analysis against sectors rather than indicies to be a more appropriate benchmark.


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


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