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You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes
We monitor whether the equity portfolios contain companies of the exclusion list. In one case there was a company that should be excluded from the portfolio but was still in the portfolio.
We discussed this matter with the investment manager, and the invesmtent manager sold the position right away.
Carbon emissions reduction
We have a target of carbon emission reduction, and implement this in our equity benchmarks. The manager have relatively passive guidelines to track the benchmark, but have a small tracking error budget to deviate a little of the benchmark. Because of a portfolio management decision the investment manager decided to overweight one company in Vietnam. When we monitored the benchmark characteristics of the benchmark and the portfolio we saw a big difference in carbon emissions. The overweighted company in Vietnam was a utility company with large emissions.
We have discussed this with the investment manager, and found a solution to reduce the overweigth in the Vietnam company to reduce carbon emission, and still have the same portfolio characteristics wich was important for the investment manager.