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Sycomore Asset Management

PRI reporting framework 2020

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (A) Implementation: Screening

(A) Implementation: Screening

LEI 04. Types of screening applied

04.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by


1. Exclusion of all controversial weapons for all investments

In line with the Oslo and Ottawa conventions, Sycomore AM excludes any investment in controversial weapons.

2. Exclusion policy for SRI funds

It also excludes any investments in companies involved in controversial weapons. For SRI funds, we do not invest in companies that derive more than 5% of their revenue from the following activities: production of weapons or weapon systems as well as weapon support and services, GMOs, tobacco products, coal extraction, coal heat and power generation, unconventional oil and gas extraction, conventional oil extraction, nuclear industry, oil extraction from tar sands, oil extraction through hydraulic fracking, shale gas extraction. Utilities companies that have a carbon intensity of the energy generation above 408 gCO2/kWh and companies whose activities clearly infringe the UNGC are also excluded.

3. Negative screening for SRI funds

Please see our Transparency Code for SRI listed equity funds that describe negative screening criteria in details :



Screened by


All our SRI funds apply positive/best-in-universe screening. Exclusion criteria as well as selection criteria from our SPICE fundamental analysis model are defined for each fund according to each fund's objective. 

The details of these criteria are given chapter 4 of our Transparency Codes: 

  • SRI equity funds:
  • SRI bond and multi-asset funds:


Screened by


Sycomore AM's SRI funds will not invest in companies that contravene international norms: any company involved in a major controversy is excluded from our SRI funds investment universe. 

04.2. Describe how you notify clients and/or beneficiaries when changes are made to your screening criteria.

For all our SRI funds, negative and positive selection criteria have been established and clearly communicated to clients and/or beneficiaries through the prospectus, the transparency codes and the commercial documentation. Some changes have been made since the creation of each SRI fund in order to better reflect the SRI positionning of each fund: for example, in 2019, we revised the SPICE exclusion score from 2.5/5 to 3/5 for the fund Sycomore Eco Solutions. In the case of such minor changes, clients and/or beneficiaries are informed by our commercial team and through the update of our commercial documentation as well as the transparency codes. In case some changes are made in the prospectus, a dedicated letter would be sent to the clients and/or beneficiaries. 


LEI 05. Processes to ensure screening is based on robust analysis

05.1. Indicate which processes your organisation uses to ensure ESG screening is based on robust analysis.

          The robustness of our ESG analysis is also ensured through meetings with companies: OtO meetings or specific interviews enable to complete our analysis.

05.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your ESG screening strategy.

05.4. Indicate how frequently you review internal research that builds your ESG screens.

05.5. Additional information. [Optional]

ESG analysis of Sycomore AM's investment universe is led by the 7-people ESG team with the input of the other 15 analysts/fund managers. All investment professionals share the same investment tool named SYCOVALO. In that regard, every investment professional is responsible for the ESG analysis of companies he or she covers. This ensures an on-going quality review by professionals whose analysis is directly impacted by ESG criteria and analysis.

We update our ESG analysis on a regular basis according to the newsflow we collect and the meetings we have with companies. We perform complete updates of ESG screenings every two years for companies within our investment universe. 

Since 2016, we set up an independent expert committee, the Environment committee, focusing on the Environment pillar of our ESG analysis methodology. The committee is composed of around ten members with various backgrounds, selected for their expertise (academics, consultants, executives of private companies, writers, investors, board members, etc.). They meet twice a year. They aim at enriching our approaches with external reviews and help us improve our tools and methodologies. We also take the opportunity of these committees to share our views on news topics (environmental controversies, regulation changes, etc.). The investment process and the porfolio of our thematic fund Eco Solutions is also challenged by this committee. 

LEI 06. Processes to ensure fund criteria are not breached

06.1. Indicate which processes your organisation uses to ensure fund criteria are not breached.

06.2. If breaches of fund screening criteria are identified, describe the process followed to correct those breaches.

The risk management team performs a monthly check on SRI funds to ensure that all stocks held meet the funds' screening criteria. A monthly alert is sent by email to the fund's management team:  in case of a breach, the investment team has 5 days to make observations or correct the situation, should the breach be due to outdated or incorrect information. 
If the breach is confirmed, due to an update of the ESG analysis or a severe controversy (level 3 out of 3, triggering exclusion from SRI funds), the stock must be divested within 3 months. 

The internal control team is in charge of verifying that, in case of a breach highlighted in the monthly alert, corrective actions are taken.

Automated IT systems block any investment in excluded stocks as defined by our SRI exclusion policy. 

External audits are performed on all our SRI funds and covering all our SRI procedures and processes once a year by EY as well as Ethibel in the context of the French and Belgium SRI labels. 





06.3. Additional information. [Optional]

We have a specific portfolio construction tool for each SRI fund to screen companies of the database that pass our exclusion and selection filters and thus are eligible to our SRI funds.