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Sycomore Asset Management

PRI reporting framework 2020

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

A) 実施:スクリーニング

FI 04. Types of screening applied

04.1. 実施するスクリーニングの種類を記載してください。

当てはまる項目を全てを選択してください
社債(非金融)
ネガティブ/ 排他的スクリーニング
ポジティブ/業界最高のスクリーニング
基準に基づくスクリーニング

04.2. 組織内でアクティブ運用している債券に適用するスクリーニングのアプローチを記載してください。

Sycomore Next Generation (SNG) launched in 2019 is an SRI-labelled balanced fund. 

SNG's approach consists in filtering the universe for the best SPICE scores (rating above 2.5 out of 5) and selecting stocks and bonds based on 3 themes: 

-Better environment

-Better life

-Better work 

Sycomore Selection Credit (SSC) is Sycomore AM's corporate-bond SRI-labelled fund.

SSC excludes companies that are too risky on 6 key criteria:
1. Environmental risk (upcoming regulations, potential fines, litigation provisions, etc.)
2. Quality of social climate (known social conflicts, abnormally high rates of turnover or absenteeism, etc.)
3. Reputation risk (controversies, activities in highly-sensitive areas or businesses, etc.)
4. Financial communication risk (results vs guidance history, openness and availability to meet with investors, etc.)
5. Accounting risk (independence of auditors, complicated and obscure accounting, etc.)
6. Bondholder risk (aggressive leverage or share buyback, debt financing of dividend, etc.)

The remaining assets invested in corporate bonds integrate ESG criteria but are not SRI-labelled.

Finally, the following exclusion policies apply:
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
Please see LEI 04.1.

04.3. 補足情報 [任意]


FI 05. Examples of ESG factors in screening process

05.1. スクリーニング条件に含まれているESG要因の例を挙げてください。

種類

ESG要因

スクリーニング

スクリーニングの説明

The environmental risk criteria, based on physical risks exposure screens out of the investable universe most oil companies, such as Total for example.  

種類

ESG要因

スクリーニング

スクリーニングの説明

We recently declined to buy a bond issued by a Swedish credit management company. This decision was based on the "reputational risk" criteria in the client section of our analysis: we considered the company was exposed to significant risk because of its credit collection practices which were not harmonized across all countries and notably were considered as "agressive" in certain Southern and Eastern European countries. 

種類

ESG要因

スクリーニング

スクリーニングの説明

As the company Wirecard faced serious allegations of accounting fraud, we excluded it from the investable universe. 

05.2. 補足情報 [任意]


FI 06. Screening - ensuring criteria are met

06.1. 債券投資においてファンドスクリーニングの基準に違反がないことを確認するために組織が使用しているシステムを記載してください。

スクリーニングの種類
ネガティブ/排他的スクリーニング​
ポジティブ/業界最高のスクリーニング
基準に基づくスクリーニング​

06.2. 補足情報 [任意]


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