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Sycomore Asset Management

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Indirect – Manager Selection, Appointment and Monitoring
Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG factors [LEI 08 - 10] Outputs and outcomes [LEI 12 - 13]
Direct - Listed Equity Active Ownership
Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (B) Implementation: Thematic [FI 07 - 09] (C) Implementation: Integration [FI 10 - 12] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (C) Implementation: Integration of ESG factors

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]

Sycomore AM has developed a proprietary methodology to store information, analyse, screen, score and monitor companies from an ESG standpoint. The SPICE (Suppliers & Society, People, Investors, Clients and Environment) analysis and scoring tool is composed of 80 criteria fully integrating ESG. The ESG team is mainly responsible for inputing ESG data in the database but the other mainstream fund managers also input ESG information in the database and use relevant ESG information.

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。 

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

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。 

          The final ESG rating of an issuer impacts its beta in our financial valuation tool SYCOVALO.

09.6. 補足情報　[任意]

Please see previous information provided on Sycomore AM's internal database SYCOVALO where all financial and extra-financial information are disclosed.

Our ESG integration strategy is reviewed on a regular basis in order to reflect the best practices and to ensure the last evolution of ESG issues are captured in our analysis. As an example, in 2019, we reviewed our Environment pillar to split our analysis into three dimensions: transition risks, physical risks and environment integration and strategy.

LEI 10. Aspects of analysis ESG information is integrated into

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。

10.1. 投資分析のどの側面にESG情報を統合しているかを記載してください。

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

アクティブ運用する上場株式の内投資分析をする割合

10.2. ESG情報を適正価値/ファンダメンタル分析および/またはポートフォリオの構築へと統合するプロセスについて、組織でのプロセスの一部となっている手法を選択してください。

10.3. ESG情報をポートフォリオの加重にどう統合しているかを説明してください。

Sycomore AM integrates ESG criteria across all its investments, according to the following 3-step approach:

1. Each company’s beta is automatically adjusted in our valuation model according to the stock’s ESG and fundamental analysis. It can be adjusted from -40% to +40% depending on the risks and opportunities we identify in our analysis.

2. If a company has a poor ESG and fundamental analysis score, we will require a higher margin of safety.  

3. ESG and fundamental analysis has a direct impact on portfolio construction as it adjusts the target weight of each stock in the portfolio.

For our SRI funds, a specific portfolio construction tool allows us to screen companies in our initial investment universe that respect all our exclusion and selection criteria.

10.4. 利益予想/バリュエーションツールの修正に使用した手法を説明してください。

Each company’s beta is automatically adjusted in our valuation model according to the stock’s ESG and fundamental analysis. It can be adjusted from -/+40% depending on the risks and opportunities we identify in our analysis.

10.5. 有価証券の評価に感応度/シナリオ分析をどのように適用しているか説明してください。

Our Net Environmental Contribution (NEC) methodology partly relies on scenario analysis.

10.6. 補足情報 [任意]

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