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Trecento

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資産配分におけるESG問題

SG 13. ESG issues in strategic asset allocation

13.1. 貴社組織がシナリオ分析および/またはモデリングを実施するか記述してください。実施する場合、 シナリオ分析について説明してください(資産クラス別、セクター別、戦略的資産配分等)。

25語以内で説明してください 。 Our ESG analysis models need to be updated on a regular basis, to incorporate new and modified criteria that further support the robustness and relevance of our extra-financial analysis. Our analysts have the key role here to detect new ESG criteria and make suggestions to the ESG committee.
25語以内で説明してください 。 The Environmental analysis conducted on each issuer includes the assessment of climate-related risks and opportunities. The criteria, model and indicators used need to be updated on a regular basis and analysts also have the key role here to detect new climate criteria and make suggestions to the ESG committee.

13.2. 組織が戦略的な資産配分やセクターまたは地理的な市場間での資産の配分においてESG問題を考慮しているかどうかを記載してください。

以下を行っている

          We have implemented a sectoral exclusion policy and we apply a best-in-class policy for the non excluded sectors.
        

13.3. 補足情報 [任意]


SG 13 CC.

13.4 CC. 貴社組織が気候関連のリスクおよび機会を管理するためにどのようにシナリオ分析を利用しているかについて(分析がどのように解釈されているか、その結果、将来の計画等)、記述してください。

500語以内で自由に記載

For the initial assessment, we are worked based on the assumptions of the Paris agreements, which is often the scenario also used by issuers to assess and implement their climate-related policy and actions. We then identify and select the specific climate-related risks and opportunities of each sector & sub-sector amongst the 18 criteria that we focus on for the Environmental analysis on each issuer.

The scenario, criteria and indicators chosen during the initial assessment need to be updated on a regular basis. Our analysts also the key role here to detect new climate criteria and make suggestions to the ESG committee.

500語以内で自由に記載

Our investment process always includes issuers’ ESG analysis. The Environmental part of this ESG analysis includes the assessment of their environmental and climate policy as well as the climate-related risks and opportunities of their activities.

The principal criteria assessed is obviously the existence of an environmental policy as regard global warming and the existence of programs or initiatives to help reduce global emissions of the Greenhouse Gases (GHG) that cause climate change through its ongoing operations and/or the use of its products and services.

More broadly, depending on the characteristics of each sector/sub-sector, the following other environmental criteria (often linked to climate risks) are also analysed and assessed:

- Characteristics of the electricity consumed and percentage coming from renewable energy sources (e.g. on-site production, grid renewable electricity, etc.).
- Existence of an energy efficiency policy and associated action plan (like ISO 50001), of environmental certifications (such as ENERGY STAR) and implementations of indicators to monitor the energy consumption.
- Product development according to the concept of eco-design (respect of the ecosystem) or circular economy approach (recyclability of products).
- Implementation of measures in order to manage water use efficiently in areas of high water stress and optimize water consumption (installation of water meters, rain harvesting, close-loop systems, alternative sources for process water, etc.). Existence of performance indicators with regard to water consumption.
- Equipment of production plants with wastewater treatment plants or systems.
- Equipment of production plants with air filtration systems
- Monitoring by the company of performance indicators with regard to level of air emissions.

500語以内で自由に記載

As we engage with issuers on ESG issues all year round, discussing climate-related risks is a key focus, to better understand issuers’ policy and actions and promote new actions for the issuers to seize opportunities to further reduce their emissions and better improve their environmental/climate policies.

具体的に記入してください

          Sectoral exclusion policy of the most controversial sectors.
        

500語以内で自由に記載

We have excluded some sectors that massively contribute to global warming like Coal, Oil Sands and Oil Shales.

13.5 CC. この分析をだれが利用するか記述してください。

13.6 CC. 貴社組織がその投資戦略について、投資期間を超えて、気候関連リスクの影響を評価しているか記述してください。

500語以内で自由に記載してください。

As a long-term investor, evaluating and incorporating climate-related risks is critical to support the Paris Agreements and its long-term temperature goal to keep the increase in global average temperature to well below 2 °C above pre-industrial levels; and to pursue efforts to limit the increase to 1.5 °C. We reckon that these climate-related risks and opportunities can materialise at any time, depending on their nature and type. We therefore assess them on the short, medium and long term.

It means that we are evaluating the potential impact of climate-related risks on our investment strategy beyond the usual investment time horizon of our funds.

13.7 CC. 一定の範囲の気候シナリオを利用しているか記述してください。

13.8 CC. 貴社組織が用いる気候シナリオについて記述してください。

提供者
使用するシナリオ
IEA
IEA
IEA
IEA
IEA
IRENA
グリーンピース
持続的発展研究所
ブルームバーグ
IPCC
IPCC
IPCC
IPCC
その他
その他
その他

SG 14. Long term investment risks and opportunity

14.1. 一部の投資リスクと機会は長期トレンドの結果として発生します。貴社では、以下のどの項目について考慮するか明示してください。

14.2. 気候に関するリスクと機会に対応して組織で実施されている活動を選択してください。

14.3. 次のツールの中から気候関連リスクと機会の管理に組織が用いているものを選択してください。

14.5. 補足情報 [任意]

Trecento AM manages two thematic funds that are Trecento Santé (Trecento Healthcare) and Trecento Robotique (Trecento Robotics). 

These two funds have the objective to invest in companies that find solutions by innovating and developping new technologies (on their respective investment universe) to adress key long term trends like the increase and ageing of the population and the resource scarcity. They also incorporate climate-related risks and opportunites as part of their SRI strategy.


SG 14 CC.

14.8 CC. 気候関連のリスクが全体のリスク管理に組み込まれているかどうか記述してください。また、気候関連リスクを特定、評価、管理するために利用されたリスク管理プロセスについて説明してください。

500語以内で自由に記述。

Assessing ESG risks, including climate-related risks, is a crucial process in the overall risk management of the company as regard investment selection.

Climate-related risks and opportunities are assessed by Trecento AM in the Environmental pillar of the ESG analysis that we perform on each issuer, depending on its sector & sub-sectors that influence the nomber of specific environmental risks that we analyse. The incorporation of the climate risk is therefore ubiquitous in the SRI strategy of Trecento AM since we :

- internally analyse issuers' strategy as regards environment and climate as well as the risks and opportunities of their activites on the environment ;

- also use external environmental analysis, including the RobecoSAM score for which the environmental criteria represents roughly 30% of the score.

The climate-related risk is also incorporated in our normative exclusion policy as we exclude issuers that have demonstrated strong violations of the principles set at the Rio Earth Summit. We also list all environmental controversies that arose for an issuer, in particular as regard climate change, and these controversies result in a penalty affecting the maximum weighting of an issuer in our investment funds.

In conclusion, the climate-related risks and opportunities are factored into the investments strategies at every step of our extra-financial analysis and fund management.

14.9 CC. 貴社組織がTCFD採用を促すアクティブオーナーシップ活動を行うか記述してください。

説明してください。

As we engage with issuers on ESG issues all year round, one of our key priorities is to encourage issuers to be more transparent regarding ESG incorporation and Corporate Social Responsibility as well as to release their approach and policies as regard CSR and extra-financial performance (KPI).

As regard climate-related risks, the disclosures recommended by the TCFD are very relevant and useful for all investors so we encourage issuers we engage with to adopt them.

This engagement policy applies to all issuers whose securities are held by our investment funds as well as the issuers of the investment universes of our funds that may be included in our funds following a fundamental and extra-financial analysis.


SG 15. Allocation of assets to environmental and social themed areas

15.1. 貴社にて、特定の環境および社会をテーマとする分野に基づいてファンドに資産を配分したり、ファンドを運用しているかどうかについて明示してください。

15.2. 環境および社会をテーマとする分野に投資された合計運用資産(AUM)の割合を明示してください。

92 %

15.3. 貴社が投資しているテーマ分野を明示のうえ、AUMに対する特定の資産クラスの割合を記載し、その内容を簡潔に説明してください。

分野

投資している資産クラス

100 % (AUMの)
89 % (AUMの)

簡潔な説明および投資尺度

100% of our fixed income non financial corporate securities are dedicated to the financing of solar and wind farms as well as the production of green hydrogen.

89% of our private equity holdings are in companies involved in the production of green energy (solar and wind farms) and of green hydroge

投資している資産クラス

88 % (AUMの)

簡潔な説明および投資尺度

The listed equity holdings we manage in the healthcare sector are invested through our two thematic funds: Trecento Sante ISR (100% invested in global healthcare stocks) and Trecento Robotique ISR (26% invested in the healthcare sector).

15.4. 含めたい補足情報があれば、添付してください。 [任意] 



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