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Brummer & Partners AB

PRI reporting framework 2020

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モニタリングおよび報告

HF 12. Long/short exposure and reporting

12.1. 貴組織ファンドのロング/ショート/ネット・エクスポージャーについて別途報告するか否か教えてください。

12.2. 貴組織の報告プロセスについて説明してください。

エクスポージャー

ESGデータ/報告プロセス

          We do not report on ESG exposures separately
        

KPIおよび評価

          We do not report on ESG exposures separately
        

ESGデータ/報告プロセス

          We do not report on ESG exposures separately
        

KPIおよび評価

          We do not report on ESG exposures separately
        

12.3. 追加情報[任意]

          
        

HF 13. Metrics/KPI for RI progress

13.1. RIの投資プロセスへの組み込みについて進捗を測定するため貴組織がどんな指標/イニシアチブ(内部および/または外部)を使用しているか説明してください。

ヘッジファンド戦略
Global macro|Equity Hedge|Relative value|Fund of Hedge Funds
指標/イニシアチブ
内部/外部
指標/イニシアチブの定義
          Number of flagged companies in the quarterly screenings and the ESG issue behind the flag.  
Number of engagements/dialogues with portfolio holdings, topics of engagement and its outcome.  
PRI reporting and the following assessment.
        
評価/結果
          The portfolio is compliant with the RI policy.
        
ヘッジファンド戦略
Global macro|Equity Hedge|Relative value|Fund of Hedge Funds
指標/イニシアチブ
内部/外部
指標/イニシアチブの定義
          Responsible investment is a continuous learning process. The investment teams together with the Sustainability team, the investor relations team, and senior management team regularly discuss how the group’s responsible investment activities can evolve and improve.
        
評価/結果
          As the responsible investment activities evolve over time, RI policies are updated accordingly.
        
ヘッジファンド戦略
Global macro|Equity Hedge|Relative value|Fund of Hedge Funds
指標/イニシアチブ
内部/外部
指標/イニシアチブの定義
          The framework and integration of ESG metrics evolves over time, insight and continuous learning is important.
        
評価/結果
          Climate change and the SDGs were focus areas for several investment managers during 2019.The assessment and measurement of climate change risk and opportunities from a fundamental perspective has improved and resulted in a project to measure the funds’ WACI in 2020.
        
ヘッジファンド戦略
Global macro|Equity Hedge|Relative value|Fund of Hedge Funds
指標/イニシアチブ
内部/外部
指標/イニシアチブの定義
          Brummer & Partners Sustainability team will during 2020 perform scenario analysis on climate-related risks and opportunities for the funds within the group, focusing on BMS. The work is in progress.
        
評価/結果
          Work is currently ongoing.
        

13.2. 追加情報  [任意]

          
        

HF 14. Exposure to climate risk

14.1. 貴組織はファンドの気候関連リスクに対するエクスポージャーを評価しますか?また、投資ポートフォリオのカーボンフットプリントを測定・モニタリングしますか?

14.2. 「はい」の場合、使用する手法および評価プロセスを説明してください。

ヘッジファンド戦略
Global macro|Equity Hedge|Relative value|Fund of Hedge Funds
KPI
方法論
          ISS-ESG has been consulted to advise and calculate the WACI across a majority of the group assets, with a specific focus on BMS. BMS invests in 10 of the funds in the group and has indirect exposure to a large range of asset classes and strategies.

In order to calculate the WACI for the assets in scope, we applied the regular WACI methodology for corporates, and amended the WACI intensity measure so that it also can be applied across sovereigns and commodities. The results were compounded on portfolio levels, and the metrics were calculated for direct and indirect derivative exposure to equities, fixed income or commodities. As a result, it was possible to aggregate WACI on a BMS level with a significant coverage of the asset classes in scope. 

The following asset level metrics are the results of that approach which is then appropriately aggregated on portfolio levels.

Tons Co2e / Million USD Revenue (Corporations)

Tons Co2e / Million USD GDP (Sovereigns) 

Tons Co2e / Million USD Implied revenue (Commodities)
        
評価
          The metric has been calculated in order to monitor and assess exposure to climate change risks and opportunities.  

The information is primarily intended to be one of the components of analysing exposure to climate change risks and opportunities for the majority of the group assets. 

There are clear limitations to the metric as it needs to be adjusted before being applied to the asset classes that we are exposed to. However, it can be adjusted, which is less easily done with other metrics relying on ownership of carbon emissions. A specific limitation is accuracy in determining the emissions intensity of commodities and inter-commodity comparison using WACI. One example of a limiting complexity is that some commodities are traded and measured in different stages of their product refinement lifecycles such as soybeans and soybean meal or oil. Another complexity sits in the credibility of the determined carbon emissions factors of commodities over any part of their life cycles, as carbon emissions in production and extraction processes is not identical for any unit of the same commodity. 

It remains to be concluded how material and useful the insight of the calculated WACI is.
        

HF 15. Reports to investors

15.1. 貴組織はESGリスク評価についてその投資家にどのような頻度で、またどのような形態(例えば、会議、報告書)で報告しますか?報告の例を提供してください。

報告の頻度
形態
ESG活動
ポートフォリオESGリスク評価

具体的に記述してください。

          We report on how we integrate ESG risks and opportunities on the website, in annual and semi-annual reports, information materials etc
        
結果
          See above
        
報告の頻度
形態

具体的に記述してください。

          Meetings and e-mails
        
ESG活動
ポートフォリオESGリスク評価

具体的に記述してください。

          We engage with clients on ESG matters important to them and seek their feedback.
        
結果
          See above
        

15.2. 追加情報 [任意] 

          Brummer & Partners value transparency and good business ethics. We were one of the founding partners of the SBAI and as a firm we strive to contribute to the development of industry best practices, where transparency is an important aspect.
        

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