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Taking the long-term view is now more important than ever – and that means embracing sustainability in our day-to-day investment decisions active ownership and reporting practices.
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Our approach to sustainability
Sustainable development meets the needs of the present without compromising the ability of future generations to meet their own needs. It is about finding balance between economic development and its impact on civil society and the natural environment. In the financial world, two challenges arise: how we define sustainability, and how to make it integral to what we do.
Firstly, while sustainability is generally accepted to mean the ability of a system to endure over time, there is no common definition of what constitutes a long-term horizon. For some of our clients this may mean 5 years, for others it could span the length of a human life. Our partnership structure and 200-year history means that, for us, thinking long-term has always spanned several generations.
As asset managers, we allocate capital to finance the real economy. We have a duty to distribute that capital responsibly, and with the needs of future generations in mind.
— Laurent Ramsey, Managing Partner and Chief Executive Officer
Second, as an asset manager, our duty to clients is creating value through capital allocation, and preserving assets through strong risk management. To fulfil this mandate, we must use all available public information - financial and extra-financial - to inform our research, stock selection, portfolio construction and management, and interaction with the companies in which we invest. Environmental, social and governance factors are therefore essential considerations to make the right long-term investment decisions for our clients.
ESG considerations are embedded into our investments
Materiality matters
When integrating ESG issues into the investment process, it is key to understand how financially material they are to the long-term performance of a sector or company. What matters are the issues that pose real business risks. This is why we have created “deep dive” sessions with investment teams where we zoom in on the material issues in each sector.
We take an active approach to our investments
There has been a steady decline in the number of shareholders that engage directly with company management over recent decades in the OECD, with warnings that the rise of passive funds could amplify that trend if they don’t make a greater effort to hold executives to account.
As active managers, we believe it is our responsibility to engage with companies on any material ESG issues. These can range from good governance practices, poor social performance which could compromise a company’s licence to operate, to any other area we deem to have an impact on the long-term performance of the company.
This conviction informs our voting practices.
We engage directly with corporate boards and sovereign issuers where we feel that helping to improve their ESG practices can make a difference to long-term performance
We aim to vote on 100% of equity holdings at general assembly meetings to defend our clients’ best interests
In 2017, we voted on 35,964resolutionsat 3,040 meetings
We measure and share the impact of our investments
Transparency differentiates true integration from box-ticking. Producing meaningful metrics requires an understanding of the issues that are most critical to our clients. Doing this well takes time. In addition to financial indicators, our reports include custom ESG metrics such as governance and controversies indicators, proxy voting activity and, and comments on related portfolio activity. From the first quarter of 2019 we will also disclose carbon footprint data.
We are committed advocates of responsible investing
We play an active role in bodies that promote responsible finance and sustainable investments with the objective of helping steer the industry towards more inclusive thinking around people, planet and portfolios, because over the long term, they are inextricably linked.
Our commitment to responsible investing
How to invest
All our long only equity and fixed income investment strategies integrate ESG considerations. We also manage a range of thematic strategies focused on environmental and social impact, as well as classic Socially Responsible Investment (SRI) strategies.
Our thematic strategies invest in specific activities that directly contribute to solving environmental and social challenges such as water scarcity, climate change and global public health. By contrast, our SRI strategies invest in the whole economy by focusing on companies with stronger governance, safer and cleaner operations and products.
Laurent Ramsey, Managing Partner and CEOOctober 2019
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Important legal information
This marketing document is issued by Pictet Asset Management. It is neither directed to, nor intended for distribution or use by any person or entity who is a citizen or resident of, or domiciled or located in, any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Only the latest version of the fund’s prospectus, the KIID (Key Investor Information Document), regulations, annual and semi-annual reports may be relied upon as the basis for investment decisions. These documents are available on assetmanagement.pictet.
This document is used for informational purposes only and does not constitute, on Pictet Asset Management part, an offer to buy or sell solicitation or investment advice. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. The effective evolution of the economic variables and values of the financial markets could be significantly different from the indications communicated in this document.
Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to change without notice. Pictet Asset Management has not taken any steps to ensure that the securities referred to in this document are suitable for any particular investor and this document is not to be relied upon in substitution for the exercise of independent judgment. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Before making any investment decision, investors are recommended to ascertain if this investment is suitable for them in light of their financial knowledge and experience, investment goals and financial situation, or to obtain specific advice from an industry professional.
The value and income of any of the securities or financial instruments mentioned in this document may fall as well as rise and, as a consequence, investors may receive back less than originally invested. Risk factors are listed in the fund’s prospectus and are not intended to be reproduced in full in this document.
Past performance is not a guarantee or a reliable indicator of future performance. Performance data does not include the commissions and fees charged at the time of subscribing for or redeeming shares. This marketing material is not intended to be a substitute for the fund’s full documentation or for any information which investors should obtain from their financial intermediaries acting in relation to their investment in the fund or funds mentioned in this document.
EU countries: the relevant entity is Pictet Asset Management (Europe) S.A., 15, avenue J. F. Kennedy, L-1855 Luxembourg
Switzerland: the relevant entity is Pictet Asset Management SA , 60 Route des Acacias – 1211 Geneva 73
Hong Kong: this material has not been reviewed by the Securities and Futures Commission or any other regulatory authority. The issuer of this material is Pictet Asset Management (Hong Kong) Limited.
Singapore: this material is issued by Pictet Asset Management (Singapore) Pte Ltd. This material is intended only for institutional and accredited investors and it has not been reviewed by the Monetary Authority of Singapore.
For Australian investors, Pictet Asset Management Limited (ARBN 121 228 957) is exempt from the requirement to hold an Australian financial services license, under the Corporations Act 2001.
For US investors, Shares sold in the United States or to US Persons will only be sold in private placements to accredited investors pursuant to exemptions from SEC registration under the Section 4(2) and Regulation D private placement exemptions under the 1933 Act and qualified clients as defined under the 1940 Act. The Shares of the Pictet funds have not been registered under the 1933 Act and may not, except in transactions which do not violate United States securities laws, be directly or indirectly offered or sold in the United States or to any US Person. The Management Fund Companies of the Pictet Group will not be registered under the 1940 Act.
Pictet Asset Management Inc. (Pictet AM Inc) is responsible for effecting solicitation in North America to promote the portfolio management services of Pictet Asset Management Limited (Pictet AM Ltd) and Pictet Asset Management SA (Pictet AM SA).
In Canada Pictet AM Inc. is registered as Portfolio Manager authorised to conduct marketing activities on behalf of Pictet AM Ltd and Pictet AM SA. In the USA, Pictet AM Inc. is registered as an SEC Investment Adviser and its activities are conducted in full compliance with the SEC rules applicable to the marketing of affiliate entities as prescribed in the Adviser Act of 1940 ref. 17CFR275.206(4)-3.
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