Risiko-Betrachtungen

Zusammenfassung

Kein nachhaltiges Investitionsziel

Dieser Fonds bewirbt ökologische und soziale Merkmale, hat aber kein nachhaltiges Investitionsziel. CRMC (der „Anlageberater“) verpflichtet sich jedoch, mindestens 40 % der Fondsanlagen in Unternehmen zu halten, die nach Meinung des Anlageberaters mit ihren aktuellen oder zukünftigen Produkten bzw. Dienstleistungen soziale und/oder ökologische Herausforderungen angehen.

Ökologische oder soziale Merkmale des Finanzprodukts

Der Fonds bewirbt ökologische und soziale Merkmale durch den Anlageprozess des Anlageberaters. Dabei wird die Investierbarkeit bewertet und eine Ausschlusspolitik angewendet.

Anlagestrategie

Der Fonds investiert in Unternehmen, deren Produkte und Dienstleistungen überwiegend konform mit einem oder mehreren vom Anlageberater identifizierten nachhaltigen Anlagethemen zu weltweiten sozialen und Umweltherausforderungen sind oder sich im Übergang zu einer stärkeren positiven Ausrichtung darauf befinden. Diese Themen orientieren sich an den Zielen für nachhaltige Entwicklung der Vereinten Nationen (Sustainable Development Goals, „SDGs“). Um zulässige Unternehmen zu identifizieren, führt der Anlageberater eine Bewertung durch, die auf internen Bottom-up-Analysen basiert, die von den Anlage- und ESG-Teams des Anlageberaters durchgeführt werden. Diese Bewertung der Investierbarkeit wird durch sektorbezogene „Merkmale“ (dabei wird beurteilt, ob die Produkte und Dienstleistungen einen Beitrag zu den SDGs liefern) und „Standards“ (welche die Steuerung von wesentlichen ESG-Risiken und die gute Unternehmensführung untersuchen) des Anlageberaters untermauert. Der Fonds investiert in „konforme“ Unternehmen, deren Wirtschaftstätigkeit derzeit mindestens zur Hälfte konform ist, sowie in Unternehmen, die sich „im Übergang befinden“ und die ihre Wirtschaftstätigkeit nach Auffassung des Anlageberaters aktiv umstellen, um sie stärker positiv auf vom Anlageberater identifizierte nachhaltige Anlagethemen und die SDGs auszurichten. Dabei werden kurz- bis mittelfristig wesentliche Änderungen erwartet.

Daneben verwendet der Anlageberater ESG- und normenbasierte Ausschlüsse, um die Fondsanlagen beim Erwerb einer Ausschlusspolitik zu unterziehen.

Capital Group hat eine Reihe von Kriterien aufgestellt, um zu beurteilen, ob ein Unternehmen keinen erheblichen Schaden verursacht und so festzustellen, ob die Anlage eine nachhaltige Investition ist. Der Fonds berücksichtigt bei Anlagen in Unternehmen die WNA-Indikatoren zu den wichtigsten nachteiligen Auswirkungen, über die verpflichtend berichtet werden muss und die in Anhang I Tabelle 1 der Delegierten Verordnung (EU) 2022/1288 der Kommission aufgeführt sind. Außerdem berücksichtigt er andere ESG-Risiken und Kontroversen, die der Anlageberater für potenziell wesentlich hält, wie in den vorstehend genannten sektorbezogenen Standards beschrieben, zum Beispiel Probleme im Bereich Datenschutz oder Zensur.  Bei der Bewertung der Verfahrensweisen sieht sich der Anlageberater mindestens Aspekte an, die er in Bezug auf die vier genannten Säulen einer guten Unternehmensführung für relevant hält (d. h. solide Managementstrukturen, Beziehungen zu Arbeitnehmern, Vergütung von Mitarbeitern sowie Einhaltung der Steuervorschriften).

Anteil der Investitionen

Mindestens 90 % der Fondsanlagen werden zur Erreichung der beworbenen ökologischen oder sozialen Merkmale getätigt (#1 Ausgerichtet auf ökologische oder soziale Merkmale). Der Fonds investiert einen Mindestanteil von 60 % in die Unterkategorie „#1A Nachhaltige Investitionen“ und maximal 40 % in die Kategorie „#1B Andere ökologische oder soziale Merkmale“. Maximal 10 % der Anlagen des Fonds, einschließlich nicht auf die beworbenen ökologischen oder sozialen Merkmale ausgerichtete Anlagen und/oder Derivate, fallen in die Kategorie „#2 Andere Investitionen“. Liquide Mitteln sind in den oben genannten Vermögensanteilen nicht enthalten. Sie können zu Liquiditätszwecken gehalten werden.

Überwachung von ökologischen oder sozialen Merkmalen

Folgende Nachhaltigkeitsindikatoren werden vom Fonds herangezogen, um die Erreichung der einzelnen ökologischen oder sozialen Merkmale, die durch ihn beworben werden, zu messen:

• die Einhaltung der in der Ausschlusspolitik festgelegten Kriterien durch die Emittenten; Anteil der Investitionen, bei denen mindestens 50 % des Umsatzes mit den SDGs konform ist; und
• Anteil der Investitionen in Unternehmen, die sich „im Übergang befinden“.

Methoden

Der Fonds setzt zwei verbindliche ESG-bezogene Kriterien um: sektor- und normenbasierte Screenings in Form von Ausschlüssen und eine Verpflichtung zu nachhaltigen Investitionen.

Datenquellen und -verarbeitung

Der Fonds nutzt mehrere Datenquellen, einschließlich unter anderem MSCI ESG Business Involvement Screening Research („MSCI ESG”) und die von MSCI ermittelte Liste der Unternehmen, die gegen die UNGC-Grundsätze verstoßen. Diese Daten decken allerdings möglicherweise nicht das gesamte Spektrum der Tätigkeiten eines Emittenten ab, ändern sich plötzlich, können fehlerhaft, nicht zutreffend, unvollständig oder veraltet sein. Das kann dazu führen dass ein Fonds in einen Emittenten investiert, dessen Ausschluss ein Anleger erwarten könnte. Capital Group überprüft externe Datenquellen laufend sorgfältig und bemüht sich sicherzustellen, dass Daten von Drittanbietern vertrauenswürdig sind. Wenn der Anlageberater Daten und/oder eine Bewertung für unvollständig oder nicht zutreffend hält, behält er sich das Recht vor, die Beteiligung des betreffenden Unternehmens durch eine eigene Bewertung zu ermitteln.

Einschränkungen bei Methoden und Daten

Die Methoden und Quellen in Bezug auf die Ausschlüsse und den ESG-Integrationsansatz als Ganzes weisen gewisse Einschränkungen auf. Um alle börsennotierten Unternehmen weltweit zu ermitteln, die in Aktivitäten wie die Herstellung umstrittener Produkte und Einnahmen aus Aktivitäten involviert sind, die nicht mit den ESG- und normenbasierten Screenings übereinstimmen, verwendet der Fonds ESG-Kriterien und Ausschlüsse, die hauptsächlich durch Drittanbieter bestimmt werden.

Due Diligence

Die Mitarbeitenden der Compliance-, Risiko- und internen Auditfunktion von Capital Group bewerten regelmäßig den Aufbau und die Wirksamkeit der Aktivitäten und wichtigen Kontrollsysteme der Firma. Dies umfasst die Einhaltung interner Abläufe und Verfahren sowie des Regulierungsumfelds in den Rechtsordnungen, in denen das Unternehmen tätig ist.

Engagement-Richtlinien

Der Dialog mit Unternehmen ist fester Bestandteil der Vermögensverwaltungsdienste, die der Anlageberater seinen Kunden erbringt. Wenn die Anlageteams von Capital Group ein Problem identifizieren, das für den langfristigen Wert eines Beteiligungsunternehmens wesentlich ist, oder sie die relative ESG-Leistung bedenklich finden, tauschen sich die Anlageexperten und Governance-Teams von Capital Group mit der Unternehmensleitung aus.

Bestimmter Referenzwert

Der Fonds hat keinen Referenzwert für die Erreichung der von ihm beworbenen ökologischen und/oder sozialen Merkmale bestimmt.

To identify such companies, the Investment Adviser performs an eligibility assessment that relies on bottom-up proprietary research conducted by the Investment Adviser’s investment and ESG teams. This eligibility assessment is underpinned by the Investment Adviser’s sector-level “Characteristics” and “Standards”:

• Characteristics: focus on whether products and services contribute to the SDGs; and
• Standards: focus on management of material ESG risks and good governance.

The Fund invests in ‘Aligned’ companies that currently have at least half of their business aligned, as well as ‘Transitioning’ companies that the Investment Adviser believes are actively transitioning their business to higher positive alignment with material near-to-medium term change expected. If a company is determined to be aligned or transitioning and purchased in the Fund, but fails to meet the aligned or transitioning requirements thereafter, such company would no longer be considered a sustainable investment anymore and would generally be sold within six months from the date of such determination, subject to the best interests of investors in the Fund.

In addition, the Investment Adviser applies ESG and norms-based exclusions to implement a Negative Screening Policy to the Fund’s investments at the time of purchase.

This is supported by ongoing monitoring of the portfolio, performed by the Investment Adviser, against criteria set out in the Negative Screening Policy to identify any holdings that would be precluded. Any such company would no longer be considered a sustainable investment anymore and would generally be sold within six months from the date of such determination, subject to the best interests of investors in the Fund.

The activities and thresholds, from the Negative Screening Policy, applied to determine the list of companies to be excluded from the Funds’ investment universe consist of the following:

When assessing potential investee companies, the Investment Adviser relies on third-party providers who identify a company’s participation in or the revenue which they derive from activities that are inconsistent with these screens. In the event that exclusions cannot be verified through third-party providers or if the Investment Adviser believes that data and/or assessment is incomplete or inaccurate, the Investment Adviser reserves the right to identify business involvement activities through its own assessment (including by using other third-party data sources).

Companies that fail both the eligibility process and the Negative Screening Policy are considered not to contribute to the Fund’s environmental and/or social characteristics.

What is the policy to assess good governance practices of the investee companies?

When assessing good governance practices, the Investment Adviser will, as a minimum, have regard to matters it sees relevant to the four prescribed pillars of good governance (i.e., sound management structures, employee relations, remuneration of staff and tax compliance).

The Investment Adviser assesses the quality of corporate governance practices of companies as part of its eligibility assessment when examining ESG risks, and as part of its ESG integration process more broadly. The Investment Adviser’s fundamental analysis covers a range of governance metrics including among others, audit practices, board composition, tax paid, controversies and executive compensation. The Investment Adviser engages in regular dialogue with companies on corporate governance issues and exercises its proxy voting rights for the entities in which the Fund invests.

As described above, the Investment Adviser applies a Negative Screening Policy to the Fund. As part of this, the Investment Adviser excludes companies violating the United Nations Global Compact (UNGC) principles as well as those violating principle 10 on anti-corruption and principle 3 on employee relations.

Capital Group's ESG Policy Statement provides additional detail on the Investment Adviser's ESG integration approach and processes, including proxy voting procedures and principles, as well as views on specific ESG issues, including ethical conduct, disclosures and corporate governance. Information on the Investment Adviser’s corporate governance principles can be found in its Proxy Voting Procedures and Principles.

Further details can be found in the ESG Policy Statement on:

https://www.capitalgroup.com/content/dam/cgc/tenants/eacg/esg/files/esg-policy-statement(en).pdf

Proportion of investments

At least 90% of the Fund's investments are used to attain the environmental or social characteristics promoted by the Fund (#1 Aligned with E/S characteristics). The Fund will have a minimum proportion of 60% in the sub-category “#1A Sustainable”, and a maximum of 40% will be in category “#1B Other E/S characteristics”.

A maximum of 10% of the Fund’s investments, including investments non-aligned with the E/S characteristics promoted and/or derivatives are in category “#2 Other”.

Cash and cash-equivalents are not included in the % of assets set out above. They may be held for liquidity purposes.

Monitoring of environmental or social characteristics

The sustainability indicators used by this Fund to measure the attainment of each of the environmental or social characteristics it promotes are the following:

• Percentage of issuers falling under the sectors defined as part of the Negative Screening Policy
• Percentage of investments having at least 50% of their revenue aligned with the SDGs, and
• Percentage of investments in companies considered as “Transitioning”.

Methodologies

The methodologies used to measure how the environmental and/or social characteristics are met are as follows:

• Eligibility process: the Investment Adviser seeks to invest in companies whose products and services are majority-aligned, or transitioning towards higher positive alignment, with any single or combination of sustainable investment themes focused on global social and environmental challenges as identified by the Investment Adviser. These themes map to the United Nations Sustainable Development Goals (“SDGs”). ‘Aligned’ companies currently have at least half of their business aligned and ‘Transitioning’ are companies that the Investment Adviser believes are actively transitioning their business to higher positive alignment with sustainable investment themes as identified by the Investment Adviser and with the SDGs, with material near-to-medium term change expected. The Investment Advisor typically uses revenue to assess business alignment, however in some instances other metrics may be more relevant, for example, energy production mix for utilities. The business alignment is accompanied by a qualitative assessment of the company’s product and service contribution to the SDGs, as well as risk of misalignment. It will also consider how material ESG risks and opportunities are being addressed and managed by the company, such as the quality of corporate governance practices and any adverse environmental or social impacts. For Transitioning companies in particular, company development pathway and timeline to reach intended impact is also considered.
•  Relevant KPIs and targets, as well as topics for engagement, are also identified at the time of eligibility and tracked over time. For Transitioning companies in particular, KPIs may include aligned revenue, as well as other transition metrics. Progress against these KPIs and targets is assessed periodically.
•  Research is conducted by the Investment Advisor’s ESG analysts and investment analysts. Eligibility decisions are voted on by the strategy’s Principal Investment Officers, Portfolio Managers, and ESG leadership.
• Negative Screening Policy: the Investment Adviser applies ESG and norms-based exclusions to implement a Negative Screening Policy to the Fund’s investments at the time of purchase. The Investment Adviser relies on third-party providers who identify a company’s participation in or the revenue which they derive from activities that are inconsistent with these screens. In the event that exclusions cannot be verified through third-party providers or if the Investment Adviser believes that data and/or assessment is incomplete or inaccurate, the Investment Adviser reserves the right to identify business involvement activities through its own assessment (including by using other third-party data sources).
•  Engagement: Engagements are conducted by the ESG team in collaboration with our investment professionals. We engage management teams on topics that are informed by our research, ESG investment frameworks, voting and monitoring process.
• Proxy Voting: We have investment professional-led proxy voting, with our in-house Global Stewardship & Engagement (GSE)/Proxy team conducting analysis. Final proxy outcomes are decided by members of our investment units.

Data sources and processing

Data sources

The Fund uses several data sources as part of the investment process.

In relation to the SDGs alignment, the Investment Adviser typically uses revenue to assess business alignment, but will leverage other metrics if there are more sector-relevant financial metrics for a company and its industry.

The data sources used as part of the Negative Screening Policy are as follows:

In the event that exclusions cannot be verified through third-party data or if the Investment Adviser believes that third-party data and/or assessment is incomplete or inaccurate, the Investment Adviser reserves the right to identify business involvement activities through its own assessment (including by using other third-party data sources).

Data quality and processing

Capital Group periodically reviews the performance quality of provider organizations and conducts ongoing monitoring and due diligence activities commensurate with the significance of the services provided.

Data are regularly updated in Capital Group’s internal platforms and made available to relevant teams. When issues are identified in third-party data, they are reported back to the provider(s). The Investment Adviser also applies systematic data quality checks to catch discrepancies and validate with the provider when issues arise.

Proportion of data that is estimated

Third-party providers may estimate data. While reported data are prioritized, Capital Group uses estimated data when reported data are unavailable. The proportion of estimated data varies depending on the data point due to inconsistencies in reporting by investee companies.

Limitations to methodologies and data

The Investment Adviser may be reliant on third-party data or a combination of third-party data and Capital Group’s proprietary research and analysis. However, such data might not capture the full universe of activities of an issuer, change suddenly, be flawed, inaccurate, incomplete or outdated, resulting in a Fund’s investment in an issuer which an investor may expect to be excluded from the portfolio. Capital Group performs ongoing due diligence on third-party data sources and endeavours to ensure that third-party data is reliable.

In addition, in the event that data cannot be obtained through third-party providers or if the Investment Adviser believes that third-party data and/or assessment is incomplete or inaccurate, the Investment Adviser reserves the right to identify business involvement activities through its own assessment (including by using other third-party data sources).

Due diligence

Members of Capital Group's compliance, risk management and internal audit staff conduct periodic assessments on the design and operating effectiveness of the firm’s activities and key controls. This includes compliance with internal processes and procedures as well as with the regulatory landscape in the jurisdictions in which the company operates. Capital Group meets regularly with the third-party data providers to review the quality of the services provided.

Pre-trade and post-trade checks are also in place as further explained in section “Monitoring of environmental or social characteristics” above.

Engagement policies

Establishing dialogue with companies is an integral part of the Investment Adviser’s investment management service to clients. Capital Group’s investment teams meet on a regular basis with company management, including executive and non-executive directors, chairs and finance directors. This enables the company to engage and generate dialogue on any issues that could affect the company’s long-term prospects, including exposures to sustainability issues.

Where Capital Group's investment teams identify an issue material to the long-term value of a company or they are concerned about relative ESG performance, Capital Group's investment professionals and governance teams will engage with management. Management’s response and the steps they take to minimise any associated risks, forms an important part of Capital Group's assessment of management quality, which itself is a key factor in the stock selection decisions.

Designated reference benchmark

The Fund has not designated a reference benchmark to meet the environmental and/or social characteristics it promotes.

Where can more product-specific information be found?

https://docs.publifund.com/1_PROSP/LU1577354035/en_LU

More product-specific information can be found in the periodic reports:

https://docs.publifund.com/4_AR/LU1577354035/en_LU