Sustainability–related disclosures
The subfund's sustainable standards are promoted in accordance with Article 8 of the SFDR
- At least 70% of the subfund's assets are investments that promote environmental and social characteristics.
- The subfund does not have sustainable investment as its objective.
The subfund integrates sustainability into the investment process in accordance with the ESG+ strategy, which includes:
- Excluding companies that are directly involved in areas considered controversial or harmful from a sustainability perspective.
- Selecting investments that are assessed as less risky from an ESG perspective by specialized providers of ESG ratings; these ratings apply to both companies and sovereign issuers.
- Adhering to good governance practices that the companies in which the sub-fund invests must comply with.
The subfund considers the principal adverse impacts (PAI) on sustainability factors. The criteria are defined in the Prospectus with the management rules, in Appendix 1 – Disclosures of subfunds considered as financial products that promote environmental and social characteristics.
Report as at 28.02.2025
Share of aligned investments
| |
Share in % |
Limit [%] |
| Share of aligned investments |
84,5 |
> 70 |
| Share of unaligned investmenets |
3,1 |
< 30 |
| No grade |
11,4 |
|
| Total |
99 |
|
| Other |
1 |
|
Corporate sustainability rating
The sustainability risk of an individual investment is assessed using the overall sustainability ESG rating provided by MSCI ESG Research. These ratings evaluate companies' management of financially relevant ESG risks and opportunities. Each rating considers the company's exposure to potentially significant ESG risks, the quality of its governance systems and management structures to mitigate these risks, and, where applicable, the company's ability to meet market demand for products and services that contribute positively to the environment or society.
| Corporate sustainability rating |
A |
|
| |
| ESG Rating |
| Score |
Number of Investments |
Share in % |
| AAA |
12 |
6,3 |
| AA |
25 |
14,2 |
| A |
32 |
12 |
| BBB |
13 |
7 |
| BB |
5 |
4,1 |
| B |
3 |
2,5 |
| CCC |
1 |
0,3 |
| No grade |
6 |
7,9 |
| Total |
97 |
54,1 |
| Other |
|
45,9 |
ESG GOV Score
Assessment, whether a company has a good governance score, is based on the governance pillar score provided by MSCI ESG Research.
| ESG GOV Score |
6,3 |
|
| |
| ESG GOV Score |
| Score |
Number of Investments |
Share in % |
| 8,571 - 10 |
0 |
0 |
| 7,143 - 8,570 |
37 |
30,8 |
| 5,714 - 7,142 |
36 |
29,1 |
| 4,286 - 5,713 |
23 |
19,3 |
| 2,857 - 4,285 |
15 |
5,9 |
| 1,429 - 2,856 |
4 |
2,5 |
| 0 - 1,428 |
0 |
0 |
| No grade |
10 |
11,4 |
| Total |
125 |
99 |
| Other |
|
1 |
ESG Government Rating
MSCI ESG ratings for sovereign issuers provide an opinion on the exposure to and management of ESG risks by sovereign and sub-sovereign entities. MSCI ESG defines ESG risks for sovereign and sub-sovereign entities as environmental, social, or governance issues that could impact the long-term sustainability of economies.
| Sovereign debt securities (%) |
|
44,9%
|
| |
| Average ESG Government Rating |
A |
|
| |
| ESG Govenment Rating |
| Rating |
Number of Investments |
Share in % |
| AAA |
0 |
0 |
| AA |
5 |
5,6 |
| A |
9 |
15,4 |
| BBB |
10 |
17,7 |
| BB |
3 |
5,2 |
| B |
0 |
0 |
| CCC |
0 |
0 |
| No grade |
1 |
1,1 |
| Total |
28 |
44,9 |
| Other |
|
55,1 |
Exclusions
| Industry exclusions |
Share in % |
Revenue/production threshold in %* |
| Thermal Coal (mining and sales) |
0 |
10 |
| Therman Coal (power generation) |
0 |
10 |
| Tabacco (distribution) |
0 |
5 |
| Tobacco (production) |
0 |
0 |
| Activities in the field of controversial weapons |
0 |
0 |
| Fossil fuels (unconventional) |
1,2 |
0 |
| Fossil fuels (Arctic drilling - gas) |
0,7 |
0 |
| Fossil Fuels (Arctic drilling - oil) |
0,7 |
0 |
| Gambling |
0 |
5 |
| Adult entertainment |
0 |
5 |
| Civilian firearms |
0 |
5 |
| Exceptions** |
1,7 |
|
*Revenue/production threshold in % The subfund will not invest in holdings that generate more than the specified percentage of revenue from controversial activities.
**Exceptions: Regardless of the company's primary controversial activity, the subfunds may invest in:
- sustainable bonds,
- companies that direct over 20% of their investments (CAPEX) towards activities defined as environmentally sustainable according to the EU Taxonomy..
Controversial behavior
The subfunds will, in addition to considering controversial activities, also take into account whether the companies in which they invest violate certain internationally recognized standards, such as the principles of the United Nations Global Compact (UNGC) and the OECD Guidelines for Multinational Enterprises. Thisare assessed using PAI 10 (Violations of the UN Global Compact principles and the OECD Guidelines for Multinational Enterprises).
| |
Share in % |
| Violations of the UNGC and OECD Guidelines |
0 |
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