Carbon report SEB Sverige Expanderad
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- Pauline Norman
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1 Carbon report SEB Sverige Expanderad Report created on: February 27, 2018 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not comprehensive and indirect emissions, e.g. from suppliers, are based on reported data or estimates of emissions. The metric says nothing about how the portfolio contributes to a low-carbon society. For further information about the metric, see
2 Contents Executive Summary 3 Sector weighthing and relative carbon footprint 4 Relative Carbon Footprint Comparison 4 Sector Analysis & Stock selection 4 Attribution Analysis 5 Summary of 10 largest absolute contributors 6 Summary of 10 largest portfolio companies 6 Scope 3 overview 7 Company sector & breakdown Carbon Barometer & Carbon Ranking Carbon Report - SEB Sverige Expanderad 2
3 Carbon Report SEB Sverige Expanderad Report created on: Feb 27, 2018 Holdings Date: Dec 31, 2017 : Equity - MSCI ACWI Index Currency: SEK Industry Classification: GICS Company Breakdown Metrics: carbon intensity (tco2e / Mio. Value: 10'792'181' SEK Fund Management Company: SEB Investment Management AB Executive Summary Carbon emissions Scope 1-2 Total carbon emissions incl. Scope 3 Relative Carbon Footprint (kgco2e / SEK 1'000 invested) Carbon Intensity (kgco2e / SEK 1'000 Weighted Average Carbon Intensity (kgco2e / SEK 1'000 Disclosing Titles by Weight (market value) 130' ' % 96.8% 178' ' % 98.5% Total carbon emissions - measure the carbon footprint of a portfolio considering Scope 1-2 as well as Scope 3 emissions. *) - SEB Sverige Expanderad is associated with greenhouse gas emissions of 130'066.8 tons per year. Relative carbon footprint - is a normalized measure of the portfolio's contribution. - It enables comparisons with a benchmark between multiple portfolios, over time and regardless of portfolio size. Carbon intensity - allows investors to measure how much carbon emissions per SEK of revenue are generated. - It therefore measures the carbon efficiency of a portfolio per unit of output. This report analyses the portfolio of securities in terms of the carbon emissions and other carbon related characteristics of the underlying portfolio companies, and compares this data to the performance of a relevant respectively chosen market benchmark. The portfolio s intensity is 33.3% lower than the benchmark The Sectors Materials, Industrials and Utilities (per GICS classification) in the portfolio make up 37.9% of the weight vs. 78.9% of the contribution to emissions % Sector Weight 9.2% Contribution to 21.1% 35.3% 27.2% 16.9% Materials Industrials Utilities All other Sectors 0.0 Carbon Intensity Carbon 1.4% 26.6% 5 smallest contributors to the emissions of the fund are: emissions % of total Relative carbon footprint (kg CO2e / SEK 1'000 Invested) Industriv rden A % 0.0 Investor B % 0.0 Aker A % 0.0 Swedbank A % 0.0 SEB A % largest contributors to the emissions of the fund are: emissions % of total Relative carbon footprint (kg CO2e / SEK 1'000 Invested) SCA B 21' % 49.5 Fortum 21' % SAS Sverige 19' % Upm-Kymmene 11' % 52.8 Stora Enso R (SEK) 10' % 33.5 *) Scope 1 emissions are directly generated by company's operations, whereas indirect Scope 2 emissions are related to the company's energy consumption. Scope 3 emissions include other indirect emissions including e.g. business travel, use of company's products sold, investments, and goods and services purchased. Carbon Report - SEB Sverige Expanderad 3
4 Sector weighting and relative carbon footprint Weight Rel. Carbon Footprint tco2e / Mio SEK invested vs. Materials 9.19% 5.02% % Industrials 27.24% 10.85% % Utilities 1.44% 2.79% % Energy 6.17% 6.34% % Consumer Discretionary 13.29% 11.89% % Telecommunication Services 3.78% 3.01% % Others 8.16% 3.93% % Health Care 8.16% 10.66% % Consumer Staples 4.21% 8.68% % Financials 13.95% 17.35% % Information Technology 1.25% 17.97% % Relative Carbon Footprint Comparison Materials Industrials Utilities Energy Consumer Discretionary Telecommunication Services Others Health Care Consumer Staples Financials Information Technology Sector Analysis & Stock Selection The graph below shows how the carbon allocation in the portfolio differs from the average of each sector. Sectors have been defined using the GICS classification at the Supersector/Industry Group level. 30% 20% 10% 0% Airlines Aluminum Casinos & Gaming Construction Machinery & Heavy Trucks Electric Utilities Forest Products Hotels, Resorts & Cruise Lines Household Appliances Industrial Machinery Integrated Oil & Gas Integrated Telecommunication Services Oil & Gas Refining & Marketing Others Paper Products Trucking GICS Sub-Industry, Average GICS Sub-Industry 4
5 Attribution Analysis The two principal reasons why the carbon exposure of the portfolio may differ from the benchmark are due to sector allocation as well as stock selection decisions. Sector allocation decision will cause the carbon intensity of the portfolio to diverge from the benchmark where the sectors are either carbon intensive or low carbon. If the portfolio is overweight in carbon intensive sectors the portfolio is likely to be more carbon intensive than the benchmark. However, if the stocks within a carbon intensive sector are the most carbon efficient companies, it is possible that the portfolio may still have a lower carbon footprint than the benchmark. Sector Allocation Sector Selection Sector Allocation Contribution to Out/ Underperformance Sector Allocation Contribution to Out/ Underperformance (%) Stock Selection Contribution to Out/ Underperformance Stock Selection Contribution to Out/ Underperformance (%) Energy % -1' % Materials 2' % % Industrials 2' % 2' % Consumer Discretionary % % Consumer Staples % % Health Care % % Financials % % Information Technology % % Telecommunication Services % % Utilities % -1' % Others % % Total 3' % -1' % Explanation: The Underperformance of the portfolio is based on the effect of over/underweighting certain sectors and selecting more/less carbon intense stocks within each sector for each of the underlying holdings. A positive number indicates that the effect increased the greenhouse gas emission (in tons of CO2e) and a negative number indicated a decreasing effect. In this case, the sector weighting of SEB Sverige Expanderad harmed 3'128.8 tco2e, while the stock selection saved 1'278.7 tco2e versus the benchmark. This explains a 31.3% underperformance through sector weighting and 12.8% carbon outperformance by stock picking. Interaction Effect: 4' % Carbon Underperformance Total 130' ' '484.0 Carbon Underperformance (%) 64.8 Attribution Analysis - Graph 60% 40% 20% 0% -20% -40% Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecommunication Services Utilities Others Sector Stock Total 5
6 Summary of 10 largest absolute contributors The tables below show the 10 largest greenhouse gas contributors and the 10 largest holdings respectively of the SEB Sverige Expanderad. Carbon Data section explains your, i.e. the amount of greenhouse gases that the portfolio finances from the company s overall emissions, relative to company ownership. You can further see what % of the overall portfolio GHG emissions each company accounts for and if the company s GHG emission number was disclosed by the company or approximated. In the Analysis section, the emissions are stated and the Average Sector allow a comparison of the greenhouse gas intensity of a company against its respective sector, i.e. the amount of GHG emissions that an investment of the same size would have financed, would it have been invested in the overall sector rather than the specific company. The effect on the portfolio can be found under Contribution: This is a measurement of how much a specific holding raises or reduces the carbon footprint of the portfolio. Company GICS Sub-Industry % of total Weight Carbon Data Analysis carbon intensity (tco2e / Mio. Av. Sector Contribution SCA B Forest Products 3.9% % ' ' ' Fortum Electric Utilities 1.4% 0.0% 16.9% ' ' ' SAS Sverige Airlines 0.5% % ' ' ' Upm-Kymmene Paper Products 2.0% 0.0% 9.5% ' ' ' Stora Enso R (SEK) Paper Products 2.9% - 8.5% ' ' ' Neste Oyj Oil & Gas Refining & Marketing 3.0% 0.0% 6.9% ' ' ' Statoil Integrated Oil & Gas 2.2% 0.1% 5.3% ' ' ' Nobina Trucking 0.4% - 3.2% ' ' ' SKF B Industrial Machinery 4.2% 0.0% 2.4% 7.8 3' ' ' DFDS Marine 0.2% - 2.1% ' ' ' Summary of 10 largest portfolio companies Company GICS Sub-Industry % of total Weight Carbon Data Analysis carbon intensity (tco2e / Mio. Av. Sector Contribution Sandvik Industrial Machinery 5.5% 0.0% 1.0% 5.0 1' ' ' ABB (SEK) Svenska Handelsbanken A Electrical Components & Equipment 4.8% 0.1% 1.3% 5.0 1' ' ' Diversified Banks 4.4% 0.0% 0.0% ' Astrazeneca SEK Pharmaceuticals 4.2% 0.2% 0.3% ' SKF B Industrial Machinery 4.2% 0.0% 2.4% 7.8 3' ' ' SCA B Forest Products 3.9% % ' ' ' Volvo B Construction Machinery & Heavy Trucks 3.8% 0.1% 0.4% ' ' Electrolux B Household Appliances 3.6% 0.0% 1.9% 4.4 2' ' ' Atlas Copco A Industrial Machinery 3.6% 0.1% 0.1% ' ' Swedish Match Tobacco 3.4% 0.0% 0.2% '
7 Scope 3 Overview The following section provides a top-down approximation of the financed scope 3 emissions from each sector. The purpose of this analysis is to give an order of magnitude of the emissions in the portfolio on a sector level and should not be used as a basis for comparing two individual companies. All emissions are in tco2e metrics. The following graph shows the financed Scope 1+2 emissions in relation to the Scope 3 emissions of the portfolio. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials InformationTelecommunication Utilities Technology Services Scope 3 Scope 1&2 145'388 17'055 59'847 45'953 87'764 34'630 22'340 4' ' '870 2'493 27'882 22'003 The graph below compares the total emissions (including Scope 1, Scope 2 and Scope 3) between portfolio and benchmark Scope 3 Scope 1&2 351' ' ' '446 *) The methodology includes Scope 1, 2 and Scope 3 upstream and product use downstream. 7
8 Company Sector & Breakdown This table presents all holdings in the portfolio, sorted by sector, following the logic from the sections above. It shows how each company contributes to the overall portfolio footprint. It allows you to see which stocks are the greatest contributors to the portfolio s emission in absolute as well as relative terms. The -/+ signs on the far right indicate if a specific holding raises or reduces the carbon footprint of the portfolio. This helps with portfolio optimization and in managing the overall carbon portfolio footprint without comprising the chosen sector allocation. Weight Carbon Data Analysis Company % of total carbon intensity (tco2e / Mio. Av. Sector Contribution Oil & Gas Equipment & Services 1.0% 0.4% 0.9% ' ' SUBSEA 7 1.0% - 0.9% ' ' Integrated Oil & Gas 2.2% 3.4% 5.3% ' ' ' ' Statoil 2.2% 0.1% 5.3% ' ' '863.0 Oil & Gas Refining & Marketing 3.0% 0.7% 6.9% ' ' ' ' Neste Oyj 3.0% 0.0% 6.9% ' ' '770.2 Aluminum 0.3% 0.1% 0.2% ' GRANGES 0.3% - 0.2% ' Precious Metals & Minerals 0.1% 0.0% 0.1% Lucara Diamond 0.1% - 0.1% Forest Products 3.9% 0.0% 17.1% ' ' ' SCA B 3.9% % ' ' '957.6 Paper Products 4.9% 0.1% 18.0% ' ' ' Upm-Kymmene 2.0% 0.0% 9.5% ' ' '433.9 Stora Enso R (SEK) 2.9% - 8.5% ' ' '046.0 Building Products 0.1% 0.5% 0.1% Nordic Waterproofing Holding 0.1% - 0.0% Uponor 0.1% - 0.0% Construction & Engineering 0.9% 0.4% 0.4% ' Peab B 0.9% - 0.4% ' Electrical Components & Equipment 4.8% 0.7% 1.3% 5.0 1' ' ' ABB (SEK) 4.8% 0.1% 1.3% 5.0 1' ' '075.3 Industrial Conglomerates 0.3% 1.6% 0.0% ' Nolato B 0.3% - 0.0% Construction Machinery & Heavy Trucks 3.8% 0.6% 0.4% ' ' Volvo A 0.1% - 0.0% Volvo B 3.8% 0.1% 0.4% ' '780.7 Industrial Machinery 13.3% 1.2% 3.6% 5.8 4' ' ' SKF B 4.2% 0.0% 2.4% 7.8 3' ' '716.1 Sandvik 5.5% 0.0% 1.0% 5.0 1' ' '496.1 Atlas Copco A 3.6% 0.1% 0.1% ' '795.0 Diversified Support Services 0.5% 0.1% 0.0% Intrum Justitia 0.4% - 0.0% Bravida Holding 0.1% - 0.0% Security & Alarm Services 2.3% 0.1% 0.0% ' Loomis B 2.3% - 0.0% '207.1 Airlines 0.5% 0.2% 15.6% ' ' ' ' SAS Sverige 0.5% % ' ' '072.8 Marine 0.2% 0.1% 2.1% ' ' ' ' DFDS 0.2% - 2.1% ' ' '295.2 Trucking 0.4% 0.1% 3.2% ' ' ' Nobina 0.4% - 3.2% ' ' '504.4 Auto Parts & Equipment 1.8% 0.6% 0.7% ' ' Autoliv SDB 1.8% - 0.7% ' '531.1 Homebuilding 2.1% 0.3% 0.1% ' JM 2.1% - 0.1% '
9 Weight Carbon Data Analysis Company % of total carbon intensity (tco2e / Mio. Av. Sector Contribution Household Appliances 3.6% 0.1% 1.9% 4.4 2' ' ' Electrolux B 3.6% 0.0% 1.9% 4.4 2' ' '460.6 Casinos & Gaming 3.3% 0.3% 0.0% ' ' Kindred Group 3.3% - 0.0% ' '519.8 Hotels, Resorts & Cruise Lines 1.1% 0.4% 0.5% ' Scandic Hotels Group 1.1% - 0.5% ' Publishing 0.2% 0.1% 0.0% Sanoma OYJ 0.2% - 0.0% Department Stores 0.0% 0.2% 0.0% Tokmanni Group 0.0% - 0.0% Apparel Retail 1.2% 0.4% 0.0% ' Hennes & Mauritz B 1.2% 0.0% 0.0% '563.0 Automotive Retail 0.1% 0.2% 0.0% Mekonomen 0.1% - 0.0% Food Retail 0.5% 0.6% 0.1% Axfood 0.5% - 0.1% Packaged Foods & Meats 0.3% 1.7% 0.1% ' Schouw & Co 0.0% - 0.0% SalMar 0.3% - 0.0% Tobacco 3.4% 1.3% 0.2% ' Swedish Match 3.4% 0.0% 0.2% '503.2 Health Care Distributors 0.1% 0.2% 0.0% Lifco 0.1% - 0.0% Health Care Facilities 0.4% 0.1% 0.3% Capio 0.4% - 0.3% Biotechnology 0.4% 1.8% 0.0% Vitrolife 0.4% - 0.0% Pharmaceuticals 7.3% 4.8% 0.4% ' ' Novo Nordisk 3.1% 0.2% 0.0% '186.1 Astrazeneca SEK 4.2% 0.2% 0.3% '487.9 Diversified Banks 10.6% 9.4% 0.1% ' Danske Bank Ord 2.1% 0.1% 0.0% '899.9 SEB A 0.3% 0.0% 0.0% Swedbank A 0.8% 0.0% 0.0% '115.6 Nordea 3.0% 0.1% 0.0% '110.0 Svenska Handelsbanken A 4.4% 0.0% 0.0% '162.9 Regional Banks 0.4% 0.9% 0.0% Spar Nord Bank 0.1% - 0.0% Sparenbank 1 SMN 0.2% - 0.0% Sparebank 1 SR Bank NO 0.1% - 0.0% Multi-Sector Holdings 2.5% 0.2% 0.0% ' ' Aker A 0.1% - 0.0% Investor B 2.0% 0.0% 0.0% '723.3 Industriv rden A 0.4% - 0.0% Consumer Finance 0.3% 0.5% 0.0% Resurs Holding 0.3% - 0.0% Property & Casualty Insurance 0.2% 0.9% 0.0% Almindelig Brand 0.2% - 0.0% Internet Software & Services 0.2% 4.0% 0.0% NetEnt 0.2% - 0.0% IT Consulting & Other Services 0.5% 1.0% 0.0% Tietoenator EUR 0.5% - 0.0% Electronic Equipment & Instruments 0.6% 0.3% 0.0% Hexagon B 0.4% 0.0% 0.0%
10 Weight Carbon Data Analysis Company % of total carbon intensity (tco2e / Mio. Av. Sector Contribution Mycronic 0.1% - 0.0% Integrated Telecommunication Services 3.0% 1.9% 1.6% ' ' ' Telenor 3.0% 0.0% 1.6% ' ' '103.4 Wireless Telecommunication Services 0.8% 1.0% 0.4% Tele2 B 0.8% 0.0% 0.4% Electric Utilities 1.4% 1.6% 16.9% ' ' ' ' Fortum 1.4% 0.0% 16.9% ' ' '663.4 Others 8.2% 3.9% 1.6% ' ' ' ENTRA ASA 0.1% - 0.0% Castellum 1.7% - 0.0% '258.0 Balder Fastighets 1.4% - 0.5% '333.4 Kungsleden 0.5% - 0.1% Wihlborgs Fastigheter 1.2% - 0.0% '599.6 Di s Fastigheter 0.4% - 0.2% Prime Living 0.4% - 0.0% Wallenstam B 0.7% - 0.0% Hemfosa Fastigheter 1.7% - 0.8% ' '240.7 Total portfolio 96.8% 98.5% 100.0% ' ' Note that the weighting for the benchmark will not always total 100% as the stocks shown are only for those held by the portfolio. 10
11 Carbon Ranking This is a standardized ranking of the fund based on the productís weighted average carbon intensity using two peergroups. One consisting of all other funds in the database (global percentile) and one where the fund is ranked taking the specific Lipper Global Classification into account (peer percentile). The ranking is based on percentiles and ranges from 0 (worst) to 100 (best). Global Percentile 62 (n=4380) Peer Percentile 0 (Lipper Global Equity Sweden, n=51) The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not comprehensive and indirect emissions, e.g. from suppliers, are based on reported data or estimates of emissions. The metric says nothing about how the portfolio contributes to a low-carbon society. For further information about the metric, see 11
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