How to combine SRI with passive investment. How to combine SRI with passive investment
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- Maximillian Turner
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2 ERAFP: a long term investor ERAFP is a mandatory, fully funded pension fund for the 4.6 million French civil servants : Created in 2005, the duration of ERAFP s liabilities is particularly long; With cash flows based on civil servants remunerations, cash flow projections are highly reliable. => Positive net cash flows will remain above 1bn per year until Net annual Cash Flows (M ) Assets Under Management (M ) , *Source : COR We can hold assets for a very long time without needing to sell : We think long term, We can invest for the long term. 2
3 This long term approach applies to asset allocation Bonds represent 77% of our portfolio Regulatory constraints currently applicable to the RAFP Asset allocation in December 2011 Corporate bonds: 9% Bonds 65% (min) Diversified assets 25%(max) Sovereign bonds: bonds :61% Supranational bodies: 4% Local authorities: 3% Real estate 10% (max) Equities: 20% 11.5 billion euros of assets in December 2011 Cash and equivalents: 0.7% 3% 3
4 A pragmatic approach to SRI ERAFP s SRI Charter Human rights Employee democracy Social progress Environment Good governance and transparency Since the Fund s inception (2005), our Board of Trustees has decided to implement a SRI policy which: applies to all asset classes : SRI is not just a small pocket in our assets, SRI is not just an investment strategy amongst others. is based on a transverse SRI Charter : we believe this is more coherent than the addition of several thematic funds. is based on a best in class approach: we do not exclude any sector or promote theme based investments but we aim to make everyone progress. Indeed, what would be the point of : investing in a renewable energy fund if the rest of your equity portfolio is overweighted in oil companies? excluding a polluting industry from your equity portfolio, if your bond portfolio highly depends on this industry? is adapted to each asset class: the SRI Charter is declined into about 40 criteria which are customised according to the specificities of each asset class. 4
5 ERAFP s investments in equities Feedback on our first mandates In November 2011, ERAFP s equity portfolio amounted to 2.3bn ( 1.9bn): 70% in eurozone equities / 30% in OECD equities. By law our equity portfolio has to be externally managed. Investment in euro-zone large caps started in 2007 : four asset managers were selected to manage four segretated accounts with a similar mandate (SRI active management benchmarked against the MSCI EMU); the implementation of our SRI criteria is delegated to the asset managers; Although this approach has been positive in relative terms, the final outcome has remained largely determined by the choice of the benchmark. In line with these thoughts, when we launched a tender for global equities in 2008, we tried to switch the attention from index-relative to total risk by : making volatility the main risk measure in the mandate; setting the maximum tracking error at a high level (8%). Nevertheless, managers were not willing to use this «latitude». More attention must be paid to the selection of the benchmark. 5
6 ERAFP s investments in equities From market-cap to risk efficient indices At the same time, since 2009 we had been working with EDHEC-Risk to build a benchmark for small caps : being more efficient than traditional market cap-weighted indices ; integrating our SRI approach, especially the best in class principle. As most existing SRI approaches for small caps were based on thematic approaches (climate change, water, etc.) or engagement practices, ERAFP decided to finance the development of a specific SRI best in class research for small caps by Vigeo. Being satisfied with the cooperation with EDHEC-Risk, we have extended this approach to large caps: The four initial mandates (euro-zone equities) were re-tendered in 2011; about 20% of the euro-zone equity portfolio is now passively managed against a customised FTSE EDHEC Risk-efficient index; about 2.5% of the euro-zone equity portfolio is now passively managed against a similar index. Both small and large caps indices are constructed within a SRI best in class universe provided by ERAFP. 6
7 ERAFP s experience There is no contradiction between passive management and SRI ERAFP s commitment to responsible investment is reflected into: a cautious asset-liability management and asset allocation; the implementation of a 100% SRI policy on the asset side. The use and promotion of well diversified and less volatile indices, which contribute to enhance financial markets stability, is also part of this approach. Stringent SRI stock selection may be combined with active ownership: Based on Vigeo s research, which is customised in order to fit ERAFP s criteria, the best in class filter ensures that the companies selected have achieved a reasonable level of awareness on ESG issues. As part of the RFP process which aimed at selecting asset managers to replicate the indices, engagement and voting capabilities constituted a selection criteria. 7
8 A cost-efficient tool to make a first step into SRI Many investors would be interested in implementing an SRI approach but are discouraged by the cost that the formalisation of such a policy would represent. By using the FTSE EDHEC-Risk Efficient ERAFP SRI index an investor: can make a first step into SRI without making any substantial investment in order to buy external SRI research or to develop its own SRI capabilities; can benefit from ERAFP s experience in this field. ERAFP is willing to share its SRI methodology with other investors so that : a common vision of SRI may be developed ; collective engagement actions may be undertaken. 8
9 Contact: Olivier Bonnet Head of SRI RETRAITE ADDITIONNELLE DE LA FONCTION PUBLIQUE 84 rue de Lille Paris tel : olivier.bonnet@erafp.fr 9
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