Trium ESG Emissions Improvers Fund
SRI Style:
Sustainability Tilt
SDR Labelling:
Not eligible to use label
Product:
SICAV/Offshore
Fund Region:
Europe
Fund Asset Type:
Hedge
Launch Date:
30/09/2019
Last Amended:
Nov 2023
Dialshifter (
):
Fund Size:
£452.52m
(as at: 31/12/2024)
Total Screened Themed SRI Assets:
£436.00m
(as at: 31/10/2023)
Total Assets Under Management:
£1375.60m
(as at: 31/10/2023)
ISIN:
IE00BKDV3Y45, IE00BKDV4072, IE00BKDV3Z51, IE00BKDV4296, IE00BKDV4411, IE00BKDV4304, IE000NBQIE56, IE000KXQWJJ1
Contact Us:
Objectives:
The Trium ESG Emissions Improvers Fund is a discretionary Equity Market Neutral Fund with twin aims – to make a positive impact on the environment by helping to combat global emissions output, while at the same time, seeking to generate absolute returns, with a low correlation to traditional asset classes and other ESG products.
The Portfolio Manager identifies companies typically between $1-20 billion – small enough to implement change and to allow engagement directly with the CEO and board of directors – from the high-emitting sectors that have the potential to significantly reduce their environmental footprint relative to their peers and the broader market. He sets out to constructively engage with these companies to encourage them to reduce their emissions. Market and other factor risks are mitigated with offsetting short positions, which include alpha short positions.
The Portfolio Manager defines “high-emitting” sectors as energy, mining, materials, shipping, industrials, utilities, and chemicals. The team currently focus primarily on Europe and North America, with occasional exposure to other markets.
Sustainable, Responsible
&/or ESG Overview:
No response when requested update from manager (August 2024)
The Trium ESG Emissions Improvers Fund aims to deliver alpha-driven absolute returns with low volatility to traditional asset classes and other ESG Fund whilst reducing greenhouse gas emissions. The Portfolio Manager adopts an engagement approach, which he believes drives alpha generation whilst contributing to environmental improvements.
Reducing GHG emissions is the primary goal of the Fund. The investment team focuses on the high-emitting sectors as they represent roughly 30% of the overall European equity market, but nearly 90% of European emissions. For example, given steel production accounts for around 7% of global emissions the team views reducing emissions in a steel mill as just as important for decarbonisation as building wind farms or energy storage.
Within these high-emitting sectors, the team engages with companies that have the potential to cut emissions more effectively than their peers and as such have a competitive advantage and should outperform over time.
Primary fund last amended:
Nov 2023
Information directly from fund manager.
Fund Filters
Sustainability - General
Find funds that use the UN Global Compact to inform or help direct where they can or cannot invest and will typically not invest in companies with significant breaches (low standards) - although strategies vary. (The UNGC covers a wide range of issues - search 'UNGC'). See https://unglobalcompact.org/
Find funds that specifically aim to invest (and manage assets) in ways that help to address all or some of the UN's Sustainable Development Goals (SDGs). See https://sdgs.un.org/goals).
The delivery of the shift to a sustainable future is a core feature of this fund and its investment strategy. See eg https://www.transitionpathwayinitiative.org/
Nature & Biodiversity
Find funds that have policies in place explaining that they avoid companies involved in illegal and/or unsustainable deforestation. This may relate to palm oil, cattle farming or other concerns. Strategies vary. See fund information for further detail.
Climate Change & Energy
Funds that avoid investing in major coal, oil and/or gas (extraction) companies. Funds vary: some may exclude all companies that extract oil. Others may have exposure to oil extraction via more diversified energy companies. See fund literature to confirm details.
Funds that avoid companies involved in fracking and tar sands - which are widely regarded as controversial methods of oil and gas extraction. Strategies vary. See fund information for further information.
Funds that avoid companies that are involved in extracting oil from the Arctic regions. See fund literature for further details.
A core element of these funds will aim to encourage the transition to lower carbon activities through responsible ownership / stewardship / engagement / voting activity
Ethical Values Led Exclusions
Companies are excluded if they are involved in any aspect of the production chain for tobacco products, including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Find funds that avoid companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non-strategic military products. See fund literature for fund specific details.
Find funds that avoid investment in companies involved in the production of alcohol. Strategies vary; some funds allow a small proportion of profits to come from this area. See fund literature for further information.
Find funds that avoid companies with significant involvement in the gambling industry. Some funds may allow a small proportion of profits to come from this area. See fund policy for further details.
Governance & Management
Find funds that aim to avoid investing in companies with poor governance practices.(e.g. board structure, management practices etc.) Views may however vary on what counts as 'poor' practices - and funds may not immediately divest as they may prefer to work to encourage higher standards. See fund literature for further information.
Exclude companies that are subject to United Nations sanctions. See eg https://main.un.org/securitycouncil/en/content/un-sc-consolidated-list
Fund managers encourage the companies they invest in to have more diverse board structures (e.g. more women on boards)
A core element of these funds will aim to encourage higher ESG standards through responsible ownership / stewardship / engagement /voting activity
Fund Governance
Find funds that factor in 'environmental, social and governance' issues as part of their investment decision making process. A focus on 'ESG' typically means a fund is carrying out additional research to help reduce ESG related risks. It does not necessarily mean a focus on sustainability. Strategies vary. See fund literature.
Asset Size
Find funds where more than half of the funds' assets are invested in smaller or medium sized companies (i.e. below around £5 -10 billion).
Targeted Positive Investments
Find funds that have calculated the proportion of fund asset that meet the new EU Taxonomy requirements and that they total 5-25% of assets. This will typically require adding up the proportion of each individual company's activity that is regarded as 'green' so that the fund manager can produce an overall total for the whole fund / portfolio.
Impact Methodologies
Funds that aim to help or support the delivery of positive social or environmental impacts (or societal/real world outcomes) by investing in companies they regard as beneficial to people and / or the planet. Strategies vary. See fund literature for further information.
Fund aims to deliver positive environmental and or social impacts (real world benefits) through its engagement with investee assets
How The Fund Works
Find funds that focus on finding and investing in companies with positive / beneficial attributes. This strategy can be applied in addition to exclusion criteria and engagement/stewardship activity.
Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
Find funds that have 'mapped' (reviewed) their investment selection and management strategies to identify which of the UN Sustainable Development Goals (SDGs) the fund is helping to address.
Find funds that make significant use of internationally agreed 'norms' (e.g. United Nations Global Compact - UNGC - or the UN Sustainable Development Goals - SDGs) as part of their investment selection process alongside additional SRI criteria such as positive or negative stock selection policies and/or stewardship strategies.
Unscreened Assets & Cash
All assets held in the fund - except cash - meet the sustainability criteria published in fund documentation.
Intended Clients & Product Options
Finds funds designed to meet the needs of individual investors with an interest in sustainability issues.
Labels & Accreditations
Finds funds classified under Article 8 of the EU’s SFDR (Sustainable Finance Disclosure Requirements). Article 8 of the SFDR is a set of requirements that apply to financial products that 'promote' environmental or social characteristics with high governance also. These rules do not currently apply to UK funds so many managers may leave this field blank.
Fund Management Company Information
About The Business
Find fund management companies that are smaller or specialise in particular areas - notably, ideally ESG related. Strategies vary.
Finds fund management companies that have a published company wide stewardship, engagement and / or responsible ownership policy or strategy that covers all investments. Stewardship typically involves encouraging higher ESG standards through voting and dialogue.
Find fund management companies that encourage the companies they invest in to have strong diversity, race, gender and other equality policies across all assets held, not simply screened or themed SRI/ESG funds. (ie Asset Management company wide).
Fund management entity offers unstructured intermediary training on sustainable investment (ie for financial advisers and wealth managers)
Fund management entity offers unstructured intermediary training on sustainable investment (ie for financial advisers and wealth managers)
Collaborations & Affiliations
Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment'.
Resources
Find fund management companies that employ people to steer and support fund managers in voting shares at company AGM's and EGMs in ways that are consistent with encouraging higher ESG/sustainability standards.
Company Wide Exclusions
Find fund management companies (not funds) that avoid investment in 'controversial weapons' across all of their funds and other investment vehicles.
Climate & Net Zero Transition
This asset management company plans to achieve net zero greenhouse gas (CO2e) emissions with the help of a scheme that will lock away an amount of carbon that is equivalent to the company’s own emissions – so that the end result is ‘net zero’. Calculations and scope vary.
Transparency
Find companies that publish information about their sustainable and responsible investment strategies on their company website.
Sustainable, Responsible &/or ESG Policy:
The Investment Manager intends to invest in equity and equity-related securities of companies in the energy, utilities, materials, industrials, construction, and transportation sectors. The Fund’s strategy is to invest in companies that are improving their environmental and emissions footprint more effectively than their peer group. The strategy is focused on the improvement potential of the company rather than its current state.
Process:
The investment process is based on bottom-up fundamental company and sector analysis, combined with analysis of energy transition, environmental regulations, and ESG topics (especially governance). We incorporate active engagement with management as part of our core long process.
The team uses various external ESG data sources including MSCI and Integrum for research and ratings. The team use these ratings and reports for background analysis as part of the research process and as a window into the ratings agency information being provided to the market.
Resources, Affiliations & Corporate Strategies:
Joe Mares, Portfolio Manager of the Trium ESG Emissions Improvers Fund, is supported by:
- Harry Thomas, Co-Portfolio Manager & Senior Analyst
- Sargis Asatryan, Analyst
- Matilde Bertoldi, Analyst
- Kate Prakhova, Analyst
- Sam Thompson, Analyst
The team is further supported by Trium Capital’s Head of ESG, Kate Sullivan, who monitors the Fund’s exclusion list, and provides support with engagements as needed.
SDR Labelling: Not eligible to use label
| Fund Name | SRI Style | SDR Labelling | Product | Region | Asset Type | Launch Date | Last Amended |
|
|---|---|---|---|---|---|---|---|---|
Trium ESG Emissions Improvers Fund |
Sustainability Tilt | Not eligible to use label | SICAV/Offshore | Europe | Hedge | 30/09/2019 | Nov 2023 | |
ObjectivesThe Trium ESG Emissions Improvers Fund is a discretionary Equity Market Neutral Fund with twin aims – to make a positive impact on the environment by helping to combat global emissions output, while at the same time, seeking to generate absolute returns, with a low correlation to traditional asset classes and other ESG products.
The Portfolio Manager identifies companies typically between $1-20 billion – small enough to implement change and to allow engagement directly with the CEO and board of directors – from the high-emitting sectors that have the potential to significantly reduce their environmental footprint relative to their peers and the broader market. He sets out to constructively engage with these companies to encourage them to reduce their emissions. Market and other factor risks are mitigated with offsetting short positions, which include alpha short positions.
The Portfolio Manager defines “high-emitting” sectors as energy, mining, materials, shipping, industrials, utilities, and chemicals. The team currently focus primarily on Europe and North America, with occasional exposure to other markets. |
Fund Size: £452.52m (as at: 31/12/2024) Total Screened Themed SRI Assets: £436.00m (as at: 31/10/2023) Total Assets Under Management: £1375.60m (as at: 31/10/2023) ISIN: IE00BKDV3Y45, IE00BKDV4072, IE00BKDV3Z51, IE00BKDV4296, IE00BKDV4411, IE00BKDV4304, IE000NBQIE56, IE000KXQWJJ1 Contact Us: ir@trium-capital.com |
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Sustainable, Responsible &/or ESG OverviewNo response when requested update from manager (August 2024)
The Trium ESG Emissions Improvers Fund aims to deliver alpha-driven absolute returns with low volatility to traditional asset classes and other ESG Fund whilst reducing greenhouse gas emissions. The Portfolio Manager adopts an engagement approach, which he believes drives alpha generation whilst contributing to environmental improvements.
Reducing GHG emissions is the primary goal of the Fund. The investment team focuses on the high-emitting sectors as they represent roughly 30% of the overall European equity market, but nearly 90% of European emissions. For example, given steel production accounts for around 7% of global emissions the team views reducing emissions in a steel mill as just as important for decarbonisation as building wind farms or energy storage.
Within these high-emitting sectors, the team engages with companies that have the potential to cut emissions more effectively than their peers and as such have a competitive advantage and should outperform over time. |
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Primary fund last amended: Nov 2023 |
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Information received directly from Fund Manager |
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Please select what you would like to read:
Fund FiltersSustainability - General
UN Global Compact linked exclusion policy
Find funds that use the UN Global Compact to inform or help direct where they can or cannot invest and will typically not invest in companies with significant breaches (low standards) - although strategies vary. (The UNGC covers a wide range of issues - search 'UNGC'). See https://unglobalcompact.org/
UN Sustainable Development Goals (SDG) focus
Find funds that specifically aim to invest (and manage assets) in ways that help to address all or some of the UN's Sustainable Development Goals (SDGs). See https://sdgs.un.org/goals).
Transition focus
The delivery of the shift to a sustainable future is a core feature of this fund and its investment strategy. See eg https://www.transitionpathwayinitiative.org/ Nature & Biodiversity
Illegal deforestation exclusion policy
Find funds that have policies in place explaining that they avoid companies involved in illegal and/or unsustainable deforestation. This may relate to palm oil, cattle farming or other concerns. Strategies vary. See fund information for further detail. Climate Change & Energy
Coal, oil & / or gas majors excluded
Funds that avoid investing in major coal, oil and/or gas (extraction) companies. Funds vary: some may exclude all companies that extract oil. Others may have exposure to oil extraction via more diversified energy companies. See fund literature to confirm details.
Fracking and tar sands excluded
Funds that avoid companies involved in fracking and tar sands - which are widely regarded as controversial methods of oil and gas extraction. Strategies vary. See fund information for further information.
Arctic drilling exclusion
Funds that avoid companies that are involved in extracting oil from the Arctic regions. See fund literature for further details.
Encourage transition to low carbon through stewardship activity
A core element of these funds will aim to encourage the transition to lower carbon activities through responsible ownership / stewardship / engagement / voting activity Ethical Values Led Exclusions
Tobacco and related product manufacturers excluded
Companies are excluded if they are involved in any aspect of the production chain for tobacco products, including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Armaments manufacturers avoided
Find funds that avoid companies that manufacture products intended specifically for military use. Fund strategies vary - particularly with regard to non-strategic military products. See fund literature for fund specific details.
Alcohol production excluded
Find funds that avoid investment in companies involved in the production of alcohol. Strategies vary; some funds allow a small proportion of profits to come from this area. See fund literature for further information.
Gambling avoidance policy
Find funds that avoid companies with significant involvement in the gambling industry. Some funds may allow a small proportion of profits to come from this area. See fund policy for further details. Governance & Management
Avoids companies with poor governance
Find funds that aim to avoid investing in companies with poor governance practices.(e.g. board structure, management practices etc.) Views may however vary on what counts as 'poor' practices - and funds may not immediately divest as they may prefer to work to encourage higher standards. See fund literature for further information.
UN sanctions exclusion
Exclude companies that are subject to United Nations sanctions. See eg https://main.un.org/securitycouncil/en/content/un-sc-consolidated-list
Encourage board diversity e.g. gender
Fund managers encourage the companies they invest in to have more diverse board structures (e.g. more women on boards)
Encourage higher ESG standards through stewardship activity
A core element of these funds will aim to encourage higher ESG standards through responsible ownership / stewardship / engagement /voting activity Fund Governance
ESG integration strategy
Find funds that factor in 'environmental, social and governance' issues as part of their investment decision making process. A focus on 'ESG' typically means a fund is carrying out additional research to help reduce ESG related risks. It does not necessarily mean a focus on sustainability. Strategies vary. See fund literature. Asset Size
Over 50% small / mid cap companies
Find funds where more than half of the funds' assets are invested in smaller or medium sized companies (i.e. below around £5 -10 billion). Targeted Positive Investments
EU Sustainable Finance Taxonomy holdings 5-25% of fund assets
Find funds that have calculated the proportion of fund asset that meet the new EU Taxonomy requirements and that they total 5-25% of assets. This will typically require adding up the proportion of each individual company's activity that is regarded as 'green' so that the fund manager can produce an overall total for the whole fund / portfolio. Impact Methodologies
Aims to generate positive impacts (or 'outcomes')
Funds that aim to help or support the delivery of positive social or environmental impacts (or societal/real world outcomes) by investing in companies they regard as beneficial to people and / or the planet. Strategies vary. See fund literature for further information.
Aim to deliver positive impacts through engagement
Fund aims to deliver positive environmental and or social impacts (real world benefits) through its engagement with investee assets How The Fund Works
Positive selection bias
Find funds that focus on finding and investing in companies with positive / beneficial attributes. This strategy can be applied in addition to exclusion criteria and engagement/stewardship activity.
Negative selection bias
Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
Assets mapped to SDGs
Find funds that have 'mapped' (reviewed) their investment selection and management strategies to identify which of the UN Sustainable Development Goals (SDGs) the fund is helping to address.
Combines norms based exclusions with other SRI criteria
Find funds that make significant use of internationally agreed 'norms' (e.g. United Nations Global Compact - UNGC - or the UN Sustainable Development Goals - SDGs) as part of their investment selection process alongside additional SRI criteria such as positive or negative stock selection policies and/or stewardship strategies. Unscreened Assets & Cash
All assets (except cash) meet published sustainability criteria
All assets held in the fund - except cash - meet the sustainability criteria published in fund documentation. Intended Clients & Product Options
Intended for investors interested in sustainability
Finds funds designed to meet the needs of individual investors with an interest in sustainability issues. Labels & Accreditations
SFDR Article 8 fund / product (EU)
Finds funds classified under Article 8 of the EU’s SFDR (Sustainable Finance Disclosure Requirements). Article 8 of the SFDR is a set of requirements that apply to financial products that 'promote' environmental or social characteristics with high governance also. These rules do not currently apply to UK funds so many managers may leave this field blank. Fund Management Company InformationAbout The Business
Boutique / specialist fund management company
Find fund management companies that are smaller or specialise in particular areas - notably, ideally ESG related. Strategies vary.
Responsible ownership / stewardship policy or strategy (AFM company wide)
Finds fund management companies that have a published company wide stewardship, engagement and / or responsible ownership policy or strategy that covers all investments. Stewardship typically involves encouraging higher ESG standards through voting and dialogue.
Diversity, equality & inclusion engagement policy (AFM company wide)
Find fund management companies that encourage the companies they invest in to have strong diversity, race, gender and other equality policies across all assets held, not simply screened or themed SRI/ESG funds. (ie Asset Management company wide).
Offer structured intermediary training on sustainable investment
Fund management entity offers unstructured intermediary training on sustainable investment (ie for financial advisers and wealth managers)
Offer unstructured intermediary sustainable investment training
Fund management entity offers unstructured intermediary training on sustainable investment (ie for financial advisers and wealth managers) Collaborations & Affiliations
PRI signatory
Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment'. Resources
In-house responsible ownership / voting expertise
Find fund management companies that employ people to steer and support fund managers in voting shares at company AGM's and EGMs in ways that are consistent with encouraging higher ESG/sustainability standards. Company Wide Exclusions
Controversial weapons avoidance policy (AFM company wide)
Find fund management companies (not funds) that avoid investment in 'controversial weapons' across all of their funds and other investment vehicles. Climate & Net Zero Transition
Carbon offsetting - offset carbon as part of our net zero plan (AFM company wide)
This asset management company plans to achieve net zero greenhouse gas (CO2e) emissions with the help of a scheme that will lock away an amount of carbon that is equivalent to the company’s own emissions – so that the end result is ‘net zero’. Calculations and scope vary. Transparency
Full SRI / responsible ownership policy information on company website
Find companies that publish information about their sustainable and responsible investment strategies on their company website. Sustainable, Responsible &/or ESG Policy:The Investment Manager intends to invest in equity and equity-related securities of companies in the energy, utilities, materials, industrials, construction, and transportation sectors. The Fund’s strategy is to invest in companies that are improving their environmental and emissions footprint more effectively than their peer group. The strategy is focused on the improvement potential of the company rather than its current state. Process:The investment process is based on bottom-up fundamental company and sector analysis, combined with analysis of energy transition, environmental regulations, and ESG topics (especially governance). We incorporate active engagement with management as part of our core long process.
The team uses various external ESG data sources including MSCI and Integrum for research and ratings. The team use these ratings and reports for background analysis as part of the research process and as a window into the ratings agency information being provided to the market.
Resources, Affiliations & Corporate Strategies:Joe Mares, Portfolio Manager of the Trium ESG Emissions Improvers Fund, is supported by:
The team is further supported by Trium Capital’s Head of ESG, Kate Sullivan, who monitors the Fund’s exclusion list, and provides support with engagements as needed. SDR Labelling: Not eligible to use label |
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