For adviser, employer and trustee use only
Responsible Investment & The Stewardship Funds
AV612396_SP99782_0721.indd 1 26/07/21 5:08 PM What this guide covers
We hope the information in this guide is helpful and that it broadens your knowledge of what it means to invest responsibly, how we do this at Aviva and why we believe it’s important to deliver responsible investment solutions for our customers. We also explain how we do this in our Stewardship Fund range, which makes up the Stewardship Lifestyle Strategy solution.
Please remember that the value of investments can go down as well as up and members may get back less than has been invested.
Here’s what the following pages cover:
The importance of responsible investment 3
Aviva’s expertise in responsible investment 4
Introduction to the Stewardship Funds 5
Aviva Investors’ approach to responsible investment 5
Stewardship philosophy and criteria 6
Company exclusions, engagement and outcomes 7
The Stewardship Lifestyle Strategy in action 11
Strengths & Limitations of Ethical Funds 12
Governance of the Stewardship Funds 12
Appendix 13
Asset allocation 13
A well resourced ESG team 14
Meet the team 15 - 18
Get in touch 20
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AV612396_SP99782_0721.indd 2 26/07/21 5:08 PM The importance of responsible investment
“ Everyone wants to do the right thing for themselves, their families and the world we live in. They need businesses like ours to help them do that. At Aviva, we use our scale, influence and experience to help our customers, our people and the communities we’ve served for over 300 years. We want to help give our customers the confidence to make informed savings and investment choices. Through the investments we make together, we can create a fairer, greener and better world for everyone. We’re with you today, for a better tomorrow.” Amanda Blanc, Aviva Group CEO
“Being responsible – in both life and investing – should never be about creating an ethical straitjacket, but there are a few guiding principles and rules of thumb that can help us all. First, we can all make a difference. Second, harness Pareto’s Principle. Pareto taught us that 20 per cent of our efforts account for 80 per cent of our results, or impact. Along with our core values, this should guide our behaviour and where we prioritise our time. We can identify the areas that will drive the most impact and focus our attention there. By doing this, daunting problems can become less so. Third, “It is better to be roughly right now, than perfectly right when it is too late.” The complexity of sustainability is not insurmountable. As we develop various coping strategies, and despite some inevitable and unintended hiccups, we should remember that while we can’t be perfect, we can be better.” Marte Borhaug Global Head of Sustainable Outcomes at Aviva Investors
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AV612396_SP99782_0721.indd 3 26/07/21 5:08 PM Our expertise
Responsible investment is something we’ve been doing at Aviva for decades...
Our commitment to responsible investment has a long track record. We’ve been at the forefront of responsible and sustainable investment for nearly 40 years; from being the first carbon-neutral international insurer, to being awarded the UN Momentum for Change Award in 2017 in recognition of Aviva’s commitment to reducing its environmental impact, as well as helping to author the world’s first corporate governance code and the UN Principles for Responsible Investment.
2001 2017 Founding Corporate Human signatory and Rights Benchmark 1994 first asset 2016 launched at Among first manager 2012 Asked to join Aviva’s offices asset managers to formally Founded Corporate 2015 European to publish integrate Sustainability CEO speaks at UN Commission’s High Responsible Investor Corporate corporate 2007 Reporting Coalition General Assembly Level Expert Group Award for Innovation Governance responsibility to Founding with call to action at on Sustainable on Sustainable & Industry Voting Policy voting policy signatory Rio+20 Conference Finance Finance Leadership 2017
1970 2020
1970 1995 2006 2010 2014 2016 2018 2019 Voting at Pledge at the UN Founding Aviva Investors Launched Asked to join the UN award for ESG Manager of company summit to ‘balance signatory of in vanguard of Roadmap for Financial Stability sustainability work the Year, Global meetings of economic the Principles signing the UK Sustainable Board Taskforce The World Investor Group development, the for Responsible Stewardship Capital Markets on climate-related Benchmark Alliance Investment welfare of people Investment Code & Sustainable financial disclosures is launched Excellence Awards and a sound Capital Markets Stewardship environment, by Manifesto Disclosure incorporating these (Asset Manager) considerations into award category at business activities’ the ICGN Global
Our achievements
• We’ve been a leader of responsible investment for nearly 40 years.
• Aviva Investors was among the first asset managers to publish a Corporate Governance voting policy in 1994.
• Aviva was the first carbon-neutral international insurer in 2006.
• We were awarded the UN Momentum for Change Award in 2017 for our commitment to reducing our environmental impact, and for helping to write the world’s first corporate governance code and the UN Principles for Responsible Investment.
• ESG manager of the year 2019 - Global Investor Group Investment Excellence Awards.
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AV612396_SP99782_0721.indd 4 26/07/21 5:08 PM Working together to create a better world for our customers and their families
Aviva Investors took on the management of the Stewardship Funds in April 2018. This led us to combine Aviva Investors’ expertise in responsible investment with Aviva’s expertise as a pension provider to create the Stewardship Lifestyle Strategy, which was launched in July 2019.
Stewardship Lifestyle Strategy The Stewardship Lifestyle Strategy incorporates ethical, environmental, social and governance (ESG) considerations. The strategy gives our pension customers the opportunity to invest responsibly throughout their retirement journey, and to try to help to secure a better world to retire into and for future generations to inherit.
The Stewardship Lifestyle Strategy can be used either as a default investment solution or as an alternative to a scheme’s existing default arrangement.
Fund What does the fund invest in? Stewardship International Equity Global equities including UK
Stewardship Managed Global equities and bonds
Stewardship Bond Primarily sterling-denominated corporate bonds or corporate bonds that are hedged back to sterling
Stewardship UK Equity UK equities
Stewardship UK Equity Income UK equities
Please see page 11 for more details of how the Stewardship Lifestyle Strategy works.
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AV612396_SP99782_0721.indd 5 26/07/21 5:08 PM Stewardship philosophy and criteria
Philosophy Launched in 1984, the Stewardship Funds have a proud heritage as the UK’s first ethical fund range, while also incorporating environmental, social and governance (ESG) considerations. The aims of the Stewardship Funds have remained broadly consistent:
1. Exclude companies that do not meet certain ethical standards or that harm society or the environment 2. Support companies that make a positive contribution to society 3. Encourage better business practices through shared ownership and dialogue
The Stewardship Funds’ philosophy recognises that the contribution companies make to a sustainable society depends both on the products and services they provide and the way they provide them. Shareholders have a responsibility to address these issues actively with the companies they invest in to deliver a positive outcome for their customers, suppliers, employees, local communities and the environment. How can the Stewardship Funds meet the client need?
Client need Our solution through the Stewardship fund range
Contribute to a better We use your investment to power change on world to retire into focused topics and report back on progress
Comfort from A robust and evolving screen to ensure the operations of investing ethically the companies we invest in are not harmful to society
Attractive long-term Genuine scale, heritage and calibre in both our sustainable returns ESG and investment teams working together as a and income powerful partnership
Criteria Companies and their shareholders can and do make a positive contribution to society. However, companies can also cause ethical, social and environmental issues by, for example making harmful products; acting without regard to customers, employees and the communities in which they operate; polluting the environment; or failing to have acceptable governance practices.
Stewardship aims to determine whether the benefits delivered by a company or a sector outweigh the potential harm they may cause when creating those benefits and if, as shareholders, we believe we can influence them to reduce the harm and increase the benefits.
Companies generally operate in such a way that some aspects of their activities are acceptable to Stewardship while others are not. In some instances, failings may not be significant enough to disqualify a company from inclusion in the portfolio. In such cases, Stewardship takes a balanced view across the company’s activities.
The Stewardship Funds investment approach is based on three layers, and we’ll cover them in more detail over the next pages of this guide: 1. Exclusions – what a company does 2. Engagement – how a company goes about its business 3. Outcome – measuring the ESG performance of the companies we invest in at a fund level.
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AV612396_SP99782_0721.indd 6 26/07/21 5:08 PM Company exclusions, engagement and outcomes
Layer 1: Exclusions Some sectors and activities will always conflict with the values of the Stewardship Funds.
The Stewardship team at Aviva Investors tightened the Funds’ exclusion criteria and tightened the screens after taking on the Funds in April 2018. Below we highlight our negative screening criteria and the reasons for excluding companies from the Stewardship Funds: Ethical & Social Exclusions Issue Negative screening criteria Adult entertainment, pornography • >10% of turnover from adult entertainment or pornography. and violence • >10% of turnover from violent video games. • Any involvement in the manufacture of guns.
Alcohol • >10% of turnover from the manufacture of alcoholic products. • >25% of turnover from the distribution or sale of alcohol products (e.g. retail, hotels, restaurants and leisure industries).
Animal testing • Any involvement in the development and manufacture of non-medical related products (such as cosmetics, personal care, household cleaning products) where this has involved animal testing, where the company either does not disclose an animal testing policy, or has a weak policy. • Any involvement in providing animal testing services, where the company either does not disclose an animal testing policy, or has a weak policy.
Animal welfare – fur • Any involvement in production or design of fur pelt, raw materials and products containing fur or fur trim. It also includes companies that hunt, raise, trap animals for their fur.
Endangered species • Involvement in the retail of threatened species, or components thereof, with insufficient action to prevent it.
Gambling • >10% of turnover from gambling related activities.
Genetic modification • Companies that genetically modify plants (e.g. seeds, crops) and other organisms intended for agricultural use or human consumption.
Labour standards, human rights and • Companies that are the subject of severe controversies related to Health & Safety controversies health & safety breaches or systematic failure to protect human rights and labour standards, with no evidence of serious or lasting remedial action.
Military – weapons and weapon • Any involvement in the manufacture of whole weapons systems, systems components or support systems (including conventional, Biological-Chemical, cluster munitions, depleted uranium and nuclear weapons).
Tobacco • Any involvement in the manufacture of tobacco related products. • >25% of turnover from distribution or sale of tobacco related products (e.g. retailers).
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AV612396_SP99782_0721.indd 7 26/07/21 5:08 PM Environmental Exclusions Issue Negative screening criteria Chemicals • Any involvement in production of chemicals restricted by the following international agreements: the Stockholm Convention, Montreal Protocol and OSPAR Priority List. This includes persistent organic pollutants, PCBs and CFCs. (Note manufacturing lead compounds is a Layer 2 engagement issue).
Climate change - Aviation • >10% of turnover from aviation related activities i.e. airlines, airport operators and aircraft manufacturers.
Coal • >25% turnover from thermal coal mining or coal-fired power generation.
Oil • >10% turnover from oil sands extraction. • >25% turnover from oil operations, including pipelines. • Any involvement in oil operations in the Arctic.
Nuclear power generation • >10% of turnover from nuclear power activities. • Any company deriving revenues from the mining of uranium.
Pollution • Companies that are the subject of severe controversies related to environmental pollution, with no evidence of serious or lasting remedial action.
The ESG team at Aviva Investors carried out a full review of the holdings in the Stewardship team when they took on the funds in 2018. They also tightened the screening criteria.
Enhancements Implemented by Aviva Investors in 2018
Strengthened Immediate Stewardship funds First ever annual ESG performance data published exclusion divestments in line aligned to Aviva Investors’ report published for the first time criteria with strengthened engagement policy exclusions criteria
Source, Aviva Investors as at 30 June 2020
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AV612396_SP99782_0721.indd 8 26/07/21 5:08 PM Layer 2: Engagement At its simplest, Stewardship means taking responsibility for something entrusted into our care. The team engage and, where appropriate, intervene on matters that may affect the long-term value of investee companies and the capital invested in them.
Stewardship adopts a two-tier approach to engagement:
Tier 1 Companies are encouraged to have, as a minimum, strong sustainability policies and systems for the following three areas: a) Quantitative target to reduce greenhouse emissions, disclosure of data on water use and waste b) Policies to prevent discrimination, child and forced labour, globally applicable human rights policy c) Commitments to improving gender and ethnic diversity across the business and in particular at a board and senior management level. Tier 2 The Stewardship Funds also engage in depth on the three issues below, which are aligned with the UN’s Sustainable Development Goals:: 1. Climate change: the team focuses on identifying which companies could have a better approach to climate change. a) Adopt Science Based Targets for emissions reduction to prove commitment to Paris Agreement 1.5C goal b) Report publicly according to the Taskforce for Climate Related Financial Disclosure recommendations 2. Board diversity: identify holdings which have low representation of women on the board and encourage them to meet the 33% target set by the UK Government’s Hampton Alexander Review 3. Plastic: engaging with consumer goods companies to encourage the development of strategies to reduce, reuse and recycle plastic far more effectively.
Examples of company engagement by the Stewardship Funds We describe key examples of engagement by the Stewardship team on this page. It is important to note that the team will work with other fund management groups and also government bodies to create change. The Stewardship team has successfully engaged with Burberry, B&M Value Retail, Standard Chartered and Unilever to encourage positive change at each of these businesses. We describe this in more detail below:
Burberry The Stewardship team engaged with high-end fashion retailer Burberry. The position in Burberry has been kept in the portfolios after Burberry confirmed it was phasing out the use of fur, following engagement between the Stewardship team and the company’s management team.
Unilever Maintained exposure in the portfolio after the company announced new targets to reduce plastic use.
B&M Value Retail The discount retail chain has added two women to its board following discussions with the Stewardship team, bringing the overall proportion of women on the board to 38%. This meets the 33% target set by the UK Government’s Hampton Alexander Review.
Standard Chartered Following engagement with the Stewardship team, UK bank Standard Chartered announced that it is to stop financing new coal-fired power plants.
Engagement Summary in the year to Key Engagement Areas in the year the end of March 2020 to the end of March 2020
Conducted ~ 409 Climate Change – 100 engagements with 118 companies Plastics – 4 Board Diversity – 90
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AV612396_SP99782_0721.indd 9 26/07/21 5:08 PM Layer 3: Outcome non-financial performance We believe that improving the “non-financial” performance of companies is also likely to have a positive effect on their long-term financial performance. We therefore monitor the performance of the Stewardship Funds against several non-financial targets. The table below shows the performance of the Stewardship Equity Funds against these non-financial targets over the 12 months to March 2020.
ESG performance – Stewardship Funds Stewardship MSCI Stewardship Stewardship FTSE All versus their respective benchmark International World UK Equity UK Equity Share 2019 - 2020 Equity Fund Index Fund Income Fund Index *Carbon emissions t Co2e/$1M invested 10 113 29 51 180
**Carbon emissions t Co2e/M $ revenue 22 181 31 45 146
***Carbon emissions t Co2e/M $ market cap 34 160 28 42 121
% data coverage 98 100 99 95 95 % of portfolio deriving > 20% of revenue from clear 7 5 3.1 7.4 2.5 tech solutions.
% of companies with fossil fuel reserves 0 6 0 0 15
% of portfolio with emissions reduction target 70 78 86 77 82
% of portfolio with a diversity policy 58 63 60 56 54 % of portfolio with a detailed formal policy on 80 73 72 63 74 bribery and anti-corruption
Average % women on the Board across portfolio 29 30 35 35 35 % of portfolio with high social or environmental 24 21 23 37 39 impact with pay linked to sustainability
% of companies with a formal anonymous 17 12 27 22 19 whistleblower system with legal protection
Source: MSCI Index. Weighted averages are used for the Funds and their respective benchmarks. Please note that in 2020 we changed the data source for the Stewardship Funds to harmonise ESG reporting across the Funds. As a result, data for the period to end March 2020 is not comparable to data to end March 2019. *What is the Fund’s carbon footprint per million dollars invested? **How efficient is the Fund in terms of carbon emissions per unit of output? ***What is the Fund’s exposure to carbon intensive industries?
The Stewardship process in action An integrated process focused on collaboration and engagement
Investment process Voting
Investable universe Portfolio Equity
MSCI World investment process 46-60 stocks FTSE All-Share
GRI team input
Engagement
Investable Eligible universe universe Credit Portfolio 10% companies investment process 100 bonds Market iBoxx screened out
Source, Aviva Investors as at 30 June 2020
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AV612396_SP99782_0721.indd 10 26/07/21 5:08 PM The Stewardship Funds & Lifestyle Strategy
As mentioned on page 5, we have launched the Stewardship Lifestyle Strategy. We explain how this strategy works on this page. Lifestyle Strategy The Lifestyle Strategy uses the Stewardship International, Managed and Bond Funds. The solution recognises that the balance between return and risk will change as members progress through their retirement journey, from joining the scheme to reaching their selected retirement date. It also reflects the enhanced flexibility available to members following the introduction of pension freedoms by the government in 2015. It means that members are able to take their savings the way they want to when they come to their retirement date.
Reflecting the use of the Stewardship Funds throughout the strategy members can be reassured that, regardless of when they first invest, ethical and ESG considerations are integrated all the way up to their selected retirement date.
The glidepath for the strategy is shown below. The chart shows the underlying funds which make up the strategy and how investors’ monies are gradually moved from one fund to another during the journey to retirement.
Stewardship Lifestyle Strategy – taking customers through the journey to retirement
100%
90%
80%
70%
60%
50%
40%
% of portfolio invested 30%
20%
10%
0% 10 9 8 7 6 5 4 3 2 1 0
years to retirement Stewardship Lifestyle Strategy
Aviva Stewardship International Fund Aviva Stewardship Managed Fund Aviva Stewardship Bond Fund
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AV612396_SP99782_0721.indd 11 26/07/21 5:08 PM Strengths & Limitations of Ethical Funds
It is important to be clear about the strengths and limitations of ethical funds. Simply avoiding companies involved in certain specified controversial areas does not mean that those companies remaining in the portfolio are beyond ethical question. Ethics are typically personal and therefore more subjective than objective. Moreover, while clients can be reassured that they are not benefiting financially from the production of certain goods or services at the thresholds specified, without the rights associated with share ownership, engaging to effect change is much less likely to be effective. Clients should therefore check that they are personally comfortable with the ethical policy and the criteria, as well as the companies in the portfolio and the Funds’ voting and engagement record, as outlined in the Funds’ Annual Report.
We also recommend that this report is read in conjunction with the Annual Review of the Global Responsible Investment team, which is online at https://www.avivainvestors.com/en-gb/about/annual-responsible- investment-review.
Governance of the Stewardship Funds Three levels of oversight
The Aviva Investors’ Global Sustainable Outcomes team, headed by Marte Borhaug, runs the 1 ESG screening and assessment research for the Stewardship Funds, working closely with the fund managers.
The Aviva Investors’ Investment Oversight Committee conducts a deep dive of environmental, social and governance issues every six months. The Committee also reviews the Stewardship 2 Funds, the investment policies and the holdings to ensure they continue to reflect the Stewardship philosophy and remain suitable for the Stewardship Funds.
Aviva Investors employs a panel of subject-matter experts to act as independent advisers on a wide range of ESG issues to ensure that we listen to different voices and incorporate experts’ views into our thinking. John Elkington of think-tank and advisory firm Volans and Annelisa Grigg, 3 formerly of the UN Environment Programme World Conservation Monitoring Centre are joined by Niall O’ Shea, former Head of Responsible Investment at Royal London and the Co-operative Asset Management.
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AV612396_SP99782_0721.indd 12 26/07/21 5:08 PM Appendix
Asset allocation Breakdown of the Stewardship International, Stewardship Managed and Stewardship Bond Funds
International Equity Allocation % as at end March 2021 US Equities 52.2%
UK Equities 21.2%
European Equities 12.0%
Asia ex Japan Equities 6.5%
Japanese Equities 4.0%
Other 1.9%
Cash 1.3%
Total might not add up to 100% exactly due to rounding
Managed Allocation % as at end March 2021 International Equities 67.1%
Fixed Income 21.8%
UK Equities 9.6%
Cash/Money Market 1.4%
Total might not add up to 100% exactly due to rounding
Bond Allocation % as at end March 2021 UK Corporate Bonds 90.0%
UK Government Bonds 4.9%
Cash/Money Market 2.1%
Other 3.0%
Total might not add up to 100% exactly due to rounding
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AV612396_SP99782_0721.indd 13 26/07/21 5:08 PM Aviva Investors’ responsible investment team
Equity and Credit Multi-Asset and Macro Real Assets Solutions
Sustainable Finance ESG Governance & Sustainable Corporate ESG ESG Real Centre for Excellence Solutions Stewardship Outcomes Research Assets
Market reform, Advisory and Engagement and Thematic and impact Company and ESG integration and strategic partnerships strategic asset voting on impact research, sustainable sector research active ownership with NGOs, training allocation and ESG product range for real estate, and coordination infrastructure and across Aviva Investors private debt
Steve Waygood Sophie Rahm Mirza Baig Marte Borhaug Paul Lacoursiere Ed Dixon Chief Responsible Global Head of Global Head Global Head of Global Head Global Head of ESG Investment Officer ESG Solutions of Governance Sustainable Outcomes of Corporate Real Assets & Stewardship ESG Research Abigail Herron Global Head of ESG Strategic Partnerships
Solutions Liquid Markets Real Assets
Al Denholm Colin Purdie Peter Fitzgerald Daniel McHugh CIO CIO Credit CIO Multi-Asset CIO
Source, Aviva Investors as at 30 June 2020.
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AV612396_SP99782_0721.indd 14 26/07/21 5:08 PM A team approach
Socially responsible investment analysts (SRI) and fund managers sit in the Stewardship team. Together they ensure the Stewardship aims, which have been in place since 1984 and which are described on page 6, are fully reflected across the Stewardship Funds.
The analysts coordinate the extensive research into the social, ethical and environmental screens, engaging with companies on a wide range of Environmental, Social & Governance (ESG) issues and developing thought-leadership positions.
They also compile the funds’ ESG ratings as part of the layer 3 work, which is described on page 10. Funds are rated according to the ESG performance of the companies they hold. The team will then use this information to measure the long-term environmental, social and governance outcomes of the Stewardship range for our customers. An integrated process focused on collaboration Owning a company’s shares or bonds means that the analysts and the fund managers have access to businesses and talk to them about how change, which the Stewardship team believes is in the best interests of the employees, society or the environment, can and should happen. This demonstrates the importance of engagement. The fund managers and the SRI analysts benefit from an integrated process, which encourages regular dialogue within the team about businesses and then with businesses themselves. The team taps into Aviva Investors’ long history of engaging with businesses, the asset manager’s extensive resources and strong track record in this area.
Marte Borhaug – Global Head of Sustainable Solutions Marte leads the Sustainable Outcomes team, which is responsible for ensuring Aviva Investors contributes to the United Nation’s Sustainable Development Goals through positive impact. Her team delivers thematic research used across investment teams on climate change, biodiversity, diversity and inequality, as well as running all thematic screens across Aviva Investors’ funds. Marte previously led Aviva’s sustainability campaigns as Head of EU public policy, looking after the company’s public policy work in Brussels on sustainable finance, financial reform and Brexit. She joined Aviva from the Confederation of British Industry (CBI) where she was Head of Financial Services and Corporate Governance. Before this Marte led sustainable finance campaigns in Brussels at the EU consultancy The Brussels Office and the Mission of Norway. She holds an MSc in European Political Economy from the London School of Economics. Marte is an adviser to Rosa UK, a charity that funds grassroots women’s organisations to help make the UK a fairer, safer place for women. She is also adviser to the social accelerator Bethnal Green Ventures.
Eugenie Mathieu – Senior SRI Analyst Earth specialist Eugenie was part of Greenpeace International’s Forests team, where she worked on deforestation driven by palm oil, pulp & paper, cattle and soy. Previously she spent 14 years as a sustainability consultant advising major international companies, including FTSE 100 firms, on their environmental, social and ethical strategies and performance. Prior to consulting, Eugenie worked with EIRIS on the creation of the FTSE4Good indices in 2001, following an MSc in Business and Environment at Imperial College, London, and two years at Bain & Company
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AV612396_SP99782_0721.indd 15 26/07/21 5:08 PM Rick Stathers – Senior Global Responsible Investment Analyst, Climate Pillar Lead Main responsibilities Rick joined the Aviva Investors Global Responsible Investment team in 2018 with a primary focus on climate change and responsibility for ESG coverage of the industrials sector.
Experience and qualifications Rick has almost 20 years’ experience in responsible investment. He was Head of Responsible Investment at Schroders for 16 years and a Global Director at the CDP (formerly known as the Carbon Disclosure Project) for two years. He has a bachelor’s degree in agriculture and Food Science and a Masters in Environmental Technology. Rick has a particular interest in syntropic agriculture and the dual role of forests in building resilience in the food system and combating climate change.
Vaidehee Sachdev – Impact Analyst - Social Pillar Lead
Main responsibilities Vaidehee is the Social Pillar Lead in the Sustainable Outcomes Team. She provides thematic expertise for the Social Transition Fund and on Aviva’s work on human and labour rights.
Experience and qualifications Vaidehee worked in the NGO sector prior to joining Aviva Investors. This included developing a corporate reporting framework for workforce and labour practices at ShareAction, and delivering research on human rights abuses, corruption and minority groups for environmental and human rights organisations.
Stewardship Fund management team
Trevor Green – manager of the Stewardship UK Equity Fund Head of UK equities at Aviva Investors Trevor has managed UK equities at Aviva Investors since 2011. Before that, Trevor worked at Henderson Global Investors, where he was co-manager of the Henderson Managed Distribution Fund and at New Star Asset Management. He started his investment career at Capel Cure Myers in 1990 managing retail and institutional funds.
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AV612396_SP99782_0721.indd 16 26/07/21 5:08 PM Tom Grant – Portfolio Manager - Fund Manager of the Stewardship UK Equity Fund
Main responsibilities In January 2020, Tom was appointed as Co-Fund Manager of the Aviva UK Equity Stewardship Fund alongside Trevor Green. In addition, Tom also has lead sector coverage for Diversified Financials and Insurance.
Experience and qualifications Tom joined Aviva Investors following his graduation from Durham University, where he obtained a BSc (Hons) in Natural Sciences which ranged from Cellular Biology to Glaciology. In his penultimate year Tom carried out a work experience with Towry, now Tilney Group, in their Funds of Funds investment team. Tom is a CFA® Charterholder and holds the IMC certificate. He has also completed the Business Sustainability Management course (‘BSM’) run by Cambridge University’s Institute for Sustainability Leadership.
James Balfour – manager of the Stewardship UK Equity Income Fund Portfolio Portfolio Manager at Aviva Investors James joined Aviva Investors in 2012 as part of the Aviva Investors Graduate Training scheme, initially as UK Equity Analyst covering the Industrial, Food Retail and Consumer Staple Sectors, before becoming Assistant Fund Manager. James was appointed co-fund manager of the firm’s UK Equity Income Strategy in May 2016.
Thomas Chinery – manager of the Stewardship Bond Fund Portfolio Manager, Credit Tom co-manages sterling investment grade funds as well as the Pre-Annuity Tax Transparent Fund (TTF) and the Stewardship Bond Fund. Tom invests in investment grade corporate bonds, high yield bonds and government bonds, as per the investment strategy of the Stewardship Bond Fund. Tom is also a Responsible Investment Officer and is leading the efforts to ensure that ESG factors are integrated into all aspects of the credit process. Tom has managed sterling fixed income funds since joining Aviva in 2014. Before joining Aviva, he worked at Mitsubishi Trust Bank helping to manage a credit total return treasury book.
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AV612396_SP99782_0721.indd 17 26/07/21 5:08 PM Jaime Ramos Martin – manager of the Stewardship International Equity Fund Portfolio manager, Global Equities Jaime is a portfolio manager on the global equity team. He joined Aviva Investors from Standard Life Aberdeen where he worked as a global equity fund manager for 12 years, after roles on the US equity and European equity teams. Before this, Jaime worked at Mercer Investment Consulting.
Julie Zhuang – co-fund manager of the Stewardship International Equity Fund Portfolio manager
Main responsibilities Julie is a Portfolio Manager in our Global Equity team. She is the deputy Portfolio Manager on the Climate Transition Global Equity fund and contributes investment ideas to the Stewardship International Equity strategy, as well as the broader Global Equities team.
Experience and qualifications Prior to joining Aviva Investors, Julie was at UBS Investment Bank covering European Luxury Goods & Global Brands sector. Before this she was at Barclays Investment Bank where she covered European Luxury Goods and European Food Retail. Julie holds a MSc in Management from HEC Paris with a CEMS double degree from the LSE, and a BA in French Language and Literature from Beijing Foreign Studies University. She is also a CFA charterholder.
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AV612396_SP99782_0721.indd 18 26/07/21 5:08 PM Get in touch If you have any questions about any of the information in this brochure, please feel free to contact us using one of the methods below.
Call: For NGP 0345 300 0484 Open Monday – Friday 8:30am to 6:00pm
For My Money 0345 604 9915 Open Monday – Friday 8:00am to 5:30pm
For Group Personal Pensions (GPP) 0800 145 5744 Open Monday – Friday 8:00am to 5:30pm, Saturday 8:30 am to 5:00 pm, Sunday 10:00am to 4:00pm
Please note, we may record calls to improve our service. Calls may be charged, and these charges may vary; please speak to your network provider.
Email: For NGP please email [email protected] For My Money please email [email protected] For GPP please email [email protected]
Aviva Life & Pensions UK Limited. Registered in England No. 3253947. Registered Office: Aviva, Wellington Row, York, YO90 1WR. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the Association of British Insurers. Firm Reference Number 185896. aviva.co.uk
SP99782 07/2021 © Aviva plc
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