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Performance & Impact of Cadmos Engagement Funds

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Performance & Impact of Cadmos Engagement Funds Performance & Impact of Cadmos Engagement Funds EUROPEAN — EMERGING MARKETS — SWISS 2017-2018 KEY ENGAGEMENT IMPACTS AND PROGRESS FOREWORD SINCE 2006, CADMOS REPRESENTS: Since 2006, Cadmos has succeeded in simultaneously delivering financial performance and tangible impact. It has done so by engaging with the portfolio companies and helping them to integrate their most material environmental, social and governance (ESG) topics into their corporate strategy. Although many people question whether responsible investing makes sense financially or in terms of impact, this report shows that all the Cadmos Funds have outperformed their benchmarks since 2006 bringing together key stake- and that in 170 cases, companies holders such as multinational 175 12’000 have implemented our progress companies, social enterprises, recommendations. non-governmental organizations INVESTMENTS ITEMS VOTED and civil society. The portfolio managers’ participation in the engagement meetings together with our sustainability experts who together formulate progress recommendations remains Cadmos’ unique selling prop- osition. Through this dialogue, the portfolio managers obtain a deeper insight into the sustaina- bility of each company’s business 800 450 model while creating additional COMPANY ENGAGEMENT social impacts potentially ESG contributing to the 17 UN ASSESSMENTS MEETINGS Sustainable Development Goals (SDG’s). The first part of this report provides a complete update of the Cadmos Funds’ Buy & Care® strategy. Our engagement goes well beyond simple dialogue with the company’s management. Each year we make clear progress recommendations and provide a thorough analysis of the gaps in 170 the reporting. POSITIVE The second part of this report contains the 2017–2018 IMPACTS impact and performance reports of the three Cadmos equity funds (Europe, Emerging Markets and Swiss). Each report provides detailed information on the fund’s financial, voting, engagement and impact performance. For the first time, we report on the achievements of Cadmos’s newly introduced, innovative social impact engagement strategy. We are probably among the pioneer shareholders to act as a matchmaker between companies and social enterprises or non-gov - ernmental organisations so as to set up additional The last chapter presents the individual integrated In 1996 David de Pury, Guillaume Pictet, Henri Turrettini and Christian Berner joined forces to create their company. de social-impact projects. These projects target systemic performance reports of selected portfolio companies, Pury Pictet Turrettini & Cie S.A. (PPT) provides wealth management services. The firm has developed advanced skills in challenges and often relate to the seventeen SDGs. They with full details of how Cadmos voted and our assess- asset management for both private and institutional clients and currently manages around CHF 4 billion. are always linked to the company’s core business. The ments and engagement activities. de Pury Pictet Turrettini & Cie has always demonstrated a great capacity for innovation, notably as a pioneer of responsible SDG’s provide a framework that the investment world investment. It is the owner of the Buy and Care® strategy, manager of the Cadmos European Engagement Fund, Cadmos Balanced CHF and Cadmos Peace Investment Fund and advisor to the Cadmos Emerging Markets Engagement Fund and the Cadmos Swiss Engagement Fund. PPT ensures the funds’ consistency, transparency and distribution. It is a signatory to the United Nations-supported Principles for Responsible Investment (PRI). KEY ENGAGEMENT IMPACTS AND PROGRESS FOREWORD SINCE 2006, CADMOS REPRESENTS: Since 2006, Cadmos has succeeded in simultaneously today regards as a de facto blueprint. But we oppose delivering financial performance and tangible their abusive use for “impact-washing”. It is unfortu- impact. It has done so by engaging with the portfolio nately fashionable today for asset managers to publish companies and helping them to integrate their most precise claims of the tonnes of carbon dioxide saved material environmental, social and governance (ESG) or the millions contributed to a development goal. topics into their corporate strategy. Although many We prefer to direct our efforts to helping realise SDG people question whether responsible investing makes 17, that is, the achievement of the sixteen other ambi- sense financially or in terms of impact, this report tious targets on the 2030 Agenda. This is to be done shows that all the Cadmos Funds have outperformed by promoting global partnerships and, in particular, their benchmarks since 2006 bringing together key stake- and that in 170 cases, companies holders such as multinational 175 12’000 have implemented our progress companies, social enterprises, recommendations. non-governmental organizations INVESTMENTS ITEMS VOTED and civil society. The portfolio managers’ participation in the engagement With this new active owner- meetings together with our ship strategy for social impact, sustainability experts who Cadmos goes one step further, together formulate progress helping European companies recommendations remains set up partnerships with social Cadmos’ unique selling prop- enterprises or non-governmen- osition. Through this dialogue, tal organizations to address the the portfolio managers obtain a challenges posed by the SDGs. deeper insight into the sustaina- This more opportunity- driven bility of each company’s business type of engagement benefits 800 450 model while creating additional from the specialised support COMPANY ENGAGEMENT social impacts potentially of our engagement partners at ESG contributing to the 17 UN KiKLab. Selected partnerships ASSESSMENTS MEETINGS Sustainable Development Goals with innovative social enter- (SDG’s). prises can prove very effective. Companies, innovative small The first part of this report companies and government provides a complete update of agencies can all achieve far better the Cadmos Funds’ Buy & Care® and more tangible results by strategy. Our engagement goes joining forces than they could well beyond simple dialogue separately. with the company’s management. Each year we make clear progress The Cadmos Peace Investment recommendations and provide a Fund launched in January thorough analysis of the gaps in 2018 is also pushing back the 170 the reporting. frontiers of social impact, particularly by target- POSITIVE ing the sixteenth SDG, namely to promote peaceful The second part of this report contains the 2017–2018 and inclusive societies. The PeaceNexus Foundation IMPACTS impact and performance reports of the three Cadmos provides the fund’s portfolio companies with its unique equity funds (Europe, Emerging Markets and Swiss). combination of expertise in business and peacebuild- EacEachh report providesprovides detaileddetailed informationinformation on the fund’sfund’s ing, which is helping to stabilise the fragile countries in ffinancial,inancial, voting,voting, engagemeengagementnt aandnd impimpactact perperformance.formance. which they operate. Companies have reacted very posi- For the first time,time, wewe report report onon thethe achievementsachievements ofof tively to this initiative and are eager to create further CaCadmos’sdmos’s newlynewly iintroduced,ntroduced, innovativeinnovative socialsocial impactimpact peacebuilding projects. A dedicated Cadmos report engaengagementgement strstrategy.ategy. We are proprobablybably amamongong the will present the remarkably good preliminary results pioneer shareholders to act as a matchmaker between achieved during this innovative fund’s pilot phase. companies andand social social enterprises enterprises or non-govor non-govern- ermentalnment organizationsal organisati onso sas so to as set to up se additionalt up additio socialnal The last chapter presents the individual integrated In 1996 David de Pury, Guillaume Pictet, Henri Turrettini and Christian Berner joined forces to create their company. de social-impactimpact projects. projects. These Theseprojects projects target targetsystemic systemic chal- performance reports of selected portfolio companies, Pury Pictet Turrettini & Cie S.A. (PPT) provides wealth management services. The firm has developed advanced skills in chlengesallen gesand an oftend often relate relate to to the the seventeen seventeen SDGs. SDGs. TheyThey with full details of how Cadmos voted and our assess- asset management for both private and institutional clients and currently manages around CHF 4 billion. are always linked to the company’s core business. The ments and engagement activities. de Pury Pictet Turrettini & Cie has always demonstrated a great capacity for innovation, notably as a pioneer of responsible SDG’s provideprovide a frameframeworkwork thatthat the ininvestmentvestment world investment. It is the owner of the Buy and Care® strategy, manager of the Cadmos European Engagement Fund, Cadmos Balanced CHF and Cadmos Peace Investment Fund and advisor to the Cadmos Emerging Markets Engagement Fund and the Cadmos Swiss Engagement Fund. PPT ensures the funds’ consistency, transparency and distribution. It is a signatory to the United Nations-supported Principles for Responsible Investment (PRI). 1/120 Table of contents Table of contents THE CADMOS CADMOS EUROPEAN FUNDS’ BUY & CARE® ENGAGEMENT FUND STRATEGY PERFORMANCES SUMMARY ...................22 Foreword ............................................................... 1 Financial performance ...........................................23 Voting ...................................................................23
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