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The Sarasin & Partners Climate Active Endowment Fund The Sarasin & Partners Climate Active Endowment Fund A Charity Authorised Investment Fund February 2018 Contents Why might ‘Climate Active’ suit you? 3 The Advisory Panel 4 The Climate Active Investment Philosophy 5 Company engagement in more detail 6 Changing the System to protect our Climate 7 Key Facts 8 Appendix 10 2 The Sarasin & Partners Climate Active Endowment Fund Why might ‘Climate Active’ suit you? Climate change poses risks to our way of life. It is also driving Government policy that is set to transform how we produce and consume energy. The Sarasin & Partners Climate Active Endowment Fund is a multi-asset portfolio, designed for trustees who are seeking attractive and sustainable long-term investment returns against a back drop of increasing climate related risks. Governments from around the world set out their determination Our Climate Active process also considers the investor obligations to limit climate change to well below 2°C in a landmark climate within the ‘Principles on Climate Obligations of Enterprises’ drawn accord drawn up in Paris in December 2015. up by international lawyers and judges to define how companies and investors should uphold the Paris Climate Accord. The Sarasin & Partners Climate Active Endowment Fund (the Fund) offers a timely multi-asset investment solution for charities that: The portfolio is an evolution of the core Sarasin Endowments Model, which has produced a ‘real’ return of +4.4% per annum • are concerned by increased climate risk, the actions to since its launch in December 2005 and an increased income counter climate change that government will take and the distribution in each and every calendar year.2 impact these are likely to have on asset prices Most world leaders are committed to decarbonising the global • want to play a part in driving behavioural change that will economy by the second half of this century – but divestment alone result in decarbonisation: investors will be able to join in will not result in decarbonisation, a healthier planet or a less risky engagements, adding their voice to the debate portfolio. The strategy aims to bring about, and benefit from, action by Investors in the Sarasin & Partners Climate Active Endowment businesses to strengthen their resilience to climate change in line Fund can play a role in combatting climate change while seeking with the Paris Climate Accord. attractive investment returns and performing their fiduciary duties The Fund is actively managed; the first line of defence is Sarasin & in a responsible manner. Partners’ ‘thematic’ approach to equity selection. This reduces the investment universe from over 4,500 companies to between 80 and 100. The Fund automatically divests and never owns any company that derives 5% or more of its annual revenue from either the extraction of thermal coal or oil from tar sands, the most greenhouse gas intensive fossil fuels. Further investment and divestment operates on a case-by-case assessment of the vulnerability of each company to climate change and whether it will be able to develop a climate-aware strategy that will deliver attractive long-term returns for shareholders. In reaching decisions, Sarasin & Partners are guided by: • our new Climate Active Advisory Panel • the Oxford Martin School ‘Investment and engagement Principles’1 • investors in the strategy The Fund embraces an active and focused approach to its engagement with companies and policy-makers on climate-related issues in line with the Paris goals. 1. Original principles published in 2015, with revised principles expected in 2018. See Appendix for further details. 2. Source: Sarasin & Partners LLP as at 31.10.17. Past performance is not a reliable guide to future performance. 3 The Sarasin & Partners Climate Active Endowment Fund The Advisory Panel In 2017, we created a new Climate Active Advisory Panel to help us consider all matters related to investing against a backdrop of climate change and the need for the world to ‘decarbonise’. The panel meets four times a year to discuss exclusions, corporate engagement and activist policies, together with potential policy work in conjunction with governments and like-minded institutions. Résumés of the panel members are shown below: David Pitt-Watson (Chair) Heidi Hellmann David is a leading practitioner in the field Heidi became Head of Group Strategy of responsible investment. He has broad and Market & Competitor Intelligence at non-executive experience at KPMG, was Centrica in 2016. Heidi has had over 25 the Treasurer of OXFAM and an Executive years’ experience working in the oil and Fellow at The London Business School. gas and power sectors, having started her Previously, David was Chair of Hermes career at Exxon in 1991. She has an MBA Focus Funds. As co-founder, and CEO of in Finance and Multinational Management the Focus Funds and Equity Ownership from The Wharton School, University of Service, he built and led the largest Pennsylvania, having also worked at Royal “responsible investment” group of any Dutch Shell, Aramco and BG Group. institutional fund manager in the world. David has co-Chaired the UN Environment Programme’s Finance Initiative and was closely involved in the setting up of the UN’s Principles for Responsible Investment. Sir John Beddington Professor Cameron Hepburn Sir John was elected Fellow of the Royal Professor Cameron Hepburn is Professor Society in 2001 and appointed CMG in of Environmental Economics at the Smith 2004. From 2008 until 2013 he was the School and a Fellow at New College, Government Chief Scientific Adviser (GCSA) University of Oxford. He is the Director reporting directly to the Prime Minister. As of the Economics of Sustainability GCSA, he was responsible for increasing Programme at the Institute for New the scientific capacity across Whitehall. Economic Thinking and Co-Director of the During his time as GCSA he set up the Net Zero Carbon Investment Initiative at Scientific Advisory Group in Emergencies the Oxford Martin School. He has degrees (SAGE) that reported to the COBRA in law and engineering, a doctorate in committee. He is the Senior Adviser to economics, and over 30 peer-reviewed the Oxford Martin School and Professor of publications in economics, public policy, Natural Resource Management at Oxford law, engineering, philosophy, and biology. University. He is a Non-Executive Director Cameron has advised governments of the Met Office (currently Acting Chair), (e.g. China, India, UK and Australia) and chairs the Cabot Institute External Board international institutions (e.g. OECD, UN at Bristol University, the Global Academies organisations) on energy, resources and Panel at Edinburgh University and the environmental policy. He is a member Systemic Risk Institute at the LSE. of the Economics Advisory Group (with Lord Stern and Professor Helm) to the UK Secretary of State for Energy & Climate Change. 4 The Sarasin & Partners Climate Active Endowment Fund The Climate Active Investment Philosophy Governments must create the environment that drives decarbonisation, but it is companies that will be the principal vehicles for achieving this energy transformation. All companies dependent on fossil fuels – not just those who Climate-aware investing extract them - face a daunting challenge in navigating the move to The most carbon-intensive fossil fuels will be automatically a new energy system. excluded from the Climate Active Endowment Fund: fossil fuel To deliver sustained shareholder value many companies will extractive companies that generate 5% or more of their revenue need to rethink medium and long-term strategies, as well as from thermal coal or the extraction of oil from tar sands. near-term decisions on capital investment. Against this backdrop, The Fund will further divest from companies where the climate asset owners and managers must be prepared to research and risks are not being adequately managed, and there is little understand how different strategies and scenarios will impact each prospect for a profitable strategy aligned with a 2°C cap on company’s prospects, and hold management to account as and warming. when necessary. The materiality of climate risks will be determined through sector- Shareholders can play a supportive role as companies rethink specific climate stress tests that assess the earnings impact from their competitive positioning for a zero-net emissions economy. In government policies and technological advances consistent with some cases investors may be best served by companies gradually the Paris Climate Accord. As far as possible, the physical impacts winding down their operations and returning cash to shareholders from climate change will also be assessed. to reallocate to alternative ventures. Where companies are vulnerable to climate risks – in line with A holistic and fiduciary-oriented approach the Oxford Martin School investment principles – the Fund will The Climate Active Endowment Fund offers a comprehensive either divest where there is little prospect for building resilience, investment solution for trustees concerned by mounting climate or initiate a dialogue with the company to push for a strategy that risk. delivers attractive shareholder returns whilst meeting the world’s net-zero emissions target. We invest in companies that we expect to deliver enduring shareholder value in a way that is consistent with a 2°C cap in Active ownership global warming. Where we believe additional value can be added Climate Active is committed to company engagement where we through improved capital stewardship, we devote resources to think we can catalyse change to enhance a company’s resilience targeted engagements. to climate risk and deliver attractive long-term returns for The strategy is appropriate for investors with a longer-term horizon shareholders. We will seek in-depth engagements with between that need to meet clear capital and income growth goals, and who three and five companies each year. feel one or more of the following: Companies we prioritise for active engagement are vulnerable • accelerating climate change poses a risk to these ambitions to climate risk; have the potential to remain profitable in a 2°C scenario; but have yet to articulate a compelling strategy.
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