ESG in our investment process

The ESG integration within our investment process is based on the following 3 pillars:

Exclusion list

Ethical approach by products and behaviours:

Exclusion of ESG stocks with high ESG risk

Managing controversies:

Dynamically updated exclusion list

Sectors excluded:

Controversial weapons, nuclear weapons, thermal coal, tobacco, violation of basic ethical standards


Internal analysis

Proprietary ESG analysis tool

Evaluation of the positioning of each company with regard to non-financial factors defined by the management team as likely to have a lasting impact on shareholder value

Factors considered

  • Environment: Decarbonisation, pollution and waste
  • Social: Human capital, social capital, product impact
  • Governance: alignment of interests, board independence, business ethics, risk management

External rating

Sustainalytics & Trucost ESG ratings

ESG and carbon footprint reporting

Complementing analysis

External providers ratings allow us to complement our internal analysis

Our ESG Approach


As a PRI signatory, we are committed to the following principles:


  • We will incorporate ESG issues into investment analysis and decision-making processes.
  • We will be active owners and incorporate ESG issues into our ownership policies and practices.
  • We will seek appropriate disclosure on ESG issues by the entities in which we invest.
  • We will promote acceptance and implementation of the Principles within the investment industry.
  • We will work together to enhance our effectiveness in implementing the Principles.
  • We will each report on our activities and progress towards implementing the Principles.

Engagement and voting policy

At the end of 2020, PHILEAS introduced a systematic voting policy for all its funds.

The review of resolutions and the direction of voting are the responsibility of the managers in accordance with generally accepted governance principles, in the light of our analysis of specific governance issues within the company, but without systematic recourse to voting instructions from proxy advisors.


PHILEAS is committed to donating 3% of its net income to one or more associations.